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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Oligopoly loses its lustre in home loan market
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08 December 2004 12:00amGiven the refinements to the methodology described above, it would be a bit hazardous to draw many comparisons with the home loan market share analysis published here six months ago. Even so, a few themes emerge from the September 2004 market share analysis: » read more »
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St George relaxes limits on low doc loans
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08 December 2004 12:00amSt George Bank has made low documentation home loans even easier to get, with the bank relaxing one limit on its current low doc loan product, and introducing a low doc option within its line of credit loan range. » read more »
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Non-conforming low doc loans double the average
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08 December 2004 12:00amNon-conforming loans continue to look a lot like an alternative to other sources of business finance as much as they are an option for borrowers with an impaired credit history looking for a home loan. » read more »
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Major banks reduce reliance on short-term wholesale funding
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08 December 2004 12:00amStronger equity markets reduce the attractiveness of bank deposits for retail investors and banks can expect increasing pressure on their retail deposit base. » read more »
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AFG and Wizard home loan sales surge in November
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03 December 2004 12:00amAustralian Finance Group appears to be stirring up the home loan market, with the Perth-based aggregator of loans introduced by independent brokers reporting yesterday that its affiliates handled 18 per cent more in new loan applications in November 2004 than in October 2004. » read more »
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Rams profit and churn on the rise
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03 December 2004 12:00amRams Home Loans appears to be struggling to keep pace with the growth of some other challengers in the mortgage market, such as Interstar and Wizard. » read more »
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Wizard Home Loans belatedly reports
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03 December 2004 12:00amAnalysts trying to keep track of the challenger brands don't get much from private companies that take their time filing their financial statements with ASIC. » read more »
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Leslie Martin back in the payments fold
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03 December 2004 12:00amFormer Chase Manhattan and Westpac Banking Corp payments executive Leslie Martin will make a return to the executive ranks of the industry, as the head of working capital services at Commonwealth Bank. Martin quit Westpac two years ago and had been consulting since then, including on assignments for BPay. » read more »
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HPAL snares CBA tender
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03 December 2004 12:00amHPAL Limited said it secured a contract from Commonwealth Bank to provide imaging services as part of the bank's "ComSee" document handling system. The contract involves the imaging of historic documents held at branches and loan centres, and due to be completed in June 2005. » read more »
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Intellect seeks a buyer
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01 December 2004 12:00amIntellect Holdings appears to be on the market, with the group's executive chair Jos Haag telling the annual meeting yesterday that, "the dynamics of the payment terminal market are likely to produce opportunities for mergers and acquisitions", and it was the board's intention to monitor the market to pursue and identify those opportunities. » read more »
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BNZ embraces Eftpos innovation NAB resisted
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30 November 2004 12:00amBank of New Zealand and Vodafone New Zealand appear to have pulled off what the banking and mobile phone industries in Australia considered technically unfeasible and commercially impractical, with the development of a system for the real-time payment of pre-paid mobile phone bills. » read more »
