Lender

As we enter the last month of the calendar year, more lenders have announced changes to broker commission off the back of the Combined Industry Forum recommendations.

The result of a shareholder vote to determine the outcome of a $630 million takeover bid for a lender has been announced.

A commissioner from the Productivity Commission has rebutted calls for new entrants to become stakeholders in the NPP, implying that it might not be effective in boosting competition.

The underlying profits of Australia’s mutual banks, credit unions and building societies have increased as competition in the mortgage market intensifies.

A flat fee paid by lenders to brokers is “worth looking at” and is “not an unreasonable proposition”, ANZ CEO Shayne Elliott has told the financial services royal commission.

Online financial assessment solution MOGOPLUS, which is believed to be Australia’s “first” expenses tool that meets the ePayments Code, has launched as an independent platform.

ANZ’s branch network is “not a terribly efficient” or “well used” avenue for mortgage origination, CEO Shayne Elliott has told the financial services royal commission.  

Challenger lenders pose no real threat to the major banks despite their aspirations to dismantle the long-standing oligopoly, according to a commissioner.

Funding law suits against the bank from NAB’s own customers would have produced better outcomes than ASIC-negotiated remedial action, the bank’s chairman has said. 

The financial services royal commission helped NAB recognise that it was swept by a “tide” that was deteriorating its culture, NAB CEO Andrew Thorburn has conceded.