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Thursday, 28-Nov-2013 07:01 Email | Share | | Bookmark
National Australia Bank Lifts Interest Rates On Business Loans








A new system for business loans in Palau | Pacific Beat





Enabling Cookies in Internet Explorer 7, 8, 9 and 10 Open the Internet Browser Click Tools (or gear icon at top right hand side corner) > Internet Options > Privacy > Advanced Check Override automatic cookie handling For First-party Cookies and Third-party Cookies click Accept Click OK and OK Click no doc loans for business Melbourne 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 Or type in Go to chrome://settings/ to the URL window, hit enter Click 'Advanced settings'> Select Privacy>Content settings Check 'Allow local data to be set (recommended)' Click 'Done' Under 'History' select Firefox will: 'Use custom settings for history' Check 'Accept cookies from sites' and then check 'Accept third-party cookies' Click OK Enabling Cookies in Google Chrome Open the Google Chrome browser Chrome > Preferences Click 'Show advanced settings' at the bottom. Under Privacy select 'Content settings' Under 'Cookies' select 'Allow local data to be set (recommended)' Click 'OK' Under 'Block cookies' check 'Never' 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. <br>For the original version including any supplementary images or video, visit http://www.theaustralian.com.au/business/financial-services/national-australia-bank-lifts-interest-rates-on-business-loans/story-fn91wd6x-1226433961353









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. <br>For the original version including any supplementary images or video, visit http://realtybiznews.com/pepper-spain-loans-celeris/98719563/





Australian Central Savings & Loans now People's Choice





REID: Yes, absolutely, and it lowers the transaction cost, not only for the lender, but certainly for the borrower. Because simply all a lender does now is log onto the system and enter the details as far as that lender's collateral is concerned and it's a very short process, and a relatively cheap process, and the point you make is an extremely good one, is that it's within public viewing, so anybody can view any of the information. RICE: And what's the security like on the web site? REID: Excellent security. Obviously the lenders are all have to secure logins and we've been using this type of registry with this type of reform for I think since about 2005, 2006 and we've never had any sort of hacking or any problem. RICE: Well, what other countries in the Pacific have already gone through this process? REID: In the Pacific, we started with FSM, was one of the first, was the first country to roll this out in 2006 and subsequently we've put this law and registry into Tonga, into Vanuatu, the Solomon Islands, the Marshall Islands. <br>For the original version including any supplementary images or video, visit http://www.radioaustralia.net.au/international/radio/program/pacific-beat/a-new-system-for-business-loans-in-palau/1077082





Australian Lender Pepper Buys Spanish Loan Business of Celeris





Enabling Cookies in Internet Explorer 7, 8, 9 and 10 Open the Internet Browser Click Tools (or gear icon at top right hand side corner) > 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 Or type in Go to chrome://settings/ to the URL window, hit enter Click 'Advanced settings'> Select Privacy>Content settings Check 'Allow local data to be set (recommended)' Click 'Done' Under 'History' select Firefox will: 'Use custom settings for history' Check 'Accept cookies from sites' and then check 'Accept third-party cookies' Click OK Enabling Cookies in Google Chrome Open the Google Chrome browser Chrome > Preferences Click 'Show advanced settings' at the bottom. Under Privacy select 'Content settings' Under 'Cookies' select 'Allow local data to be set (recommended)' Click 'OK' Under 'Block cookies' check 'Never' 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. To restart Safari press and hold the Home button (for around five seconds) until the iPhone/iPad display goes blank and the home screen appears. <br>For the original version including any supplementary images or video, visit http://www.theaustralian.com.au/business/nab-rejects-claims-that-business-loans-are-subsidising-low-variable-home-loan-rates/story-e6frg8zx-1225892368159





NAB rejects claims that business loans are subsidising low variable home loan rates





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. To restart Safari press and hold the Home button (for around five seconds) until the iPhone/iPad display goes blank and the home screen appears. <br>For the original version including any supplementary images or video, visit http://www.adelaidenow.com.au/business/australian-central-savings-loans-now-peoples-choice/story-e6frede3-1226082760742



Sunday, 24-Nov-2013 22:49 Email | Share | | Bookmark
Call For Small Business Govt Loan Backing








Call for small business loan backing





Rigid lending criteria which require businesses to provide collateral to secure a loan mean many viable small businesses miss out because they do not have adequate assets, the report by the NSW Business Chamber has found. "Our study indicates that access to finance conservatively affects more than 200,000 businesses, forcing them to slow their growth, small business loans Perth lay off staff or shut down altogether," NSW Business Chamber chief executive officer Stephen Cartwright said. "According to ABS (Australian Bureau of Statistics) data, access to finance is the number one barrier to innovation and the third-largest barrier to general business activity." Mr Cartwright said 37 per cent of loan rejections by banks were due to a lack of collateral. "Banks should be able to lend to the best businesses, rather than those with the best collateral," he said. The Small Business Access to Finance report, prepared with Deloitte Access Economics, recommends the federal government consider a partial credit guarantee scheme under which government underwrites part of a business loan. Credit guarantee schemes in the United Kingdom, Canada and the United States had delivered gains in employment, business growth and exports, the report said. <br>For the original version including any supplementary images or video, visit http://au.finance.yahoo.com/news/call-small-business-govt-loan-231008230.html





ANZ targets new small businesses with $1bn in loans



Access to finance remains a key business challenge for small businesses, which contribute about 20 per cent of Australias GDP and are together responsible for almost half of the countrys private sector employment. 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 http://www.news.com.au/business/your-business/anz-targets-new-small-businesses-with-1bn-in-loans/story-fn9evb64-1226615544661







Rigid lending criteria which require businesses to provide collateral to secure a loan mean many viable small businesses miss out because they do not have adequate assets, the report by the NSW Business Chamber has found. 'Our study indicates that access to finance conservatively affects more than 200,000 businesses, forcing them to slow their growth, lay off staff or shut down altogether,' NSW Business Chamber chief executive officer Stephen Cartwright said. 'According to ABS (Australian Bureau of Statistics) data, access to finance is the number one barrier to innovation and the third-largest barrier to general business activity.' Mr Cartwright said 37 per cent of loan rejections by banks were due to a lack of collateral. 'Banks should be able to lend to the best businesses, rather than those with the best collateral,' he said. The Small Business Access to Finance report, prepared with Deloitte Access Economics, recommends the federal government consider a partial credit guarantee scheme under which government underwrites part of a business loan. Credit guarantee schemes in the United Kingdom, Canada and the United States had delivered gains in employment, business growth and exports, the report said. The report suggests as guidelines a government guarantee of 65 to 85 per cent of a business loan at an interest rate of 0.5 per cent to 2.5 per cent over a period of up to 10 years. SHARE THIS ARTICLE: <br>For the original version including any supplementary images or video, visit http://www.skynews.com.au/businessnews/article.aspx?id=921984



Thursday, 21-Nov-2013 13:11 Email | Share | | Bookmark
No-doc, Low-doc Loans May Help People Who Lack Steady Job, Incom








The Lowdown on Low-Doc Loans





What about people with the opposite problem -- people who have good scores and credit histories but do not have regular, steady jobs with easy-to-verify incomes? Meyer says that even though Las Vegas probably has more people who fall into this category than most other cities, every city has its own self-employed people, seasonal workers and entertainers. Las Vegas also has more than its fair share of those who earn a lot more money in addition to their hourly pay because of tips. There are also people who have just moved into a new community or state and are looking for work. People like this are usually better off with a "no-doc" (no documentation) or "low-doc" (low documentation) loan, Meyer says. As this website the names imply, these types of loans require fewer documentations than a conventional loan. "There are people whose W2 forms show that they make $30,000 a year, but they actually make $50,000 a year or more because of tips," he adds. "With their documented income, they cannot qualify for a loan to buy the sort of home that they actually can afford." Meyer says that with a no-doc loan the lender still looks at the appraisal, title documents and other standard paperwork to make sure they are in order. <br>For the original version including any supplementary images or video, visit http://articles.orlandosentinel.com/2003-12-14/business/0312120161_1_types-of-loans-low-documentation-lender









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. <br>For the original version including any supplementary images or video, visit >http://www.washingtonpost.com/wp-dyn/content/article/2006/11/24/AR2006112400503.html/article/2006/11/24/AR2006112400503.html]content



Tuesday, 19-Nov-2013 05:04 Email | Share | | Bookmark
Low-doc Loans A Risky Business












Macquarie Research analyst William Ammentorp said that while the risks involved in low-doc lending were higher, they were manageable. He cited research by Bluestone Mortgages, which shows that a high number of self-employed borrowers live in the wealthier suburbs of Sydney and Melbourne, including Vaucluse, Manly and Brighton. The major banks also control the risk by requiring borrowers to take out lenders' mortgage insurance or put in a certain amount of equity. For example, NAB requires 40 per cent equity in a low-doc loan and has capped home loans at $1.5 million and business loans at $750,000. Macquarie Research estimates that NAB's recent entry into the low-doc market could deliver it additional profits of $37.5 million a year by 2007. Sherman Ma, who has been in the low-doc/non-conforming lending game low doc loans Australia wide for more than eight years, said the types of loans the banks were writing were more accurately described as "asset lending". In fact, he thinks that over time, that's what the loans will come to be called. <br>For the original version including any supplementary images or video, visit http://www.theage.com.au/news/Banking/Lowdoc-loans-a-risky-business/2005/03/25/1111692625246.html





Search by borrower can still turn up a 'low doc' mortgage





Up to 30 per cent of Adelaide Bank's home loans are low-doc; Suncorp's is more than 10 per cent; while St George Bank's is less than 5 per cent. The majors are all at or less than 1 per cent. Macquarie Research estimates that NAB's entry into the low-doc market could deliver it additional profits of $37.5 million a year by 2007. The banks' push into the market is a marked turnaround from five years ago, when low-doc loans were dismissed as too risky. This allowed specialist lenders Liberty Financial and Bluestone Mortgages to build up dominant positions in a fast-growing and profitable market. Both these businesses are now considering a stockmarket listing or trade sale, following their success. <br>For the original version including any supplementary images or video, visit http://www.theage.com.au/news/Business/Lowdoc-loan-market-too-juicy-for-the-big-banks/2005/04/01/1112302233136.html





Low-doc loan market too juicy for the big banks





"You're going to have to thumb through the Yellow Pages until you hit the magic lender that still offers a low doc loan," cautions Peter G. Miller, author of "The Common-Sense Mortgage," a book on mortgage financing. The softening economy and problems with low doc loans made in the past are among the reasons many lenders are backing away from this type of home loan, designed to make it quick and easy to obtain a mortgage if you have at least a 20 percent to 30 percent down payment on the property you're financing. "When the economy started heading south, some of these loans starting turning risky," says Keith Gumbinger of HSH Associates, a mortgage publishing firm based in Butler, N.J. If you're in business for yourself and have ever applied for a mortgage loan, you'll know why the low doc loan -- introduced in the late 1980s -- became such a hit with the self-employed. That's because the standard mortgage documentation process imposes such extensive paperwork demands on the self-employed and those who work on a contractual basis or for commissions. "It's a real hassle for the self-employed to get a mortgage," Mr. Miller points out. Suppose you're a young attorney in practice for yourself. You happen upon a little stone cottage on a hillside and decide to take out a standard mortgage to buy the place. <br>For the original version including any supplementary images or video, visit http://articles.baltimoresun.com/1991-01-13/business/1991013148_1_doc-loan-mortgage-documentation-low-doc



Saturday, 16-Nov-2013 20:51 Email | Share | | Bookmark
Low Blows Likely From Low Doc Loans








Low doc loans





It's hard to generalise because low doc can mean many things: up to 60 per cent loan-to-value ratio may be lent uninsured; up to 80 per cent insured; some carry a rate premium, some don't. The most aggressive low doc lender in the market at present appears to be a 95 per cent LVR low doc loan from Mobius, which is half owned by Allco and half by GE Capital (it came with Wizard Homes Loans, which GE bought from Mark Bouris and loans for small business Australia wide the Packers last year). The lender doing the highest proportion of them is Adelaide Bank, 40 per cent of whose new loans are low doc. And there are many different reasons for customers not wanting to provide proof of income: they can't be bothered; they were knocked back for the loan elsewhere because their income was too low and now they're lying; a small business whose takings are down right now but will pick up any minute (I promise!); they are lying on their tax return and want to tell the bank the - higher - truth. Regulators find many of these reasons distressing. Yesterday, APRA issued new capital guidelines to lenders' mortgage insurers requiring twice the capital support for low doc loans than for normal loans. A spokesman told me they were concerned about the lack of history with this type of lending and felt it was important to ensure that risk was being priced correctly. Also, the Tax Office has been looking into the subject for six months and doing some test audits: 70 per cent of low doc loan applications do not tally with the borrower's tax return. This could be fertile ground for ATO auditors, although the consequences of mass audits could be horrible for the economy. <br>For the original version including any supplementary images or video, visit http://www.canberratimes.com.au/small-business/low-blows-likely-from-low-doc-loans-20090619-cphm.html





Low-doc loans a risky business





My - and my job was wrong. The amounts I earned was wrong. A small business I had, the valuations was wrong. So there's 17 glaring mistakes that they had filled in that I didn't know about. WOMAN: The head office actually said to me, "Ms (inaudible) I've no idea how you got yourself into this mess. You've got $750,000 worth of shares and you've got $13,000 worth of income from rental properties you have rented out." And I said, "Well if you can find it, I'll give you half of it because it doesn't exist." WOMAN II: My total loans were $4.5 million with no income and a 30-year period, which would take me up to 103. <br>For the original version including any supplementary images or video, visit http://www.abc.net.au/news/2012-08-14/australia-faces-its-sub-prime-mortgage-scandal/4196210









Rather than provide payslips or tax returns, a borrower can simply state what their income is, a process called "self-verification". Low-doc loans are primarily for self-employed people with limited records of their income. But they can also be used by borrowers who have understated their income for tax purposes and wish to declare the correct, higher amount, to their lender. The ATO is conducting a pilot review this year of businesses which use low-doc loans, in an attempt to reconcile their tax records with loan repayments. Already, it has uncovered a smash repairer who just bought a home in a wealthy Sydney suburb and had substantial business assets. While his loan repayments were $70,000 a year, he earned only half that amount, according to his tax return. People like the smash repairer don't concern the Reserve Bank. It is more concerned about borrowers who use low-doc loans to overstate their income and get their hands on more money. In its biannual Financial Stability Review, released this week, the central bank put low-doc lending on its watch list, citing it as a potential threat to the banking system. So why are the major banks taking more interest in what is becoming an increasingly controversial and scrutinised part of the lending market? <br>For the original version including any supplementary images or video, visit http://www.theage.com.au/news/Banking/Lowdoc-loans-a-risky-business/2005/03/25/1111692625246.html



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