“I have heard horror stories”
Bluestone head of product, Luke Phan, suggests that potential property buyers are losing out on some great deals because of lengthy turnaround times by the big banks. Not surprisingly, he thinks that property investors should consider using non-bank lenders to source funds and quotes turnaround times of 48 hours at Bluestone.
“One of the first red flags”
Creditor Watch CEO, Patrick Coglan has spied warning signals which suggest that Australia’s economic recovery has lost momentum. The early sign is a worrying 9 per cent increase in credit defaults across businesses.
“Continued positive signs”
Over at the Commonwealth, they are very bullish about the economy because of a spike in demand for plant and equipment.
The bank’s executive general manager of business lending, Clare Morgan, reports that business car loans have increased by 36 per cent.
NAB bankers are singing along in unison claiming their own data shows businesses are purchasing new equipment and vehicles in record numbers.
“We’ve got such a strong pipeline”
Non-bank SME lender, Judo Bank, has raised a further $124 million to pursue more growth giving the 5-year-old company an implied valuation of $1.9m, according to Sydney Morning Herald writer, Clancy Yates.
Co-founder David Hornery told the SMH: “This really just tops us up given that we’ve got such a strong pipeline.
For at least 20 per cent of Australian loan applicants the words “liar liar pants on fire” are well deserved. Information services provider Experian has released the results of a survey which shows one-fifth of us admit to telling porkies on our credit applications.
The most common lies include understating living costs, fibbing about existing debt and overstating income.
“Watch What You Say”
This piece published in Smart Company is a reminder that it always pays to be careful of what you say when reviewing a business or business owner online.
The owner of a Queensland beauty clinic was awarded $82,500 after an Instagram story posted by a former employee was found to be defamatory. It’s a lot of money to pay just to get something off your chest.