Reverse mortgage protection bolstered

A code of conduct launched yesterday by The Senior Equity Release Association of Lenders (SEQUAL) means that borrowers who take a reverse mortgage will never [...]

POSTED ON August 22, 2007
Rise on equity release

Intake for the IMB reverse mortgage has exceeded the building society's expectations since its release at the beginning of this year. "We were forecasting that [...]

POSTED ON June 18, 2007
Positive credit reporting move rejected

The privacy commissioner has rejected a move to a positive credit reporting system in its submission to the Australian Law Reform Commission's review of privacy. [...]

POSTED ON April 30, 2007
Reverse mortgages a good option

Far from exploiting the elderly, reverse and shared equity mortgages are providing a boon for some property investors. A reverse mortgage is a tax-free, pension-test [...]

POSTED ON April 18, 2007
Tighter contracts to protect home owners

Reverse mortgage providers are changing their contracts to offer better consumer protection after several holes were found in "no negative equity" guarantees. The Senior Australians [...]

POSTED ON April 18, 2007
Reverse mortgages soar

The value of reverse mortgages increased by almost two thirds last year as retirees used home equity to supplement income. Settlements of new loans grew [...]

POSTED ON April 17, 2007
Rates remain unchanged, for now

At its meeting yesterday the Reserve Bank of Australia decided to leave the cash rate unchanged at 6.25 per cent, despite recent economic data signalling [...]

POSTED ON April 4, 2007
Reverse mortgage fraud

The promoters of a collapsed reverse mortgage scheme have been committed to stand trial for fraud. Money for Living collapsed in 2005 leaving dozens of [...]

POSTED ON March 9, 2007
Competition leads to better rates

Increased competition has led to better reverse mortgage rates for consumers. The Senior Australian Equity Release Association of Lenders has released new figures on the [...]

POSTED ON February 28, 2007
ANZ pilots reverse mortgage

ANZ will undertake a pilot marketing of a reverse mortgage product. Over Fifty Group is supplier and underwriter of the mortgage. Managing director of the [...]

POSTED ON December 20, 2006
Most planners market reverse mortgages

A survey of 24 financial planning groups by Trowbridge Deloitte shows that 23 already have a panel providing reverse mortgage products. More than 50 per [...]

POSTED ON November 21, 2006
RBA raises interest rates 0.25%

As expected, the Reserve Bank Board has increased official interest rates by 0.25 percentage points to 6.25 per cent in November. This means home borrowers [...]

POSTED ON November 8, 2006
Mortgages: what the rate rise will cost

Analysts say there is a 90 per cent chance of another rate rise when the Reserve Bank board meets on Cup Day, November 7. An [...]

POSTED ON October 26, 2006
More advice with reverse mortgage sale

Lenders say they are moving to incorporate a higher level of advice in the reverse mortgage sales process. ClearView Retirement Solutions say their company's policy [...]

POSTED ON October 23, 2006
No change to Centrelink treatment in sight

The Department of Families Community Services and Indigenous Affairs has reviewed the Centrelink treatment of reverse mortgages and decided there is no case for change. [...]

POSTED ON October 23, 2006
Reverse mortgage market profiled

A survey by the Senior Australians Equity Release Association of Lenders and the actuarial firm Trowbridge Deloitte found more than 20,000 households have "reverse mortgages", [...]

POSTED ON October 20, 2006
Loopholes in no negative equity guarantee

The Australian Consumers Association says there are loopholes in the 'no negative equity' guarantee of most providers of reverse mortgages, and the guarantee won't apply [...]

POSTED ON September 21, 2006
Home reversion schemes an informal affair

Home reversion schemes are an alternative to reverse mortgages, and marketed to older and retired home owners. Home reversion involves the sale of the home [...]

POSTED ON September 14, 2006
Borrow and spend with a reverse mortgage

Anyone taking out a reverse mortgage and who is on the pension should borrow the funds as required and spend them, rather than borrow a [...]

POSTED ON August 21, 2006
Advice not necessary for reverse mortgagees

Financial planning advice for consumers considering taking out a reverse mortgage should not be mandatory says the industry body Sequal. A spokesperson said that most [...]

POSTED ON July 13, 2006
Reverse mortgage lenders have problems

Reverse mortgages are fraught with reputation risk for lenders, says the CEO of Industry super fund owned Members Equity Bank. The issue of children finding [...]

POSTED ON July 13, 2006
Reverse mortgages offer lifestyle for seniors

Reverse mortgages are a growing segment for Australia's lenders. Increasingly baby boomer retirees are looking to improve their retirement lifestyles by releasing equity from their [...]

POSTED ON July 10, 2006
Reverse Mortgage provider calls for more regulation

Mariner Retirement Solutions, a leading reverse mortgage provider, has called for more regulation of the reverse mortgage market. A recent Institute of Actuaries of Australia [...]

POSTED ON July 5, 2006
Reverse Mortgage providers to face scrutiny

The Australian Consumers Association is set to continue its criticism of reverse mortgage lenders. A critique of the products in the April issue of Choice [...]

POSTED ON June 23, 2006
Reverse mortgages can be risky

ASIC says that equity release products like reverse mortgages are highly complex and can expose consumers to high levels of risk if used inappropriately. Consumer [...]

POSTED ON April 18, 2006
Transcomm advertising deemed misleading

Transcomm Credit Co-operative has made misleading claims in advertising for its Annuity Plus Reverse Mortgage regarding rates and fees, impact on a customer’s pension entitlements [...]

POSTED ON March 30, 2006
CBA joins reverse mortgage body

The Senior Australians Equity Release Association of Lenders (SEQUAL) is the industry group for reverse mortgage lenders with eight members and three more currently joining. [...]

POSTED ON March 22, 2006
Banks enter reverse mortgage market

ANZ, NAB and Westpac are developing reverse mortgage products for release this year. Commonwealth and St George Bank are the only big banks with reverse [...]

POSTED ON March 13, 2006
Reverse mortgages grow strongly

The formation of a reverse mortgage industry association, SEQUAL, had improved the integrity of the market and is contributing to its’ growth. Under SEQUAL rules [...]

POSTED ON February 1, 2006
2005 wrap: House prices down, loans up

Despite falling or flat house prices around Australia – borrowing for housing continues to bubble along nicely - no doubt as prospective buyers re-enter the [...]

POSTED ON December 21, 2005
Insurance against falling house prices

In development that will make home buyers prick up their ears, it is now possible to buy insurance against falling house values. The Housing Industry [...]

POSTED ON September 30, 2005
‘No negative equity’ guarantee

A guarantee that the borrower will never owe more than the value of their property. This is a 'non-recourse' loan. In Australia, only applicable to [...]

POSTED ON September 29, 2005
Discharge fee

The one-off fee charged on final payout of loan. [...]

POSTED ON September 29, 2005
Annual fee

Ongoing administration fee charged each year on many home, business, personal and reverse mortgage loans, as well as credit cards. Admin fees such as these [...]

POSTED ON September 29, 2005
Minimum age of borrower

Reverse mortgages are only available to senior citizens and subject to minimum age limits, usually 60 0r 65. [...]

POSTED ON September 29, 2005
Equity reduction limit

Also called 'equity cap'. The limit to how far your home equity can be reduced, ie. no more loan funds are advanced once loan liability [...]

POSTED ON September 29, 2005
Beware of any impact on Centrelink payments

If you are eligible for social security benefits such as the age pension, discuss your intention to take out a reverse mortgage with Centrelink to [...]

POSTED ON September 22, 2005
Seek all relevant information in writing

Fully understand all costs that are associated with the loan and ensure that you receive all documentation relating to the loan in writing. This information [...]

POSTED ON September 22, 2005
Non-recourse loan

A 'non recourse loan' means there are no circumstances under which you can be forced out of your home to repay the debt. If you [...]

POSTED ON September 22, 2005
Look for a non-recourse loan

Borrowers considering a reverse mortgage should look for a 'non recourse loan' that offers a guarantee of ‘no negative equity’. This means you can never [...]

POSTED ON September 22, 2005
Reverse mortgages set for rapid growth

Investment bank ABN Amro forecast that the "reverse mortgage" market will increase from around $1.5 billion in advances at present in Australia to more than [...]

POSTED ON September 21, 2005
Reverse mortgages explained

A number of lenders now offer "reverse mortgage" loans for retired people who own their own home but have little cash to live on. They [...]

POSTED ON September 20, 2005
What to look for in a reverse mortgage

While reverse mortgages are being touted as the answer to a cash-strapped, home-owning retiree's prayers, there are always potential pitfalls to consider. Read Reverse mortgages [...]

POSTED ON September 20, 2005
Quick guide to reverse mortgages

While reverse mortgages can help retirees supplement their income during retirement, there are pros and cons with such loans so make sure you seek appropriate [...]

POSTED ON September 16, 2005
‘Reverse mortgage’

These loans are for retired people who own their own home but have little cash to live on. Such a loan allows the 'cash poor, [...]

POSTED ON September 15, 2005
CBA and St George lead in reverse mortgages

Lenders provided more than 5000 reverse mortgages in 2004 at an average loan size of $50,000 according to Datamonitor. Senior Australians Equity Release Association of [...]

POSTED ON September 5, 2005
Average reverse mortgage $50,000

Analysts Datamonitor estimated that banks provided about 6000 reverse mortgages since the start of the year, up from 5000 for the whole of 2004. The [...]

POSTED ON June 17, 2005
Appendix 4E – Preliminary Final Result

This document is available as a PDF document. You will need the free Adobe Acrobat Reader software to view it. Appendix 4E - Preliminary Final [...]

POSTED ON August 29, 2003
Medibank sale off, for now

The Federal Government has decided not to sell Australia's largest private health insurer, Medibank Private. After spending $850,000 studying a potential sale, the Government has [...]

POSTED ON June 18, 2003
Housing market to remain healthy

Macquarie Bank’s 2003 Property Market Outlook says that it would take interest rates of 10 per cent or a prolonged surge in house prices to [...]

POSTED ON May 28, 2003
Aussie, Virgin ponder credit cards

Aussie Group may launch a branded credit card later in 2003 with a decision likely within the next few weeks whether it will go ahead. [...]

POSTED ON April 23, 2003
IWL secures Sanford

IWL Ltd has secured more than 58.2 per cent of Sanford, including the National Australia Bank's holding, with IWL's CEO Otto Buttula saying he's confident [...]

POSTED ON April 7, 2003
Beware Tweed and National Exchange

National Exchange makes hundreds of thousands of dollars by offering to buy investors' shares at below-market prices. Proprietor David Tweed, aka Otmar Tschernitz, obtains a [...]

POSTED ON March 17, 2003
Mixed response to fund lifestyle cuts

Private health funds' decision to cut rebates for some ancillary "lifestyle" products and services such as fitness club memberships, gym shoes and relaxation CDs has [...]

POSTED ON February 19, 2003
Bankruptcy numbers down

Provisional bankruptcies fell in the December 2002 quarter to 5,438, 7.83 per cent down on the September 2002 quarter. However, administrations under the Bankruptcy Act, [...]

POSTED ON January 14, 2003
Valuation fee, revaluation fee

Fee which may be charged if the lender seeks to cover the cost of valuing the property taken as security for the loan. Under a [...]

POSTED ON January 17, 2002
Portable Loans/Portability

A portable loan allows you to sell your house and move to a new one without having to refinance. This saves application and legal fees. [...]

POSTED ON January 15, 2002
LVR

Loan to Value Ratio. Refers to the maximum amount lenders will approve against the value of any property taken as security for your home loan. [...]

POSTED ON January 14, 2002
Xmas mobile shoppers beware

Consumers buying mobile phones for Christmas should check and understand the terms of their phone contract before signing warns the Australian Communications Authority (ACA). The [...]

POSTED ON December 12, 2000
Record health fund profits prompt payout call

Private health funds are under increased pressure to help out consumers and struggling private hospitals after recent figures indicate a record $343 million profit for [...]

POSTED ON December 11, 2000
Anger at Kurnell airport plan

The Federal Government's plan for a second Sydney airport in Kurnell – supported by Prime Minister John Howard – has been attacked by local residents [...]

POSTED ON December 11, 2000
Chat sites back under the hammer

Criminal lawyer, Chris Murphy, is launching a defamation action against online stock chat forum Stockhouse. It appears that the abuse and allegations against Murphy were [...]

POSTED ON December 11, 2000
Virgin Blue arrives in Adelaide

Virgin Blue commenced its Brisbane to Adelaide service yesterday. The red Boeing 737 didn't have one empty seat and flew under an archway of water [...]

POSTED ON December 11, 2000
Colonial customers to move to CBA

By the end of January 2001, Colonial Bank customers will be able to do their banking at Commonwealth Bank branches. CBA has announced plans to [...]

POSTED ON December 8, 2000
Banks will cooperate on fees says ACCC

According to the Australian Competition and Consumer Commission (ACCC), the major banks – who the ACCC have accused of fixing credit card interchange fees – [...]

POSTED ON November 28, 2000
Dial a pop star

Telstra has struck a deal with ARIA and record label, Transistor Music, to bring PhoneAway cards to the public. The new cards have been developed [...]

POSTED ON October 12, 2000
Happy about net and mobile services

A recent survey by the Australian Communications Authority (ACA) indicates that the majority of Australian consumers are satisfied with their mobile and internet services. Figures [...]

POSTED ON October 12, 2000
New stock exchange for Bendigo

Targeting the rural sector, the Bendigo Stock Exchange will open for share trading once funding is established. Six companies and around 12 brokers are needed [...]

POSTED ON October 12, 2000
Qantas serves up expired food

1,000 out-of-date Qantas meals were thrown out after staff refused to serve them. However, staff have claimed that meals that were either out-of-date or on [...]

POSTED ON October 11, 2000
Mortgage brokers moving in

The recent rise of mortgage brokers - intermediaries that offer loans from a variety of lenders instead of only one – has helped ANZ and [...]

POSTED ON September 28, 2000
NAB cracks down on credit fraud

Using software already in use in the US, the National Australia Bank is cracking down on credit card fraud saving $2 million in the last [...]

POSTED ON September 28, 2000
GST refund mess

Delays in GST refunds may cause some businesses problems with their cash flow. According to tax advisers the ATO is yet to pay out GST [...]

POSTED ON September 28, 2000
WAP banking still needs work

After Westpac launched its WAP service, the NAB and ANZ have completed trials for their WAP programs but are yet to officially launch them. The [...]

POSTED ON September 27, 2000
ATMs at churches

In an attempt to re-establish the local parish as the centre of the community, The Church of England is considering installing cash-dispensing machines in its [...]

POSTED ON September 26, 2000
Suburban anger at major banks

Communities in Sydney’s inner west are following in the footsteps of their rural counterparts by attempting to establish their own community banks with Bendigo Bank. [...]

POSTED ON September 26, 2000
$200bn customers for NAB

The NAB’s Global Securities Services business has scored two new lucrative clients, Brown Brothers Harriman and Mellon Trust. NAB’s assets under custody in Britain could [...]

POSTED ON September 26, 2000
Westpac open on Sundays

From the 17th September to October 1, Westpac branches in the CBD, Manly, Bondi and Kings Cross will open for trading each Sunday. Manly, Bondi [...]

POSTED ON September 25, 2000
Treasurer asks NAB to explain

Federal Treasurer Peter Costello has called for an explanation from the NAB regarding its decision to close 100 of its branches and to increase fees. [...]

POSTED ON September 22, 2000
Credit card bank back down

After the ACCC threatened legal action against the major banks for fixing of credit card 'interchange’ fees (charges between banks for processing transactions on each [...]

POSTED ON September 22, 2000
Qantas passengers go hungry

In an ironic twist in the current discount airfare war, Qantas was forced to run several domestic flights last night without meal services. A snap [...]

POSTED ON September 21, 2000
ACCC points to card fees compensation

The ACCC has raised the possibility of consumers receiving compensation from the banks for being charged excessive interchange fees on credit card transactions. Mr Allan [...]

POSTED ON September 20, 2000
NAB gets thumbs up from analysts

Following NAB’s announcement of fee increases and branch closures, the bank’s shares rose 46 cents to $27.12 and analysts named it their top pick in [...]

POSTED ON September 20, 2000
NAB to raise fees and shut branches

The National Australia Bank has announced its intention to raise its bank fees and to close 100 of its metropolitan branches. The exact branches targeted [...]

POSTED ON September 18, 2000
Sanford follows the trend

Sanford Securities has reduced its minimum brokerage rates from $28.95 to $24.95 for both its Premium and Professional level services. A brokerage fee of 0.1% [...]

POSTED ON May 15, 2000
10% of ASX trades now made over the internet.

Online brokers have estimated that they now carry 10% of all market trades on the Australian Stock Exchange (ASX). Based upon previous estimates this represents [...]

POSTED ON November 24, 1999
Internet the way to go.

We often promote the banking industry’s use of, and plans for, the internet.Some interesting figures that have surfaced in the last couple of days show [...]

POSTED ON September 17, 1998
FAI Link Line

In an innovative move FAI Home Loans have announced an enhancement to their Link Line product.The move has been the addition of a credit card. [...]

POSTED ON August 27, 1998