This Month
Mortgage brokers’ growing power puts big banks on notice
Major lenders face an uphill battle to win back market share from the industry, which is now arranging about three-quarters of Australia’s residential loans.
June
NAB’s retail boss sees opportunity in bank’s big business lending book
Ana Marinkovic was appointed to lead NAB’s personal banking division just over a year ago and has outlined a strategy that is heavy on cross-selling mortgages.
Westpac sued by ASIC over ‘systemic’ failures at RAMS
The corporate regulator said the lender suffered a major governance failure by not adequately supervising franchisees, who forged documents to write loans.
May
NAB ekes out profit growth as it fends off business lending rivals
NAB, like its rivals, is facing pressure on its interest margins, but CEO Andrew Irvine still managed to beat market expectations sending the shares higher.
April
Westpac says loan fraud whistleblower got bigger bonus, not cast out
The bank’s former head of risk and treasury audit says she was victimised after raising concerns two years ago that some mortgage brokers were faking documents.
March
Westpac plots $3b technology overhaul to slash long-term costs
The bank’s new chief executive, Anthony Miller, outlined plans to shrink the number of systems to cut expenses described by analysts as unsustainable.
Interest rates, doctors’ bills to rise to pay backdated payroll tax
Industry groups warn of “contagion” from Revenue NSW’s aggressive interpretation of payroll tax law.
CBA lures back mortgage brokers with $270k offers
More mortgage brokers are joining CBA since Australia’s largest bank controversially lifted royal commission-era bonus caps.
Inside Project Aries: Westpac’s secret plan for St George
The major lender has already shrunk the number of branches and closed a subsidiary’s private banking division. Now it’s considering the next steps.
Westpac launches internal home loan fraud probe after RAMS closure
The major lender has been conducting a deep dive of mortgages originated in-house amid concerns that borrowers are increasingly misrepresenting their finances.
February
CBA, NAB grapple with the rise and rise of mortgage brokers
CBA’s Bankwest and NAB’s Ubank digital brands have been revamped, to make them more attractive to brokers who are now writing three in four home loans.
Erin Williams works alone, but she’s being stung by payroll tax
The solo broker is among thousands soon to be slugged, as a tax on employment becomes a tax on some small businesses.
Banks lashed for breaking Hayne-era bonus caps
The house economics committee has called on CBA to reverse last year’s decision to lift bonus caps, which threatened to unwind hard-won gains from the inquiry.
Pacific Equity Partners makes new bet on reverse mortgages
The firm’s debt fund has inked a deal to provide a $100 million facility to reverse mortgage start-up Inviva representing its second deal in the sub-sector.
George Frazis is back and wants to start a private credit fund
Two years after his acrimonious exit from Bank of Queensland, the former CEO has returned to corporate Australia with his own start-up brokerage.
November 2024
Mortgage brokers back NSW payroll tax inquiry
A NSW parliamentary committee will examine retrospective application of payroll tax laws widened by courts which has angered companies using contractors.
Macquarie, Westpac and CBA big losers from $350m rural bank levy
Confidential details shared with industry participants show the size of the cost to the biggest lenders as Treasury attempts to keep regional branches open.
October 2024
Mortgage wars rumble as Macquarie has a crack at fixed rates
There are easier ways for bankers to make a buck than selling fixed-rate mortgages, yet Macquarie is trying its luck.
Negative gearing changes would be a drag on bank stocks: analysts
Citi examined restrictions on housing investor tax settings in New Zealand, and Australia in the 1980s, and found they helped rents go up.
Mortgage brokers go to war with NSW over tax grab
Moves by the state to levy payroll tax on aggregators connecting mortgage brokers with lenders will force some of them to quit the industry.