Latest news with #APRA
Time Business News
2 days ago
- Business
- Time Business News
$2.3M Spent on a $1M Road? Alexandria's Washington Street Project Raises Serious Questions
Alexandria, Indiana — The numbers don't add up. The city of Alexandria awarded a $1.05 million construction contract for the Washington Street infrastructure project. Yet documents obtained by residents show over $2.3 million already paid — not for construction, but for 'engineering,' 'design,' and 'oversight.' To make matters worse, the road remains unfinished. No significant progress has been made in months. No official accounting has been released. And the firm responsible — Clark Dietz — appears multiple times in the city's detailed receipt reports, while actual construction-related disbursements are mysteriously absent. 'How do you spend over two million dollars before breaking ground?' one resident asked. 'Where did the money go?' Residents have filed public records requests seeking breakdowns of spending, planning invoices, and contractor payment logs. So far, city officials have not responded — a potential violation of Indiana's Access to Public Records Act (APRA), which requires acknowledgment within 7 business days. Paired with a growing water crisis — including lab-confirmed E. coli in city tap water — many residents now believe Alexandria is facing not just mismanagement, but a systemic breakdown in accountability. Over 70 locals are backing a citizen-led audit. Others are preparing for class action litigation. And as trust erodes, the silence from elected officials grows more damning by the day. TIME BUSINESS NEWS
Yahoo
6 days ago
- Business
- Yahoo
Bank removes ‘roadblock' for homebuyers
National Australia Bank has become the latest lender to ignore some Higher Education Loan Program debt when assessing new home loans. From July 31, NAB says if someone owes $20,000 or less in student debt, it won't affect how much they can borrow should they take out a new loan with the big four bank. This will help lift the borrowing capacity of a potential borrower, as banks consider income, liabilities and outstandings when calculating how much they will give a potential borrower. NAB executive for home ownership Matt Dawson said the change would make a real difference for first-home buyers especially. 'For too long HELP debt has been a roadblock for many Australians looking to buy a home,' Mr Dawson said. 'NAB was pleased to advocate for this change last year which will allow more people to turn their homeownership dreams into reality, faster.' The NAB move is in line with the Commonwealth Bank, which in April said it would exclude HELP debt from home loan serviceability calculations on the basis the applicant could pay off their debt in the next 12 months. CBA also said it was piloting plans for those who could pay off HELP loans over the next one to five years. In February, student debt came into the spotlight when Treasurer Jim Chalmers told the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority (APRA) to update their guidance on how banks should treat student debts. In June, APRA said the changes would come into effect from September 30 2025. While NAB welcomed the move by the regulator to increase buying capacity for homebuyers by clarifying the treatment of HELP debt, Mr Dawson said housing supply remained the most significant challenge. 'It is critical to address both demand and supply-side measures together to help more Australians buy a home. There's no simple fix, solving Australia's housing challenges will take collaboration across the board.' NAB's move comes after the Albanese government announced changes to HELP debt on Wednesday. In its first Bill since returning to office, the government plans to slash 20 per cent off three million graduates' HELP debt. This is the equivalent of $16bn in total relief, according to the government. The move targets HELP debt, VET loans and apprenticeship loans. Calculations released by the government show $5520 would be wiped off the average HELP debt of $27,600 if the legislation passes. The changes would also raise the minimum threshold for student loans to be repaid from $54,000 to $67,000.
Perth Now
6 days ago
- Business
- Perth Now
Bank removes ‘roadblock' for homebuyers
National Australia Bank has become the latest lender to ignore some Higher Education Loan Program debt when assessing new home loans. From July 31, NAB says if someone owes $20,000 or less in student debt, it won't affect how much they can borrow should they take out a new loan with the big four bank. This will help lift the borrowing capacity of a potential borrower, as banks consider income, liabilities and outstandings when calculating how much they will give a potential borrower. Major banks are beginning to exclude student debt in their serviceability criteria. NewsWire / Nicholas Eagar Credit: NewsWire NAB executive for home ownership Matt Dawson said the change would make a real difference for first-home buyers especially. 'For too long HELP debt has been a roadblock for many Australians looking to buy a home,' Mr Dawson said. 'NAB was pleased to advocate for this change last year which will allow more people to turn their homeownership dreams into reality, faster.' The NAB move is in line with the Commonwealth Bank, which in April said it would exclude HELP debt from home loan serviceability calculations on the basis the applicant could pay off their debt in the next 12 months. CBA also said it was piloting plans for those who could pay off HELP loans over the next one to five years. In February, student debt came into the spotlight when Treasurer Jim Chalmers told the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority (APRA) to update their guidance on how banks should treat student debts. NAB changes to HELP serviceability will start on July 31. NewsWire / Gaye Gerard Credit: News Corp Australia In June, APRA said the changes would come into effect from September 30 2025. While NAB welcomed the move by the regulator to increase buying capacity for homebuyers by clarifying the treatment of HELP debt, Mr Dawson said housing supply remained the most significant challenge. 'It is critical to address both demand and supply-side measures together to help more Australians buy a home. There's no simple fix, solving Australia's housing challenges will take collaboration across the board.' NAB's move comes after the Albanese government announced changes to HELP debt on Wednesday. In its first Bill since returning to office, the government plans to slash 20 per cent off three million graduates' HELP debt. This is the equivalent of $16bn in total relief, according to the government. The move targets HELP debt, VET loans and apprenticeship loans. Calculations released by the government show $5520 would be wiped off the average HELP debt of $27,600 if the legislation passes. The changes would also raise the minimum threshold for student loans to be repaid from $54,000 to $67,000.
News.com.au
6 days ago
- Business
- News.com.au
NAB removes HECS debt hurdle for mortgage seekers
National Australia Bank has become the latest lender to ignore some Higher Education Loan Program debt when assessing new home loans. From July 31, NAB says if someone owes $20,000 or less in student debt, it won't affect how much they can borrow should they take out a new loan with the big four bank. This will help lift the borrowing capacity of a potential borrower, as banks consider income, liabilities and outstandings when calculating how much they will give a potential borrower. NAB executive for home ownership Matt Dawson said the change would make a real difference for first-home buyers especially. 'For too long HELP debt has been a roadblock for many Australians looking to buy a home,' Mr Dawson said. 'NAB was pleased to advocate for this change last year which will allow more people to turn their homeownership dreams into reality, faster.' The NAB move is in line with the Commonwealth Bank, which in April said it would exclude HELP debt from home loan serviceability calculations on the basis the applicant could pay off their debt in the next 12 months. CBA also said it was piloting plans for those who could pay off HELP loans over the next one to five years. In February, student debt came into the spotlight when Treasurer Jim Chalmers told the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority (APRA) to update their guidance on how banks should treat student debts. In June, APRA said the changes would come into effect from September 30 2025. While NAB welcomed the move by the regulator to increase buying capacity for homebuyers by clarifying the treatment of HELP debt, Mr Dawson said housing supply remained the most significant challenge. 'It is critical to address both demand and supply-side measures together to help more Australians buy a home. There's no simple fix, solving Australia's housing challenges will take collaboration across the board.' NAB's move comes after the Albanese government announced changes to HELP debt on Wednesday. In its first Bill since returning to office, the government plans to slash 20 per cent off three million graduates' HELP debt. This is the equivalent of $16bn in total relief, according to the government. The move targets HELP debt, VET loans and apprenticeship loans. Calculations released by the government show $5520 would be wiped off the average HELP debt of $27,600 if the legislation passes. The changes would also raise the minimum threshold for student loans to be repaid from $54,000 to $67,000.
Yahoo
22-07-2025
- Business
- Yahoo
Insignia accepts buyout offer from US investors
Insignia Financial, one of Australia's wealth management firms, is about to undergo a significant change in ownership following a planned takeover by US-based CC Capital and One Investment Management (OneIM). Under the provisions of a freshly signed Scheme Implementation Deed (SID), the two private investment groups would buy 100% of Insignia for A$4.80 per share in cash, valuing the company at around A$3.9bn (US$2.5bn). The offer provides a strong 56.9% premium over Insignia's final undisturbed share price of A$3.06 on December 11, 2024. Subject to judicial and regulatory approvals, the deal will be carried out through a scheme of arrangement and is anticipated to be put to a vote by shareholders in the first half of 2026. These consist of approvals from Insignia shareholders, the Australian Prudential Regulation Authority (APRA), and the Foreign Investment Review Board (FIRB). Insignia, which manages and advises on over A$330bn in assets, is regarded as a prime target for growth-oriented investors aiming to tap into Australia's A$4.1tn superannuation system. Chinh Chu, Senior Managing Director of CC Capital stated: "We believe that Australia's superannuation system is world-class in addressing the structural challenge of aging populations saving for retirement. Insignia's scale, trusted brands, and deep relationships across the A$4.1tn (US$2.7tn) superannuation market1 make it a compelling long-term platform for growth. We recognise the high duty of care required to steward a business with Insignia's rich heritage and connection to the retirement and superannuation system, and we are confident that our investment acumen and long-term approach will position us to improve member outcomes and further enhance the operational trajectory of the business." OneIM's CEO and co-founder Rajeev Misra added: "We are excited to partner with Insignia's management team to help craft the company's next chapter of continued growth and unmatched member service. We believe Insignia will benefit from OneIM's approach to creating long-term value for all stakeholders as we help combine Insignia's history of excellence with technological and investing expertise." Scott Hartley, CEO of Insignia Financial, shared: "Subject to shareholder and regulatory approvals, the CC Capital and OneIM offer would deliver attractive value to our shareholders, while providing the resources and global perspective needed to accelerate our strategic agenda for members, customers and advisers. I look forward to working with the CC Capital and OneIM teams to continue our focus on creating best-in-class service and outcomes for our members."
