Australia’s mortgage insurance business is taking a hit because banks and other lenders are taking a more conservative approach to mortgages. Genworth just released its quarterly update, showing a sharp fall in new business. There are fewer high loan-to-valuation loans being approved, those for which banks require mortgage insurance. A […]
The $US2.7 billion ($A3.5 billion) sale of US-based mortgage insurance group Genworth Financial to family-owned China Oceanwide Holdings is not expected to have a major impact on the local Australian business. Genworth will become a standalone subsidiary of China Oceanwide. “Genworth Australia understands that Genworth Financial Inc intends to maintain […]
More cautious lending at the banks has cut Genworth’s first quarter mortgage insurance profits by 24.8% to to $67.3 million The gross premiums of Genworth Mortgage Insurance Australia fell 33.4% to $85 million, reflecting a decline in the high loan to valuation (LVR) business. A short time ago, Genworth shares […]
Australian homebuyer confidence has dropped for the first time since March 2014, according to the latest release of the Genworth Homebuyer Confidence Index (HCI). The HCI, which is a measure of homeowner and non-property owner sentiment toward the housing and mortgage market, fell 1.4% to 98.2 in the March quarter. […]
Mainly Queensland and Western Australia.