Loyalty Tax
Now that we had three Reserve Bank interest rates cuts in June, July and October 2019 and banks have not passed in full the Reserve Bank cuts, the topic of the "Loyalty Tax" has surfaced. Withhold some of... Read more
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Now that we had three Reserve Bank interest rates cuts in June, July and October 2019 and banks have not passed in full the Reserve Bank cuts, the topic of the "Loyalty Tax" has surfaced. Withhold some of... Read more
The Morrison Liberal government’s proposed Consumer Credit Protection Amendment (Mortgage Brokers) Bill 2019 contains a new best interests duty obligation on mortgage brokers but not on lenders. The application of this test would require mortgage brokers to ensure their... Read more
‘Need some assistance? Speak to a Mortgage Broker’ the ad boasted. But the best part of the ad was 'Access 3,000+ loans from over 20 lenders.' A simple arithmetic calculation equates to an average of 150 loans... Read more
Recently, there has been a lot of extra whinging from numerous mortgage brokers that the time and effort required to prepare a loan application has increased, and wait for it, wait … it is eating into their profitability. They... Read more
On Thursday, 20 June 2019 Westpac made a bold move to reduce their serviceability assessment rate from 7.25% to 6.50% for first home buyers. APRA set a floor of 7.00% in December 2004. Late Thursday night, Westpac made an abrupt... Read more
The Federal Court of Australia, New South Wales | NSD293/2017 | Australian Securities & Investment Commission v Westpac Banking Corporation ACN 007 457 141. In an opening submission on Monday, 6 May 2019 barrister for ASIC, Jeremy Clarke, SC,... Read more
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