Cautious Saving and Reluctant Borrowing Lift Bank Deposits
* Aussies are paying off their debts and saving
* Savings grow by 12pc while lending by only 4.3pc
* “Home lending market weakened considerably”
AUSTRALIA’S banks are flushed with more cash than they can lend as consumers pay debts and save.
Bank Clients Switch to Mortgage Brokers
* Broker-written mortgages rise
* First growth in five quarters
* Banks push to attract customers directly
A GROWING number of Australian bank customers are using a mortgage broker to secure a new home loan, as the major banks remain dominant in the market.
A new study by the Market Intelligence Strategy Centre found that broker-written mortgages rose by 7 per cent in the December quarter, which took the value of business to $14.18 billion over the three months, The Australian reports.
Westpac remains the favourite business bank
WESTPAC remains the nation’s favourite business bank, but customer satisfaction across the big four lenders has waned since the November interest rate rise, research shows.
Commonwealth Bank (CBA) edged ahead of Westpac to become the most favoured bank by large businesses with an annual turnover of at least $50 million, DBM Consultants’ monthly nationwide survey of businesses found.
Mott Says Failure is Inevitable
A BANK or other Australian lender will inevitably fail no matter how regulators act, says UBS analyst Jonathan Mott.Mr Mott, seen as one of the nation’s best banking analysts, has warned the Federal Government against feasting on risk in its desperation to induce competition in the banking sector.He said the nation’s housing affordability crisis – not a lack of competition – was at the root of the debate on the state of banking in Australia.
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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