Latest news and insights on banking and finance in Australia and New Zealand, as delivered in the daily 7am Banking Day email news service (subscribe or take out a free trial).
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CBA outsourcing chief crosses to EDS
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05 July 2005 12:00amCommonwealth Bank of Australia hired Boston Consulting Group to undertake an eight-week scoping study of options to source more information technology services offshore. » read more »
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St George loosens credit criteria
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05 July 2005 12:00amSt George Bank has loosened credit criteria across a range of its home loan products over the last couple of weeks. » read more »
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CBA extends home loan discounting
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05 July 2005 12:00amThe Financial Review reports that Commonwealth Bank extended its routine home loan interest rate discount on variable rate home loans, of 0.7 percentage points, to home loans of $250,000. » read more »
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IRD lifts the veil on NZ tax avoidance wrangle
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05 July 2005 12:00amThe Inland Revenue Department provided the substance of its tax avoidance complaint against Bank of New Zealand in documents filed with the High Court in Wellington. » read more »
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GE pumps petrol rebate at mortgage market
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04 July 2005 12:00amGE Money will employ price gimmicks unrelated to its core home loan product rather than engage in any real price competition in a bid to stimulate demand for home loans. » read more »
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St George aims to double low doc loans
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04 July 2005 12:00amSt George Bank's head of retail banking David Gall told the Financial Review that he would be comfortable if the proportion of low documentation loans within the bank's home loan portfolio doubled to eight per cent from four per cent. » read more »
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AFG mortgage sales drop in June
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04 July 2005 12:00amThe value of new home loan business sourced by mortgage "aggregator" Australian Finance Group fell by 10 per cent to $1.79 billion in June from May, though to levels more or less in line with demand reported in March and April. » read more »
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Property price falls needed'
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04 July 2005 12:00amA couple of the jeremiahs are out in the media this morning pushing the line that home loan prices are in decline. » read more »
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NAB shops for property profits in Glasgow
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04 July 2005 12:00amNational Australia Bank stands to earn a "windfall" gain of £29 million from the sale of the leasehold on the lower floors of the Clydesdale Bank headquarters in Glasgow. » read more »
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NZ Housing signs two more banks to subsidised loan scheme
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04 July 2005 12:00amBanks in New Zealand are moving slowly to sign up with the government's "Welcome Home Loan", in which the government in effect provides the lender's mortgage insurance that a bank would otherwise have to purchase through GE Capital or PMI. » read more »
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RBNZ picks at Westpac over international payments
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04 July 2005 12:00amComputerworld reports a "please explain" notice issued by the Reserve Bank of New Zealand to over a mainframe outage in Australia that delayed international settlements for the bank's customers in New Zealand on June 20. » read more »
