Financial News

The Australian Prudential Regulation Authority has faced heavy scrutiny over lenders potentially using the crackdown on interest-only lending as a cover for back book repricing. The House of Representatives' review of APRA's 2016 annual report, held on 13 September, saw APRA chairman Wayne Byres under fire over lender movements to increase interest rates for both new and existing clients with interest-only (IO) loans. Since the introduction of APRA-mandated speed bumps to limit new IO lending to 30 per cent of…
The corporate watchdog told a parliamentary hearing this week that the big banks could be in breach of the ASIC Act over the reasons given for hiking interest rates. ASIC appeared before the House of Representatives Standing Committee on Economics yesterday (14 September) where chairman Greg Medcraft provided no opening remarks and instead launched straight into the inquiry. Chairing the committee was David Coleman MP, who kicked off the questioning by raising the issue of recent rate hikes by the…
The number of houses that sold for less than $400,000 across Australia has fallen to 31.2 per cent, down from 62.4 per cent in 2007, CoreLogic reports. Additionally, units sold for less than $400,000 have fallen from 68.9 per cent of total units sold in 2007 to 37.3 per cent. A year ago, 32.8 per cent of houses across Australia and 38.6 per cent of units sold transacted for less than $400,000. CoreLogic research analyst, Cameron Kusher noted that in…
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