Which banks use Osko?

What is Osko? Osko, in short, is a new way to pay people, businesses and transfer money between bank accounts using Australia’s New Payments Platform [...]

POSTED ON September 26, 2019
Easy ways to save money in Australia

Do you think saving money is hard? Spending money is easier right? Well actually anyone can save money but managing their cash efficiently and taking [...]

POSTED ON June 5, 2019
Savers win from June rate rises

Savings accounts that have increased their rates in June include ING Direct, which restored its “welcome rate” and now offers 6.25 per cent for four [...]

POSTED ON July 1, 2010
Autumn is the best time to sell

The notion touted around property markets that spring is the ultimate time to sell could now be a myth according to rpdata.com research analyst Cameron [...]

POSTED ON June 30, 2010
Rates impacting on property prices

An experienced property analyst has predicted a fall in house process in Sydney and Melbourne if the central bank maintains it rising interest rate policy. [...]

POSTED ON June 29, 2010
What is an exit fee and is it fair?

Mortgage break fees, sometimes known as deferred establishment or exit fees, are a fairly common feature of home loans in Australia. They usually apply in [...]

POSTED ON June 28, 2010
Auctions still working for vendors

There were more strong auction results from capital cities around the court this week. 556 residential properties were listed for auction in Sydney on Saturday, [...]

POSTED ON June 28, 2010
Savers – are you getting the best deal?

Savers can look forward to the continuation of intense competition for deposits for some time but they need to keep an eye on how their [...]

POSTED ON June 25, 2010
More Westpac customers unsatisfied

Westpac’s decision in December to add 20 basis points to home loan pricing, on top of a 25 basis point increase in the official cash [...]

POSTED ON June 25, 2010
ANZ account offers benefits for $18/month

ANZ will start selling a new transactions account next week, offering a raft of banking and non-banking extras for an $18 monthly fee. ANZ, which [...]

POSTED ON June 24, 2010
Units give options for first home buyers

Across Australia’s capital cities the median unit price is currently recorded at $410,000 which is $82,000 more affordable than the median house price. Based on [...]

POSTED ON June 24, 2010
Good News for Savers

The Government’s 2010 Budget was announced earlier this year and there was some good news for savers. In future individuals will be eligible for a [...]

POSTED ON June 23, 2010
Rates to go up another 0.5 per cent

The Reserve Bank of Australia is expected to raise the official cash rate by another half of one per cent by the end of 2010 [...]

POSTED ON June 23, 2010
Can you cope with a 4 per cent rate rise?

Mortgage borrowers should have their financial positions compulsorily ‘stress tested’ just as banks have their financial positions regularly stress tested by the banking system regulator [...]

POSTED ON June 23, 2010
Why go fixed rate?

A fixed rate mortgage works a little bit like an insurance policy against rate rises. Mostly fixed rate mortgages are priced above variable rates. When [...]

POSTED ON June 23, 2010
Bank mortgage profits revealed – 45 per cent!

The incredible windfall of profits that banks make from mortgages has been revealed by a senior bank executive. National Australia Bank chief financial officer Mark [...]

POSTED ON June 22, 2010
St George still most popular business bank

The TNS Business Finance Monitor has seen a long-term improvement in business customers’ satisfaction with their banks since the programme started in 2001. However, the [...]

POSTED ON June 22, 2010
Eftpos skimming up, credit card fraud down

The Australian Payment Clearing Association has reported that PIN-only debit cards saw the greatest growth in skimming attacks in the country during 2009, from A$5m [...]

POSTED ON June 22, 2010
Stamp duty concession puts pressure on prices

The NSW government's decision to remove stamp duty for off-the-plan property under $600,000 could push up prices. To obtain the full $22,490 saving offered in [...]

POSTED ON June 21, 2010
Auctions bounce back

Auction clearance rates held up this weekend, despite big increases in volumes, suggesting plenty of demand in the residential property market. There were 549 auctions [...]

POSTED ON June 21, 2010
Bank websites speed tested

Westpac’s website response times have blitzed the competition - proving 12 times faster than NAB’s and 100 times faster than RaboPlus’ Australian website. Releasing the [...]

POSTED ON June 17, 2010
ANZ internet banking crashes

A hard disk failure left hundreds of thousands of customers of ANZ waiting for service yesterday (Wednesday June 16). For many customers internet banking, telephone [...]

POSTED ON June 17, 2010
No housing bubble

Residex chief executive officer John Edwards said despite widespread concern, Australia was not experiencing a house price ‘bubble’. “The interest rate increases, I think can [...]

POSTED ON June 17, 2010
Get a better deal from a credit union

Louise Petschler, CEO, Abacus - Australian Mutuals, writes: independent rate comparisons, including those by Canstar Cannex data today shows the average SVLR offered by a [...]

POSTED ON June 16, 2010
Rates on hold ‘til August says RBA

The Reserve Bank of Australia indicated on Tuesday that official interest rates could remain on hold, currently they are set at 4.5 per cent, until [...]

POSTED ON June 16, 2010
Mortgage exit fees come down, for some

Credit unions offer the best deal on mortgage exit fees, averaging $420, while the big four banks charge an average of $678. Finance companies charge [...]

POSTED ON June 16, 2010
PM tells Aussies to take action on fees

The prime minister Kevin Rudd said that new consumer laws that come into effect on July 1 will allow ordinary people to take on their [...]

POSTED ON June 16, 2010
Queen’s Birthday no good for auctions

Auction results were subdued for the Queens’ Birthday weekend. In Sydney there were 274 residential property auctions with 61.2 per cent resulting in a sale [...]

POSTED ON June 15, 2010
CUA mortgage customers ahead of the game

Credit Union Australia mortgage customers were effectively 0.50 per cent ahead of the game during the first couple of weeks in May, because of CUA’s [...]

POSTED ON June 15, 2010
Interest rates to keep house prices down

House price growth will slow in 2011 because of rising interest rates says the latest BIS Shrapnel Residential Property Prospects, 2010 to 2013 report. ''With [...]

POSTED ON June 15, 2010
Loan, credit card fees go up

Bank fees on loans were all up last year according to the Reserve Bank. The fee income from housing loans was up 17 per cent, [...]

POSTED ON June 11, 2010
ATM fees range up to $4

Owners of automatic teller machines are reaping $120 million less, in aggregate, in annual fee revenue from customers from the use of ATMs, an analysis [...]

POSTED ON June 11, 2010
Fixed rates coming back into fashion

The gap between variable and fixed rate mortgages is closing and borrowers, usually reluctant to pay a premium for interest rate certainty, are starting to [...]

POSTED ON June 10, 2010
WHAT’S RED HOT RIGHT NOW, FROM INFOCHOICE

A new service from Australia’s leading banking comparison website, InfoChoice.com.au, will alert savvy consumers to the number one home loan, credit card and savings account [...]

POSTED ON June 8, 2010
Most say they can afford higher rates

Most mortgage holders can afford rates to rise by a further one per cent according to a survey of mortgagees by mortgage broker Loan Market. [...]

POSTED ON June 8, 2010
Changes coming to a card near you

Since the start of the year all new Visa cards issued in Australia have included smart chips to give greater security. Changes to debit and [...]

POSTED ON June 8, 2010
Winter auction clearance rates holding up

Sydney’s auction clearance rate improved this week with 65 per cent of 547 residential properties put up for auction on Saturday selling on the day. [...]

POSTED ON June 7, 2010
Pause in rate rises expected

Reserve Bank governor Glenn Stevens is thought to be preparing to announce a pause in rate rises when he speaks in Sydney later this week. [...]

POSTED ON June 7, 2010
DIY rate rise: save $30K

Homebuyers can save thousands of dollars and years off their mortgage by adding the rate rise that we didn’t get in June to their repayments [...]

POSTED ON June 7, 2010
More bank branches, but not in the bush

The big four banks and the second-tier institutions have added 760 branches to their branch networks over the last ten years, but few new branches [...]

POSTED ON June 7, 2010
Credit unions grow mortgages by 10%

Figures out today from the Australian Prudential Regulation Authority show that total assets of credit unions and building societies increased by nearly $5 billion dollars [...]

POSTED ON June 4, 2010
Borrowers funding huge bank profits

A borrower with a three-year fixed-rate home loan of $300,000 pays a personal contribution to extra bank profit of between $75 and $125 of the [...]

POSTED ON June 3, 2010
Penalty fee action signs up 85,000

Banks have been making profits of up to 14,000 per cent on penalty fees levied on a variety of basic transactions. If a customer exceeds [...]

POSTED ON June 3, 2010
Savers need to switch for best rates

Savers need to stay aware of the best rates on offer from other institutions and be prepared to switch, if they want to keep benefiting [...]

POSTED ON June 2, 2010
Bumper auction weekend

Auction clearance rates largely held firm in Sydney this week as volumes increased. There 643 residential properties put up for auction in Sydney on Saturday, [...]

POSTED ON May 31, 2010
Mortgage problems growing

The number of borrowers falling behind with their mortgage repayments or in default on their home loan is rising as interest rate rises begin to [...]

POSTED ON May 28, 2010
Max Bourke didn’t find much debt

ANZ Bank’s fake Facebook profile, under the name of Max Bourke, was used for more than one year by multiple ANZ collections staff with the [...]

POSTED ON May 28, 2010
Rate rises to cost $500 more per month

The Reserve Bank of Australia is likely to raise interest rates four or five more times within the next 12 months, says a new report [...]

POSTED ON May 27, 2010
Card rates go up and up

Purchase and cash advance rates on some credit cards, particularly some low rate credit cards, have gone up by more than the movements in the [...]

POSTED ON May 27, 2010
St George, ANZ are customer favourites

National Australia Bank’s reduction of some basic banking fees, and its better home loan pricing relative to peers, may be behind a lift of 2.8 [...]

POSTED ON May 27, 2010
Commonwealth still rules the roost

Twenty six per cent of Australians name Commonwealth as their main bank, 15 per cent say Westpac, 14 per cent are with ANZ and 12 [...]

POSTED ON May 25, 2010
Confusion reigns over first home savers.

The government announced changes to first home saver accounts in the budget last week, but banks are still unsure how the new rules will work. [...]

POSTED ON May 25, 2010
More good auction results

Auction clearance rates are continuing to hold up in Sydney. There were 498 residential properties listed for auction in Sydney on Saturday, with 63 per [...]

POSTED ON May 24, 2010
Fifty fooled by scam Westpac site

At least 50 people have been tricked into disclosing their Westpac account passwords and PINs to a fake website run by a criminal gang believed [...]

POSTED ON May 24, 2010
Card skimmers target CBA ATMs

Commonwealth Bank ATMs in Melbourne have being targeted by card skimmers. After a woman noticed a device attached to a CBA ATM in South Yarra [...]

POSTED ON May 21, 2010
Credit unions grab mortgage market share

Nearly one in ten homeowners are using a credit union or building society for their home loan according to new ABS figures released by Abacus, [...]

POSTED ON May 21, 2010
No June rate rise as markets dive

There is little or no chance of an interest rate rise in June according to economists. The share market and the Australian dollar fell sharply [...]

POSTED ON May 20, 2010
Competition continues to favour savers

People who save money in online accounts or term deposits are continuing to reap the benefits of competition between banks. Malcolm Edey, assistant governor of [...]

POSTED ON May 20, 2010
90% LVR loans hard to come by

Loan to valuation ratios on new loans from banks and other ADIs are modestly lower at present, in part thanks to the removal of the [...]

POSTED ON May 19, 2010
New capped rate mortgage launched

Mortgage manager Opportune Home Loans has launched a capped rate home loan, hoping to attract borrowers who want some protection from rising rates but do [...]

POSTED ON May 19, 2010
Check (both) your credit files

When requesting a loan or credit from a financial institution, the organisation is likely to check your credit rating and credit history. They do this [...]

POSTED ON May 19, 2010
Charge cards – making a comeback?

Charge cards, long considered the poor cousin of credit cards, may be making something of a come-back, at least among high income earners. Charge cards [...]

POSTED ON May 19, 2010
Credit Unions customers most satisfied

A nationwide survey of almost 3,000 bank customers for the Financial Services Union has provided a reasonable snapshot of the Australian bank marketplace. About two [...]

POSTED ON May 17, 2010
Change your bad credit card now

Millions of Australians never change their banks in their whole lifetime. Sixty per cent of Commonwealth Bank’s gigantic rusted on customer base have been with [...]

POSTED ON May 17, 2010
More good auction results

More good auction results were recorded in Sydney on the weekend with 65 per cent of 545 properties put up for auction selling on the [...]

POSTED ON May 17, 2010
Tax discount benefits low income earners

A taxpayer earning $40,000 per year and saving $50per week in an average bank deposit will be $177.50 better off thanks to the tax discount [...]

POSTED ON May 14, 2010
Buy a big block close to city

Based on the current property market buying frenzy, it would be reasonable to expect that unless buyers have deep pockets, they can forget the idea [...]

POSTED ON May 14, 2010
First Home Saver Account confusion

In the original scheme first home savers scheme, buyers had to contribute to their FHSA over four financial years to qualify for concessional tax treatment [...]

POSTED ON May 13, 2010
Housing market cooling rapidly

Australian housing finance commitments for owner-occupied housing fell 3.4 per cent in March, seasonally adjusted, to 48,260, said the Australian Bureau of Statistics yesterday. The [...]

POSTED ON May 13, 2010
Tax on deposits slashed from 2011

Interest paid on low value bank deposits and comparable savings will be subject to a reduced rate of tax from July 2011, the Australian government [...]

POSTED ON May 12, 2010
First Home Saver Accounts get better

The under-used First Home Saver Accounts scheme, which gives savers a government co-contribution of up to $850 per year, will be overhauled a second time [...]

POSTED ON May 12, 2010
House prices, interest rates head north

Sydney house prices jumped up a record 21 per cent over the year to the end of March, according to figures released by the Australian [...]

POSTED ON May 12, 2010
Banks profit from crisis

A University of Canberra study has found that since the global financial crisis that began in mid 2008, big banks have overcharged customers through bigger [...]

POSTED ON May 11, 2010
Aussie banks to shrug off Greek crisis

Australian banks will be relatively unaffected by rising wholesale funding costs flowing from the Greek debt crisis. Deutsche Bank analyst James Freeman said "The crisis [...]

POSTED ON May 11, 2010
Auction clearance rates stay high

There were 506 residential property auctions held in Sydney on the weekend, with 66 per cent producing a sale on the day. Those results are [...]

POSTED ON May 11, 2010
4.5 million choose credit unions

Research published today by the Financial Sector Union research suggests that some customers are dissatisfied with Australia's major banks. For those customers, credit unions and [...]

POSTED ON May 7, 2010
90,000 homeowners forced to sell up

Ninety thousand new home owners are expected to lose their homes as a result of rising interest rates. The Reserve Bank of Australia has raised [...]

POSTED ON May 6, 2010
Young people shelve home buying plans

The great Aussie dream of owning your own home looks set to remain just that for one-in-three. Gen Ys, who say they will be locked [...]

POSTED ON May 6, 2010
More rate rises coming 2010

More interest rate rises are expected later in 2010, despite the governor of the Reserve Bank saying rates for most borrowers were back to normal [...]

POSTED ON May 5, 2010
Property prices and rates to go up

A record number of Australians are preparing for property prices to increase in coming months, as demand for housing continues to outpace supply. The latest [...]

POSTED ON May 5, 2010
RBA increases rates again

The RBA has increased interest rates for the sixth time since September last year. A 0.25 per cent increase was announced on Tuesday by the [...]

POSTED ON May 4, 2010
Rate rise expected today

The Reserve Bank of Australia Board is likely to put interest rates up again when it meets today (Tuesday) in Sydney. This morning, credit markets [...]

POSTED ON May 4, 2010
Credit card rates go up

Purchase rates on credit cards rose by as much as 60 basis points and cash advance rates by as much as 75 points in April. [...]

POSTED ON May 4, 2010
We are planning to pay off the card

Credit information agency Veda Advantage's latest Galaxy survey shows 64 per cent of people plan to reduce credit card debt in the coming six months. [...]

POSTED ON May 4, 2010
Consolidation puts homes at risk

One advantage of personal loans for debt consolidators is that they're unsecured that is, your home is not at risk if you can't keep up [...]

POSTED ON May 4, 2010
Savings tax discount coming soon

The taxation of savings, and especially the taxation of bank interest, is one area canvassed by the Henry review where the government is suggesting it [...]

POSTED ON May 3, 2010
Another bumper auction weekend

The Sydney auction market results continue to improve with clearance rates, volumes and total value sold all well up this week. 69 per cent of [...]

POSTED ON May 3, 2010
Aussie consumers confident again

Consumer Confidence is now 127.0 (up 4.0 points in a week), according to the weekly Roy Morgan Consumer Confidence Rating conducted on the weekend of [...]

POSTED ON April 30, 2010
Backlash against Woolies over debit cards

Woolworths should reverse its clumsy intervention into the payments system to prevent any further inconvenience and confusion for scheme debit users. "Woolworths announced on April [...]

POSTED ON April 30, 2010
High inflation may lead to May rate rise

The chance of a rate rise next week has increased after higher than expected inflation figures were released yesterday by the Australian Bureau of Statistics. [...]

POSTED ON April 29, 2010
ING Direct is the most popular bank

According to the latest Roy Morgan consumer banking customer satisfaction survey, ING Direct maintains its position as the country’s most popular bank with a satisfaction [...]

POSTED ON April 29, 2010
Pensioners get big pay rise

The elderly are eagerly awaiting news of what may be in store for them in the budget and the Henry tax review. “The government has [...]

POSTED ON April 28, 2010
May rate depends on inflation

A rise in inflation figures, which are out this week, could lead to the Reserve Bank of Australia to raise interest rates again next week. [...]

POSTED ON April 27, 2010
Foreigners kicked out of housing market

Foreign residents will be forced to sell their Australian homes when they leave the country, under tough new rules to be introduced by the federal [...]

POSTED ON April 27, 2010
First home buyers stressed out

Over the past 18 months there has been a flood of first home buyers into the market, encouraged by big government grants and low interest [...]

POSTED ON April 23, 2010
May rate rise now looks likely

Another rate rise in the first week of May looks likely after minutes of the last Reserve Bank board meeting were released yesterday showing that [...]

POSTED ON April 22, 2010
Lenders tighten up as debt stress booms

Forty per cent of Australians pay more than half their income out in repayments on their debt according to big mortgage broker Loan Market. One [...]

POSTED ON April 21, 2010