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Annabelle Dickson
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Credit reports to include hardship arrangements

The Government is proposing to amend legislation that will allow the inclusion of controversial information in comprehensive consumer credit reporting. The Attorney-General has announced proposed changes to the Privacy Act and its comprehensive credit reporting (CCR) scheme to allow details…

CBA updates home loan serviceability tests

Australia’s biggest home lender has made some significant adjustments to its mortgage assessment criteria, reducing its rate floor and demanding more detailed spending data. Commonwealth Bank has decreased its floor rate to 5.75 per cent from 7.25 per cent. It…

More women take on the breadwinner role

Women are taking a greater role in generating income for households, with a quarter of those in two income households earning more than men according to the latest Household, Income and Labour Dynamics in Australia (HILDA) survey. Female workforce participation…

Few lenders pass on the full rate cut

After two months of home loan interest rate moves only eight providers have passed on the full cuts to its customers. Athena, Bank First, Greater Bank, Homestar, Newcastle Permanent, RACQ Bank, The Capricornian, and UBank are the only lenders that…

Banking and investment apps go to the next level

Commonwealth Bank has taken retail transaction banking further in the direction of personal financial management, with the launch of the latest version of its mobile banking app, while upgraded Raiz Invest and CommSec investment apps are focusing on rewards and…

June half IPO winners

It was a sluggish start to the year for initial public offerings (IPOs), with a fall in the number of new ASX listings during the six months to June. But their share price performance was better than previous years. The…

Fidelity Future Leaders upgraded

Morningstar has upgraded the Fidelity Future Leaders Fund to its exclusive ‘gold’ rating, citing the fund’s “most disciplined and well-articulated investment processes”. The fund is an actively managed, diversified portfolio of 40 to 70 small to mid-cap Australian shares and…

Renting opens other pathways to wealth accumulation

More Australians are facing a lifetime of renting houses rather than buying, and therefore need to rethink their approach to accumulating wealth without the benefit of home ownership’s “enforced saving”. The Australian Bureau of Statistics’ (ABS) latest survey of income…

Digital banks promise personalised solutions

A new breed of start-up banks is entering the market. The likes of 86 400, Volt, Judo and Xinja are promising that their technology will lower costs for customers and give them tools for managing their finances more effectively. The…

ASIC is taking out the insurance garbage

Borrowers who took out consumer credit insurance (CCI) may be entitled to compensation following an Australian Securities and Investments Commission (ASIC) review that found they were “extremely poor value for money”. ASIC’s scathing report on consumer credit insurance offered by…