July interest rate announcement: RBA holds cash rate at record low of 0.1 per cent but scales back emergency stimulus
Copyright：Domain The Reserve Bank of Australia is keeping its cash rate at its lowest point ever – 0.1 per cent – for the eighth month running after its monthly meeting on July 6, but has given its strongest signal yet that a rise might come earlier than originally indicated. While there’s no change to the cash […]
Clock ticking for first-home buyers turning to government incentives
Copyright: domain The clock is ticking for first-home buyers to get on the property ladder with the help of government incentives, with a raft of support measures to expire in the coming months as property prices soar to new heights. Slow lending approvals, strong buyer competition and rapidly rising prices mean first-home buyers need to […]
Updated credit reporting laws to help or harm consumers?
Australians will have their private financial hardship information included on their credit reports for the first time with the passing of the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019. While before, credit reports were only required to include credit inquiries, defaults and serious infringements, banks must now report more about the […]
RBA governor defends stance on negative interest rates
(mortgagebusiness.com.au) Reserve Bank governor Philip Lowe has hit back at claims that the central bank’s stance on negative interest rates is “putting bank profits ahead of jobs”. In his appearance before the House of Representatives standing committee on economics on Friday (14 August), governor of the Reserve Bank of Australia (RBA) Philip Lowe was questioned […]
ANZ joins peers, revises IO policy
The major bank has amended its assessment policy for interest-only home loans, in line with new regulatory guidance from APRA. ANZ has announced that it will now enable home loan customers to switch to interest-only repayments or extend their terms for up to 12 months without a full serviceability assessment.The revision, which is effective immediately, […]
Govt announces $688m HomeBuilder package
Australians looking to build or renovate in the second half of the year will be able to get $25,000 from the federal government as part of a scheme aiming to keep the construction industry moving. The $688 million HomeBuilder package is available to owner-occupiers who sign a contract to start building or substantially renovating their […]
Case Study: Owner occupied and investment on owner occupied rates
H and Y is aprofessional young couple, H is a IT techonian and Y is a medical doctor.They have a home unit inneutral Bay Sydney and Harley has a investment property in Surry Hills, Yishahas an investment property in central coast. They saw our Wechat post inregards to current low rate and they have made […]
Superannuation scheme: Tax office pausing applications for early access to super
The tax office is pausing applications for early access to superannuation after instances of identity fraud were detected. More than 1.2 million Australians have applied to withdraw nearly $10 billion from their super accounts during the coronavirus pandemic. But Australian Federal Police fear up to 150 people have lost $120,000 through identity theft. Assistant Treasurer […]
Capital position, economy to drive Suncorp dividend decision, says CEO
Suncorp chief executive Steve Johnston says the strength of the balance sheet and the economy will be the crucial factors that determine dividends, after announcing a wave of extra costs to its bottom line. The financial conglomerate on Monday said its flagship insurance division had taken a $205 million hit from market volatility in the […]
Westpac tightens credit for self-employed amid COVID-19 risks
Westpac is tightening borrowing capacity for self-employed customers and people living in areas that are dependent on tourism, a move aimed at reducing risks sparked by the coronavirus pandemic. The country’s second-biggest bank on Monday said self-employed borrowers taking out new loans would be allowed a maximum loan-to-valuation (LVR) ratio of 80 per cent, or […]