Bendigo branch owners suffer increasing losses

Losses are increasing at dozens of Community Bank franchises of Bendigo and Adelaide Bank. While the overwhelming majority of the 234 community banks franchises of [...]

POSTED ON June 1, 2009
Yet another review of superannuation

Superannuation and retirement incomes will be subject to another review. Jeremy Cooper, a deputy chair of ASIC, will conduct the review. Issues for scrutiny include [...]

POSTED ON June 1, 2009
Battellino tells the critics to wait a while

Reserve Bank deputy governor Ric Battellino offered a word of caution to all the commentators offering their verdicts on the deposits and funding guarantees, AOFM [...]

POSTED ON May 29, 2009
Skilton flays at wrong targets

Some direct, but nevertheless misdirected, criticism by Suncorp's acting CEO Chris Skilton at an investor briefing highlights the weakness in the positioning of his, and [...]

POSTED ON May 28, 2009
Plenty of capital on offer for ANZ

The lack of a definite, and priced, target in Asia for ANZ to buy did not stand in the way of the bank drumming up [...]

POSTED ON May 28, 2009
Bad debts a drag on Suncorp

Suncorp Metway raised its guidance for bad debt charges for the financial year to June 2009, as bad debts in the third quarter increased almost [...]

POSTED ON May 28, 2009
Bendigo clarifies exposure to the MIS mess

Bendigo and Adelaide Bank said it had about 8,200 borrowers and average loans of $75,000 to investors in tax-driven investment in the timber plantations of [...]

POSTED ON May 27, 2009
ACCC grumbles over lack of banking competition

Graeme Samuel, chair of the Australian Competition and Consumer Commission, said he would be "gravely concerned" about any merger that strengthens the position of one [...]

POSTED ON May 26, 2009
Customers walk to avoid ATM fees

About 160,000 people a day changed their choice of automatic teller machine at which to withdraw cash during the month of March 2009, Reserve Bank [...]

POSTED ON May 22, 2009
Fees are easy to avoid say banks

The Australian Bankers Association says 33 per cent of total fee revenue collected from households could be reduced if consumers changed their banking behaviour. David [...]

POSTED ON May 22, 2009
Bank penalty fees are unfair

Australian households were bearing the brunt of unfair penalty fees, paying $961 million or nearly 83 per cent of these fees, Nicole Rich, Director - [...]

POSTED ON May 22, 2009
Mortgage broker claims client’s home

Consumer Action Law Centre has launched legal action against finance broker Affordable Home Loans on behalf of a client alleging the broker has unlawfully charged [...]

POSTED ON May 22, 2009
Fake CBA emails offer prizes

The Commonwealth Bank is encouraging customers to be more vigilant with their personal and banking account details following a spate of scam emails being circulated. [...]

POSTED ON May 21, 2009
Banks face direct debit problems

The Banking industry's Code Compliance Monitoring Committee has engaged a market research company to shadow shop banks to see how well they handle requests from [...]

POSTED ON May 21, 2009
Frozen funds trigger margin calls

Investors who used margin loans to invest in mortgage funds, property trusts and high-yield fixed income funds which have since been frozen are being hit [...]

POSTED ON May 21, 2009
Affordability up as repayments fall

The boost to the First Home Owners Grant, record low interest rates and relatively stable house prices have combined to make housing the most affordable [...]

POSTED ON May 20, 2009
Kids get 6 per cent on savings

The top 10 rates in term deposits are now about 4 per cent say banking analysts. At call online savings rates are lower, averaging about [...]

POSTED ON May 20, 2009
Westpac disappoints business

Westpac rates the lowest of the big four banks for relationship manager penetration among small business, middle market and corporate customers. East & Partners' reported [...]

POSTED ON May 20, 2009
Fixed rates hit 15 year low

The average three year fixed rate home loan from a big four bank is currently charging 5.85 per cent per year, the lowest rate for [...]

POSTED ON May 19, 2009
Rates to stay low for another year

Economists and financial markets expect the Reserve Bank of Australia to cut official interest rates by a further 0.25 per cent to 2.75 per cent [...]

POSTED ON May 19, 2009
SME’s rate Westpac, ANZ most popular

Customer satisfaction ratings of the major banks have maintained their steady long-term upward trend, despite recent fluctuations. The latest Roy Morgan Research survey of small [...]

POSTED ON May 19, 2009
CBA looks online for simple sales

Commonwealth Bank is looking to encourage what it calls "simple sales" online. A simple sale is one where the bank already knows the customer and [...]

POSTED ON May 19, 2009
NAB bankrupts customer over $2K

Debt collection agency ACMS tried to bankrupt a Victorian nurse over a $2,000 NAB credit card debt. Janet Crisp originally owed NAB $10,000 on her [...]

POSTED ON May 19, 2009
Auction clearances remain healthy

Sydney auction clearances remain healthy with over 66 per cent of properties put up for auction this week selling on the day. 145 properties sold [...]

POSTED ON May 18, 2009
Sellers cash in on first home frenzy

Vendors in outer suburbs favoured by first home buyers are making huge capital gains by selling their homes amid a rush by buyers to cash [...]

POSTED ON May 18, 2009
1 in 10,000 payments is a fraud

The rate of fraud on Australian credit, charge and debit cards and Australian cheques is up to 0.01 per cent of all transactions, driven up [...]

POSTED ON May 18, 2009
Have you been skimmed?

European mafia style gangs have targeted Australian ATMs and have walked away with millions of dollars from fraud and skimming scams perpetrated on Australian credit [...]

POSTED ON May 18, 2009
Broke families told to eat less

Debt collectors will be subject to a new industry code of conduct, federal licensing regime and an external dispute resolution scheme. According to the ACCC [...]

POSTED ON May 15, 2009
Govt props up Ford Credit

Ford Credit has persuaded the Australian government to guarantee up to $550 million of lending to support the short-term trading position of the car maker's [...]

POSTED ON May 14, 2009
NAB gives $500 to low-income savers

National Australia Bank has added to its suite of microfinance products with the launch yesterday of a savings plan that offers a matching contribution from [...]

POSTED ON May 14, 2009
First home buyer’s grant extended

The boosted federal government first home buyer's grant will be extended for a further six months. The treasurer Wayne Swan announced in the federal budget [...]

POSTED ON May 13, 2009
Pension and retirement age go up

Single aged pensioners will receive an increase of $32.49 per week, taking the base rate to a legislated benchmark level of 27.7 per cent of [...]

POSTED ON May 13, 2009
NAB, ANZ send jobs to India

National Australia Bank has denied claims by the Finance Sector Union that it is planning to send 628 jobs offshore. "We do not have a [...]

POSTED ON May 13, 2009
Protected loan rates must come down

Lenders offering protected loans, a type of margin loan, will in practice have to apply a lower interest rate than in the past, or at [...]

POSTED ON May 13, 2009
Lending figures strong across all segments

Australian Bureau of Statistic Housing Finance figures for the month of March 2009, has continued to show solid growth and demand for mortgages across all [...]

POSTED ON May 13, 2009
Woolies happy with customer take-up for “epump”

Woolworths controversial pay-at-the-pump petrol system ("epump") has been installed at almost 80 per cent of the total 520 company-owned sites, with the remaining company owned [...]

POSTED ON May 13, 2009
SME insolvencies on the rise

Small businesses are starting to feel the bite of the recession, as the number of companies entering administration reached its highest level in 10 years. [...]

POSTED ON May 13, 2009
Rates remain on hold in May

Today's Reserve Bank Board meeting resulted in a decision to leave the cash rate unchanged at 3.0 per cent. Governor Glenn Stevens said the central [...]

POSTED ON May 12, 2009
St George grows lending

St George bank continued to win mortgage market share, lend more to business and grow its deposit base in the half year to March 31. [...]

POSTED ON May 12, 2009
Super Visa debit card

Have you ever been at the supermarket checkout and found yourself short of cash or, worse, had your card payment rejected? If only you could [...]

POSTED ON May 11, 2009
Margin lending down, margin calls up

Margin lending continues to contract in Australia as investors seek to deleverage their portfolios. Margin loans outstanding were 12 per cent down in the first [...]

POSTED ON May 11, 2009
No more reloadable pre-paid Visa cards

Apart from the Travelex Cash Passport and other travel cards, the reloadable open loop pre-paid card has failed to make an impact in Australia. Marketing [...]

POSTED ON May 8, 2009
No guarantee on gift cards

Treasury this week confirmed that balances held on pre-paid cards, like balances held on traveller's cheques, are not covered by the Australian government guarantee on [...]

POSTED ON May 8, 2009
Govt reins in margin lenders

All margin lenders will have to be licensed and disclose all their fees and charges to borrowers under radical changes announced yesterday by the Minister [...]

POSTED ON May 8, 2009
Reverse mortgage market under pressure

Reverse mortgage settlements of $141 million in the six months to December were down more than 20 per cent on the June half, a reflection [...]

POSTED ON May 8, 2009
Sydneysiders struggle with debt

Almost one quarter of Sydney residents say they could not pay their electricity, gas or telephone bills on time compared with 13 per cent in [...]

POSTED ON May 7, 2009
Swan set to raid our wallets

All Australians will feel some pain from the federal government's budget to be handed down next week. The treasurer Wayne Swan is looking for revenue [...]

POSTED ON May 7, 2009
House prices crumbling

Established detached house prices fell 2.2 per cent in the first three months of 2009 and almost seven per cent in the year to March [...]

POSTED ON May 5, 2009
House prices to crash by 20 per cent

The Australian 'property bubble' will deflate over the next two years and drag house prices down by about 20 per cent according to a university [...]

POSTED ON May 1, 2009
Bad debts dog Bankwest

Commonwealth Bank believes it paid too much for Bankwest when it bought the bank from HBOS late last year. CBA has revealed a much higher [...]

POSTED ON May 1, 2009
ANZ number one in customer satisfaction

ANZ chief executive Mike Smith was keen to report yesterday that the bank was the top performer in the Roy Morgan retail customer satisfaction survey, [...]

POSTED ON April 30, 2009
Australians’ $1 billion lost interest bill

Research from financial comparison experts InfoChoice shows that Australian consumers have short-changed themselves of more than $1 billion worth of interest in the past six [...]

POSTED ON April 29, 2009
Responsible loans cost more say banks

Banks are resisting the new federal government consumer credit laws that include jail terms for lenders who do not comply with responsible lending laws. Banks [...]

POSTED ON April 28, 2009
Lenders will be policed

Two hundred new ASIC staff will police banks and other lenders under the new federal government consumer credit laws, unveiled yesterday by Senator Nick Sherry. [...]

POSTED ON April 28, 2009
No hardship allowed under new credit law

Breaches of the responsible lending rules will be subject to criminal and civil penalties. The rules are detailed. They cover new loans, refinancing, increases in [...]

POSTED ON April 28, 2009
Finance brokers have to be reasonable

Finance brokers will not have to meet the same obligations as lenders under the responsible lending provisions in the new national consumer protection law. Brokers [...]

POSTED ON April 28, 2009
Foreclosures up thirty per cent

Eight hundred and eighty Victorian households faced foreclosure in the first three months of the year, according to Supreme Court figures, a rise of 30 [...]

POSTED ON April 28, 2009
Consumer credit threshold lifted

National consumer credit laws will adopt a higher threshold at which lenders are obliged to formally consider a variation to a loan where a customer [...]

POSTED ON April 27, 2009
NAB bumps up rates for kids and TD’s

National Australia Bank has reviewed its decision to reduce the interest rate on its youth savings accounts and has reversed the decision. NAB has announced [...]

POSTED ON April 27, 2009
CFS investments now available from BankWest

Bankwest's 57 Personal Financial Advisers will join Commonwealth Bank of Australia's wealth management structure and become part of CBA's wealth management arm, Colonial First State, [...]

POSTED ON April 27, 2009
One hundred thousand face foreclosure

The number of households experiencing Mortgage Stress fell 2.8 per cent in April with 568,000 households in some degree of pain, compared with a peak [...]

POSTED ON April 24, 2009
Banks lower LVR’s

Westpac lowered the maximum loan to valuation ratio it will accept on new home loan applications to 90 per cent from 95 per cent, the [...]

POSTED ON April 24, 2009
Credit Unions signing up for Cashcard ATMs

The Maritime, Mining and Power Credit Union announced that it had signed a one-way card acceptance agreement with Cashcard, allowing its cardholders to use Cashcard [...]

POSTED ON April 24, 2009
Business rates go up

Banks have not reduced interest rates for business customers at all over the last six months and have in fact increased interest rates for more [...]

POSTED ON April 24, 2009
RBA to keep its powder dry

With the Australian economy looking suspiciously like it is already in recession, the Reserve Bank has a tough job on its hands. It needs to [...]

POSTED ON April 24, 2009
AMP, Bankwest luring savers

Savers need to search hard for the best deals in savings accounts. Last month Bankwest launched a savings account called Smart eSaver, now with a [...]

POSTED ON April 23, 2009
OSAs holding up better than TDs

Anyone who went into a 12-month term deposit this time last year would have got 8 per cent, or better, and is now faced with [...]

POSTED ON April 23, 2009
Business Credit Cards

If your operating a small business or in charge of the finances in a larger company, consider the benefits of one of these business credit [...]

POSTED ON April 22, 2009
Credit Card Interest Rate Deals

Looking forward to one of life’s great adventures? Maybe an overseas trip or you’re planning on fitting out your new pad. Either way, there are [...]

POSTED ON April 22, 2009
Gold & Platinum Credit Cards

Your credit card says a lot about who you are. Selecting a premium card not only reflects where you have got to in life, but [...]

POSTED ON April 22, 2009
First home buyers overwhelming banks

Some first homebuyers are missing settlement dates because banks are being swamped by home loan applications and taking over a month to process paperwork. St [...]

POSTED ON April 22, 2009
NAB confirms rate hike on fixed rate mortgages

National Australia Bank has confirmed that it is raising interest rates on new fixed rate mortgages. NAB's standard fixed rates for two-year home loans increased [...]

POSTED ON April 22, 2009
Most don’t understand investing

The wealth management industry does not meet best practice benchmarks in any area of its operations, it does not meet the needs of the average [...]

POSTED ON April 22, 2009
Commercial funds getting good investment returns

Retail mastertrusts have outperformed industry superannuation funds within the growth investment option for the first time since mid 2008. The commercial funds outperformed the not-for-profits [...]

POSTED ON April 22, 2009
Business customers turn away from St George

St George Bank has suffered a heavy fall in its satisfaction rating among business customers, according to the latest TNS business banking customer satisfaction report. [...]

POSTED ON April 21, 2009
Mortgages, margin loans to be reviewed

The Parliamentary Joint Committee on Corporations and Financial Services' inquiry into financial products and services will include a review of banking products. Reflecting the transfer [...]

POSTED ON April 21, 2009
Skimmers need your PIN say police

Police found a sophisticated card skimming device attached to a busy city ATM yesterday. The skimmer was uncovered on a St George Bank ATM at [...]

POSTED ON April 21, 2009
More on the true cost of term deposits

A media release from the Australian Bankers Association last week addressing bank interest margins and funding costs was an intriguing document. Apparently the ABA felt [...]

POSTED ON April 20, 2009
CBA missing profit target

Business planning at Commonwealth Bank is predicated on the basis of a worse recession than the already downbeat, consensus forecasts suggest, while the bank expects [...]

POSTED ON April 20, 2009
Less business means wage cuts at CBA

Commonwealth Bank has announced unilateral and across the board cuts in real wages for the forthcoming financial year. CBA advised staff in Australia that it [...]

POSTED ON April 20, 2009
Visa/MasterCard debit cards killing Eftpos

The Eftpos system is slowly but surely losing its grip on the debit payment market according to an analysis of Reserve bank payments data by [...]

POSTED ON April 17, 2009
Mortgage and business loan defaults go up

More than three per cent of commercial property loans are impaired or not performing according to the latest figures from the Reserve Bank. 2.1 per [...]

POSTED ON April 17, 2009
Banks need to increase their profit margins

The Australian Bankers' Association (ABA) said that, despite contrary assertions, bank interest margins remain at extremely low levels. Deposit rates are still high relative to [...]

POSTED ON April 17, 2009
Westpac sees housing shake-out

The growth in home loans could almost halve over the next year producing an "ugly" shake-out in the more stressed parts of the housing market, [...]

POSTED ON May 7, 2004
Sydney auctions market hits new low

Sydney's auction clearance rates have plunged to the lowest levels since the property bust during the recession of the early 1990s. Figures from the Home [...]

POSTED ON May 5, 2004
Don’t be afraid to grill your broker

Investors may feel that the relationship with their stockbrokers is a bit one-sided. As a customer and the person paying the fees, the investor should [...]

POSTED ON May 5, 2004
Banks barred from ID checking plan

Australian banks have been pushing for inclusion in a plan to allow the cross-checking of personal data between federal and state agencies to combat identity [...]

POSTED ON May 4, 2004
ACT cuts stamp duty and land tax

The Australian Capital Territory Government has cut stamp duty and land taxes by $10.5 million. First-home buyers of properties under $273,000 will pay no stamp [...]

POSTED ON April 30, 2004
Rates on hold despite housing rebound

The Reserve Bank board has a lot to ponder on Tuesday when it sits down to consider interest rates at its May meeting. An unwelcome [...]

POSTED ON April 30, 2004
Decline in mortgage margins worries ANZ

ANZ's mortgage margins have declined more sharply than expected in the first half. The bank reported a rise in net profit after tax to $1.4 [...]

POSTED ON April 28, 2004
Biggest not always best in biotech

A biotechnology industry expert says the belief that small biotech companies make poor investments is not always correct. Dr John Ballard undertook an analysis of [...]

POSTED ON April 27, 2004
US rates to rise, Oz on hold

Two US Senate testimonies given by Federal Reserve chairman Alan Greenspan this week suggest the time is approaching when US interest rates will be on [...]

POSTED ON April 23, 2004
Tenants willing to shell out more rent

Brisbane's tenants are now willing to pay an additional $20 a week on average, indicating that rentals may be catching up with property price growth. [...]

POSTED ON April 21, 2004
Big rate variations on term deposits

Attractive interest rate offers for term deposits continue to emerge but the rises have been very specific. Only some lenders have lifted and then only [...]

POSTED ON April 21, 2004