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Month: April 2018

Westpac shares slide after UBS flags lending risk concerns

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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The untouchables: How the dodgy financial planners kept their jobs

Charging 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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Jonathan Munz sells Portsea pile to Russell Knowles for $2.5m profit

Rich Lister Jonathan Munz has made a $2.5 million profit from selling the Portsea house he purchased just two years ago to former rich lister Russell Knowles. Mr Munz, whose estimated $1.1 billion fortune put him 50th on last year’s Rich 200, sold his mansion at 3808 Point Nepean Road for $13.5 million last Monday…
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APRA relaxes investor property loan ‘speed limit’ as boards made more accountable

Despite conceding that risks in the property market remain “heightened”, the key bank regulator will remove the speed limit on investor lending. KEY POINTS: APRA is targeting the quality of home loan serviceability, ditching previous investor speed limits Bank boards will be made more accountable for the quality and operation of mortgage lending Westpac revealed…
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Liquid paper and broken dreams: Homeowners brought to their knees over lending practices

Jason Hannagan had to sell his home and an investment property after a financial lender gave his family a loan they could not afford to repay. Mr Hannagan’s family took out a $590,750 loan from a lender called Pepper Money in 2012. He estimated the family’s monthly income was about $9,500 and their monthly expenses…
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Westpac shares crumble after poor lending practices conceded in internal documents

Westpac’s share price has nosedived after the release of explosive documents detailing widespread failings in not only the quality and riskiness of its home loans, but the way they are processed. KEY POINTS: Westpac shares tumble 4pc after APRA finds it has the worst record of the big banks in the integrity of its home…
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More people are turning to finance brokers in the wake of the royal commission.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has just concluded its hearings. One result of the Royal Commission has been that the reputation of some major banks and their brands have been severely tarnished in the eyes of the public. Evidence showing misleading conduct and charging for services which…
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SOUTH COAST HOUSING PRICES ON THE RISE

The Illawarra Mercury , 8/3/2018, reports that the South Coast housing market has defied Sydney’s falling trend in housing values. It quotes new data from Domain’s June Quarter 2018 House Price Report which indicates that house and unit prices on the South Coast are continuing to rise, despite predictions the market would drop. The reports…
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