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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Expenses jump at Wizard
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03 February 2005 12:00amAustralian Financial Investments Group and its subsidiary Wizard Home Loans reported inconsistent earnings for the year to June 2004, according to accounts finally published via the Australian Securities and Investment Commission. » read more »
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AFG new loans ease one per cent in January
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03 February 2005 12:00amAustralian Finance Group yesterday published its monthly "AFG Mortgage Index", a measure of the aggregator's new business and a rough proxy for the wider mortgage market. » read more »
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Brokers behind Suncorp's home loan turnaround
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03 February 2005 12:00amA shade less than 10 per cent of Suncorp Metway's new home lending business is in low doc loans, according to the Standard & Poor's pre-sale report into a pool of $1.6 billion in mortgages the bank plans to refinance via the Apollo Series 2005-1E Trust. » read more »
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Lincraft defaults on ANZ loan
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02 February 2005 12:00amThe credit quality of companies in the middle market might be emerging as one of the more significant issues facing banks this year, with a curious alignment of companies going broke over the last few weeks. » read more »
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A familiar pattern to credit quality stress
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02 February 2005 12:00amOne analyst of middle market credit quality happy to comment at some length on issues surrounding middle market credit quality more broadly, and over Henry Walker Eltin and Westbus in particular, is Graham Soper, managing director of Corporate ScoreCard. Corporate ScoreCard consults to banks on credit assessment, and maintain their own database of company credit ratings. » read more »
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Liberty ratchets risk appetite
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02 February 2005 12:00amNon-conforming lender Liberty Financial has ratcheted up its appetite for risk over the last six to nine months. » read more »
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Members Equity's servicing costs above average
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02 February 2005 12:00amMembers Equity is another lender that finances its entire mortgage lending through short-term warehouse lines and must shovel their product into securitised trusts at a steady rate. » read more »
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GE gives green light to Wizard expansion
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02 February 2005 12:00am
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Three corrections
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02 February 2005 12:00am• Neither MasterCard nor Visa International are the subject of proceedings bought by the New Zealand Commerce Commission over the disclosure of currency conversion fees. American Express, Diners Club, five banks and one bank-linked finance company are the subject of those proceedings. » read more »
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Westpac markets ageing mortgages
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01 February 2005 12:00amWestpac will make a rare use of a securitised mortgage trust to refinance an ageing slice of its home loan portfolio, with marketing underway by the bank to sell bonds in a $2.1 billion pool of loans. The securitisation is Westpac's first since of the funding technique 2002, and only its second since 1999. » read more »
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S&P reports higher home loan market share for Westpac
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01 February 2005 12:00amThe S&P pre-sale report on Westpac estimates the bank's market share in housing lending in Australia at 14.1 per cent, presumably as at either January 2005 or December 2004. No doubt Westpac supplied the market share estimate to S&P. » read more »
