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HEM Westpac Win

The Federal Court has dismissed ASIC’s responsible lending case against Westpac and ordered the regulator to pay the bank’s costs. Via ABC. I will make a separate post on the implications of this finding, in the light of ASIC stated intent to change the responsible lending laws, and the current hearings underway. ASIC had alleged … Continue reading “HEM Westpac Win”

The War On Cash – The Biggest Audience Ever On DFA

Well, who would have though it. My show with the CEC’s Robbie Barwick has now had 105,000 views in the past week and counting. So this draft bill is really hitting a nerve. This is the biggest audience we have ever had for any of our shows. Thanks to all those who watched it and … Continue reading “The War On Cash – The Biggest Audience Ever On DFA”

BBSW Slides Some More

Reflecting the era ahead, the BBSW fell again and is now 114.9 basis points from peak just over 6 months ago. This week we get June wages growth data on Wednesday and Jobs growth Thursday. We will also get more consumer confidence data on Tuesday and Wednesday, as well as a further read on business … Continue reading “BBSW Slides Some More”

Bendigo And Adelaide Bank Profit: $376.8 million, down 13.3 percent

Bendigo and Adelaide Bank, Australia’s fifth-largest retail bank, today announced results for the year ending 30 June 2019. Statutory net profit: $376.8 million, down 13.3 percent, as a result of remediation and redundancy costs and unrealised losses relating to Homesafe due to the decline in property valuations in Melbourne and Sydney Cash earnings after tax: … Continue reading “Bendigo And Adelaide Bank Profit: $376.8 million, down 13.3 percent”

RBNZ Reveals Submissions on the New Proposed Mortgage Bond Standard

The New Zealand Reserve Bank has today published a summary of submissions on its consultation proposing a new mortgage bond standard aimed at supporting confidence and liquidity in New Zealand’s financial markets. Submissions on the new proposed mortgage bond standard are broadly supportive of the introduction of a high grade residential mortgage backed securities framework … Continue reading “RBNZ Reveals Submissions on the New Proposed Mortgage Bond Standard”

Record losses expected as scammers target Australians

The ACCC says that Australians are set to lose a record amount to scams in 2019, with projections from losses reported to Scamwatch and other government agencies so far expected to exceed $532 million by the end of the year, surpassing half a billion dollars for the first time. This year’s National Scams Awareness Week … Continue reading “Record losses expected as scammers target Australians”

AFG and Connective announce merger

Australian Finance Group Ltd (ASX:AFG) has entered into a binding conditional implementation deed to merge with the mortgage aggregation business of Connective Group Pty Ltd. Connective has a network of over 3,600 brokers across five states with a panel of more than 50 lenders. The combined group will create a significant national mortgage distribution network, … Continue reading “AFG and Connective announce merger”