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Wednesday, 28-Aug-2013 01:58 Email | Share | | Bookmark
Katahdin Trust says it wasn’t among banks misusing small-busines

Banks say small business loans riskier than ever

On top of that, when they didnt increase lending there should have been enforcement. Katahdin Trust received $10.4 million in January 2009 through TARPs Capital Purchase Program. It then received $11 million in August 2011 through SBLF, which was used to pay back the TARP funds, Prescott said. We were required to retire the Capital Purchase Program funds before we could get into the SBLF, he said. Katahdin Trust has performed better than most of its peers, increasing its small-business lending by 21.3 percent, from a baseline quarterly loan amount of $138.9 million calculated by taking the average of the small-business loan amounts for each of the four quarters ending June 30, 2010 to $168.5 million of small-business loans in the quarter ending Sept. 30, 2012, according to the Treasurys Use of Funds report issued in January 2013. That means Katahdin Trust loaned out $2.65 for every SBLF dollar it received. <br>For the original version including any supplementary images or video, visit

Representatives from Westpac, St George and ANZ have appeared before the parliamentary committee which is looking at the ability of small and medium businesses to access finance. The committee says there is a public perception that banks are taking less risks, but earning big profits. The Reserve Bank of Australia told the hearing in Sydney that lending to small business is still below levels before the Global Financial Crisis of 2008. But the RBA's (visit site) Guy Debelle says lending to small business does appear to be slowly increasing. "We are seeing some signs that the banks are looking to compete more aggressively for small business," he said. "So if you think about where things were in 2007, the standards were relatively easy. "They tightened up over the subsequent couple of years, but now there does seem to be some sign that banks are willing to lend." But the chief product officer for Westpac, Jim Tate says that nearly three years after the GFC, it is still a risk for banks to lend money. "At the moment it is a much riskier proposition to borrow and raise money than it would have been four to five years ago," he said. "In terms of where the bank has to go to get its money, the risks have never been higher." <br>For the original version including any supplementary images or video, visit

Why SMSF loan for property acquisitions?

About 32 per cent of small businesses responding to a CPA Australia survey last year said finance was easy to find, down from 36 per cent the previous year. This put Australian businesses ahead of their Hong Kong counterparts (22 per cent) but behind New Zealand small businesses (42 per cent). ANZs general manager of small business, Nick Reade, said the commitment was aimed at easing cash flow for new starters. End of sidebar. Return to start of sidebar. We know the first few years of funning a small business can be challenging so today we are pledging to lend $1 billion over the next year to help Australians realise their business dreams, he said. A lot of new small business owners thing that its only big businesses that get loans from the banks but thats not the case. In the last year, we approved more than seven out of every 10 lending applications from new small businesses. Australian banks advanced $78.6 billion in new lending to businesses in the December quarter, Reserve Bank data shows, still below the peak of $111.9 million in December 2007. This would mean ANZs commitment would boost available finance but more importantly, boost small business confidence. <br>For the original version including any supplementary images or video, visit

ANZ targets new small businesses with $1bn in loans

Email the link to this page to a friend Friend's Email Address Your message Enter below security code Real Estate property investment through SMSF loans is no doubt the most tax-savvy and smartest way to improve the total return on investment of a superfund. You can avail self managed super fund (SMSF) loans to buy investment properties and enjoy quick returns. All it requires is a smart property investment strategy. Whether you want to effectively turbo-charge your overall retirement savings or you wish to make your super fund a healthy source of income in near future, you might as well work on a property investment strategy backed by various SMSF loan packages. Read on to know why SMSF loans for property acquisitions have been so popular with Australian residents: 1. It doesnt matter if you dont have an SMSF already. <br>For the original version including any supplementary images or video, visit

Sunday, 25-Aug-2013 17:48 Email | Share | | Bookmark
Red Rock Mortgages Revises Low Doc Loans for Self Employed Perso

The Lowdown on Low-Doc Loans

Apparently, the company management and finance experts are determined to make sure no self employed person looking for low doc home loans for property transfers or purchases in Australia or refinances with the benefit of unlimited equity release are left out. It is evident from their product basket too. Besides a number of other mortgage finance schemes, Red Rock Mortgages has been offering low doc loans for a long time now. With self-certification or self-declaration of income backed by an accountants letter or bank statement, it is now possible for any self employed individual to easily get a Red Rock Mortgages low doc loan approved within no time and the company even offers one to one guidance to aspiring borrowers. The complete loan approval procedure, compared to scores of other complicated loan schemes is not just easy but competitive too. The official representative of the company disclosed that recently revised low doc loans will prove extremely useful to self employed people who want financing in the $250,000 - $2.5million range. Our low doc loans are not for self employed persons only. Yes, they are ones who normally apply for such products. <br>For the original version including any supplementary images or video, visit content

This year they represent more than 16 percent of all new home loans, according to Inside Mortgage Finance, a Bethesda trade publication. Wall Street rating agency Standard and Poor's says volume jumped by 50 percent from mid-2005 to mid-2006, based on mortgage securities pools it analyzed and rated. Unlike in earlier periods, however, today's low-doc borrowers are much more likely to be people who could, but choose not to, document their income with W-2 forms or pay stubs. According to a comprehensive survey sponsored by Inside Mortgage Finance and conducted by Campbell Communications, 39 percent of all low-doc borrowers this year are salaried wage-earners, the same percentage as self-employed borrowers. Why do they prefer to go the low-doc route? Survey designer Geosegment Systems of Nashua, N.H., asked a representative national sample of 2,140 mortgage brokers active in the limited documentation field this question and came up with some eye-opening answers. While 63 percent of brokers said they knew their self-employed clients had "unreported income" that they wanted to keep off the record, 71 percent said their borrowers' applications were dependent on additional income "from a household member with poor credit." For example, say a married couple earns $10,000 a month, but one spouse had filed for bankruptcy or lost a house in a previous marriage. Most lenders would want to know about that in order to underwrite the new mortgage and charge an interest rate high enough to cover the added risk. With a low-doc or no-doc loan application, only the spouse with good credit scores would count as the borrower of record. <br>For the original version including any supplementary images or video, visit >]content

Low taxpayer risk with low-doc loans

"Can't claim it is risk free, but we claim our approach minimises the exposure to taxpayer," Australian Office of Financial Management (AOFM) chief executive Rob Nicholl told a parliamentary committee in Canberra on Friday. Mr Nicholl said the AOFM had no sub-prime loans among the mortgages underpinning the residential mortgage-backed securities (RMBS) in its portfolios. The parliamentary inquiry was examining the Australian banking sector in the aftermath of the global financial crisis. The collapse of the US sub-prime mortgage market in 2007 was the precursor to the global financial crisis. Mr Nicholls said the AOFM`s mortgages with at least 30-day arrears were just 1.1 per cent of its portfolio. He said this was less than that for full document and broader prime loans. The AOFM's investment in RMBS was $11.1 billion as at August 31, with the mortgage pools backing these investments being $25 billion, Mr Nicholls. Of these, less than two per cent, or just over $400 million, were low-documentation loans, a type of loan usually given to people who did not gain approval for mortgages from more traditional sources. Liberal senator David Bushby acknowledged the Labor government was right in boosting the RMBS market following the global financial crisis. <br>For the original version including any supplementary images or video, visit

Friday, 23-Aug-2013 09:37 Email | Share | | Bookmark
New Rules of Getting a Small Business Loan

Small business policy – Where do the two main parties stand?

Everything you need to know about hiring, team building, and company culture to take your business to the next level. Stay sharp with cutting-edge ideas, insights, and strategies for entrepreneurs. Inc. Wire Dig Deeper: What Loan Officers Really Want You can find private investors directly or, better yet, through a loan officer who would serve as the middleman. Since they arent packaged deals like bank loans, its important to note that the terms of a >]content private loan will vary case to case depending on what your loan officer has available. Before settling on this method of financing, Kassar warns that private loans bear high interest rates and are riddled with additional costs, such as document preparation and referral fees. New Rules of Getting a Small Business Loan: Small Business Administration (SBA) The SBA is the best source for long term capital financing for a small business, says Greennamely, the 7(a) loan program. With the Small Business Jobs Act upping the guaranty against default to 90% and also raising the maximum loan amount to $5 million, the 7(a) loan was revamped to make banks want to lend to small businesses and to entice small business owners to actually apply for the loan. New Rules of Getting a Small Business Loan: Small banks The other popular route for acquiring a small business loan is to go directly through a bankand in this case, size does matter. Dig Deeper: How to Fill Out a Loan Application When shopping around for a bank loan, think small with a capital S, Kassar advises. Youve got to find an entrepreneur-friendly local or regional bank in your community thats going to be more flexible, he adds. <br>For the original version including any supplementary images or video, visit

Overall what is the difference? In reviewing these policies the overall conclusion is that both sides of politics have at last realised the importance of the small business sector to the national economy. This is a welcome trend. With small businesses comprising over 90% of all Australias firms they deserve much better attention than has bee given to them in the past. However, there are few really new announcements to be found here. The governments policy package reflects the continuous changes of small business ministers since 2010. <br>For the original version including any supplementary images or video, visit

The great rate rip-off

Shane Pepper has put his house up as security for his business loan, but is frustrated his bank charges him a much higher interest rate than the home mortgage rate. Pepper, the owner of Plum which makes babywear and sleepwear for children, says he pays about 8.5 per cent for his residentially secured business loan, much higher than home mortgage rates, which can be as low as 5.5 per cent, even though the bank has the same security. I think a loan's a loan whether you want to put it towards building a shack at the back of your house or you want to put it towards your business, says the owner of the third-generation family business. It shouldn't be classified as commercial or whatever. NAB's Daryl Johnson says SME loans are riskier than residential loans. Pepper's experience is not uncommon. <br>For the original version including any supplementary images or video, visit

Wednesday, 21-Aug-2013 01:24 Email | Share | | Bookmark
Australian Banks Cut Fixed Mortgages Loan Rates in Latest Home-L

Natixis Said to Consider Hiring for Loan Business in Australia

View Full Image REUTERS As perceived earlier by the country's central bank, Australia's economic pace has been slowing down, which was confirmed Wednesday by the latest Westpac-Melbourne Institute Leading Index. Related Articles 4 Aussie Banks Pass in Full 25 Basis Points RBA Rate Cut A week after the Big 4 passed in full the rate cut in full on their standard variable mortgage rates, Westpac initiated another round of rate reductions, this time reducing its one-year fixed-rate home loans to 4.79 per cent. The lower rate applies only to new borrowers with mortgages above $150,000. The move prompted the Bank of Melbourne and St George to cut their one- to five-year fixed rates below 5 per cent. "It's a further continuation of injecting more competition into the home loan marketplace, and also a confidence booster given that we've got the lowest cash rate for 53 years," Bank of Melbourne Chief Executive Scott Tanner said in a statement. Must Read Big Brother Australia 3rd Nomination Night: Tully Gets To See + The Girls Are In! [VIDEO] Sponsorship Link "We believe this new offer will help bolster confidence among home buyers, existing owners banking elsewhere looking to switch to a better deal and investment buyers," Westpac Retail Banking General Manager Gai McGrath said in a statement. The new round of rate cuts is possible because of lower funding costs for banks and strong profit growth. <br>For the original version including any supplementary images or video, visit

Australian Lender Pepper Buys Spanish Loan Business of Celeris

You can get our headlines via email as well, or follow us on Twitter . Australian non-bank lender Pepper has just announced another strong move to consolidate its position as toppan-European loan servicing and real estate manager by a cquiring the loan business other of Celeris in Spain for290 million. Thenewly acquired business will trade as thePepperFinance Corporation after the buy. As part of the transaction, Pepper took over about 164,000 performing loans and a small non-performing book, totalling to 290 million in receivables, as stated by the company. Pepper CEO Patrick Tuttle said the acquisition continued the lenders strategy of expanding into Europe. This announcement represents a very significant milestone inPeppers European expansion strategy and in achieving our ambition of establishingPepperas a best-in-class pan-European loan servicing and real estate manager, spanning a range of asset classes including residential mortgages, commercial mortgages, consumer finance and unsecured small business and personal loans, Tuttle (pictured right) explained. Earlier this year, Pepper had expanded its Irish market business, being appointed to provide servicing for the380 million (A$482 million) Pittsburg portfolio of Irish loans. In 2012 the Australian lender acquiredGECapitals Irish residential mortgage book. With the new buy of Spanish loans they get closer to their goal of becoming one of the top players in the pan-European market. Established in 2001, Pepper is a global financial services business with a strong focus on lending, advisory and asset management across the residential and commercial property sectors. The Lending business of Pepper is one of Australias leading providers of specialist residential mortgage finance. <br>For the original version including any supplementary images or video, visit

Australian Central Savings & Loans now People's Choice

Until there is a sustained improvement in sentiment, housing finance growth will keep disappointing. The Australian dollar was little changed after the data, trading at $1.0382 at 12:19 p.m. in Sydney from $1.0367 before the release. The report showed the total value of loans fell 1.8 per cent to A$20.1 billion ($20.9 billion) in July. The value of lending to owner-occupiers declined 1.4 per cent from a month earlier, the report showed. The value of loans to investors who plan to rent or resell homes dropped 2.7 per cent. First-home buyers accounted for 19.2 per cent of dwellings financed in July, up from 18.5 per cent in June and higher than 16.5 per cent a year earlier, the report showed today. Australias economy slowed last quarter on weaker housing and rising imports, a government report showed September 5. <br>For the original version including any supplementary images or video, visit

Showers increasing. No Cookies To use this website, cookies must be enabled in your browser. To enable cookies, follow the instructions for your browser below. Enabling Cookies in Internet Explorer 7, 8 & 9 Open the Internet Browser Click Tools> Internet Options>Privacy>Advanced Check Override automatic cookie handling For First-party Cookies and Third-party Cookies click Accept Click OK and OK Click Tools>Options>Privacy<Use custom settings for history Check Accept cookies from sites Check Accept third party cookies Select Keep until: they expire Click OK Enabling Cookies in Google Chrome Open the Google Chrome browser Click Tools icon>Options>Under the Hood>Content Settings Check Allow local data to be set Uncheck Block third-party cookies from being set Uncheck Clear cookies Enabling Cookies in Mobile Safari (iPhone, iPad) Go to the Home screen by pressing the Home button or by unlocking your phone/iPad Select the Settings icon. Select Safari from the settings menu. Select 'accept cookies' from the safari menu. Select 'from visited' from the accept cookies menu. Press the home button to return the the iPhone home screen. Select the Safari icon to return to Safari. Before the cookie settings change will take effect, Safari must restart. <br>For the original version including any supplementary images or video, visit

Unpleasant surprise for Australian home-loan approvals

Isaure Gruffaz, a Paris-based spokeswoman for the bank , declined to comment on any hiring plans. Natixis is considering the boost in lending activity as Lloyds Banking Group Plc, Britains biggest mortgage lender, tries to sell its unprofitable Australian business. Westpac Banking Corp. (WBC) , National Australia Bank Ltd. and Macquarie Group Ltd. have made bids for the assets in Australia , two other people familiar with the matter said this week. In January last year, Natixis closed its Australian origination activities in project and acquisitions finance, according to documents filed with the Australian Securities & Investments Commission. European banks have been forced to scale back offshore business units to preserve balance sheets as liquidity deteriorated during the sovereign debt crisis. <br>For the original version including any supplementary images or video, visit

Sunday, 18-Aug-2013 17:01 Email | Share | | Bookmark
Low doc loans

MICHELLE MATHESON: That's correct, yeah. STEPHEN LONG: The loan application, which she only received recently, said Michelle was a self-employed professional and had grossly overstated her income. MICHELLE MATHESON: My income has been stated, not obviously by myself, but either by the broker or low doc loans Australia somebody at the bank - has been stated to be $75,000 per year. The previous year's income was $70,000. STEPHEN LONG: She named the house "Hope". The situation was hopeless. MICHELLE MATHESON: I've taken on two to three jobs at a time, sold everything to make mortgage payments. I've got credit card debt of close to $30,000 because I've had to put mortgage payments onto that. STEPHEN LONG: The broker convinced Denise's mother to take out a second mortgage. MICHELLE MATHESON: Mum had to sell her house to stop the option of this home. STEPHEN LONG: And move to a caravan park. <br>For the original version including any supplementary images or video, visit

7 things you should know about low doc loans

7 things one should know about low doc loans Low doc home loans or low documentation loans are particularly designed for the people that are unable to produce the obligatory documents that make it possible to avail conventional loans from the financial institutions.Therefore, anyone ranging from unemployed individuals to small scale businessmen can avail these loans during the times of need with minimum fuss. In order to avail these loans, a person is required to put forward an application with self-verification certificate without any obligation of property ownership and related affidavits. 1. Everyone is eligible Aspirants with impaired credit history or those with poor credit ratings can also avail these services. Although, it requires some extended, if the services give you access to loans, its worth the extra effort. 2. Varied form of interest Although, low doc loans are much easily accessible than standard loans, borrowers might have to shell some extra money in the form of rate of interest. The rate of interest in increased because the risks of loan defaults involved is greater than in the case of normal mainstream loans from banks. The person should be discreet and far-sighted in impending upon the lender that not only offers advance at a lesser interest rate than others in the market, but also charges no supplementary collateral. 3. Require additional security The additional fact that should be kept in mind while accessing low doc loans is that they require extra security. <br>For the original version including any supplementary images or video, visit

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