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Economics Committee to examine financial advice sector, then IFM Investors
The House of Representatives Standing Committee on Economics will hear from key industry bodies, as well as from a range of financial advice firms at a public hearing via videoconference on Thursday 29 July 2021, as part of its ongoing Review of the Four Major Banks and other Financial Institutions.
The Chair of the committee, Mr Tim Wilson MP, said ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s financial advice sector to account’.
‘Many Australians turn to financial advisers and mortgage brokers to help them navigate important financial decisions, such as finding the right mortgage or determining how to best invest in and secure their retirement. It is essential that Australians can trust that financial advisers and mortgage brokers are always acting in their client’s best interests, rather than the interests of the adviser or
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Superannuation sector scrutiny as reforms takes effect
With the ‘Your Future, Your Super’ superannuation reforms having now come into effect the House Economics Committee will hear from key players in the sector at a public hearing via videoconference on Thursday 8 July, to discuss implementation of the reforms.
The hearing forms part of the Committee’s ongoing Review of the Four Major Banks and other Financial Institutions. Appearing will be industry funds, including Australian Super, CBUS, Aware, Prime, Maritime, and TWU Super, as well as the retail funds Fiducian, and Equity Trustees (trustee of Zurich Master Superannuation Fund).
Committee Chair, Mr Tim Wilson MP said ‘Thursday’s hearing is an opportunity to scrutinise the superannuation sector’s response to the government’s “Your Future, Your Super” reforms’, which came into effect on 1 July.
Home buyers divided on buying a home now: survey
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Almost half of all Millennials believe now is a good time to buy property, but a third of all Australians are unsure, a survey has found.
Research commissioned by major brokerage Mortgage Choice revealed that Australians hold mixed views about buying a home in the current property market.
A survey of 1,000 respondents found that 45 per cent of Millennials agree that now is a good time to purchase property, compared with 42 per cent of all respondents across all age groups.
However, 30 per cent of the respondents said they were unsure if now is an appropriate time to buy property, while 28 per cent said they believe the current market is not ideal for purchasing a home.
ANZ broker turnarounds at 12 days: CEO
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The major bank CEO has also now confirmed that “time to yes” is different depending on channel, outlining that it takes between 10-12 days in the broker channel but can be as low as an hour when direct.
In his appearance at the economics standing committee hearing for the Review of the Four Major Banks and other Financial Institutions on Friday (16 April), ANZ CEO Shayne Elliot was asked by the committee about the bank’s turnaround times for home loans.
Following a similar line of questioning to the Commonwealth Bank of Australia (CBA), Westpac and the National Australia Bank (NAB) last week, committee chair Tim Wilson asked: “What’s the average time for a standard mortgage product at the moment (‘time to yes’ for ANZ)?”
NAB turnarounds range from 1-20 days, says CEO
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Ross McEwan has confirmed that turnarounds differ depending on complexity and channel, with the direct channel able to approve “simple” loans in less than a day, while broker channel is taking around 12 days.
Speaking at the economics standing committee hearing for the Review of the Four Major Banks and other Financial Institutions on Friday (16 April), NAB CEO Ross McEwan was questioned about the bank’s turnaround times for mortgages.
Building on questions asked of both CBA CEO Matt Comyn and Westpac CEO Peter King the day prior, committee chair Tim Wilson MP asked: “What’s the current time frame for ‘time to yes’ for an application for a mortgage product?”