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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LVR tiering an increasingly popular mortgage pricing strategy
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04 June 2013 6:50amLender State Custodians changed its mortgage pricing six months ago to reflect the varying risks that different classes of borrowers represent. In a move that has become increasingly common in the mortgage market, it set different rates for different loan-to-valuation ratios.
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Dodgy home loan complaints aggregated
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04 June 2013 6:49amThe Banking & Finance Consumers Support Association has published copies of loan applications and correspondence between banks and brokers relating to 250 loan applications that the association claims are questionable. » read more »
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Western Union launches online transfer service
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04 June 2013 6:47amWestern Union has launched a new online international payment service for small financial institutions, giving them a secure internet banking portal where they can make overseas transfers. » read more »
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Briefs: NAB announces share buyback, Firstmac launches RMBS, CEO departs EzeATM
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04 June 2013 6:46amNAB will buy back up to A$300 million of shares to meet DRP demand; Firstmac launches RMBS; CEO Todd Zani departs EzeATM. » read more »
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NAB's UK subsidiary gets a bleak review
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03 June 2013 7:17amStandard & Poor's has placed the credit rating of National Australia Bank's British subsidiary, Clydesdale Bank, on review. S&P has also downgraded several British banks because of the poor outlook of the UK economy. » read more »
- NAB builds, while Westpac slides
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03 June 2013 7:16amNational Australia Bank and ANZ picked up market share in the home loan market over the three months to April 2013, with growth for each bank of 1.7 per cent.
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- Credit growth still weak
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03 June 2013 7:16amHousing and business finance activity maintained its weak growth rate in April. The latest official figures show private sector credit growth increasing at around three per cent a year. » read more »
- Auckland too hot for TSB
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03 June 2013 7:15amTaranaki-based TSB Bank has effectively pulled out of New Zealand's fastest-growing and largest mortgage lending market, saying it can't compete with the four major Australian-owned banks and their ability to source cheap funds offshore. » read more »
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NAB issues first renminbi term funding
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03 June 2013 7:15amNational Australia Bank priced its first renminbi term funding on Friday. The bank issued RMB400 million of two-year senior unsecured notes. » read more »
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Banks persist with expensive covered bonds
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03 June 2013 7:14amAfter an initial burst of covered bond issuance in the domestic market between January and March last year, the major banks have not returned, but they have persisted with covered bond issuance in international markets. » read more »
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Genesis first to pull hybrid
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03 June 2013 7:13amGenesis Energy has become the first Australasian company to announce a restructure of its hybrid securities, following changes made by Standard & Poor's to its criteria for granting equity credit to such instruments in early April. » read more »
