‘Life will never be the same again.’ Its been said non-stop since Coronavirus, but there is no doubt it has accelerated long overdue changes in the property market. Across the board, property-related professions are adapting and thriving despite the virus. Over the weekend, 73 per cent of Australia’s capital city auctions were successful, according to […]
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Many have argued that the stringent government response to COVID-19 has placed the property market cycle closer to another downswing. However, so far, property value declines have been fairly mild. And the government’s stimulus package may well mitigate many fears. To date, the dwelling market has only contracted 0.4 per cent. In fact, egged on […]
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Banks Keep Lending to Pump Economy Australia’s banks look set to keep rates at record lows and to be flexible with borrowers impacted by COVID 19. Reserve Bank Governor, Dr Philip Lowe, recently spoke to the CEO of our major banks where he expressed the need to be flexible with $226 billion in loan deferrals […]
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New Rules Mean Brokers Have to Work in Client’s Best Interest ASIC has confirmed brokers will be obliged to act in the best interests of borrowers by 2021. Under the new rules, mortgage brokers will be required to thoroughly investigate a client’s circumstances, keep detailed notes of client meetings and the advice given, and consider […]
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Banks to have more flexibility in assessing loan applications Westpac Banking Corp has won a significant victory in the Federal Court on its interpretation of responsible lending duties. The court backed Westpac’s arguments that the national credit act provides banks with discretion on how to use information when assessing whether loans are suitable for customers, […]
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20 March 2020 Australian Banking Association CEO Anna Bligh today announced a small business relief package from Australia’s banks. “This Assistance Package will apply to more than $100bn of existing small business loans and depending on customer take up, could put as much as $8 billion back into the pockets of small businesses as they […]
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