BNPL bites back
Buy Now, Pay Later keeps biting. Finder research shows that more than one in seven Australians using BNPL are struggling with repayments. Gathering burdensome BNPL debt is not fringe behaviour anymore — it’s mainstream cash-flow stress.
For brokers and advisers, this matters. BNPL obligations don’t always show clearly, but they chew borrowing capacity and quietly derail serviceability conversations.
Westpac profits shrug
Westpac posted a $1.9bn quarterly profit, helped by lending and deposits. On paper it’s solid. In reality, margins are tight and competition is brutal. No surprises there.
The bank insists its massive tech overhaul is fine, despite senior tech departures. Official line: “no issue.” Market translation: “please don’t ask follow-up questions.”
Brokers’ Winning Ways
While banks talk platforms and apps, brokers keep taking share. Westpac’s mortgage book is tilting further toward broker-originated loans.
There’s a lesson here. Complex lending still needs humans who return calls, explain policy, and don’t hide behind chatbots.
Savings smoke and Mirrors
Savings rates are rising. Most customers won’t get them. Banks are lifting headline rates while burying real returns under balance hurdles and conditional hoops.
Clients who don’t read fine print miss out. Those who do, feel smug for about five minutes — until the next “offer update” email lands.
Term deposits are flirting with 5% again, led by smaller players. For cash-heavy clients, it’s the most excitement they’ve had since franking credits.
Still, it’s tactical, not transformational. Short terms. Constant repricing. Advisers will need to stay alert — and move fast.
Faster and Higher
OnDeck has lifted its fast SME loan cap to $200k, giving brokers quicker options for time-poor business clients.
This isn’t cheap money. It is fast money. And in SME land, speed often beats perfection — especially when banks are still “reviewing documentation.”
Summary
Consumers are stretched, banks are profitable but defensive, brokers are gaining relevance, and savers are playing fine-print bingo. Same system. Same players. Slightly higher rates. The only real growth area? Complexity — and the professionals paid to explain it.
