Westpac shares have slumped in midday trade after UBS downgraded the stock this morning. Analysts Jonathon Mott and Rachel Bentvelzen ascribed a target valuation of $26.05 on Westpac (WBC) shares — down from this morning’s opening price of $29.18. Westpac shares fell by more than 4% in afternoon trade before closing 3.79% lower: The pair…
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hayneCharging dead people fees, impersonating clients, falsifying signatures. It’s all apparently in a day’s work for unscrupulous members of the $4.6 billion financial planning industry. For the best part of the past week, the Hayne royal commission explored the misdeeds of advisers employed by the big banks and AMP. The testimony was disturbing, and portrayed…
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APRA has announced it will remove the 10% annual cap on investor housing credit growth for some lenders. It expects ADIs to develop internal limits on lending at very high debt-to-income levels, and policy limits on maximum debt-to-income levels for individual borrowers. Restrictions on interest-only mortgage lending introduced in March last year will also remain…
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The Financial Planning Association of Australia sought to keep the identity of a member facing disciplinary action, Sam Henderson, out of the banking royal commission to protect his reputation. The FPA claims to have strict codes of conduct and robust disciplinary processes. Mr Henderson has been facing disciplinary action by the FPA for the past…
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Ah, springtime: when “for sale” signs start popping up with the daffodils and crocuses! Before you call your real estate agent, you might want to read up on some of the more technical aspects of homebuying—like exactly what homeownership can mean for your bottom line. Mortgage basics The majority of families that buy a home…
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Rules of thumb for home affordability There are several easy rough estimates for how much you can spend on a home. Choose a total payment that is close to what you spend now for rent Select your maximum home price at three times your annual income Choose a total housing payment that does not exceed…
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Westpac shares have slumped in midday trade after UBS downgraded the stock this morning. Analysts Jonathon Mott and Rachel Bentvelzen ascribed a target valuation of $26.05 on Westpac (WBC) shares — down from this morning’s opening price of $29.18. Westpac shares fell by more than 4% in afternoon trade before closing 3.79% lower: The pair…
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