NAB Rolls out Comprehensive Credit Reporting
- 20
- Feb
- 2018
NAB has become the first major bank to begin utilising comprehensive credit reporting (CCR), rolling out the new system for personal loans, credit cards and overdrafts. The draft legislation for mandatory comprehensive credit reporting — which aims to address the “information asymmetry” that currently gives consumers more access to their credit risk than the credit […]
Continue Reading...82% of Aussies unaware of their mortgage rate
- 20
- Feb
- 2018
An overwhelming majority of borrowers do not know their home loan rate, with 86 per cent of Australians also unaware of their monthly expenses, a new study has revealed. The Know Your Number Index, commissioned by digital bank UBank, examined Australians’ knowledge of their household and entertainment expenses. The study was conducted on an online […]
Continue Reading...Honeymoon Home Loan Rates – a warning.
- 20
- Feb
- 2018
Comparison site Mozo has warned borrowers against taking out seemingly generous honeymoon rate deals that can end up costing them tens of thousands of dollars in extra interest. Some lenders are marketing honeymoon loans as a solution for first home buyers who are looking to enter an increasingly unaffordable property market. But these loans might […]
Continue Reading...Banks tighten credit assessment policies
- 20
- Feb
- 2018
NAB has made a change to its home lending policy amid concerns over the rising household debt to income ratio and as APRA zeroes in on loan serviceability. From Friday, 16 February, the loan to income ratio used in its home lending credit assessment has been changed from 8 to 7. “Regulatory bodies have raised […]
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