Richard Branson To Give Australian Banking Majors A Run For Their Money

Sir Richard Branson’s Virgin Money, part of his Virgin Group intends provide robust competition to the Big Four banking groups in Australia, and is launching a car insurance product followed swiftly by deposits and lending facilities in the coming months.

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Australian Property Market Surges During June Quarter

September 30, 2009 · Filed Under Australian Economy, Business News, Property Market, home loans, mortgages · Comment 

A  report on the state of the Australian property market suggests that the Federal Government subsidy for first time home buyers has led to mortgage brokers writing more than $18 billion in home loans for the quarter ending June, representing an 18 per cent rise compared to the same period in the previous year.

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Wayne Swan Says Fiscal Stimulus Not Pressuring Interest Rates

Federal Treasurer Wayne Swan has dismissed allegations that the Federal Government stimulus package has put upward pressure on Australian interest rates.

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CBA Raises Fixed Rate Mortgage Interest Rates

Australia’s largest mortgage lender Commonwealth Bank of Australia (CBA) has raised interest rates on its fixed rate mortgages, pre-empting the first tightening in official interest rates expected by the Reserve Bank of Australia before the year is out.

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Big Four Australian Banks Continue To Be Highly Profitable Despite Financial Crisis

September 28, 2009 · Filed Under Australian Economy, Business News, Equities, Mergers & Acquistions, banking · Comment 

Australian banks continue to be some of the most highly profitable financial institutions globally, ending the year relative to their peers on a high note, with three of the Big Four generating cash profits of $11 billion between them.

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ANZ To Seek Further Acquisition Opportunities

Australian banking major ANZ may raise a further $2 billion in capital, bulking up its war chest as it seeks further acquisitions which take advantage of opportunities that have arisen from European lenders that are distressed as a result of the global financial crisis.

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ANZ To Acquire Joint Venture Stake From ING For $1.9 Billion

Australian banking major Australia & New Zealand Banking Corporation (ANZ) will buy out its wealth management and life insurance joint venture partner ING in a transaction worth $1.9 billion.

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Suncorp In Talks To Sell LJ Hooker Unit

Bancassurance group Suncorp-Metway is said to be in talks to divest its real estate unit LJ Hooker for an as yet undisclosed sum, to a Private Equity group run by the founder of the unit’s grandson Janusz Hooker, according to a report in The Australian.

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No Last Minute Rush By First Time Home Buyers

September 23, 2009 · Filed Under Australian Economy, Business News, banking, home loans, interest rates, mortgages · Comment 

Potential first time home buyers have not been involved in any last minute rush to secure the Federal Government housing grant ahead of the October 1st deadline, when the government pares back the generous terms of the subsidy, a leading mortgage broker says.

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Super Funds Continue Their Ascent, Recording Sixth Consecutive Month of Gains

September 22, 2009 · Filed Under Business News, Equities, Super Funds, Wealth Management, investments · Comment 

Superannuation funds, recorded their sixth consecutive month of gains as global equity markets continued to rally. Despite the gains, balances of retirement fund are still below their levels a year earlier according to research released by a market analyst.

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