In April the Australian Bankers Association announced it would review the banking industry’s service to consumer and small business. They have now confirmed the terms of reference and appointed a former regulator, Phil Khoury, to head up the review. The current code of practice covers rules that banks should abide by on issues such as […]

At the start of the new financial year, there is always a raft of changes in taxes and thresholds that you need to know about. The following 5 changes will make sure you don’t run the risk of falling foul of the rules and risk being penalised. 1. Income tax cut Government proposals in the May budget […]

“While the recent changes implemented by banks appear to be prudent, we expect further tightening in lending standards over time.” Macquarie Bank A critical change in the mortgage lending market over past 12 months was the introduction of tougher bank lending rules for property investors. Under pressure from regulators, the banks tightened credit standards to property investors, demanding […]

“Referral fees paid by banks are murky. Right now we don’t know who pays what to whom as part of the mortgage referral process.” Erin Turner from Choice A little-known way of drumming up business for banks is to pay a “spotters fee” to lawyers, accountants and real estate agents. This can result in payments of thousands of dollars […]

Recently some lenders have announced they are now helping parents who are on parental leave for up to 12 months. These lenders will recognise return to work income for new home loans, investment loans and top-up loans. They also have flexible payment options such as switching to interest only repayments, restructuring other loan repayments or […]