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ASIC’s Responsible Lending First Round Hearings Concluded

The big four bank has told ASIC to consider the utility of the broker channel before proposing bespoke responsible lending obligations, adding that it has not identified a notable difference in the quality of loans originated by the channel.  Via The Adviser. In February, the Australian Securities and Investments Commission (ASIC) launched a review to update its … Continue reading “ASIC’s Responsible Lending First Round Hearings Concluded”

ANZ Q3 2019 Update

ANZ today provided an update on credit quality, capital and Australian housing mortgage flows as part of the scheduled release of its Pillar 3 disclosure statement for quarter ending 30 June 2019 and associated chart pack. Given the strategy was to shed a portfolio of businesses and focus on the Australian retail market, we need … Continue reading “ANZ Q3 2019 Update”

Westpac Changes Mortgage Underwriting Policies

Following its Tuesday victory against ASIC, with the court dismissing the regulator’s allegations of irresponsible lending, Westpac has announced a spectrum of changes to its home lending policies. From Australian Broker. The updated guidelines are set to go into effect on 20 August, at not only the major, but its associated brands: St. George, Bank … Continue reading “Westpac Changes Mortgage Underwriting Policies”

Auction Results From 10th August 2019

I did not receive the Domain results last Saturday so could not make my normal weekly post. I have had many people ask about the data. So, here is first the data they did publish last week. No comparative data to last year. Volumes are lower, even if Domain clearance rates are higher. And we … Continue reading “Auction Results From 10th August 2019”

Trend Unemployment Rate Up To 5.3%

Australia’s trend unemployment rate increased in July 2019 to 5.3 per cent, from 5.2 per cent in June, according to the latest information released by the Australian Bureau of Statistics (ABS). ABS Chief Economist Bruce Hockman said: “Australia’s trend unemployment rate increased to 5.3 per cent in July 2019, the same level as this time … Continue reading “Trend Unemployment Rate Up To 5.3%”

Confusion around credit reports rife among Aussie consumers

Australians are still confused about what goes into their credit report, despite it being an important record of their credit health, according to research by consumer education website, CreditSmart. The CreditSmart survey found that nearly three quarters of Australians assume their credit score is included in their credit report. One in five mistakenly believe that … Continue reading “Confusion around credit reports rife among Aussie consumers”