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Saturday, 28-Sep-2013 09:53 Email | Share | | Bookmark
Banks Say Small Business Loans Riskier Than Ever

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 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. <br>For the original version including any supplementary images or video, visit

Amazon Offers Small Business Loans

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 low doc loans Australia in December 2007. This would mean ANZs commitment would boost available finance but more importantly, boost small business confidence. Reserve Bank research last year said the big banks had aggressively targeted the small business sector since 2005 to move into a space previously dominated by financial intermediaries. <br>For the original version including any supplementary images or video, visit

ANZ targets new small businesses with $1bn in loans

Through the new program, called Amazon Lending, the online giant has sent many of its Amazon Marketplace merchants offers for small business loans, which will come through Amazon Capital Services, Inc. The service is an alternative source of financing for Amazon sellers who can't obtain loans through banks and traditional lenders. "Some of these businesses are only constrained by cash flow," Scot Wingo, chief executive of e-commerce advisory firm ChannelAdvisor, told Reuters . "These spot loans will help these folks grow by getting them extra cash to buy more product." An Amazon spokesman declined to tell The Journalexactly how many businesses were offered the service. However, the newspaper reports that loans for qualified businesses came with an interest rates ranging from less than 1 percent from 13.9 percent. Wingo told Reuters that some companies are receiving loans as a large as $800,000. According to Reuters, Amazon's prequalifying offers vary depending on how strong the particular merchant's sales are. The Journalsays that once an offer is accepted, Amazon will have the money in the seller's account in about five businesses days, according to a merchant e-mail offer they obtained. Sales from small business sellers comprised between nine and 12 percent of Amazon's $48 billion in revenue last year, according to The Journal. And with Amazon taking a six to 15 percent cut on all marketplace transactions, the company could benefit from helping their merchants purchase--and then sell--a larger volume of inventory. <br>For the original version including any supplementary images or video, visit

Thursday, 26-Sep-2013 01:43 Email | Share | | Bookmark
New Rules Of Getting A Small Business Loan

Is there any banks in Australia that do small credit card loans to people with bad credit? in australia?

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. While larger banks are better at delivering cookie-cutter financing options, smaller banks offer entrepreneurs more of a personal, hands-on experience. No matter which bank you decide on, however, be very cautious of spin. Oftentimes the bank will nurse your story along for several weeks before they finally turn you down, says Green. What theyre not telling you is that they knew the day you walked in there theyre not making the loan because they dont have the capital. Check the banks Texas ratioa formula that measures the health of a bank based on its credit troubles. <br>For the original version including any supplementary images or video, visit

NZ tightens home loans, while Aussie lenders loosen up

You can find some offers for credit cards, both secured and unsecured here: by twv23512653 - 6 years ago A Credit card for people with bad credit is a form of borrowing that often involves charges. So it's wise to compare terms and fees before you agree to open a credit or charge card account. Try looking for a credit card<!--with a low APR. Find out the APR because this is the amount charged to you on monthly balances. Are you overwhelmed with credit card offers and dont know which one is right for you? <br>For the original version including any supplementary images or video, visit

Unlike the banks in New Zealand, Australian lenders are making it easier to apply for home loans, thanks to increasing loan-to-value ratios (LVRs). According to The Sydney Morning Herald,Australian institutions appear to be loosening their belts. RateCity chief executive Alex Parsons says, many more potential borrowers are eligible for loans that may not have been approved in the past. This is a result of the Reserve Bank of Australias decision to lower interest rates to just 2.5%. Mr Parsons said 73% of lenders have increased their LVR on mortgages to 95% of the value of a property, making it more accessible to those who previously had difficulty reaching the initial deposit. In 2010, post GFC, only 49% of banks were offering loans with an LVR of 95%. <br>For the original version including any supplementary images or video, visit

62 percent of Australian small business debt is now overdue.

Thursday 06 June 2013 Article by Kevin Boyle Small businesses in Australia are now overdue on around 62 percent of their combined $10.4 billion debts but the liability is not equal between states, reports the News Limited Network. Theaveragesmallbusiness now owes around $18,624 according to the findings of new research by the Commonwealth Bank. And although 62percentof Australian small business debt is now overdue, it varies significantly state-to-state. Around 78percentof the $4.4 billion small business debt in New South Wales is now overdue compared to just 22 percent of Western Australia's $236 million debt. While the success of the mining economy passing onto businesses within the state was a proposition for the variance, the 66percentoutstanding of Queenslands $1.9 billion debt would make this imprecise. Interestingly, of the 761 small businesses surveyed that were earning less than $2 million, around 57 percent of them agreed that making late payments is standard practice, while 29 percent admitted withholding payments for the benefit of their own cash holdings. But this doesn't just impact their business said Commonwealth Bank manager of local business, Adam Bennet. "When they are paying late it creates a domino effect so they are more likely to pay their own suppliers late." Mr Bennet also urged that businesses finding themselves in a difficult position should seek assistance early, whether from a business coach, bank or else where. Business owners looking for the best business banking products for their companies finances can compare business banking accounts, savings accounts, loans and credits cards on Mozo . Have a question about business bank accounts? <br>For the original version including any supplementary images or video, visit

Monday, 23-Sep-2013 17:36 Email | Share | | Bookmark
Low Doc Loans

DENISE BRAILEY, CONSUMER ACTIVISIT: Through a series of emails from banks to brokers instructing the brokers how to get their deals across the line, make the deal fit. They targeted older people, carers, people on parenting allowance, aged pensions. STEPHEN LONG: The evidence suggests that banks and other lenders tacitly encouraged mortgage brokers en masse to make up fictitious stories about customers so they could get loans and to falsify their income. KATE THOMPSON: I do not think there was a bank or non-bank lender that wasn't doing it. I - from my files alone, I am certain I could evidence every single bank. STEPHEN LONG: The allegations centre on low doc loans. They were initially designed for the self-employed and small business people, recognising that they can lack documents such as pay slips, group certificates and the certainty of income banks demand for conventional lending. But low docs became a free-for-all. <br>For the original version including any supplementary images or video, visit

7 things you should know about low doc loans

Increased opportunities to earn credit At present, due to increase in competition in the lending market, majority of the big names in the lending business, including the banks now offer low doc loan services. small business loans Australia wide Earlier, only non banking financial institutions with limited presence used to offer these loans to the aspiring candidates. 6. Lucrative proposal Usually as seen the world over, low documentation loans cover up to 80% or more than three quarters of the residential property in case the candidate intends to acquire one for investment purpose in the days to come. The remaining 20% of the amount has to be infused by the person into the portfolio. This makes the proposal lucrative for the people intending to invest in some property and in need of urgent loans with minimum of paper work involved. 7. Beware of cheats With the boom in the low doc home loan market in recent years, many lenders with dubious credentials have mushroomed the world over and are claiming to provide loans at lower rates than credible institutions. This has resulted in numerous scandals. <br>For the original version including any supplementary images or video, visit

Monday, 23-Sep-2013 17:24 Email | Share | | Bookmark
Missing Pieces In A Low-doc Lending Trail That Shattered Lives

The emails examined by BusinessDay suggest some banks orchestrated the reckless fall in lending standards as the credit boom approached its crescendo in 2007. One after another, they show business development managers working for banks telling mortgage brokers what to do, from the "ABNs for a day" lurk for small business people, to providing reams of detailed advice on figures to enter, and figures to ignore, as inputs in the internal computer system of the banks which determined the loan approval. Among the data dump to be released by Brailey are the passwords used by the brokers to get into the banks' computer systems. Officially, the regulators are yet to accept that any of this constitutes evidence of an investigation into the banks - only the brokers have faced scrutiny. Further to the stand-off between the activist and the regulators, Brailey fiercely rejects ASIC's claims that she had failed to provide them with loan application forms (LAFs). She instructed her members to send more than 100 formal letters of complaint to the regulator last year. Roughly half of these had LAFs with them, most with the discrepancies highlighted - usually the borrower's income had increased. ASIC confirms it received 70 letters from Denise Brailey's BFCSA members. It declined to investigate however, instead, writing back to advise the Brailey members to secure the services of a lawyer. These "bugger off" letters, says Denise Brailey, were an insult to aggrieved borrowers. <br>For the original version including any supplementary images or video, visit

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. Mr Nicholl said the AOFM had "some good stats" following Mr Bushby's comments that the AOFM had made money on RMBS products. <br>For the original version including any supplementary images or video, visit

Saturday, 21-Sep-2013 09:00 Email | Share | | Bookmark
Concern Australian Bank Lending 'exceptionally High' Is Overblow

KKR Joining $5 Billion Surge in Dividend Loans: Australia Credit

In a timely discussion on the fifth anniversary of Lehman's collapse, Mr Schulte highlighted the level of Australian bank lending at a time of steep housing prices, low unemployment and buoyant wages. "...The interest rate structure seems awfully low especially given something else which is really important and that is that the overall level of aggregate debt is exceptionally high in Australia," he said in an interview on Business Spectator. "It is one of the highest in the world, in terms of the loan-to-deposit ratio for the banks being about 120 per cent. "That would be one of the highest in the world. And when you want to slow down credit growth and slow down the aggregates and you want to put a damper on prices, higher interest rates usually are better off than lower interest rates." The claim: Investment strategist Paul Schulte says Australian banks are lending too much money. The verdict: While Mr Schulte's claim that Australia's loan-to-deposit ratio is high checks out, it doesn't take into account the stable nature of Australia's banking system and the fact that our loan-to-deposit ratio is getting better. The claim is overblown. Lending standards Mr Schulte's comment raises concern, especially after the Australian Prudential Regulation Authority said last week: "A sustained low interest rate environment poses further risks to lending standards. <br>For the original version including any supplementary images or video, visit

NMDC to arrange loan for Australian unit

Local banks are striving to maintain lending business in the face of competition from the $2 trillion U.S. high-yield market, where so-called covenant-lite debt is tied to a rate at least 200 basis points lower than the South Pacific nations benchmark. What the banks seem to be doing is to compete more aggressively for what they perceive as limited growth opportunities, said Brian Johnson, a Sydney-based bank analyst with CLSA Ltd. I certainly see credit underwriting standards at the moment being loosened. Quantitative easing has lowered interest rates around the globe and that fuels all sorts of excesses. Ten-Fold Rise Loans that fund payouts are surging as firms borrow cheaply against investments to pay themselves rather than sell assets at a time when merger and acquisition activity is slowing. While high-yield loans borrowed in the U.S. <br>For the original version including any supplementary images or video, visit

Natixis Said to Consider Hiring for Loan Business in Australia

The lender is looking to hire people in leveraged and project finance-related roles in the country, the people said, asking not to be identified because the details are private. 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. Natixiss net profit in Australia almost halved to A$7.7 million in fiscal year 2012, when its main activity in the nation was providing financial guarantees to group companies, according to documents filed with the Australian Securities & Investments Commission. To contact the reporter on this story: Paulina Duran in Sydney at To contact the editor responsible for this story: Katrina Nicholas at More News: <br>For the original version including any supplementary images or video, visit

At the current conversion rate ( A1$ = Rs 58), participation in the rights issue would have meant an approximate outgo of Rs 7.25 crore. In a disclosure to the Australian Stock Exchange last week, the mineral resources exploration company said that NMDC had agreed to provide support to enable Legacy Iron to arrange loan facilities with its bankers of up to $3 million. Legacy Irons board dropped the rights issue plan and opted for the borrowing plan after NMDC expressed its unwillingness to participate in the proposed issue. The extended date of the issue expired on August 12. Legacy Iron said that the Board had resolved to cancel the rights offer due to the recent share market volatility. Proceeds from the rights offer were to be used for further exploration activities and development across Legacy Irons iron ore and coal exploration permits as well as other assets in Australia. <br>For the original version including any supplementary images or video, visit

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