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Banking

The latest RBA data suggests growth in Australian housing credit is starting to slow

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Banking

Risk averse Australian banks have lost the art of banking — and it’s hurting our economy

You would be hard-pressed finding a story where one of Australia’s big banks supported an... read more

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Lachlan HandleyDirector at FIFO Capital NSW
There was a time when if you needed money you went to the banks. But unless you have residential or commercial property, there is no point. The banks simply aren't in the business of lending money on an unsecured basis in any meaningful way because the reality is a lof of business fail in the first two years. I don't really think that is ever going to change, regardless of how profitable they are. Thankfully financial innovators have moved to fill this void - there are now more options available to obtain finance: peer to peer lenders, on-line unsecured lenders, invoice finance, crowd funding, the list goes on. I agree with Brian that the borrower should have some / all of their own money at risk (;skin in the game') - why should the lender fund 100%. Cheers Lachlan @ Fifo Capital
Brian MallyonOwner at Luckypole Limited
I don't know what happened in banking between 2001-2008, but certainly in my time prior to that, it was very rare for a bank to lend against 80% of the value of a business. It was probably the lending practices and regulations that meant Aussie banks came through the GFC pretty well compared to overseas counterparts. You can be absolutely sure if they hadn't, people would be screaming about the greedy banks getting their just desserts. So where do we find a balance, that is probably a better question. All those excuses listed above are the exact reasons NOT to lend money to people. Why should the bank take on ALL the risk for a transaction where the borrower isn't providing any "hurt" money or collateral, and often nothing more than an idea. Especially when such a large number of these start ups never get going properly, because of the "fail fast, fail often" world we live in. For the true entrepreneurs and innovators where are the VC's and the like? These are the ones whose business is attuned to assisting startups.
Banking

How to Check and Manage Your Business Credit File

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Banking

10 Ways a Bad Credit Score Can Hurt You

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Banking

Should You Sign Up For A Store's Credit Card?

Thinkstock Have you noticed how stores are pushing a lot more than just their usual merchandise...read more

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Banking

Small business tax concessions and mortgage offset account

Due to a recent court decision, small business owners are being urged to have a look at how their... read more

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