Fixed rate expiration fears
More than 15,000 three-year, fixed-rate mortgages are set to expire this year and plenty of Australian homeowners may face rate adjustments as high as 1.64 per cent, according to research house Cannex.
In dollar terms, that is a $280 increase per monthly repayment on a $250,000 mortgage, as the average three-year fixed interest rate in February 2005 was 6.83 per cent compared to 8.47 per cent today.
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Next year will see AMP roll out an end-to-end solution for its North platform, marking a shift in the firm’s position within the advice technology sector and building on adviser feedback.
My Dealer Services is predicting strong growth in self-licensing next year, citing recent ASIC action against Interprac and the desire for independence as key drivers of the self-licensing trend.
ASIC has handed down a six-month AFSL suspension to MW Planning after the firm failed to replace its banned responsible manager.
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
