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.
Markets

NAB has tripled its bad loan provisions to $2.76 billion amid ‘rising delinquencies’

Big four bank NAB has provisioned $2.76 billion for “potential COVID-19 impacts”, triple its earlier allocation. NAB’s full year results acknowledged “rising delinquencies” that were occuring outside its loan deferral program. “Asset quality is starting to deteriorate given economic disruptions caused by COVID-19. While the outlook remains uncertain, further deterioration […]
NAB has tripled its bad loan provisions to $2.76 billion amid ‘rising delinquencies’
Makes Cents

The Australian government has announced it will wind back responsible lending laws, making it easier to access credit

The federal government is loosening credit restrictions in an attempt to encourage lending. On Friday Treasurer Josh Frydenberg announced the responsible lending laws would be would back, having become “an overly prescriptive, complex, costly, one-size-fits-all regime”. There is some anxiety over the consequences of encouraging greater lending during a recession. […]
The Australian government has announced it will wind back responsible lending laws, making it easier to access credit
News

Some banks will ask customers to dip into their super to pay back frozen mortgages. They should tread carefully, the regulator warns.

Regulator APRA has revealed some Australian banks plan on pushing customers to withdraw their superannuation early to make repayments on their loans. Australian borrowers could potentially withdraw up to $10,000 of their superannuation this financial year under the federal government’s scheme to pay back their debts. It comes as lenders […]
Some banks will ask customers to dip into their super to pay back frozen mortgages. They should tread carefully, the regulator warns.