This week on Financial Services Online's Weekly Finance News Wrap, Paige Estritori discusses major developments in finance and housing. The Australian Securities and Investments Commission (ASIC) has identified significant risks in the private lending sector, including inconsistent practices and ambiguous reporting standards. In response, they recommend adopting traditional banking practices to promote transparency and accountability. Despite government assistance schemes, first home buyers face increasing difficulties due to skyrocketing house prices. However, a rise in first home buyer loans indicates some success of the Government's 5% Deposit Scheme and Help to Buy Scheme. The Australian Prudential Regulation Authority (APRA) is introducing caps on high debt-to-income mortgages for financial stability and sustainable credit growth. For more financial news and insights, visit financialservicesonline.com.au.