Budget’s big bank levy could open the door for fintech lenders
In the 2017 Budget announcement, Treasurer Scott Morrison announced a 0.06% annual levy on key funding sources for Australia’s major banks – a cost that could be passed on to Aussie borrowers and may drive them toward alternate lending sources. The levy will apply to funding sources such as corporate bonds and large deposits and will only affect banks with debts above $100 billion – effectively limiting it to big players the Commonwealth Bank, Westpac, NAB, ANZ and Macquarie. “This represents a fair contribution to the community from our major banks, is consistent with other advanced countries and helps foster competition from smaller banks,” according to budget papers. If it […]
Personal loan applications surge as credit cards wane
Australians are shunning high interest credit cards and turning to personal loans for large purchases. Driving the switch are tech-savvy consumers taking up loans from peer-to-peer (P2P) lenders, a new breed of online competitors to banks. Credit card applications fell by almost 4 per cent in the March 2017 quarter compared with the same quarter last year, the latest report on consumer credit by credit bureau Equifax shows. That’s the biggest fall since September 2012 quarter. Personal loan applications rose by 13.5 per cent over the same period, the biggest increase since the March 2005 quarter. The latest period of sustained growth in personal loan applications started in the second […]
Moneysoft enters new partnership with Mortgage Choice
Moneysoft’s advice technology will power a new Mortgage Choice Financial Planning tool aimed at bolstering clients’ money management skills and helping them reach their financial goals. Mortgage Choice Financial Planning will offer the tool under the name of MoneyTrack as a part of their cash flow coaching service. Tania Milnes, general manager of Mortgage Choice Financial Planning, said the new tool will help its national network of advisers to enhance the affordable and transparent advice they provide to clients. “The introduction of MoneyTrack will provide a robust basis for the advice we currently provide to help manage their cash flow,” she said. “It gives clients an easy to understand tool […]
SocietyOne hits new lending records
SocietyOne sets new lending record as growth continues to accelerate in 2017 $250 million in total lending originations since inception March 2017 sets new monthly record for new lending of $20 million Second best quarter on record for personal loans and agri-lending Loan book goes through $150 million – 165% increase year-on-year Significant increase in investor funding following appointment of CIO John Cummins SocietyOne, Australia’s leading and fastest-growing marketplace lender, has set a further new record for marketplace lending after passing through the $250 million lending mark following another strong quarter of growth. Strong demand from borrowers for personal loans in the post-Christmas and New Year period, and growing interest […]
Fintech Down Under
Cameron Dart is the CEO of International Fintech, a hub that connects Australian fintech companies to the rest of the world and vice versa. The company recently opened a London “launch pad” office that helps Australian startups expand globally and links startups in other countries to the Australian market. To help shed light on the state of Australian fintech, Benzinga caught up with Cameron Dart for a Q&A about innovation and how fintech solves problems for Australian users. Q&A With Cameron Dart What’s the general “lay of the land” of Australian fintech? The Australian fintech industry as a whole is in its infancy compared to the United States and the […]
The ‘booming’ NSW economy that 100,000 people have joined
Growing use of services such Uber and Airbnb has led to a billion-dollar increase in the size of the so-called sharing or collaborative economy in NSW over the past year, a new study has found. The sale of goods and services via peer-to-peer technologies generated $2.6 billion in revenue for the NSW economy last year, recording growth of nearly 70 per cent, according to the research from Deloitte Access Economics commissioned by the finance department. The number of people in NSW earning an income from businesses that are part of what the state government calls the collaborative economy has nearly doubled over the past 12 months to reach 92,400, the […]
Indian fintech revolution in motion, calling Australian fintechs to join us at Australia-India TatXpo 2017
Indian fintech revolution in motion, calling Australian fintechs, corporates and investors to participate. Taking interest for Australia-India TatXpo 28-30 June 2017 in Mumbai, India. What is TatXpo? TatXpo is the flagship annual Australia-India trade and investment expo established by Tat Capital. The focus will be on uncovering fintech opportunities and will be held in India’s financial capital, Mumbai. Last year’s format was day 1 expo and gala festivities, day 2 industrial site visits and day 3 cultural tour which we intend to repeat. Last year 93 delegates attended TatXpo2016 in Hyderabad (tech city) which included 22 ANZ CEOs, 55 companies and 25 VC/PE investors from 8 countries. They […]
Fintechs like Hashching cash in on bank lending limits to curb property boom
As regulators weigh new limits on bank lending to cool the housing boom, their impact may be muted as tech-savvy borrowers turn to fintechs to access cheaper rates offered by non-bank lenders. Hashching is raising $6 million of fresh equity on the Neu Capital fundraising platform in a deal valuing the Sydney-based start-up – which gives borrowers access to the best interest rates negotiated by mortgage brokers – at $40 million. Since it was set up in August 2015, Hashching has received applications for $5 billion of home loans, which has doubled in the last five months. Around 20 per cent of loans are made to property investors. On the platform, borrowers are […]
