‘Responsible lending’ issues among top consumer complaints
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Credit cards and home loan issues were the most complained about products in financial year 2021, with responsible lending issues frequently cited, according to AFCA.
The Australian Financial Complaints Authority (AFCA) has released a preliminary data “snapshot” of complaints made by individual consumers and small businesses to the body in the last financial year.
According to the external dispute resolution scheme, there were 70,510 complaints made in FY21 (ended 30 June 2021), with two-fifths (40 per cent) of these made about credit products.
The most complained about product in 2020-21 was credit cards (14 per cent), with consumers particularly highlighting issues with default listings (the most common issue relating to all credit products) and unauthorised transactions – the latter accounting for 11 per cent of card complaints.
Mortgage Business
Bluestone launches new digital platform By Sarah Simpkins 06 July 2021
Non-bank Bluestone has gone live with its new platform, all set to transition its customers across.
The lender has moved from a legacy system to an Amazon Web Services (AWS) hosted, cloud-based platform, powered by software provider Mambu and supported by NextGen and lender collection software firm Katabat.
The platform has a suite of new features, including real-time payments backed by Byron-based fintech Split Payments, automated validation of applications, real-time status updates and automated valuations for most loans.
Bluestone has also promised improved loan tracking and accessible lender correspondent in the platform.
Mortgage Business
Housing construction approvals continue to decline: ABS By Sarah Simpkins 06 July 2021
The number of dwellings approved for building fell by 7.1 per cent in May, dragged by a drop in house construction across Australia, according to the ABS.
The latest building approvals data from the Australian Bureau of Statistics (ABS) has shown that 20,163 dwellings were approved for building in May, 7.1 per cent less than in April – but 52.7 per cent higher than a year prior.
The ABS attributed May’s fall in housing developments to a 10.3 per cent fall in private sector house approvals, down to a total of 13,571 despite a high in April (which had a total of 15,063).
Mortgage Business
Property prices grew by 13.5% in FY21: CoreLogic By Annie Kane 06 July 2021
Australia’s housing market jumped by 1.9 per cent in June, taking annual growth for the last financial year to 13.5 per cent.
According to property data and analytics company CoreLogic, national home values rose by 1.9 per cent in June, closing out the annual growth for the financial year ending 30 June 2021 to 13.5 per cent.
According to CoreLogic’s head of research for Australia, Eliza Owen, this is the highest annual rate of growth seen across the Australian residential property market since April 2004, when the early 2000s housing boom was winding down.
In Focus: The key trends for FY22 theadviser.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theadviser.com.au Daily Mail and Mail on Sunday newspapers.