Fitch: Iron Ore slump leave mortgages unscathed… Brokers warned about rise in money laundering… BNZ alters interest rates, home loan rates...
Moodys: Slump in Iron Ore won’t affect mortgages
Moody’s Investors Service says that the severe slump in iron ore prices and resulting unemployment for mining employees will not result in any losses in Moody’s rated Australian residential mortgage backed securities (RMBS), because the sector has minimal exposure to iron ore mining regions, according to article on MacroBusiness.au
The main iron ore mining region in the Pilbara area in the north of Western Australia has only a limited number of mortgaged residential properties,” says Georgij Ludmirskij, “In addition, the Perth region—where the majority of mining employees live—is sufficiently diversified to absorb economic stress from layoffs.”
While leaving RMBS relatively unaffected, plummeting iron ore prices will strain the broader Australian economy, says Moody’s. In 2014, iron ore accounted for almost a quarter of Australia’s total exports and iron ore mining operations contributed almost a third of Western Australia’s gross state product.
Brokers warned about rise in money laundering
The FBAA has raised the growing issue of dirty money being laundered in the finance industry with the Federal Government, as dangers arise in the mortgage sector.
The Anti-Money Laundering and Counter-Terrorism Financing Act was established in 2006 to lead the fight against dirty money, but new findings from government body Austrac has warned of the dangers, particularly in the home loan sector.
According to the Austrac report, criminals like to launder money through real estate because purchases can be made in cash while disguising the ultimate owner.
During discussions in Canberra recently, FBAA chief executive Peter White told the Minister in charge of Counter Terrorism, Michael Keenan, that brokers play a major part identifying suspicious customers.
BNZ alters interest rates, home loan rates
BNZ has changed a number of interest rates today, including some key home loan rates, according to an article from Interest.co.nz
They have a new 'special' two year rate of 4.99 per cent, matching recent moves by others to this sub-5 per cent rate by both Kiwibank and Westpac.
To qualify for this 'special' rate, you will need to have at least 20 per cent equity in the property provided as security, and you will need to credit your salary or wages to a BNZ transaction account.
They have also reduced their one year standard rate by -16 bps to 5.19 per cent, which is not as sharp for this term as offers from ASB or Kiwibank, but unlike their other main rivals, it is a standard rate offer.
Moody’s Investors Service says that the severe slump in iron ore prices and resulting unemployment for mining employees will not result in any losses in Moody’s rated Australian residential mortgage backed securities (RMBS), because the sector has minimal exposure to iron ore mining regions, according to article on MacroBusiness.au
The main iron ore mining region in the Pilbara area in the north of Western Australia has only a limited number of mortgaged residential properties,” says Georgij Ludmirskij, “In addition, the Perth region—where the majority of mining employees live—is sufficiently diversified to absorb economic stress from layoffs.”
While leaving RMBS relatively unaffected, plummeting iron ore prices will strain the broader Australian economy, says Moody’s. In 2014, iron ore accounted for almost a quarter of Australia’s total exports and iron ore mining operations contributed almost a third of Western Australia’s gross state product.
Brokers warned about rise in money laundering
The FBAA has raised the growing issue of dirty money being laundered in the finance industry with the Federal Government, as dangers arise in the mortgage sector.
The Anti-Money Laundering and Counter-Terrorism Financing Act was established in 2006 to lead the fight against dirty money, but new findings from government body Austrac has warned of the dangers, particularly in the home loan sector.
According to the Austrac report, criminals like to launder money through real estate because purchases can be made in cash while disguising the ultimate owner.
During discussions in Canberra recently, FBAA chief executive Peter White told the Minister in charge of Counter Terrorism, Michael Keenan, that brokers play a major part identifying suspicious customers.
BNZ alters interest rates, home loan rates
BNZ has changed a number of interest rates today, including some key home loan rates, according to an article from Interest.co.nz
They have a new 'special' two year rate of 4.99 per cent, matching recent moves by others to this sub-5 per cent rate by both Kiwibank and Westpac.
To qualify for this 'special' rate, you will need to have at least 20 per cent equity in the property provided as security, and you will need to credit your salary or wages to a BNZ transaction account.
They have also reduced their one year standard rate by -16 bps to 5.19 per cent, which is not as sharp for this term as offers from ASB or Kiwibank, but unlike their other main rivals, it is a standard rate offer.
