Latest news (24,989 items)

Homeloans losing ground

Homeloans Limited is losing traction in the lending market, with the company reporting an increase in "net formal loan originations" of four per cent, to $1.3 billion, in the year to June 2003. Homeloans originated $792 million in the half year to December 2002, and only $508 million in the half year to June 2003. read more

Non conforming loans fuel mortgage boom

The Reserve Bank's annual report, published yesterday, searches for bad tidings on the twin boom in property prices and mortgage lending, but, in a review of a year characterised by above average credit growth, very high rates of housing lending, and low delinquencies, the Reserve fails to find much to warn about. read more

Costello defers Reserve dividend

The Reserve Bank's not as profitable as in the early to mid 1990s, but thanks to seigniorage, currency liabilities on which its pays no interest, and favourable movements in financial markets, the bank is still providing generous dividends to the federal government. read more

Cards case cost mounts

The Reserve Bank annual report shows that the bank spent $6.1 million in costs associated with defending the Federal Court case bought by MasterCard and Visa, which is seeking to overturn the Reserve's regulation of the credit card market. read more

Merchants snipe APCA over Eftpos access

The prospects of merchants and banks reaching a consensus over entry and access to the Eftpos network seems low, if the language of submissions to the competition watchdog from merchants is any guide. At this stage, merchants and banks don't even concur on which forum is suitable to stage the debate. read more

Motorcharge drives ReD profit

The combined Motorcharge and Motorpass fuel payment card businesses may be the Australian cash cow for British-based payments aspirant Retail Decisions, but revenue growth from ReD's overall transaction processing business stalled in the June 2003 half. read more

ANZ lowers rate credit card rate

MasterCard continues to cajole, or perhaps make that subsidise, its way to dominance in the low rate segment of the credit card market in Australia, with a low rate card from ANZ Bank the latest to sport the second ranking marque in the local cards market. read more

Mortgage boom fattens PMI

The home lending boom is fattening the coffers of Australia's lenders mortgage insurance duopoly, with one of the two dominant underwriters, PMI Mortgage Insurance, recording an 18 per cent surge in premium revenues in the first half of 2003, and an increase of 24 per cent in the June 2003 quarter (in both periods compared to the prior corresponding quarter). read more

Westpac cuts discount for professional package

In one hint of bank efforts to restore margins in the mortgage market, Westpac has reduced the discount on the bank's discounted home loan package, dubbed Premier Advantage, to 0.6 per cent from 0.7 per cent. The reduced discount came into affect on August 25. read more

Aussie looks for innovator

Aussie Home Loans is still weighing up its options for entry to the credit card market, but an adviser to Aussie says that there is ample opportunity for new entrants. read more

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