17 May 2009
BoQ source tips merger with Suncorp
22/05/09 12:15
Its slim pickings for the Bank of Queensland and Suncorp, which appear to have no choice but to merge or suffer a competitive disadvantage to the big banks.
Sources indicated that the likelihood of a union between the two banks was made greater since the ACCC stated it would examine "very rigorously" further major bank acquisition of regional lenders.
A Business Daily source said the BoQ approached several local institutions in the last six months in an attempt to create a strategic tie, but the only option left open is Suncorp. Click here to read more...
ASIC unveils new EDR schemes
19/05/09 10:13
By Andrea Lavigne | Tuesday, 19 May 2009
Consumers stand to benefit from new guidelines for dispute resolution schemes released by the Australian Securities and Investment Commission.
The changes coincide with the release of the draft legislation contained in the National Consumer Credit Protection Act which will require all brokers to belong to an external dispute resolution scheme in order to obtain a licence.
ASIC revised the guidelines to make all EDR forums able to hear cases up to the value of $500,000. The maximum amount EDRs will be able to award is $280,000 or $150,000 if the claims relate to insurance brokers.
EDR schemes will also be able to award interest in addition to compensation awards.
Currently, EDR scheme rules bar a complaint involving more than the applicable compensation limit. Click here to read more...
Consumers stand to benefit from new guidelines for dispute resolution schemes released by the Australian Securities and Investment Commission.
The changes coincide with the release of the draft legislation contained in the National Consumer Credit Protection Act which will require all brokers to belong to an external dispute resolution scheme in order to obtain a licence.
ASIC revised the guidelines to make all EDR forums able to hear cases up to the value of $500,000. The maximum amount EDRs will be able to award is $280,000 or $150,000 if the claims relate to insurance brokers.
EDR schemes will also be able to award interest in addition to compensation awards.
Currently, EDR scheme rules bar a complaint involving more than the applicable compensation limit. Click here to read more...
HIA: Affordability improves to seven year high
19/05/09 10:11
By Larry Schlesinger | Monday, 18 May 2009
The March quarter improvement was on top of a 40% surge at the end of 2008.
Over the March 2009 quarter the average home loan repayment fell by 11% to $1,831 per month, significantly lower than the previous amount of $2,056. A further improvement in affordability is expected in the June quarter.
"The boosted grant which now provides a minimum of $21,000 for new homes across Australia along with the significant builder discounts on house and land packages, is increasing the number of first home buyers entering the new home market," said the HIA's Chris Lamont. Click here to read more...
The March quarter improvement was on top of a 40% surge at the end of 2008.
Over the March 2009 quarter the average home loan repayment fell by 11% to $1,831 per month, significantly lower than the previous amount of $2,056. A further improvement in affordability is expected in the June quarter.
"The boosted grant which now provides a minimum of $21,000 for new homes across Australia along with the significant builder discounts on house and land packages, is increasing the number of first home buyers entering the new home market," said the HIA's Chris Lamont. Click here to read more...