BankWest takeover ’strengthens big lenders’
Federal Opposition Leader Malcolm Turnbull says the Commonwealth Bank’s takeover of BankWest reduces competition in the Australian financial market.
The $2 billion takeover has been criticised by consumer group Choice, which says it is not in the best interest of consumers. Read more
Four big banks monopolise mortgages
THE big four banks continue to dominate the mortgage market although growth has slowed dramatically and the global credit crunch has begun to force credit rationing among big lenders, a report says.
JP Morgan/Fujitsu’s eighth Australian Mortgage Industry Report also says that the number of households suffering mortgage stress will rise to one million in 2009 from 800,000 this year. Read more
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