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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Bluestone profits from a fading boom
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05 October 2004 12:00amNon conforming lender Bluestone made four of five times the profit on two or three times the business in 2004, in a result that appears to confirm that alternative loan products are one segment growing profits in a market that's in decline. » read more »
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Bluestone joins Liberty in prime rate reversion
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05 October 2004 12:00amAlistair Jeffery said yesterday that Bluestone would introduce a "step down'' pricing on all new mortgages, which really amounts to an agreed timetable for a non-conforming loan to evolve into a prime home loan, and thus keep customers rather than lose them to prime lenders after two or three years. » read more »
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AmEx and Discover thrash MasterCard and Visa once more in US courts
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05 October 2004 12:00amUS banks may finally be able to issue American Express cards, Discover cards and even Diners Club cards following a ruling by an appeal court that MasterCard and Visa were unfairly restricting competition in the US cards market. » read more »
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Bank property valuations bounce back
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05 October 2004 12:00amOne major bank told The Age's columnist Alan Kohler that, "according to loan applications coming through at the moment, values in many areas have returned to where they were before the correction began last November. » read more »
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Symond predicts further falls in new business
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05 October 2004 12:00amAussie Mortgage Market's managing director John Symond told The Australian he believes the home loan market will fall a further five per cent to 10 per cent by mid 2005. » read more »
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If you're going to gear, go negative
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05 October 2004 12:00amThe greatest advantage from negative gearing accrues to those who borrow more than 80 per cent of the purchase price of investment properties, analysis by Ernst & Young for the Reserve Bank of Australia found. » read more »
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Mike Pero Mortgages claims lead among NZ brokers
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05 October 2004 12:00am
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Finance trails wholesale star in productivity race
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04 October 2004 12:00amThe finance sector recorded productivity growth of 16 per cent over five years, and ranks second to wholesaling, with productivity growth of 32 per cent, a ranking of the rate of transformation of the efficiency of Australian industry shows. » read more »
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Pay later deposit insurance proposed
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04 October 2004 12:00amAny system of deposit insurance for Australia's financial system should adopt a "pay later" levy, Kevin Davis, author of the federal government's inquiry into financial system guarantees told the Australian Institute of Banking and Finance's annual conference in Melbourne on Friday. » read more »
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RBNZ proposes partial guarantee following bank failure
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04 October 2004 12:00amThe Reserve Bank of New Zealand on Friday provided an outline on its proposed "haircut", and an explicit government guarantee, as key mechanisms in any intervention by the central bank in the event of the failure of a major New Zealand bank. » read more »
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Bollard backs coordination and cooperation
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04 October 2004 12:00amThe Reserve Bank of New Zealand's aspirations for trans-Tasman banking harmonisation appear to amount to "some form of formalised cooperation arrangement between the home and host authorities" rather than anything more ambitious. » read more »
