Borrow

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Westpac has announced that it has settled a class action filed against it by Shine Lawyers relating to the mis-selling of overly expensive insurance products.

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In a statement, the bank said it had agreed to pay $30 million to settle the class action, pending Federal Court approval.

“Westpac Group has agreed to settle a class action relating to premiums paid for certain insurance policies taken out with Westpac Life Insurance Services Limited between 2011 and 2017,” the company said.

“The group has resolved the matter without any admission of liability,” Westpac said.

The class action was filed by Shine in 2017 and relates to customers who were sold life insurance by Westpac, BankSA, St.George Bank, Bank of Melbourne and BT Advice.

At the time, Shine national class actions leader Jan Saddler said more than 100,000 Westpac customers could be affected by the alleged misconduct which saw clients overcharged between 4.5 per cent and 10 per cent in annual premiums, after the bank’s aligned advisers allegedly “funnelled” customers into the bank’s expensive branded life insurance products.

“We allege Westpac quietly and systematically pilfered excessive fees from their own customers to make millions in profits at the expense of those customers,” Ms Saddler said.

The law firm had stated that advice customers involved in the class could get between $1,000 and $10,000 compensation each.

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Westpac has announced that it has settled a class action filed against it by Shine Lawyers relating to the mis-selling of overly expensive insurance products.

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The success of consumer take-up and the ease of credit provided by the buy now, pay later sector have seen the major banks renew calls for tighter restrictions on their products, an inquiry heard. 

Write comment (0 Comments) " ["fulltext"]=> string(4115) "

During a House of Representatives economics hearing, which covered a range of topics including the buy now, pay later (BNPL) service, CEOs from Commonwealth Bank and ANZ called for new regulations on the financial sector. 

Providers of BNPL financing, which allows customers to pay for purchases through interest-free instalments, are not required to conduct credit checks due to not charging interest on payments. Instead they collect late payment fees and rely on taking a percentage of merchant sales, with the sector essentially governing its own code of conduct. 

BNPL popularity with Millennial and Gen Z customers especially has seen Afterpay’s market cap grow to $37 billion, while its closest competitor ZIP currently has a market cap of $5.17 billion.

With changing consumer demands seeing customers prefer to split payments, Commonwealth Bank said it will launch its own buy now, pay later (BNPL) service through its debit or credit card from mid-2021.

With 4 million Aussies predicted to be using the service, Commonwealth bank CEO Matt Comyn told federal MPs that it’s time for Australians to be properly protected, calling for the platforms to be obliged to run credit checks on their customers.

“They are exempt from the comprehensive credit reporting regime and the consumer data right. They are a credit product, they are considered a credit product. They actually rely on an exclusion that was drafted many years before the category actually existed,” he said.

The CEO pointed out that if the companies were regulated by the same comprehensive credit reporting that banks and other financial players fall under, the banks would be able to understand how much debt consumers have spent on BNPL services.

According to Mr Comyn, this would allow the banks to better understand their customers and lower the risks on other financial products including credit cards and mortgages.

“I don’t think it’s unreasonable given the size of the market, the scale of the individual players — in one instance being an ASX20 company — to make an investment in understanding their customers’ circumstances and financial position,” Mr Comyn said.

ANZ’s CEO, Shayne Elliott, shared similar sentiments about the BNPL sector, calling for the financial instruments to have the same oversights as the banks. 

When asked if BNPL regulation was appropriate, Mr Elliott stated “I wasn’t aware there was any”.

While he conceded that BNPL firms were innovative in their approach to the market, taking share from the banks, he said it was time to regulate it like any other form of credit. 

“I don’t think because of what label I put on something, that we should be treated differently by regulation. I look at it and think what they’re doing is extending credit, and I think they therefore should be subject to the same rules as everybody else,” he said.

“Fair enough, you’ve got to where you are with some regulatory arbitrage, and now it’s time to play with the rest of the market and do so under full regulation.”

Mr Elliott also opined the proportion of customers that struggle to manage their repayments was higher for BNPL than for bank credit cards, suggesting that is due to the banks doing their due diligence on their customers.

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The success of consumer take-up and the ease of credit provided by the buy now, pay later sector have seen the major banks renew calls for tighter restrictions on their products, an inquiry heard. 

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US investment bank Citigroup has announced that it is pursuing an exit from the Australian market after 36 years.

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Following a global review of its consumer operations, Citigroup has formally put its Australian consumer banking division up for sale, along with 12 other banks.

APRA’s monthly authorised deposit-taking institution figures showed that Citigroup’s Australian retail banking arm had a residential mortgage book of $4.1 billion and investor housing book of $2.44 billion.

The bank is the fifth largest in the Australian credit card market with 13 per cent, only trailing the big four banks.

Citi global’s chief executive, Jane Fraser, wasted little time announcing that the bank is exiting consumer operations in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

“As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth,” Ms Fraser said in the release. The move to focus on the remaining markets “positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs.”

Citi Australia CEO Marc Luet confirmed that Citi has commenced a sale process of its Australian consumer business, and received interest from several potential buyers. Any sale would be subject to regulatory approval.

“During the sale process, there will be no change in the way Citi serves its consumer banking customers. Consumer operations will continue to operate as they do today,” Mr Luet said.

Citi Australia’s consumer business encompasses credit cards, loans, retail banking, wealth management for high-net-worth individuals and mortgages. It operates a digital model, with more than 99 per cent of clients coming to Citi via digital channels. The bank is also a credit card provider for some of Australia’s leading brands.

Shares of the bank were down less than 1 per cent after climbing 3.1 per cent in the premarket.

The bank reported profit of $7.94 billion, or $3.62 a share.

Citigroup said it had released $3.9 billion in loan-loss reserves in the quarter, which resulted in a $2.06 billion gain after $1.75 billion in credit losses in the period. Analysts had expected a $393.4 million provision in the quarter.

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US investment bank Citigroup has announced that it is pursuing an exit from the Australian market after 36 years.

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The corporate regulator has commenced civil penalty proceedings against Westpac alleging the big four bank used misleading and unfair sales of consumer credit insurance. 

Write comment (0 Comments) " ["fulltext"]=> string(2612) "

ASIC alleges that between 7 April 2015 and 28 July 2015, Westpac mis-sold consumer credit insurance (CCI) with cards and other credit facilities to customers who had not agreed to buy the policy. 

The crackdown follows ASIC’s announcement last year that its work had led to over $160 million in remediation for consumers sold junk CCI by lenders, including Westpac.

ASIC deputy chair Karen Chester said ASIC’s deep-dive investigations in late 2018 and into 2019 found lenders had disappointingly not changed policies and conduct to stem harms from the design and sale of CCI. 

“In addition to our enforcement action, ASIC has secured over $250 million of remediation for the consumers harmed by the practices of the offending lenders,” Ms Chester noted. 

“The CCI remediation program covers 11 major banks and other lenders and has returned on average over $430 to over 580,000 consumers,” she explained. 

According to ASIC, the credit card provider also asserted rights to payment for the CCI premiums, which customers were not liable to pay, as well as failed to ensure that its financial services were provided efficiently, honestly and fairly when it supplied CCI to customers who had not agreed to acquire CCI and debited premiums from those customers’ accounts.

ASIC is seeking declarations and pecuniary penalties from the Federal Court. A case management hearing is yet to be scheduled.

CBA to pay $7m penalty

The allegations into Westpac follows the Federal Court ordering the Commonwealth Bank of Australia (CBA) to pay a $7 million penalty after declaring the bank guilty of making false or misleading representations and engaging in misleading and deceptive conduct.

These declarations related to 12,119 occasions when CBA charged a rate of interest on business overdraft accounts substantially higher than what its customers had been advised.

The rate, which customers were advised would be 16 per cent per annum in most cases, was said to rocket to around 34 per cent per annum.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2021-04-08 01:34:40" ["slug"]=> string(37) "16605:westpac-faces-civil-proceedings" ["parent_slug"]=> string(16) "271:borrow-money" ["catslug"]=> string(11) "275:banking" ["event"]=> object(stdClass)#5846 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(398) "

The corporate regulator has commenced civil penalty proceedings against Westpac alleging the big four bank used misleading and unfair sales of consumer credit insurance. 

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The Commonwealth Bank of Australia has been ordered to pay a $7 million penalty for charging an interest rate on business overdraft accounts that was substantially higher than what customers were advised.

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The Federal Court of Australia has ordered the Commonwealth Bank of Australia (CBA) to pay a $7 million penalty after declaring the bank guilty of making false or misleading representations and engaging in misleading and deceptive conduct.

These declarations related to 12,119 occasions when CBA charged a rate of interest on business overdraft accounts substantially higher than what its customers had been advised.

The rate, which customers were advised would be 16 per cent per annum in most cases, was said to rocket to around 34 per cent per annum.

In reaching the penalty decision, Justice Lee found that CBA’s conduct was serious, that the number of false and misleading representations were significant and that conduct of this type and nature must be prevented.

And while the CBA admitted to charging more than 1,510 customers a different and higher interest rate, the court rejected the bank’s allegations that it acted expeditiously to remedy the error.

“Financial services institutions need to have appropriate systems, governance and controls in place to ensure they deliver on promises made to their customers. When CBA failed to resolve this error after it was identified, customers were overcharged more than $2 million in interest,” ASIC commissioner Sean Hughes said in a statement.

Mr Hughes, however, commended the CBA for making investments in its systems as a matter of priority.

“All financial services institutions should make similar commitments to rebuild trust in our financial system and to avoid further failures,” he added.

CBA’s conduct was the subject of a case study by the Hayne royal commission.

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The Commonwealth Bank of Australia has been ordered to pay a $7 million penalty for charging an interest rate on business overdraft accounts that was substantially higher than what customers were advised.

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New loan commitments for housing have declined for the first time since May 2020, but months of growth have ensured records have been maintained, new data has shown.

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After eight consecutive months of growth, new loan commitments for housing fell 0.4 per cent to $28.6 billion in February 2021, the Australian Bureau of Statistics’ (ABS) Lending to Households and Business figures showed.

While this is the first fall in almost a year, commitments remain close to record high levels, the report indicated.

According to ABS head of finance and wealth Katherine Keenan, the fall in February was driven by reduced loan commitments for existing dwellings, but the value of these loan commitments remained 39.7 per cent higher than in February 2020.

Overall, new loan commitments for owner-occupier housing fell 1.8 per cent in February 2021, but stood 55.2 per cent higher compared with February 2020.

All states and territories, except NSW, Queensland and the ACT, saw lifts in new loan commitments for owner-occupier housing.

NSW had the largest fall at 4.9 per cent, while Victoria had the largest increase at 4.2 per cent.

“With lending approvals being a leading indicator of demand and anecdotal information from agents suggesting that increased listing enquiries will improve supply, we should see an easing of pressure on prices and thus not requiring any macro-prudential measures to curb lending,” according to Real Estate Institute of Australia (REIA) president Adrian Kelly.

“Borrowers should nevertheless be prudent in their borrowing, and with their bank’s assistance, pressure test their ability to meet repayments should interest rates increase,” he continued.

On the other hand, the value of new loan commitments for investor housing rose 4.5 per cent to $6.9 billion in February 2021, which is 31.6 per cent higher than in February 2020. This is on the back of improving rental market conditions, Mr Kelly highlighted.

“Investor lending continued an unbroken period of growth since reaching a 20-year low in May 2020,” Ms Keenan noted.

Increases were seen in all states and territories, with the exception of Tasmania and the two territories.

The largest increase in the value of new loan commitments to investors was seen in Victoria for the second consecutive month, with an increase of 13.1 per cent in February.

Meanwhile, the value of loan commitments for the construction of new dwellings has also risen by 4.4 per cent on the back of a consistent period of record rises since July 2020.

According to Ms Keenan, the HomeBuilder grant continued to influence the results despite being reduced from 1 January 2021 as “it was made more widely available to borrowers in NSW and Victoria through increased price caps on new build contracts”.

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New loan commitments for housing have declined for the first time since May 2020, but months of growth have ensured records have been maintained, new data has shown.

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string(19) "2020-07-08 05:42:04" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5704 (3) { ["data":protected]=> object(stdClass)#5707 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5706 (3) { ["data":protected]=> object(stdClass)#5709 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(18) "Second article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [9]=> object(stdClass)#5863 (32) { ["id"]=> string(1) "9" ["title"]=> string(17) "Third article URL" ["name"]=> string(17) "third-article-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-07-08 05:42:42" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5708 (3) { ["data":protected]=> object(stdClass)#5711 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5710 (3) { ["data":protected]=> object(stdClass)#5713 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(17) "Third article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#5860 (32) { ["id"]=> string(1) "4" ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "1" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5712 (3) { ["data":protected]=> object(stdClass)#5715 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5714 (3) { ["data":protected]=> object(stdClass)#5717 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(9) "Video URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [6]=> object(stdClass)#5861 (32) { ["id"]=> string(1) "6" ["title"]=> string(33) "Image Caption / Video description" ["name"]=> string(31) "image-caption-video-description" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 16:29:55" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "2" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5716 (3) { ["data":protected]=> object(stdClass)#5719 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5718 (3) { ["data":protected]=> object(stdClass)#5721 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(33) "Image Caption / Video description" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [3]=> object(stdClass)#5856 (32) { ["id"]=> string(1) "3" ["title"]=> string(6) "Status" ["name"]=> string(6) "status" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:45:26" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "3" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5720 (3) { ["data":protected]=> object(stdClass)#5726 (1) { ["options"]=> object(stdClass)#5724 (2) { ["options0"]=> object(stdClass)#5723 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#5725 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5722 (3) { ["data":protected]=> object(stdClass)#5728 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#5859 (32) { ["id"]=> string(1) "5" ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "4" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5727 (3) { ["data":protected]=> object(stdClass)#5730 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5729 (3) { ["data":protected]=> object(stdClass)#5732 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(22) " Essential information" ["description"]=> string(35) "3 points that summarize the article" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#5869 (32) { ["id"]=> string(1) "2" ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "5" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5731 (3) { ["data":protected]=> object(stdClass)#5734 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5733 (3) { ["data":protected]=> object(stdClass)#5736 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(76) "/borrow-money/loans/home-loan-commitments-crash-for-the-first-time-since-may" ["image"]=> string(41) "images/article-826x550/loan-folder-ne.jpg" ["image_alt"]=> string(56) "Home loan commitments crash for the first time since May" } }