NONBANK FINANCIAL INSTITUTIONS – AUSTRALIA

Big banks make overtures to home buyers

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Original article by Duncan Hughes
The Australian Financial Review – Page: 48 : 6-Aug-15

Australian lenders are actively targeting the owner-occupier segment of the residential property market, due to new restriction on lending to property investors. Westpac-owned regional banks are offering a range of incentives for owner-occupiers, while some smaller lenders are reducing their loan-to-value ratios in a bid to gain market share from their larger peers.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, ST GEORGE BANK LIMITED, BANK OF MELBOURNE LIMITED, CAPITAL HOMELOANS PTY LTD, BLUEBAY HOME LOANS PTY LTD, LIBERTY FINANCIAL PTY LTD, MORTGAGE AND FINANCE ASSOCIATION OF AUSTRALIA

Pioneer Credit to launch ‘no-frills’ card

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Original article by Sally Rose
The Australian Financial Review – Page: 17 : 23-Mar-15

Australian-listed Pioneer Credit will begin offering its own branded credit card later in 2015. The group will team up with an as-yet unnamed regional lender to launch the credit card, which will have a credit limit of between $A2,000 and $A3,000. CEO Keith John says the company eventually aims to offer personal and home loans. Its shares closed at $A1.96 on 20 March 2015

CORPORATES
PIONEER CREDIT LIMITED – ASX PNC

Porges to lead P2P lender DirectMoney

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Original article by James Eyers
The Australian Financial Review – Page: 15 & 20 : 17-Mar-15

Peer-to-peer lending group DirectMoney, which offers an average interest rate of 14.75 per cent, aims to list on the Australian sharemarket. Executive chairman Stephen Porges, who was CEO of Aussie Home Loans for five years, expects P2P lenders to put downward pressure on interest rates for personal loans in the same way that Aussie forced lenders to reduce home loan interest rates. DirectMoney was granted an Australian Financial Services Licence on 13 March 2015

CORPORATES
DIRECTMONEY PTY LTD, AUSSIE HOME LOANS LIMITED, LIBERUM CAPITAL LIMITED, EAGLEWOOD CAPITAL MANAGEMENT, SAI GLOBAL LIMITED – ASX SAI, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SOCIETYONE AUSTRALIA PTY LTD, RATESETTER, THINCATS AUSTRALIA PTY LTD, MARKETLEND PTY LTD, MONEYPLACE, LEND2FUND, CITIBANK PTY LTD, KPMG AUSTRALIA PTY LTD, ADCOCK GROUP MANAGEMENT PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, WESTPAC BANKING CORPORATION – ASX WBC, IRESS LIMITED – ASX IRE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MORTGAGE CHOICE LIMITED – ASX MOC

Provident ‘the fault of trustees’

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Original article by Kylar Loussikian
The Australian – Page: 17 : 8-Jan-15

A class action suit is being launched by law firm Slater & Gordon on behalf of investors who lost funds in the mid-2012 collapse of Provident Capital. It will be alleged that Australian Executor Trustees was not diligent enough in its supervision of the debentures business, and should have realised in late 2010 that were insufficient reserves to secure the loans written by Provident. The equity ratio in 2008-09 was just 6.43%, compared with the Australian Securities & Investments Commission’s stipulated minimum of 20%

CORPORATES
SLATER AND GORDON LIMITED – ASX SGH, PROVIDENT CAPITAL LIMITED, AUSTRALIAN EXECUTOR TRUSTEES LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN CAPITAL RESERVE LIMITED, FINCORP PTY LTD, MERIDIAN LAWYERS LIMITED

Credit card bank licences to go

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Original article by Shaun Drummond
The Australian Financial Review – Page: 15 : 14-Oct-14

The Australian Government has accepted the Reserve Bank’s recommendation to scrap the requirement for companies that issue credit cards to hold a bank licence. Finance Minister Mathias Cormann says the move will increase competition by attracting new entrants to the credit card market and result in lower fees for consumers and retailers. However, some experts doubt that the reforms will lead to greater competition

CORPORATES
AUSTRALIA. DEPT OF FINANCE, RESERVE BANK OF AUSTRALIA, VISA INTERNATIONAL, MASTERCARD AUSTRALIA LIMITED, RFI CONSULTING PTY LTD, GE CAPITAL AUSTRALIA, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, TYRO PAYMENTS, SQUARE PTY LTD, PAYVISION, AIRPLUS INTERNATIONAL

The $2500 house deposit; high-risk mortgages return

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 1 & 6 : 14-Jul-14

The Australian Prudential Regulation Authority has made banks cut the number of mortgages they write that have high loan-to-valuation ratios (LVRs). However smaller and nonbank providers now offer LVRs of as high as 99.375%, causing concern about a situation similar to the sub-prime mortgages crisis in the US in 2007. A new joint venture by home construction businesses BGC and Metricon even advises buyers to rely both on the first-home owners’ grant and a personal loan to raise a 5% deposit, with as little as $A2,500 of their own money. Meanwhile residential real estate prices have risen some 10% during 2013-14

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, BGC (AUSTRALIA) PTY LTD, METRICON HOMES, HIVE EMPIRE PTY LTD, DIGITAL FINANCE ANALYTICS, RP DATA LIMITED, CORELOGIC AUSTRALIA PTY LTD, RISMARK INTERNATIONAL PTY LTD, RESERVE BANK OF AUSTRALIA, RAMS MORTGAGE CORPORATION LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, THE LOAN COMPANY, MOODY’S INVESTORS SERVICE INCORPORATED, BANK OF ENGLAND

Macquarie, Nine on Resi road

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Original article by Andrew White
The Australian – Page: 21 : 10-Jul-14

Australian-listed financial services company Yellow Brick Road (YBR) is raising $42 million through a share issue to fund the acquisition of non-bank lender Resi. YBR will pay $A36 million in cash and shares for the target. Macquarie Group and Nine Entertainment will be issued with 17.1 million new shares in YBR, at $A0.70 a share, with other institutional investors taking 25.8 million shares

CORPORATES
YELLOW BRICK ROAD HOLDINGS LIMITED – ASX YBR, MACQUARIE GROUP LIMITED – ASX MQG, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, RESI MORTGAGE CORPORATION PTY LTD, VOW FINANCIAL HOLDINGS PTY LTD, BELL POTTER SECURITIES LIMITED, TICKETEK, MINERAL RESOURCES LIMITED – ASX MIN

Nimble start-up challenges the big four

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Original article by Damon Kitney
The Australian – Page: 21 : 26-Jun-14

Technology company Nimble has raised $A10 million in new funding from Acorn Capital and Monash Investors. It specialises in providing small personal loans to creditworthy borrowers. It uses data analytics to reduce approval times. Australia’s big four banks are now under competitive pressure from small companies that use new technology to offer services such as payments, short-term lending, and peer-to-peer lending

CORPORATES
NIMBLE PTY LTD, ISELECT LIMITED – ASX ISU, ACORN CAPITAL INVESTMENT FUND LIMITED – ASX ACQ, MONASH INVESTORS PTY LTD, SEEK LIMITED – ASX SEK, SQUARE PEG CAPITAL PTY LTD, FACEBOOK INCORPORATED, SOCIETYONE AUSTRALIA PTY LTD, REINVENTURE GROUP PTY LTD