The Commonwealth Bank Of Australia

3086 Words Mar 28th, 2015 13 Pages
The Commonwealth Bank of Australia was founded by the Commonwealth Bank Act on December 22, 1911, introduced by the Andrew Fisher Labor Government, Which favored bank nationalization. In a rare move for the time, the bank was to have both savings and general bank business. The commonwealth bank of Australia is an Australian multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom. Commonly referred to as the commonwealth bank or commbank, it provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance, investment and broking services. The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of December 2014 with brands including Bankwest, Colonial First State Investments Limited, ASB Bank INew Zealand), Commonwealth Securities Limited (CommSec) and Commonwealth Insurance Limited (CommInsure).
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A Reverse mortgage is a home loan that provides cash payments based on home equity. Homeowners normally defer payment of the loan until they die, sell or move out of the home. Upon the death of homeowners, their heirs either give up ownership to the home or must refinance the home to purchase the title from the reverse mortgage company. Specific rules for reverse mortgage transactions vary depending on the laws of the jurisdiction.

Reverse mortgages are available in Australia. However, there is little…
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