APRA recently relaxed restrictions around how lenders review the capacity of borrowers to repay their loans. This change is on the back of the Reserve Bank of Australia (RBA) cutting interests rates to a record low of 1%.
New tax policies implemented on July 1 are now in force, thanks to end of Financial Year changes instigated by the Coalition Government. These changes have an impact on tax payers across the country, so we’ve put together a summary of what affects you.
Here’s what made the cut... Continued
The Australian Government has just launched an official complaints body for consumers who feel they have been unfairly treated within the finance sector.
The Australian Financial Complaints Authority (ACFA) is headed by David Locke, and is touted as a ‘one-stop shop’ for financial complaints. .. Continued
In its 2018 Global Wealth Report Credit Suisse found Australia has the highest level of median wealth of any nation – beating out Switzerland for the top spot.
According to the Australian Financial Review, our wealth is driven by high property prices and large superannuation balances... Continued
We’ve been following the Royal Commission into the finance sector closely over the past 12 months, and now reverse mortgages have come under the microscope.
A recent report by ASIC has found reverse mortgage lending standards need big improvements, as right now, they’re not fair to borrowers in their senior years... Continued
The rise and rise (and fall and rise and fall) of Bitcoin has been making headlines around the world since it kicked off 9 years ago. Now, the Reserve Bank of Australia has announced it’s unlikely to gain a foothold in Australia.
Here’s what you need to know... Continued
140,000 Commonwealth Bank customers have been refunded ahead of the royal commission, which has pulled focus on the CBA’s ‘junk insurance’.
The refund in question is for ‘add-on’ insurances, which an internal review found were not suitable, as many holders were ineligible to even claim, if they sought to. .. Continued