Royal commission to focus on small business lending as banks troop back to the witness box

Royal commission to focus on small business lending as banks troop back to the witness box

Posted May 20, 2018 05:11:50 Photo: No rest for the allegedly wicked. Royal commissioner Kenneth Hayne turns his steely gaze to the banks dealing with small business in his next round of hearings. (AAP: Edie Jim) Related Story: Royal commission sheds light on ‘closed door deals’ between ASIC and banks …

Banking royal commission: Lax lending by banks could see our debt problem come crashing down

Banking royal commission: Lax lending by banks could see our debt problem come crashing down

By Therese Wilson and Gill North Updated April 27, 2018 10:08:41 Photo: The prospective harm that could result to households from elevated levels of indebtedness, and the adverse flow-on effects to the Australian economy, can’t be ignored. (ABC News: Margaret Burin) Related Story: Financial advice firm impersonated client, royal commission …

Westpac shares crumble after poor lending practices conceded in internal documents

Westpac shares crumble after poor lending practices conceded in internal documents

Updated April 26, 2018 17:02:48 Westpac’s share price has nosedived after the release of explosive documents detailing widespread failings in not only the quality and riskiness of its home loans, but the way they are processed. Key points: Westpac shares tumble 4pc after APRA finds it has the worst record …

Liquid paper and broken dreams: Homeowners brought to their knees over lending practices

Liquid paper and broken dreams: Homeowners brought to their knees over lending practices

Updated April 26, 2018 19:08:33 Jason Hannagan had to sell his home and an investment property after a financial lender gave his family a loan they could not afford to repay. Mr Hannagan’s family took out a $590,750 loan from a lender called Pepper Money in 2012. He estimated the …

Bank regulator relaxes lending ‘speed limit’ as boards made more accountable for loan standards

Bank regulator relaxes lending ‘speed limit’ as boards made more accountable for loan standards

Posted April 26, 2018 12:10:14 Photo: Investor credit growth limits are “redundant”, says one analyst (ABC News: Stephen Letts) Despite conceding that risks in the property market remain “heightened”, the key bank regulator will remove the speed limit on investor lending. Key points: APRA is targeting the quality of home …

Bank of Queensland $174m half-year profit boosted by home lending growth

Bank of Queensland $174m half-year profit boosted by home lending growth

Posted April 17, 2018 09:46:38 Photo: Bank of Queensland’s half year profit was up, but below market expectations. (ABC News: Nic MacBean) Bank of Queensland has reported an 8 per cent increase in net profit to $174 million, driven by higher lending in both property and business markets. Cash earnings …

Softer house prices lift lending in February

Softer house prices lift lending in February

Posted April 12, 2018 13:07:18 Photo: Auction clearance rates have been weak this year, but the value of home loans rose more than expected in February. (ABC News: Stephen Letts) Easing house prices have supported a renewed interest in home loans for both owner-occupiers and investors in February. In seasonally …

CBA wasn’t honest with ASIC, while ANZ at risk of breaching responsible lending laws, royal commission hears

CBA wasn’t honest with ASIC, while ANZ at risk of breaching responsible lending laws, royal commission hears

Updated March 20, 2018 06:58:17 Video: Royal Commission in doubt ANZ upheld responsible lending laws (ABC News) The banking royal commission has kicked off its second week by interrogating executives from ANZ and Commonwealth Bank. Key points: CBA admits it under-reported to ASIC the number of people to whom it …

‘They can see I’ve a gambling problem’: Banks’ lending practices laid bare at royal commision | Australia news

The anguish on Michael Harris’s face said it all. The British-born roofer broke down this week when he appeared as a witness at the banking royal commission. In between deep breaths, Harris told commissioner Kenneth Hayne how he had amassed a $35,000 credit card debt with the Commonwealth Bank, and …