Search Results for: comprehensive credit reporting

ACCC authorises system to facilitate credit reporting

The Australian Competition and Consumer Commission has granted authorisation for five years to the Australian Retail Credit Association Ltd (ARCA) in relation to principles for exchanging comprehensive consumer credit data between signatory credit reporting bodies and lenders. ARCA represents lenders and credit reporting bodies in Australia and has developed the principles in a process involving … Continue reading “ACCC authorises system to facilitate credit reporting”

Rental Crisis Looms: Property Signs 27th Oct 2021

In today’s show we look at the latest rental data which underscores the pressure many renters are under, examine the last gasp borderline mortgage applications being rushed through before APRA’s tighter rules come in next week, and we look at the comprehensive credit reporting regime, and why people want it further expanded. Go to the … Continue reading “Rental Crisis Looms: Property Signs 27th Oct 2021”

Changes in Banking

Jonathan Kearns The RBA’s Head of Financial Stability spoke at Business Forum at the 32nd Australasian Finance and Banking Conference. Banks have a central role in facilitating activity in modern economies. While that role is just as important today as it was prior to the financial crisis, the nature of banking has changed. And given … Continue reading “Changes in Banking”

CCR = Judgement Day For Lenders

Comprehensive credit reporting will soon leave unprepared finance providers with unprofitable business models while it spurs those ahead of the curve to further success, says credit and risk consultant Andrew Tierney, via AustralianBroker. The news that most consumers can now benefit from comprehensive credit reporting should come as a wake-up call to finance providers who … Continue reading “CCR = Judgement Day For Lenders”

ASIC updates responsible lending guidance

ASIC has today published updated guidance on the responsible lending obligations that are contained in the National Consumer Credit Protection Act 2019 (the National Credit Act). ASIC’s decision to update RG 209 followed a number of developments since the guidance was last updated in late 2014. These developments have included: ASIC regulatory and enforcement actions, … Continue reading “ASIC updates responsible lending guidance”

NAB 1H19 Cuts Dividend, Mortgage Arrears Rise

NAB reported their IH2019 results today. The statutory net profit in 1H19 was $2,694 million dollars, which is 9.3% lower compared with the 2H18, but 4.3% higher than 1H18. Significantly they dropped the dividend to 83 cents per share, a drop of 16.2% compared with 1H18 – this was more than was anticipated by the … Continue reading “NAB 1H19 Cuts Dividend, Mortgage Arrears Rise”

ASIC consults on updating its responsible lending guidance

ASIC has today issued a consultation paper to update its guidance on responsible lending (CP 309). The changes appear mainly clarifications and tweaks to language rather than substantive changes. But it does underscore the lenders obligations to make reasonable inquiries when making a loan. Nothing here that would open the credit taps, that I can … Continue reading “ASIC consults on updating its responsible lending guidance”

Are We There Yet? – The Property Imperative Weekly 08 Dec 2018

Welcome to the Property Imperative weekly to the eighth of December 2018, our digest of the latest finance and property news with a distinctively Australian flavour. The financial markets continue to spin lower, as the property sector here weakens, and the RBA confirms it is quite willing to cut the cash rate if needs be, … Continue reading “Are We There Yet? – The Property Imperative Weekly 08 Dec 2018”

AMP betting on 20% fall in property prices

Top forecaster Shayne Oliver believes there is still plenty of room for property prices to head south as homes weaken to GFC levels; via InvestorDaily. Australian capital city dwelling prices fell another 0.9 per cent in November marking 14 months of consecutive price declines since prices peaked in September last year. This has left prices … Continue reading “AMP betting on 20% fall in property prices”

APRA Says Digital Distribution Removes the Need for Branch and Broker Networks

The chairman of APRA has suggested that digital distribution and servicing could threaten the existence of branch and broker networks. From The Adviser. The chairman of the prudential regulator, Wayne Byres, was speaking at the 2018 Curious Thinkers Conference in Sydney on Monday (24 September) when he outlined a “clash of predictions” for the future of … Continue reading “APRA Says Digital Distribution Removes the Need for Branch and Broker Networks”