News

There are just 3,170 deferred mortgages remaining with Australia’s largest lenders. Banks say the worst is now over.

The Australian economy appears to have undergone an “impressive recovery” after hundreds of thousands of loan deferrals were finalised. New figures released by the Australian Banking Association (ABA) shows less than 5,000 loan deferrals remain outstanding across Australian businesses and households. With the figures timestamped to before the end of […]
There are just 3,170 deferred mortgages remaining with Australia’s largest lenders. Banks say the worst is now over.
News

TransferWise CEO Kristo Käärmann says being honest with customers is the key to success – and he’d be happy to show Australia’s big four banks how

Kristo Käärmann, CEO and co-founder of foreign exchange platform TransferWise, says it makes perfect sense for Australia’s big four banks to integrate the company’s platform in order to get their customers back. Käärmann told Business Insider Australia that after its successful partnership with Up, TransferWise had a number of other […]
TransferWise CEO Kristo Käärmann says being honest with customers is the key to success – and he’d be happy to show Australia’s big four banks how
Markets

‘Disaster written all over it’: Watering down lending laws will see banks trample customers for profit, consumer advocates warn

Consumer advocates have sounded the alarm over the Morrison government’s planned changes to wind back responsible lending laws. Some slammed it as “a short-sighted fix”, putting individuals at risk of becoming over-leveraged in a “flailing economy”. Others questioned whether the government had not learnt the lessons of the Hayne Royal […]
‘Disaster written all over it’: Watering down lending laws will see banks trample customers for profit, consumer advocates warn
Markets

Hundreds of thousands of Australians are freezing their home loan repayments – and lenders confirm it won’t hurt credit scores

Since announcing they would freeze customers’ mortgage repayments due to hardship, Australian banks and lenders have faced a flurry of applications. Westpac CEO Peter King revealed last week Australia’s second-largest bank had received more than 100,000 hardship requests alone, while all have had to hire hundreds of call centre staff […]
Hundreds of thousands of Australians are freezing their home loan repayments – and lenders confirm it won’t hurt credit scores
News

The ACCC wants to interrogate the big banks in another tough inquiry – but it’s Afterpay and Xinja that it’s coming for first

The Australian Consumer Competition Commission (ACCC) is considering launching its own inquiry into Australia’s banking sector and newly surfaced internal documents obtained by the Nine newspapers have revealed the companies it wants to involve first. Neobank Xinja and challenger bank ING are listed as the ACCC’s “highest priority” targets to […]
The ACCC wants to interrogate the big banks in another tough inquiry – but it’s Afterpay and Xinja that it’s coming for first