Consumer lending (874 items)

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FMD amendments to cover natural disasters

Primary producers affected by natural disasters will be able to draw on their farm management accounts within 12 months of making deposits without losing tax concessions, under the terms of a draft amendment to the Farm Management Deposit scheme released by the Government yesterday. read more

‘No negative equity’ guarantee to be law

Draft legislation covering reverse mortgage lending would codify the “no negative equity” commitment that has been a feature of industry self-regulation. The draft proposes that if a debtor pays out a contract and the loan amount exceeds the market value of the property the borrower will be able to terminate the contract if the amount being repaid is at least equal to the property’s market value. read more

TD hybrids come to market

Increased investor demand for high-yield savings accounts, term deposits and other cash-based products has prompted deposit-takers to start innovating in a market that has long had a staid image. read more

Changing of the guard at FOS

Colin Neave, who has headed the Financial Ombudsman Service for the past three years and one of its constituent bodies, the Banking and Financial Services Ombudsman, for the 12 years prior, announced yesterday that he would not seek reappointment when his term ends in September. He will be replaced ASIC commissioner Shane Tregillis. read more

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