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Cash rate remains steady for the nineteenth year

People & Companies / Latest News


Mar 08 2018

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The official cash rate has remained at 1.5 per cent, prompting an increase in non-bank lending. 

Lender Chifley Securities has reported record level loans worth $1.87 billion for the 2017 calendar year. 

Most observers agree with the Reserve Bank’s decision to leave the cash rate untouched for the 19th consecutive month. 

Chifley Securities' principal, Joe Morello told the Sydney Morning Herald that the second half of 2017 was particularly strong and saw Chifley lift its lending to property developers and investors by 15 per cent, with a $282 million contribution by its recently launched Chifley Aggregation.

Chifley Securities projects are property backed, ranging from $1 million to $50 million in Sydney and Melbourne. 

Mr Morello said tighter credit controls within banks had resulted in stronger recognition for the non-bank lending sector amongst developers and land owners. 




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