Aussies getting ‘fleeced’ by major banks, says HashChing
A recent analysis conducted by the online mortgage marketplace has claimed that borrowers with the big four are paying up to $90,000 more than they need to for their home loans. By comparing the fixed and variable rates offered by the big four banks with those available through the HashChing platform, the analysis revealed it was possible to save up to $90,000 over the life of a home loan. HashChing pointed out that according to the RBA, one-third of borrowers have less than a month’s worth of breathing room around their mortgage, with millions of Australians at risk of falling behind on their payments. Commenting on the findings, HashChing CEO […]
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 […]
SocietyOne welcomes proposed changes to an open banking and data regime
SocietyOne, Australia’s pioneering and leading lending marketplace, has welcomed the Turnbull Government’s commitment to introduce an open banking regime which could transform customers’ control over their own data and stimulate competition in the country’s financial services sector. Coming after the release of the Productivity Commission’s report into data availability and use of public and private sector data, Jason Yetton, SocietyOne’s Managing Director and CEO, said the initiatives, announced in last night’s Federal Budget, would put consumers in a better position to negotiate more advantageous deals with their credit provider. The changes – likely to result from an independent commission which is due to report by the end of […]
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 […]
