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Year in review: 10 biggest stories of 2014

by Staff Reporter10 minute read
The Adviser

We bid farewell to a dramatic year that included rate cuts, commission increases, financial scandal and the arrival of a prominent third-party bank.

Here are the stories that got readers clicking in their thousands ...

10. Heritage Bank cuts rates to 3.99pc

The mutual shocked the industry in August when it unveiled the lowest interest rate in its 139-year history.

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9. Bank of China breaks into broking

The Adviser broke the news that one of the world's biggest banks had signed an agreement with AFG to distribute home loans through the third-party channel.

8. Westpac makes 49-point rate cut

The major reduced its discounted variable rate to 4.84 per cent in July in a bid to tempt first home buyers.

7. ASIC slaps director with 10-year credit ban

The regulator announced in November that it had cancelled the credit licence of Net Finance and issued lengthy bans to two of its staff.

6. NAB ramps up commission

Brokers received good news in June when NAB said it planned to reintroduce first-year trail.

5. Brokerage collapses with $900,000 debt

The Commonwealth Bank wound up a brokerage that had 80 staff at its peak but never recovered from the GFC.

4. CBA confirms new broker commission structure planned

In another big scoop, The Adviser revealed in May that Commonwealth Bank would introduce a new commission structure in the second half of 2014.

3. Star broker dies in car crash

Tributes poured in following the tragic news that Loan Market broker Ross Corby had died in a car crash.

2. Sydney and Melbourne property prices set to fall

New forecasts revealed expected price falls of 3.3 per cent for Sydney and 0.7 per cent for Melbourne in 2016/2017.

1. Parliament to debate first home buyer superannuation plan

Senator Nick Xenophon got the industry talking when he proposed a new law to allow Australians to use their super to buy their first property.

[Related: In-depth review of 2014]

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