Clancy Yeates

Clancy Yeates

Clancy Yeates reports on banking and finance and is a former Canberra business correspondent.

Commonwealth Bank financial planning compensation offer exceeds $500k

Clancy Yeates The Commonwealth Bank has offered customers more than half a million dollars in compensation for poor financial advice since it opened a sweeping review of past financial advice in July last year.

Level of risk in housing 'has picked up', RBA's Philip Lowe says

RBA deputy governor Philip Lowe:

James Eyers and Clancy Yeates Rising property prices, household debt and unemployment have increased the risks in bank mortgage books, says Philip Lowe, the deputy governor of the Reserve Bank of Australia.

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Tighter credit to dampen housing boom

APRA figures show tentative signs of slowing in higher-risk parts of the mortgage market.

Clancy Yeates and James Eyers The major banks' clampdown on lending to landlord buyers is set to help Reserve Bank keep interest rates at record lows by dampening the investor-led housing boom, economists predict.

Westpac hires CBA's Lyn Cobley to replace Rob Whitfield

Lyn Cobley was the Commonwealth Bank's group Treasurer from 2007 to 2013 and is currently the bank's executive general manger of retail products and third party banking.

Clancy Yeates Westpac is hiring Commonwealth Bank executive Lyn Cobley to replace its long-serving institutional boss, Rob Whitfield, who is leaving the bank after missing out on the top job last year.

Bank of Queensland beefs up home loan credit checks

Bank of Queensland has moved to apply tighter affordability checks to home loans.

Clancy Yeates Bank of Queensland has moved to apply more thorough affordability checks for home loans, after the corporate regulator found its processes did not comply with responsible lending laws.

Westpac curbs property investor loans

Clancy Yeates Westpac will cap interest discounts for investors as APRA ramps up the pressure on the banks to curb growth in investor loans.

Westpac cuts investor loan discounts

Westpac is the latest bank to cut interest rate discounts for new housing investors.

Clancy Yeates Westpac has followed the other major banks to slow the rapid growth rates in loans to landlords as regulatory pressure over Sydney's red-hot housing market intensifies.

Macquarie joins clampdown on property investors

Clancy Yeates Macquarie Group has joined the growing number of banks charging property investors higher interest rates, as it faces pressure to curb a rapid expansion in home lending.

Banks put brakes on investor lending

Banks are reining in loans to property investors to prevent the housing market overheating. <i>Illustration: Judy Green</i>

Clancy Yeates and James Eyers Banks are taking immediate steps to slow the rapid growth in lending to property investors, in response to action by regulators to prevent the housing market from overheating.

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Bruce Billson backs tougher rules for small-business credit contracts

Bruce Billson says there remains room for improvement to give the small-business sector better access to funding.

Clancy Yeates Small Business Minister Bruce Billson is pushing ahead to extend unfair contract laws to cover small-business customers, despite bank threats the move will push up borrowing costs.

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Banks lock savers into long-term accounts with 'bonus' interest rates

Interest rates on savings were this month cut by more than those on home loans.

Clancy Yeates Banks are trying to woo savers by offering better rates on some longer-term loans.

Owner-occupiers may get cheaper loans than investors due to APRA cap

NAB's Anthony Waldron says the bank has 'a higher appetite' for owner-occupied lending.

Clancy Yeates and Mark Mulligan New lending rules could mean bigger interest rate discounts for borrowers who live in the home they are borrowing against.

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CBA tips small-business tax breaks to lift borrowing

Commonwealth Bank is tipping a bounce in small-business borrowing in response to the budget.

Clancy Yeates Banks are eyeing a cut from the government's $5.5 billion in tax perks for small-business owners.

Home loan size surges as buyers pile on debt

High rise: The average new loan for a first home buyer is $362,000.

Clancy Yeates First home buyers in NSW are loading up on nearly 25 per cent more debt than they were when the Reserve Bank began cutting official interest rates, as buyers scramble to get a foot in the door.

Australian banks exposed to rising house price 'correction' risk: Moody's

Moody's analysts:

Clancy Yeates Australian banks face challenges from the rising likelihood of a long-term "correction" in the housing market, credit ratings agency Moody's has warned.

Banks have little to lose from raising capital early, says APRA chairman Wayne Byres

APRA chairman Wayne Byres:

Clancy Yeates Australian Prudential Regulation Authority chairman Wayne Byres has backed banks acting early to raise their capital levels, and warned that he expects credit growth in the red-hot investor housing...

Federal Budget 2015: Retailers to reap the benefits from Budget's tax break for small businesses

Open all hours? Changes to retail trading hours are among proposals in a landmark competition review.

Mathew Dunckley and Clancy Yeates Retailers are set for a sales rush in the wake of a generous tax break for small businesses that will encourage spending on everything from office supplies and computers to fencing and cars.

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Federal budget 2015: ASIC register privatisation edges forward

The ASIC's registry business is closer than ever before to privatisation.

Clancy Yeates Joe Hockey has brought the Australian Securities and Investments Commission's registry business a step closer to privatisation after last year's budget flagged it as an asset that could be put on the...

Federal budget 2015: FIFO workers lose tax break

Falling commodity prices have hurt Australia's budget.

Clancy Yeates Fly-in fly-out workers are set to lose access to a tax break for living in remote areas, a change that will save the budget $325 million.

Federal budget 2015: Backpackers hit with higher taxes

Under current rules, people on working holidays pay no tax on income received up to about $20,000.

Clancy Yeates Backpackers and others on working holidays will be stung with higher income tax bills as a result of tougher new rules.