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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

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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

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