Good Morning All,
Well last week was a blur. I didn’t actually get out my roundup. Crazy times at the moment with enquiry and applications, I have also brought in another team member to help with the volume and get to approval faster as well as another team member starting next week!
It would seem we didn’t really miss much in the world of money last week with no major happenings. The biggest news came from BOQ’s purchase and merger with ME Bank. BOQ already owns Virgin Money and this acquisition is quite a coup for them. ANZ have been chasing this for a while and are still looking to purchase AMP’s home loan portfolio. I imagine in the short term we will see no changes, ME announcing that it is business as usual. I do find it interesting that Industry Super sold ME, I haven’t heard much about what they plan to do with all of that cash.
There is a lot of talk around the housing market still, with several articles I have read recently around the rise in housing prices, as well as apartment prices on the rise for the first time in a long time.
On the back of the rise in house prices there has been a bit of watercooler talk about the potential rising of interest rates and the continuing apathy that banks seem to have around their own poor service levels.
We haven’t yet seen banks start to increase rates and their focus has been on new business with more banks following the fixed rate attraction.
The win of the last week was getting nearly $6k back for a client who had a disastrous loan discharge through one of the big 4. We took the claim to APRA after the bank dithered around for nearly 3 months and then when all the properties finally discharged, kept one of the loans open without holding security and then not closing that loan for a further 3 weeks.
That’s a great reason to have a broker on your side!
Have an awesome week
JC
Scenarios and rates quoted are indications only and don't take into account your personal situation.
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