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BFCSA
MORTGAGE
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What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
National Australia Bank restructures private bank; ANZ locks down wealth sale Australian Financial Review Mar 16 2017 12:15 AM Sarah Thompson, Anthony Macdonald, Joyce Moullakis   National Australia Bank is overhauling its private banking division in a move that will prompt redundancies. Street Talk understands the bank is spilling the roles of almost 20 private bankers as it realigns the unit to focus more on ultra high-net-worth and high-net-worth customers. Those bankers will face either redundancy, redeployment or can apply for 27 newly created roles. But it is unclear if the new positions are at the same level of those being cut. As part of the shake-up, NAB is introducing a sub unit which will act as a direct private bank in which employees will only deal with customers via digital and phone channels. The moves are said to be related to NAB segmenting higher quality customers from those the bank...
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Rate cuts dismissed as house prices ‘defy belief’ The Australian 12:00am March 16, 2017 Daniel Palmer   The chief economist of one of Australia’s largest banks has ­issued a stark warning on housing markets in Sydney and Melbourne, saying prices are so high they “defy belief”. The candid assessment by the National Australia Bank came as it also predicted high property ­prices would force the Reserve Bank to keep interest rates at their record low of 1.5 per cent throughout the year. NAB chief economist Alan Oster warned yesterday that housing price growth showed no signs of slowing, and that growing concerns about financial­ ­stability and household debt led the bank to ditch its earlier ­forecast for two rate cuts this year. It’s the second change to the bank’s forecast in as many months. “The housing markets in Sydney and Melbourne continue to defy belief in 2017, with property prices showing...
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Property investors 'materially dependent' on rent face steep rate hike Australian Financial Review Mar 15 2017 11:00 PM James Eyers   Property investors who are "materially dependent" on income generated from renting their property face steep increases to interest rates in the coming years, as banks respond to global regulatory changes that will require them to hold higher levels of capital against such loans. An alarming report published by JPMorgan on Wednesday says regulatory reforms known as Basel 4 will require banks to hold up to five times the amount of capital against investor loans materially dependent on rental income to repay the loan. This could lead to interest rates for loans to investors with deposits of less than 20 per cent rising 3 percentage points, lifting from the present rate of about 4.5 per cent to 7.5 per cent – even if the Reserve Bank of Australia keeps the cash...
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Could Labor break up the big four banks? ALP frontbencher says it could happen The Age March 14 2017 - 2:20PM James Massola   Labor MP Matt Thistlethwaite has suggested Australia's big four banks could be broken up into smaller entities if the ALP's proposed royal commission into the sector recommends it. But the Australian Bankers' Association has warned such a move could undermine international confidence in the banking sector - in particular, in the "too big to fail" big four - and potentially spark a credit crisis. Mr Thistlethwaite holds the junior frontbench position of assistant to shadow treasurer Chris Bowen and when contacted by Fairfax Media, Mr Bowen failed to rule out such a move, though he chose his language differently to his junior minister. "Federal Labor had already outlined the sorts of areas a royal commission into the financial services sector would examine," Mr Bowen said. "It would...
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Black as the ace of spades...   Foreigners hoover-up 11% of NSW home sales   By Unconventional Economist in Australian Property   at 1:20 pm on March 14, 2017 | 46 comments By Leith van Onselen As Sydney home values continue to hyper-inflate:     A Freedom of Information (FOI) request has revealed that foreign buyers have hoovered-up 11% of home sales. From The AFR: Figures released under Freedom of Information laws from the NSW Office of State Revenue show that foreign nationals accounted for 11 percent of the 28,141 residential homes purchased in NSW from July to September last year. Chinese purchased over 32 percent of those properties, followed by British and New Zealanders at 10 percent each and Indians at 6 percent. (Some of the best houses are being sold on Chinese social medai site WeChat.) The figures reflect the period after the June budget when the NSW government...
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Shades of the Wolf of Wall Street again and again and again and again.....why does the   Government not put a stop to it?   Dairy farmers owed millions while owners of collapsed National Dairy Products led lavish lifestyle 7.30 By national rural and regional correspondent Dominique Schwartz and the National Reporting Team's Alexandra Blucher Updated about 9 hours agoMon 13 Mar 2017, 10:52pm http://www.abc.net.au/news/2017-03-13/ndp-owners-partied-as-company-went-into-administration/8349190  Dairy farmers who are collectively owed millions of dollars have accused the owner of a collapsed Victorian milk broking business of funding his "lavish lifestyle" from the company accounts rather than paying them for their milk. Gippsland dairy farmer Fiona Plant says her family is owed more than half a million dollars. "It's not good enough that someone has a luxury boat on the Gold Coast and can have expensive holidays, lives in a multi-million-dollar mansion and can't even pay farmers for their milk," she told...
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How Donald Trump will push your mortgage rates higher Analysis By business editor Ian Verrender Updated yesterday at 11:54amMon 13 Mar 2017, 11:54am   http://www.abc.net.au/news/2017-03-13/how-donald-trump-will-push-your-mortgage-rates-higher/8347736   Your mortgage rates are about to rise. And you can thank President Donald Trump for that. When America's central bank convenes mid-week, it is almost a foregone conclusion it will push interest rates higher.   With her trademark Joisey drawl, Janet Yellen — the world's most powerful woman — will explain that because America's economy is now in recovery, with employment nearing capacity and inflation expected to rise, the days of emergency rates are over.   She has been hinting at a rise for weeks now. And after Friday night, when US employment figures delivered another strong result, it is pretty much a certainty. It will likely inflame an ongoing battle with the POTUS — that's President of the United States for the uninitiated —...
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Mortgage stress to ‘continue to rise moderately’ this year, says Moody’s The Australian 3:01pm March 13, 2017 Michael Bennet   Ratings agency Moody’s has warned investors that securities backed by mortgages will come under more stress this year amid “less favourable” conditions in the housing market. As the government explores ways to improve housing affordability following heady price increases, Moody’s today revealed delinquency rates for “prime” residential mortgage-backed securities would “continue to rise moderately” this year. In the fourth quarter of last year, 30 plus day delinquencies on prime RMBS — mortgages that are considered to the safest for investors to buy — deteriorated to 1.57 per cent from 1.5 per cent at the end of September, Moody’s said. Lenders — including the major banks — sell RMBS to investors for funding. “Weaker economic conditions in states reliant on the mining industry, rising underemployment, weak wage growth and less favourable housing...
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The Commonwealth Bank reduces the maximum loan-to-value ratios from 95 to 90 per cent News Corp Australia Network March 13, 2017 2:06pm Sophie Elsworth   AUSTRALIAN property investors are set to be hit again as the nation’s largest bank tightens the screws on investment lending. Investors will be forced to stump up larger deposits to buy property after the Commonwealth Bank revealed it would reducing the maximum loan-to-value ratios from 95 to 90 per cent. This means borrowers must have a 10 per cent deposit instead of five per cent which was previously allowed to buy an investment property. This means for a $300,000 property investors will now need to provide a $30,000 deposit instead of previously a $15,000 deposit. These changes are effective immediately and will not impact owner occupiers. The bank’s executive general manager of home buying, Dan Huggins, said the move would help the bank to “meet customers’...
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Scott Morrison says high house prices are 'real', not an investor bubble Australian Financial Review Mar 13 2017 7:14 PM Phillip Coorey, Jacob Greber   Treasurer Scott Morrison has fuelled speculation the government may allow first homeowners to access their superannuation to break into the market after he said the cost of entering the housing market was causing couples to put off having children. The Treasurer has also shrugged off fears that investors are stoking a dangerous property bubble, saying a lack of supply means galloping prices for houses in Sydney and Melbourne are "real" even if they're high. With speculation rife in the retirement industry that the government was considering the super option as part of its housing affordability package, Mr Morrison said accessing low interest rates loans was not the problem for new homebuyers. "The problem is being able to save quickly enough to get a deposit which is...
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The Government Is Too Busy Lining Its Pockets To Fix The Housing Crisis We'd like to see the revenue generated from ending negative gearing reinvested into construction of high-quality, affordable housing. 13/03/2017 5:27 AM AEDT | Updated 7 hours ago http://www.huffingtonpost.com.au/sarah-hanson-young/the-government-is-too-busy-lining-its-pockets-to-fix-the-housing/?ncid=edlinkauhpmg00000001 If there’s there's one thing wealthy Australians like to share with those darn entitled millennials, it's advice on how they should go about buying their first home. For the likes of Barnaby Joyce, Scott Morrison and Michael Sukkar, there is no housing affordability crisis. Young people have just been going about entering the property market the wrong way. Recently in Senate Estimates, under questioning from my colleague Peter Whish-Wilson, the head of the Treasury Department declared that the first hurdle could simply be the mindset of young people. It's different from the mindset that baby-boomers had when they bought their first home in the 1970s, you see, and could be...
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  Couldn’t resist cutting and pasting the comments! Scroll and read comments....   Commonwealth Bank boss accused of ‘cover-up’ 7 March 2017 Jackson Stiles http://thenewdaily.com.au/money/finance-news/2017/03/07/comminsure-ian-narev/?utm_source=Responsys&utm_medium=email&utm_campaign=20170308_TND_2   The CommInsure scandal continues to plague the Commonwealth Bank, with CEO Ian Narev copping heavy criticism from Labor and the Coalition for allegedly covering up the crafty ways the bank dodges insurance claims. Liberal chair David Coleman and Labor deputy chair Matt Thistlethwaite alternated between stunned silence, sarcasm and rage at Tuesday’s economics committee hearing, as they probed whether CommInsure, one of the nation’s largest insurers, has been ripping off sick and dying customers. Both wanted to cause the bank maximum embarrassment: Mr Coleman to negate any need for a royal commission, Mr Thistlethwaite to make one inescapable. “A bit novel” is how Mr Coleman described, with dripping sarcasm, the way CBA cleared itself by paying Deloitte to investigate CommInsure  — with terms of reference...
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Could be the Wells Fargo scam ?   ASIC told ANZ to clean things up IF doing the same when the Wells Fargo account scandals hit the media last year... $1k overdrafts on credit cards were part of what banks were up to in 2011 ..See second link ...interesting names from 2002!   A Few Words About This Little Wells Fargo Scam http://www.esquire.com/news-politics/politics/news/a48477/wells-fargo-scam-social-security/ 9 September 2016 ............On Thursday, federal regulators said Wells Fargo (WFC) employees secretly created millions of unauthorized bank and credit card accounts—without their customers knowing it—since 2011. The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money. "Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement. Again, the CFPB is the brainchild of Senator Professor Warren, whom the...
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  Trust us...Australia will steal your money and NZ will hide it from authorities Interesting Australian Bad Bankers Elliott, Hodges, Narev and Thorburn are all Kiwis and so was Ralph Norris!  There are documents in the links........    NZ seeking training in ‘de-radicalization” suggests large pools of terrorists financing in the country: More evidence that the Shewan inquiry was seriously deficient! by Ganesh Sahathevan 3 March 2017 John Shewan is a tax and accounting veteran. Photo: SUPPLIED Malaysia's The Star reported yesterday::  New Zealand is seeking Malaysia’s expertise on the de­ra­­dicalisation  programme for members of terror groups and extremists.This is one of the requests put forward by Wellington apart from wanting to tap Putrajaya’s  knowledge in helping to counter cyber crime activities. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said New Zealand’s request is an acknow­ledgement of the Govern­ment’s efforts in fighting terror and extremism. “We are happy to help New Zealand...
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More duck diving and weaving and shite from the Big Four Banks!   Westpac boss Brian Hartzer cedes in principle support for dodgy banker naming and shaming By senior business correspondent Peter Ryan Posted about 5 hours agoWed 8 Mar 2017, 12:07pm http://www.abc.net.au/news/2017-03-08/westpac-hartzer-in-principle-support-for-name-and-shame/8335176   Westpac chief executive Brian Hartzer has stopped short of endorsing a parliamentary committee proposal that dodgy bank executives be publicly named and shamed, despite ceding in principle support.   Appearing before the House Economics Committee in Canberra, Mr Hartzer said he did not disagree with calls for greater accountability but said apportioning blame to individual bankers was a "not black and white" matter.   "In principal, I don't have a fundamental problem with that. We are very happy to work with the government in coming up with something that makes sense," Mr Hartzer told committee chairman and Liberal MP David Coleman.   But Mr Coleman pressed Mr...
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  • organza
    organza says #
    The root cause will never be weeded out if financial crimes go unpunished. I wish they would all stop pussy footing around and ge
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MT must have a short memory......he asks Sussan Ley to resign to play down the heat and now this........   Rolling out Specufestor Cash to kick workers in the guts when she is fresh from failing to declare her latest investment property is pretty bloody stupid. Specufestor Cash champions wage cuts By Houses and Holes in Australian Politics, Featured Article at 4:01 pm on March 8, 2017 | 41 comments http://www.macrobusiness.com.au/2017/03/specufestor-cash-champions-wage-cuts/ This is a poor look for the government: Employment Minister Michaelia Cash has hit back at Bill Shorten after he and the Australian Council of Trade Unions used International Women’s day to pressure the government to “stop the cuts” to penalty rates. Attending a women’s day forum in Melbourne with Anne Summers and ACTU president Ged Kearney, the Opposition Leader said cuts to Sunday and public holiday penalty rates would particularly affect women and declared the government was placing the...
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Banks will never face up to what they should if Politicians are all playing the game...now it’s Michaelia Cash   Cory Bernardi's $1m secret shows why the parliamentary rules are broken   Adam Gartell 9 March 2017 http://www.theage.com.au/federal-politics/political-opinion/cory-bernardis-1m-secret-show-why-the-parliamentary-rules-are-broken-20170308-gut9jo.html   In 2015 Cory Bernardi and his wife bought a $1 million commercial property in Kent Town, Adelaide. The building now serves as the headquarters for Bernardi's Australian Conservatives party.   But curiously, you won't find any mention of the building on the now independent senator's parliamentary pecuniary interests register. Under the real estate section of his register he lists only a residential property in Canberra.   What you will find elsewhere on his register is a shareholding in a company called Twenty-Eight KW. Bernardi set up this company in 2015 and then used it to buy the Kent Town building soon after.   Bernardi believes he has fully complied with the parliamentary...
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allow banks to game the system. At the Australian Securitisation Forum’s annual conference in Sydney on Monday, Charles Littrell, executive general manager, policy, research and statistics division, of the Australian Prudential Regulation Authority (APRA), unveiled the key components of proposed changes to the Australian Prudential Standard 120 (APS 120) that cover the securitisation market. “We think securitisation can be made to work very well for the Australian banking system and the economy” by moving towards a standard core product rather than “bespoke solutions,” said Littrell. In short, he wants simple securitisations that don’t “jerk investors around with complexity.” APRA prefers a principles-based approach to regulation. That hasn’t been the case for the securitisation market but Littrell hopes that is the direction that the new APS 120 regime will take the market. In the lead up to the global financial crisis APRA was concerned that the securitisation industry’s “evident addiction to unnecessarily...
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The Lucky Country: how inheritance and the property boom sharpened inequality – report March 8, 2017 http://www.michaelwest.com.au/the-lucky-country-inheritance-is-sharpening-inequality-says-report/   Inequality is on the rise, perpetuated by government policies such as negative gearing, where ordinary taxpayers subsidise property investors, and the decade-long failure to introduce money-laundering legislation. This report from Brett Cole looks at the latest research on inheritance. Story by Brett Cole How important are Mum and Dad to the future financial prospects of Australians? Very, very important, according to a new study by the Australian Housing and Urban Research Institute. Australians aged between 25 and 44 years who have received wealth from their parents are, unsurprisingly, in a better financial position than those who have not received an inheritance. They are more likely to own their own homes, have higher bank accounts, received university degrees and be self-employed. “If you’ve got a buffer to fall back on, you’re more likely to...
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Boosting leveraged demand  to make housing more affordable makes no sense https://www.lfeconomics.com/Blog/boosting-leveraged-demand-make-housing-affordable-makes-no-sense/   by LF Economics On 8 March 2017   In the thrall of irrational exuberance, Australia is experiencing a debt-financed housing bubble. In our two major cities of Sydney and Melbourne, the housing markets are out of control due to the rapid acceleration of debt enabled by lenders issuing remarkable amounts of mortgages.     Household debt to income ratios for the states of NSW and VIC suggest this to be the case.   Australian lenders are handing out mortgages like confetti – why? It demonstrates banks and non-bank lenders are quite willing to issue risky mortgages to applicants who will not have the long-term financial capability to repay. Lenders are indeed taking on these excessive risks.   Throwing everything but the kitchen sink is today the common approach governments take to ensure housing prices continually rise given their...
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Royal Commission threat galvanises us: ABA   8 March 2017 https://www.rfigroup.com/rfi-group/news/royal-commission-threat-galvanises-us-aba   The shadow of a Royal Commission into banking has “undoubtedly galvanised” the sector, Australian Bankers' Association (ABA) chief executive Steven Munchenberg told the House of Representatives Standing Committee on Economics. Fronting the inquiry on Wednesday afternoon, the ABA’s outgoing chief, however, rejected the Committee’s deputy chair, Labor MP Matt Thistlethwaite’s assertion that the threat of a Royal Commission was the prime motivator behind the association’s "Better Banking" campaign. The campaign launched in April 2016 included a six-point plan aimed at delivering better products and services to customers Thistlethwaite, after doing the math on the timing of the association’s launch - which coincided with Labor's calls for a review - asked the ABA boss if “the reason why you launched the campaign (was) to avoid a royal commission?" “There is no doubt and I’ve said so publicly, that Labor’s calls...
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All these idiots are playing war games..........and globalism was meant to prevent another world war?   http://www.abc.net.au/news/2017-03-09/donald-trump-election-win-shocked-australian-government/8336406   Donald Trump winning US presidential race rated unlikely, Government documents show Exclusive by political reporter Ashlynne McGhee and FOI editor Michael McKinnon Updated about 11 hours agoThu 9 Mar 2017, 8:48am The Australian Government was seemingly unprepared for the prospect Donald Trump would win the US presidential race, with government documents saying there were "no signs" he could swing a victory. Prime Minister Malcolm Turnbull was forced to rely on a personal number provided by golfing legend Greg Norman in the aftermath of the election, because the Department of Foreign Affairs and Trade did not have contact details for Mr Trump's team, although a government briefing paper noted that both "Trump and Clinton had established transition teams". Documents from the Department of Defence released under Freedom of Information laws show Defence Minister Marise...
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BANK HEARINGS PROVE NEED FOR A ROYAL COMMISSION ‎Bank hearings prove need for Royal Commission Yesterday, ‎8 ‎March ‎2017, ‏‎6:38:00 PM | Katy Gallagher http://www.katygallagher.net/media.rss The last three days of bank CEO committee hearings have been another exercise in diversion from the real problems facing bank customers and have proven beyond doubt that only a Royal Commission into the sector will provide the scrutiny and accountability that's needed. The hearings saw CEO after CEO appear before the committee and refuse to answer direct questions, release important reports or take genuine responsibility for the failings of their banks. Whilst many questions were left unanswered, the hearings did establish the following: NAB CEO Andrew Thorburn, revealed that 1,138 employees had been disciplined for breaches of their code of practice; The CBA boss, Ian Narev, reminded us that 40,000 customers had been charged for financial advice that never actually received the advice; The CBA...
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  • Jenny L
    Jenny L says #
    Bring these people to account! How? forget these rediculous "chats" where bank CEO's have the option of answering questions and br
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No wonder Turnbull is pushing for more coal projects!   Pengana Capital pounces on Hunter Hall Daniel Palmer 9 March 2017   http://www.theaustralian.com.au/business/mergers-acquisitions/hunter-hall-in-trading-halt-as-takeover-saga-enters-final-straight/news-story/5e71fe0339108764fd9f0a2c8828f246   A new $3 billion fund manager is set to be created after unlisted Pengana Capital swooped in the long-running battle for control of ethical fund manager Hunter Hall International. The two parties signed a merger agreement late on Thursday that still relies on the approval of Hunter Hall shareholders, with Pengana slated to secure a 73 per cent holding in an enlarged entity. The structure of the deal makes it hard to line up against prior all-cash bids of $2.40 a share from Pinnacle Investment Management and $2 a share from Washington H. Soul Pattinson. The group last traded at $2.42. However, Hunter Hall chairman Kevin Eley stressed the group was confident the Pengana deal would prove “clearly superior” to the off-market proposals already before shareholders as...
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Cigarette executives: No Sydney/Melbourne housing bubble By Unconventional Economist in Australian Property at 11:50 am on March 9, 2017 | 17 comments By Leith van Onselen http://www.macrobusiness.com.au/2017/03/cigarette-executives-no-sydneymelbourne-housing-bubble/ Australia’s big four banks have united to play down fears that Sydney and Melbourne housing are a bubble. From The SMH: Testifying at the parliamentary inquiry into banking this week, the chief executives of National Australia Bank, Westpac and Commonwealth Bank all said that while they are worried about elements of the housing market, prices aren’t over-inflated. “I would draw the distinction between a speculative bubble in prices and prices beyond what fundamentals would justify,” Westpac’s Brian Hartzer told the parliamentary committee on Wednesday. A bubble isn’t occurring in Sydney or Melbourne, where house prices have risen the most, he said. “There are increasing risks, but I still believe the answer is no,” National Australia Bank’s Andrew Thorburn said when asked if houses in...
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