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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
1. Know why you’re investing in property Get clear about your reasons for choosing to invest in property instead of other asset classes such as shares. Most investors know why they want to invest in property but some do it for the wrong reasons, such as trying to keep up with their neighbours or friends…
Read more
Here is some food for thought. A borrower put their parents on title to help with servicing of a loan and for additional security, after their divorce. It was required to be 10%. The parents passed away and the client could not meet the payments due to adverse life circumstances and was declared bankrupt. The…
Read more
It is the first of the big four banks to raise interest rates for all its variable home loans this year, although many smaller banks had already moved to higher rates to ‘offset higher costs’. Scott Morrison the new prime minister says people who are unhappy with their bank’s decision to raise mortgage rates should…
Read more
An elderly farmer who lived between Wollongong and Canberra needed finance to sub-divide 9 lots from his farm so he could see them This would enable him to pay off his debts and to continue farming He approached numerous banks and financial institutions but was turned down by each and every one Although he had…
Read more
Recent Comments