Briefs: Fixed rates are back in fashion, CBA fronts loan enquiry, Aussie fintech Prospa among Asia T
After hitting a four year low in October, fixed rate demand has bounced back over the month of November, according to the latest national home loan approval data from Mortgage Choice. Fixed rate home loans accounted for 17.39 per cent of all loans written throughout the month of November - up from 13.88 per cent the month prior. "As a result of those [out of cycle] rate hikes, an increasing number of new buyers are looking to fix at least part of their mortgage," said John Flavell, chief executive officer for Mortgage Choice. CBA executives have strenuously defended their bank's treatment of Bankwest clients following the acquisition of Bankwest, Fairfax Media reports. "The CBA could not reduce the purchase price payable to Lloyds by impairing customer loans and nor did it intend to do so. We repaid all of the wholesale funding, again there was no clawback possible, there were no warranty claims in relation to impaired loans," CFO David Craig told a joint parliamentary committee. He denied an oft-cited claim by disaffected business customers that CBA gained a capital benefit from impairing loans, nor receive any compensation from HBOS. SME lending platform Prospa has been rated as the third fastest growing technology company in Asia in the prestigious Deloitte Asia 2015 TechFast 500. Prospa was Australia's 2015 Deloitte TechFast 50 winner, and has grown almost 7000 per cent over the last three years. Cirrus Networks (Perth), a listed Australian IT solutions integrator, placed fourth in the fastest growing technology companies in Asia and ranked second in last month's Australian TechFast 50 awards. Fitch Ratings expects stable ratings and asset-sector performance for structured finance transactions in Asia-Pacific throughout 2016. Most structured finance portfolios in the region are backed by assets in Australia, where the economic fundamentals are likely to remain strong in 2016, Fitch said. Outlooks on asset sectors are stable elsewhere in APAC, based on favourable economies. In particular, neither an expected 2016 slowdown in car sales in China, nor the Volkswagen emissions scandal, will affect the regional securitisations rated by Fitch.