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Non-bank prices second $1 25bn RMBS
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Major banks getting choosy on mortgage customers: Pepper CEO
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The chief executive of Pepper Money, which will list on the ASX on Tuesday, says major banks are getting more selective about the mortgage customers they take on, which should help the non-bank lender grow as it targets “non-conforming” borrowers.
Mario Rehayem said major banks were finding it tough to process mortgage applications quickly because they were too big to conduct bespoke assessments on borrowers who fell outside the standard cookie-cutter, while constant changes to credit policies were frustrating mortgage brokers who were not sure if non-prime customers would be accepted.
Non-bank sets up $1m flood relief fund By Annie Kane 07 April 2021
A non-bank lender has established a $1-million Flood Disaster Relief Fund to assist its customers affected by the NSW and Queensland floods.
La Trobe Financial has announced that eligible customers whose home has been impacted by the floods in the eastern states will be able to access $2,000 grants for the purpose of clothing, food and temporary accommodation.
The fund aims to assist its customers as “they deal with the crisis in what has already been a stressful last 12 months”.
La Trobe Financial’s president and CEO, Greg O’Neill OAM, commented: “I cannot imagine how these people are feeling. We have just come out of bushfires and COVID-19, and to be confronted by these floods is a real test to their Australian spirit.