Clancy Yeates writes on business specialising in financial services. Clancy is based in our Sydney newsroom.
A former Westpac banker has been given a three-year jail sentence after submitting loan documents with false information, as he encouraged elderly and vulnerable people to borrow against their homes and put the money into a property investment scheme.
The Commonwealth Bank is freezing new lending to property investors looking to switch banks and refinance their mortgage, a move designed to slow strong growth in its lending to landlords.
Genworth Mortgage Insurance Australia expects a further decline in its premium revenue as it feels the pinch of rising mortgage stress and contracts with key customers come up for renewal.
How the regulators respond to the latest investor loan boom is shaping up as the more interesting questions in domestic banking this year – which could have a big impact on the broader real estate market.
Macquarie Group's growth in the Australian home loan market slowed to a near standstill over the first three quarters of this financial year, partly because it did not want to match aggressive discounting by rivals.
National Australia Bank's first-quarter profit slipped 1 per cent to $1.6 billion, as earnings were dampened by higher expenses growth caused by staff pay rises.
National Australia Bank has been forced to pay $36.5 million in compensation after the regulator revealed it had ripped off hundreds of thousands of superannuation members and knocked back insurance claims to seriously ill customers.
Should compulsory superannuation aim to give Australians a retirement that is "comfortable," "adequate" or "dignified"?
Apple predicts its system that turns iPhones into "digital wallets" can unleash a new round of competition between banks on credit cards, pushing lenders to offer shoppers more perks for paying on credit.
National Australia Bank's wealth arm has been forced to compensate customers $36.5 million, after wrongly charging fees to superannuation customers and incorrectly assessing insurance claims.
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