The Centre for International Finance and Regulation has lost its Commonwealth funding and may close. CIFR is a consortium of universities, research centres and industry partners that operates with Commonwealth and New South Wales Government funding. CIFR chief executive David Gallagher said in a statement: "The current budgetary and political climate have made it extremely difficult to secure a sustainable future for CIFR. While there is still a remote chance that further Commonwealth Government funding might be allocated to CIFR, our primary focus now will be on ensuring that all research projects are completed and the results disseminated to stakeholders before the end of 2016." Twenty per cent of Australian families have provided financial assistance to other family members to help them buy a house, according to new research. ME found that a growing number of families are putting retirement plans on hold to help family members buy a home. The average amount being loaned or given is $43,000. Gifts are the most common form of support, followed by going guarantor. There has been an increase in the amount of interest-based lending within families. ANZ and Westpac have been victims of home loans frauds  involving applications supported by fake Chinese income documents, the Australian Financial Review reports. Corrupt mortgage brokers are said to be involved in the scam, which has resulted in hundreds of fraudulent home loan applications being approved. An ANZ spokesman said the bank had experienced problems with "the income documentation of a small percentage of borrowers who rely on foreign income." The banks have informed regulators and police, according to the report.