Has credit reporting passed its use by date? 30 April 2024 4:09AM Latest news John Kavanagh The big question the government’s review of Australia’s credit reporting framework will address is whether credit reporting remains of value to lenders in light of the development of financial data sh.. read more
Savers reluctant to shop around for a better rate 30 April 2024 4:05AM Latest news John Kavanagh Two-thirds of Australians with retail bank savings accounts have never changed their accounts, despite the opportunity to earn more interest with another product or ADI. read more
Margin loans at a record low 15 March 2024 5:09AM Latest news John Kavanagh The number of margin loan accounts in Australia fell to a record low in the December quarter, relegating what was once a thriving market segment to niche status. read more
Briefs: Trade payment defaults hit a record, Scotpac launches business line of credit, Dynamoney bul 14 March 2024 2:55AM Latest news Banking Day staff CreditorWatch’s latest Business Risk Index reports a 48 per cent increase in B2B trade payment defaults over the 12 months to February read more
BNPL draft bill released 13 March 2024 5:16AM Latest news John Kavanagh Providers of low cost credit contracts, including buy now pay later companies, will have to hold a credit licence and comply with modified responsible lending obligations under proposed changes to the.. read more
Comyn promises to consider land lease lending 13 March 2024 4:41AM Latest news John Kavanagh Commonwealth Bank chief executive Matt Comyn was caught off guard yesterday when Stockland CEO Tarun Gupta asked him to consider offering a loan that would allow people to buy into land lease developm.. read more
Briefs: CBA commits to AI development, new AFIA chair, RentPay offers more payment options 12 March 2024 5:04AM Latest news John Kavanagh Commonwealth Bank has extended its partnership with Microsoft to further ongoing cyber security initiatives and develop generative AI applications. read more
CEFC backs Angle EV auto finance 11 March 2024 3:26AM Latest news John Kavanagh The Clean Energy Finance Corporation has committed to its latest green funding initiative, investing up to A$50 million in an Angle Auto Finance warehouse that will fund vehicle dealerships that incre.. read more
Briefs: Westpac moves audit account, PEXA management restructure, new MoneyMe CFO 11 March 2024 3:24AM Latest news Banking Day staff Westpac has moved its audit business from PwC, its auditor of 50 years, to KPMG. read more
Credit card holders pay down their balances 08 March 2024 4:33AM Latest news John Kavanagh Spending on credit and charge cards increased ahead of overall household spending over the past year but card users have their consumer debt under control, with balances accruing interest coming down. read more
'Utterly crushing' loan rate ruled unconscionable 08 March 2024 4:30AM Latest news John Kavanagh A court has found that a short-term commercial loan with a compounding interest rate of more than 70 per cent a year was unconscionable - “utterly crushing” for the borrower and far in excess of what.. read more
CDR 'not a viable alternative' to screen scraping 06 March 2024 3:54AM Latest news John Kavanagh While the financial services industry waits for Treasury to complete its review of screen scraping, a lender has weighed into the debate saying consumer data available through the Consumer Data Right.. read more
Shakeout in the debt collection market 06 March 2024 3:43AM Latest news John Kavanagh Rationalisation of the debt buying and collection market is providing a fillip for those still operating in a sector that has been hit by weak business conditions over the past couple of years. read more
B4P goes B2B 05 March 2024 5:38AM Latest news John Kavanagh Pay advance company Beforepay is looking to expand, announcing the launch a B2B business that will provide its lending technology and risk models to third parties. read more
Mortgage lenders still looking to 'stand out in the crowd' 05 March 2024 5:36AM Latest news John Kavanagh The latest home loan pricing data suggest lenders are still jostling to win business. read more
Deposit rates peak 04 March 2024 3:42AM Latest news John Kavanagh Top rates on longer-dated term deposits came down last month and while there was mix of increases and decreases in at-call rates, some of the cuts were applied to products offering high rates. read more
Consumer credit reporting to be reviewed 01 March 2024 5:29AM Latest news John Kavanagh Attorney-General Mark Dreyfus has marked the 10-year anniversary of the introduction of Australia’s comprehensive consumer credit reporting system by calling for a review of the scheme to see if it re.. read more
AFG targets broker growth 01 March 2024 5:25AM Latest news John Kavanagh After several years of investing in diversification, Australian Finance Group is back playing to its strengths with a focus firmly on its core broker aggregation business. read more
MoneyMe maintains conservative settings 29 February 2024 3:40AM Latest news John Kavanagh Consumer lender MoneyMe stuck with its focus on higher quality borrowers and secured finance during the December half, helping it reduce credit losses. It has no plans to change that approach. read more
Zip looking for growth opportunities again 28 February 2024 5:38AM Latest news John Kavanagh Product development is back on the agenda at a more growth-focused Zip Co, following the company’s success in turning its fortunes around over the past year. read more