Mortgage broker Aussie Home Loans, today announced that it has entered into a distribution agreement with AMP to provide its 220,000 customers with mortgage protection insurance.
The strategic alliance between the two companies, following a tender process contested by several major financial institutions, is another major third party agreement that Aussie has entered into to deliver the best financial products to the Australian public.
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Banks could to forced to ration credit if conditions in world debt markets get any worse, according to Suncorp Metway Ltd chief financial officer Chris Skilton.
Mr Skilton said improvements in funding conditions for banks had partly reversed at the time ANZ Banking Group Ltd and National Australia Bank Ltd announced big writedowns.
“While further deterioration is unlikely, it clearly cannot be ruled out,” he told analysts.
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While other industries across the country are facing dire skills shortages, a glut of labour is looming for the financial services sector as lenders put off staff in response to the rising cost of funding and liquidity issues.
Jennifer Nielsen, Chief Executive Officer of Loan Market Group, which includes X Inc Finance, said the US sub-prime mortgage crisis had effectively shut down the residential mortgage-backed securities (RMBS) market in Australia.
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Challenger Financial Services Group Ltd chief executive Mike Tilley surprised the market today by resigning less than a year after his contract was extended until 2011, as the group reported an annual loss.
Mr Tilley, who became chief executive in 2004, will get a $1.75 million termination payment and be replaced by deputy managing director Dominic Stevens from September 1.
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Prime Minister Kevin Rudd says the opposition’s decision to block various measures contained in the May budget could put at risk the government’s ability to meet the various challenges facing the economy.
Mr Rudd said today the economy faced numerous challenges as a result of various global factors such as the credit crunch and rising oil prices.
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Queensland Treasurer Andrew Fraser has called on the Reserve Bank to slash interest rates by half a percentage point next week.
Mr Fraser said it was time to give struggling families a break.
“High interest rates hit consumer confidence first and the stark evidence is in the latest retail trade figures which show a substantial decline of 0.6 per cent in the June quarter,” Mr Fraser said.
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RAMS Home Loans today announced the launch of a new home loan to assist borrowers struggling in the current tough economic climate. RAMS Rate Relief offers a 1% p.a. discount off the RAMS Standard Variable Rate for two years plus no annual account keeping fee.
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A Melbourne real estate agent who, through “breathtaking greed”, duped an elderly man into selling his property to him for half its value has been jailed for two years. John Michael Talia, 53, was found guilty earlier this month of obtaining property by deception in a case which a consumer advocate says should have hundreds of “dodgy” real estate agents quivering in their shoes.
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As part of its commitment to improving standards and integrity, the mortgage and finance broking industry’s peak body, the Mortgage and Finance Association of Australia (MFAA) has expelled Nadia Pessarossi of the ACT for misconduct.
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The Mortgage and Finance Association of Australia (MFAA) has suspended another member for breaching its Code of Conduct.
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