Kiwi mortgage advisers are hopeful that Australia's move to scrap responsible lending rules will lead to changes here.

There are “distressing imbalances in the income protection market” says Russell Hutchinson, director of Chatswood Consulting. 

The Australian government has axed responsible lending laws in "the most significant reforms to Australia's credit framework in a decade".

After 18 months supervision of the financial sector, the FMA is calling for improvements to governance and compliance.

Home lending reached a record high for an August last month, further evidence of the market's resurgence during the Covid-19 pandemic. 

Mortgage Express has appointed a new adviser to its Christchurch business.
 

Kiwibank will pay 48,000 borrowers compensation totalling $5.2 million after reporting failings on home loan procedures. 

Asteron Life promote internally to newly minted head of life position.

The Reserve Bank has hinted its programme to lend directly to retail banks could be ready by the end of the year, as it takes a more dovish tone on the economy.

The Reserve Bank has kept the official cash rate on hold at 0.25%. Here's what the central bank said:

Low interest rates are compressing pricing of risks and a “day of reckoning” at some point could be messy, ANZ chief economist Sharon Zollner says.

Kiwibank increased lending by 8.8% in the year to June, according to KPMG’s latest banking report, despite a tough period for the nation’s banks.