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Australian Non Bank Lenders To Consolidate Further
The capitulation of GE Money, and the subsequent divestment of its Wizard Home Loans unit for just A$ 26 million, after having paid A$ 500 million for the business only 4 years ago suggests the outlook for non bank lenders and mortgage brokers is positively horrendous. The acquisition of Wizard by Aussie Home Loans and CBA bears the beginnings of a wave of consolidation for the industry in general.
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NAB Loses Out In Race To Acquire Wizard Home Loans
Commonwealth Bank of Australia, together with Aussie Home Loans announced today that they were the preferred buyers for Wizard Home Loans, having beaten rival National Australia Bank in the race to acquire the non-bank lender from its parent GE, embarrassing NAB who only last week said it was in the lead and would close the deal.
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NAB Front Runner in Wizard Acquisition
Australian banking major and the country’s largest lender by assets National Australia Bank (NAB) announced late on Tuesday, that it was in advanced discussions to acquire Wizard Home Loans for an undisclosed price. The deal would include the brand name and the Australian distribution network. NAB also said that it was negotiating the acquisition of up to A$ 4 billion of fully insured Wizard originated prime mortgages.
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Non Bank Lenders To Be Squeezed Out Of Australian Mortgage Market In 18 Months
Deloitte Australia released a report yesterday which suggested the non bank mortgage lenders would be squeezed out of the Australian home loan business if global credit markets do not thaw, which would have the effect of consolidating the big four banks’ competitive advantage.
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Australian Banks Charging Customers Increasingly Higher Interest Rates
Australian Banks are charging their customer higher interest rates today than they were seven years ago, despite official lending rates being exactly the same level back then as they are today.
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ANZ and Westpac Fail To Deliver Full Rate Cut To Their Customers
Only two of Australia’s big four lenders announced they would pass on the full 100 basis point cut in the official cash rate announced by the Reserve Bank of Australia (RBA) today. The Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) both announced within fifteen minutes of the RBA announcement that they would be passing the entire rate cut on to their customers.
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Fortescue Metals Group In Play
Reuters reported on Monday, that Australian iron ore miner Fortescue Metals Group (FMG) may either be the subject of a bid by BHP Billiton, or that a Chinese firm may seek to acquire a stake in the company and may even purchase it outright. FMG shares rocketed 40 percent against a broader ASX which was lacklustre.
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No More No Deposit Home Loans
No deposit home loans for now are going to be a thing of the past, or at the very least it will become increasingly difficult for prospective home to secure funding on a no deposit basis, if not outright impossible.
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Aussie Home Loans Cuts its Variable Rate Even Further
Aussie Home Loans, the non banking mortgage lender has cut its standard variable mortgage interest rate cut by a further 40 basis points effective Monday. The new cut is on top of a 50 basis point cut on the same rate which occurred last week prior to the Reserve Bank of Australia (RBA) cutting official cash rates by 75 basis points.
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No Huge Savings in Switching to a Variable Rate Home Loan
One could be forgiven for looking at declining interest rates, and feeling a little buyers remorse if you recently took out an Australian mortgage and opted to pay a fixed interest rate. Switching from a fixed to variable interest rate could save mortgage holders several thousand dollars a year. But if you have recently taken out a home loan and chose to pay a fixed rate, then exiting the agreement is simply cost prohibitive.
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