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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Saturday, 30 May 2020

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Borrow

Bank justifies refusal to pass on full rate cut

By Cameron Micallef · October 16 2019

Reading:

Borrow

Bank justifies refusal to pass on full rate cut

By Cameron Micallef
October 16 2019

Reading:

Bank justifies refusal to pass on full rate cut

By Cameron Micallef · October 16 2019

Reading:

One of the big four banks has hit back at an announcement that there will be an inquiry into the costs of mortgages, arguing that reduced margins would not be good for customers.

Westpac CEO Brian Hartzer has gone on the front foot, outlining why the bank is not putting profit ahead of customers in its refusal to pass on the full rate cut.

Instead, he argued it is protecting its credit rating.

According to the CEO, if the bank’s credit rating falls, the bank will have to pay more for credit, ultimately leading to higher costs for consumers.

“Westpac must also retain its double AA rating,” he offered.

“This rating allows the bank to import funding at a more reasonable cost from international investors.”

“To lose it would increase the cost of our wholesale funding, which would inevitably lead to higher interest rates for our borrowers,” Mr Hartzer continued.

Pricing decisions from the major banks are more complex than simply reducing the rate with the central bank, he explained.

The CEO said “pricing decisions require banks to take into account a number of factors, particularly as the cash rate heads towards zero. In particular, we have to manage the net interest margin – that is the difference between deposit and lending rates.”

Despite his perspective, Mr Hartzer welcomed the inquiry.

“The inquiry is an important opportunity to put the facts on the table around mortgage pricing,” he said.

The CEO noted that the banking giant “will actively participate in this inquiry and believe the Australian community will benefit from increased transparency”.

A Commonwealth Bank spokesperson has also affirmed the stance towards an inquiry taken by Mr Hartzer.

“The ACCC Inquiry invites the opportunity to gain a deeper understanding of how Australian banks are operating in a historically low interest rate environment,” the spokesperson said.

“Achieving the right balance for borrowers and depositors is a constant challenge, and the inquiry provides an opportunity to bring transparency to these.”

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.