You have missed the boat on fixed rates

Borrowers who are looking to fix their interest rate have missed the boat, said Yellow Brick Road's chairman Mark Bouris who added that the perfect [...]

POSTED ON June 16, 2011
Westpac customers recommend Westpac

Net promoter scores have lifted demonstrably among customers using Westpac contact centres. In an interview, Bob McKinnon, group executive for technology at Westpac, told FST [...]

POSTED ON June 15, 2011
Cardholders choose debit over credit

Consumers increasing aversion towards credit cards continues to be a feature of the monthly data on payment cards published by the Reserve Bank of Australia. [...]

POSTED ON June 15, 2011
Westpac/St George looking for new business

Westpac fired the latest salvo in the battle for business banking customers with its offer to waive all establishment fees on loans over $10,000 and [...]

POSTED ON June 14, 2011
PayPal wants to get off the Net

PayPal is working on - or at least thinking about - its opportunity to become a payment option at physical points of sale, alongside the [...]

POSTED ON June 14, 2011
Senate set to reject Swan’s exit fee ban

The last-minute effort by sections of the mortgage finance sector to overturn regulations banning exit fees from July may be on the verge of achieving [...]

POSTED ON June 14, 2011
Big banks dominating mortgage market again

Government statistics released this week reveal that non-bank lenders, who sell loans predominantly through mortgage brokers, claimed just 1 per cent of the home loan [...]

POSTED ON June 10, 2011
Debts eat up 45% of our income

Aussie home owners are among the most indebted in the world, but most had no trouble meeting monthly repayments on their mortgage in the last [...]

POSTED ON June 10, 2011
Cheque accounts not used for cheques

A public relations campaign to begin preparing the community for the eventual demise of cheques got underway yesterday with the release of a consultation paper [...]

POSTED ON June 9, 2011
Big banks growing market share again

Smaller deposit-taking institutions have seen a dip in their share of new business in the home loan market, monthly data on housing finance by the [...]

POSTED ON June 9, 2011
RBA comfortable sitting at 4.75 per cent

The RBA board opted to keep the official cash rate at 4.75 per cent on Tuesday for the sixth straight meeting. The decision to keep [...]

POSTED ON June 9, 2011
Limits on credit card surcharges proposed

The Reserve Bank’s Payments System Board may allow Visa and MasterCard to introduce rules that oblige merchants to limit the level of surcharges applied to [...]

POSTED ON June 9, 2011
Banks are essential and need to be free

Greens MP Adam Bandt said his party’s banking bill was “just the start” of a number of changes the party hopes to make to the [...]

POSTED ON June 8, 2011
Big banks cutting lending standards

Banks and lenders are cutting lending standards as demand for mortgages slides and competition boils over. Lenders are increasingly enabling home buyers to make smaller [...]

POSTED ON June 7, 2011
Relaxed rules for first home saver accounts

Relaxed rules were announced this week for the First Home Saver Account scheme. The new rules are a great outcome for young people saving for [...]

POSTED ON June 6, 2011
Citibank offers discounts for low LVRs

Citibank has released a new aggressive rate discount for loans with a low loan to valuation ratio. Belen Lopez Denis, Citibank's head of mortgages - [...]

POSTED ON June 3, 2011
NAB growing home loan market share

NAB continues to grow its market share in home loans. NAB’s rate of growth for April 2011, over March, was 1.2 per cent, a rate [...]

POSTED ON June 2, 2011
No rate rises expected until August

The Reserve Bank will almost certainly leave interest rates on hold at its meeting next week while it waits until the economic situation becomes clearer. [...]

POSTED ON June 2, 2011
First home saver rules changed

Amendments to the First Home Saver Account Act received royal assent last week and the long-awaited changes to the scheme will apply to houses purchased [...]

POSTED ON June 2, 2011
30,000 credit cards cancelled

More than 8,000 credit cards issued through the Commonwealth Bank and about 23,000 Bendigo Bank cards had been cancelled and reissued by late yesterday after [...]

POSTED ON May 30, 2011
Banks delay loan fact sheets

The requirement for banks to publish home loan “key fact sheets” by September could be delayed because they are struggling to meet the government-imposed deadline. [...]

POSTED ON May 27, 2011
CBA low rate credit card deal today

Commonwealth Bank is enticing customers to sign up for a low rate credit card to get $100 spending money in their account for just $1. [...]

POSTED ON May 27, 2011
Google and Mastercard working on pay by phone

Technology giant Google has teamed up with MasterCard Inc and Citigroup Inc for the development of Near Field Communication (NFC) system on smartphones. Media reported [...]

POSTED ON May 25, 2011
Window of fixed rate opportunity

Some economists say the RBA could move interest rates higher four times in the next 12 months, adding 1 percentage point to current rates. On [...]

POSTED ON May 25, 2011
UBank clarifies loyalty loan rate discount

National Australia Bank has clarified the revised pricing on the home loan product offered through its UBank brand. The variable rate on the UHomeLoan is [...]

POSTED ON May 24, 2011
UBank, Aussie and RAMS cut home loan rates

Until the end of next month, NAB's UBank arm will be offering standard variable rate mortgages at 6.59 per cent, more than a full percentage [...]

POSTED ON May 23, 2011
Time to lock in a three year fixed rate?

If you're a borrower, higher rates are bad news and you'll need to minimise your interest costs. Fixing the interest rate on your mortgage is [...]

POSTED ON May 23, 2011
Investors look at shorter terms for higher rates

Investors need to consider a range of investments to diversify portfolios and maximise opportunities as interest rates rise. The Reserve Bank of Australia made it [...]

POSTED ON May 23, 2011
NAB opens fire again in mortgage war

National Australia Bank will open a new front in the bank pricing war, with plans to use its internet banking business UBank to sell deeply [...]

POSTED ON May 23, 2011
NAB grabs more mortgage market share

NAB has increased its mortgage market share for the third consecutive month. According to RFi’s latest Australian Mortgages Market Wrap report, the major lender grew [...]

POSTED ON May 20, 2011
New credit card laws to be investigated

The House of Representatives Economics Committee announced this week that it will conduct an inquiry into the Government’s planned changes to legislation covering credit cards. [...]

POSTED ON May 20, 2011
Westpac unveils a June mortgage discount

Westpac announced that it will subsidise the standard lenders mortgage insurance premiums for certain customers, effectively reducing the cost of LMI premiums for those borrowers [...]

POSTED ON May 20, 2011
Pressure eases on RBA to raise rates

Wages growth has slowed and consumer confidence has slipped, easing pressure on the Reserve Bank to raise interest rates next month. The Australian Bureau of [...]

POSTED ON May 19, 2011
Shoppers angered by high card surcharges

Two thirds of Australian retailers are slugging customers with a credit card surcharge as high as triple the actual payment fee it is meant to [...]

POSTED ON May 19, 2011
Non-bank lenders disappearing from market

According to new ABS data the non-bank lenders’ market share dropped from 2.7 per cent to 1.2 per cent of Australian mortgages in the last [...]

POSTED ON May 18, 2011
Higher rates likely says RBA

Minutes from the RBA's latest board meeting show it is a matter of when interest rates will rise, not if. Higher rates “were likely to [...]

POSTED ON May 18, 2011
Small business gets help looking for finance

The government has boosted advice to small business as it acknowledged problems for them getting credit. Small Business Minister Nick Sherry said an advice telephone [...]

POSTED ON May 17, 2011
Victorian first home buyers can save $6K now

First-time buyers may already be able to benefit from the Victorian government's 20 per cent stamp duty reduction, even though the change does not officially [...]

POSTED ON May 17, 2011
Aussie cuts rates, talks tough

Aussie Home Loans has cut its variable rate to 6.99 per cent. According to the company’s executive chairman John Symond, new funding lines from Macquarie [...]

POSTED ON May 16, 2011
Credit cards still as popular as ever

Australia’s total credit card balance has grown 42 per cent in five years, according to data from the Reserve Bank, and the number of cards [...]

POSTED ON May 16, 2011
Aussies missing out on $4 billion of interest

RaboDirect urges consumers to check the rates they are receiving on their surplus savings to make sure they’re getting the best value on offer. We [...]

POSTED ON May 12, 2011
Norris expects two more rate rises

Commonwealth Bank expects one or two rises to the official cash interest rate in the next six months. Chief executive Ralph Norris said he expected [...]

POSTED ON May 12, 2011
Winter rate rise looks certain

A bigger than expected trade surplus in March is likely to keep the Reserve Bank focused on a possible interest rate rise in winter, economists [...]

POSTED ON May 11, 2011
Banks to slug customers for IT upgrades

Bank customers will pay higher fees as their banks invest in more reliable mission-critical systems to replace legacy technology said IBRS analyst Jorn Bettin. “The [...]

POSTED ON May 10, 2011
Buyers prepare for higher rates

Two thirds of consumers are expecting an interest rate rise this year according to a survey by mortgage broker Loan Market. The response was stronger [...]

POSTED ON May 10, 2011
Inquiry wants exit fee ban reversed

The Senate banking competition report recommends reversing what the committee’s majority calls the Government’s “kneejerk” plan to ban mortgage exit fees. The majority report says [...]

POSTED ON May 9, 2011
Do you know what your credit file says?

Three quarters of Australians are unsure what a personal credit file is despite the fundamental role they play every time a person applies for a [...]

POSTED ON May 6, 2011
Borrowers love discounted home loans

According to new research by Mortgage Choice, 30 per cent of all borrowers sought a discounted product in April. Company spokesperson Kristy Sheppard said ongoing [...]

POSTED ON May 6, 2011
Westpac explains down time

A breakdown in the air-conditioning unit at Westpac’s primary data centre in Sydney yesterday led to the loss of key banking services for part or [...]

POSTED ON May 6, 2011
NAB continues to punch

NAB chief executive Cameron Clyne said the bank would continue to seek to steal customers from rival banks. “In terms of competition, that's normal. We [...]

POSTED ON May 6, 2011
Westpac’s EFTPOS & ATM problems impact trains

Westpac and St. George customers are reporting widespread difficulty accessing online banking, ATM and EFTPOS services this morning. The problems are also impacting on train [...]

POSTED ON May 5, 2011
ING Direct may be sold by owners

ING Direct may be sold by its owners the ING Groep NV, the biggest Dutch financial-services company. 12-year-old ING Direct has about 1.4 million customers. [...]

POSTED ON May 4, 2011
RBA keeps rates on hold at 4.75 per cent

The RBA board yesterday kept the official cash rate on hold at 4.75 per cent for a sixth consecutive month. A BusinessDaily survey of 12 [...]

POSTED ON May 4, 2011
Card rates go through 21 per cent

Twenty two credit cards have changed their rates since December. In all but one instance the rates have gone up, with the average increase being [...]

POSTED ON May 3, 2011
Variable rates up, fixed rates flat

Despite much-publicised reductions in standard variable mortgage rates by Aussie, Mortgage House and MyRate over the past couple of months, the trend so far this [...]

POSTED ON May 3, 2011
ANZ still most popular big bank with customers

Commonwealth Bank continues its fall from grace with customers - the latest Roy Morgan consumer banking customer satisfaction report, released yesterday, shows an 80 basis [...]

POSTED ON May 3, 2011
Melbourne leads property price plunge

Melbourne house prices are falling at the fastest rate in two-and-a-half years. Official data showed yesterday that house prices fell 2.5 per cent in the [...]

POSTED ON May 3, 2011
ANZ posts record profit

ANZ Bank has increased first half profit by 38 per cent to a record $2.664 billion for the six months to March 31 from $1.925 [...]

POSTED ON May 3, 2011
Commonwealth fights back in mortgage war

New data reveals that the mortgage book of Australia's biggest home lender Commonwealth Bank, grew by 0.17 per cent in January - less than half [...]

POSTED ON May 2, 2011
Auctions results disappoint again

Auctions continued to disappoint vendors as clearance lingered in the fifty per cent range and lower in capital cities this weekend. In Sydney, there were [...]

POSTED ON May 2, 2011
NAB extends aggressive loan push

National Australia Bank will persist with its offer to pay the exit fees for mortgage customers who desert its biggest rivals. The move comes amid [...]

POSTED ON May 2, 2011
RBA wants you to save not spend

Interest rates are going up again as early as next month. The Reserve Bank is expected to outline reasons for a rise in its statement [...]

POSTED ON May 2, 2011
Advice reforms to boost savings

Changes to financial advice laws will boost national savings. Industry Super Network chief executive David Whiteley said proposed changes announced on Thursday ensuring financial planners [...]

POSTED ON April 29, 2011
Virgin card giving away 20,000 points

Apply for a new Virgin Flyer Credit Card before 31 May and spend $5,000 or more on your new card within the first 3 months [...]

POSTED ON April 29, 2011
High rents push up home sales

Tightening rental conditions and rising rents are having a positive effect on property sales. “The vacancy rate locally has dropped to around 2.8 percent down [...]

POSTED ON April 29, 2011
ING’s fee free account proving popular

The executive director of savings at ING Direct, Brett Morgan, says 90,000 customers have opened Orange Everyday accounts, a fee-free transaction account that was launched [...]

POSTED ON April 28, 2011
Rate rise possible for next week

The Reserve Bank could raise rates sooner than previously expected as a result of higher than expected inflation figures released yesterday. The Consumer Price Index [...]

POSTED ON April 28, 2011
Big banks expected to smash all profit records

Australia’s big four banks are expected to report half year profits of almost $12 billion - smashing previous profit records. ANZ, NAB and Westpac are [...]

POSTED ON April 27, 2011
Queensland flood victims start repaying mortgage

Three month mortgage holidays for flood and cyclone affected homeowners are ending now and thousands of Queensland families face a big struggle to avoid losing [...]

POSTED ON April 27, 2011
Two rate rises predicted for 2011

Deloitte Access Economics partner Chris Richardson says accelerating wages and prices are likely to compel the Reserve Bank board to lift interest rates before the [...]

POSTED ON April 27, 2011
No bank transfers for next seven days

An industry-wide freeze on inter-bank processing will leave some consumers without pay for up to seven days this holiday weekend. While banks typically do not [...]

POSTED ON April 21, 2011
Borrowers can expect two more rate rises

Borrowers can expect the Reserve Bank to raise interest rates twice before year's end. Yesterday the central bank said rates for home and business loans [...]

POSTED ON April 20, 2011
Fewer new homes being built in 2011

Australian Bureau of Statistics figures released yesterday confirmed that residential building activity fell 0.6 per cent in the December 2010 quarter. HIA economist Harley Dale [...]

POSTED ON April 20, 2011
Westpac and CBA target NAB business customers

The latest APRA lending figures show that the long-awaited rebound in business credit has started. NAB is Australia’s leading business bank with market share in [...]

POSTED ON April 20, 2011
Court rejects ANZ delaying tactics

The Federal Court yesterday rejected ANZ’s bid to delay proceedings in a class action over the enforceability of its exception fees. The applicants in the [...]

POSTED ON April 20, 2011
High income vulnerable to mortgage stress

A new report by ratings agency Standard & Poor’s found that not all mortgage stress is being borne exclusively by lower income borrowers. “In our [...]

POSTED ON April 20, 2011
Banks grab more mortgage market share

National Australia Bank has grown its mortgage market share for the second consecutive month by 1.3 per cent to $109.3 billion, resulting in a 0.1 [...]

POSTED ON April 20, 2011
Queensland property bubble deflating fast

Apartment prices in Noosa Heads have fallen by 21 percent in three years to $570,000, according to the Real Estate Institute of Queensland. Sales have [...]

POSTED ON April 20, 2011
Banks assume you can live in poverty

Some banks allow their borrowers less money than the official government poverty line in assessing their ability to repay a loan, according to a review [...]

POSTED ON April 20, 2011
Homebuyers not confident about high LVR loans

Home buyers are not confident taking on unnecessarily high levels of debt. According to RFi director Alan Shields, just 28 per cent of potential home [...]

POSTED ON April 20, 2011
ING to waive fees on high LVR loans

ING DIRECT will waive the reduced equity fee (REF) on loans with an LVR of up to 85 per cent. “We’ve launched this promotion to [...]

POSTED ON April 20, 2011
Auction results improving

Auction clearance rates improved slightly this week after a run of bad results in recent weeks. There were 641 properties listed for auction in Sydney [...]

POSTED ON April 18, 2011
Bills going up twice as fast as inflation

Household bills are rising at double the rate of inflation. Bills have risen by 7.5 per cent over the past 12 months, more than twice [...]

POSTED ON April 18, 2011
Commbank customers charged with theft

The Commonwealth Bank is referring about 100 of its customers to police for criminal prosecution as a result of the recent ATM glitch that allowed [...]

POSTED ON April 18, 2011
Disgruntled NAB customers plan break up

On Friday night National Australia Bank resolved its payment processing blunder from Thursday night, but the bank still suffered a barrage of disdainful public commentary [...]

POSTED ON April 18, 2011
Banks told to challenge customer expectations

Australian Bankers’ Association chief executive Steven Münchenberg has told banks they need to exceed customers’ expectations if they are to escape an even larger regulatory [...]

POSTED ON April 15, 2011
CommSec offers 5.5 per cent cash rate

The country's biggest online broker has a two-tiered pricing structure, depending on whether you are an internet-preferred or a standard customer. Internet-preferred customers have a [...]

POSTED ON April 15, 2011
E*Trade offers international share trading

In November, E*Trade dropped its brokerage rate from $32.95 to $19.95 per trade. E*Trade has focused its development on tax reporting and international trading services. [...]

POSTED ON April 15, 2011
Westpac investor account has high rate

Last month, Westpac introduced a brokerage rate $19.95 for customers who open a Westpac Cash Investment Account. The Westpac Cash Investment Account is paying a [...]

POSTED ON April 15, 2011
Poor people can’t spend, save or borrow

People living on Centrelink benefits or very low wages must find ways to make their cash last. The best advice from 48 Australians who know [...]

POSTED ON April 15, 2011
Thousands refinancing from high fixed rates

Thousands of home owners who locked into fixed mortgage rates before the Reserve Bank cut the cash rate three years ago are now looking to [...]

POSTED ON April 15, 2011
CBA Diamond rewards gives customers choice

Commonwealth Bank has launched the Diamond Mastercard with a rewards scheme that allows cardholders to redeem their points on anything. The program includes a concierge [...]

POSTED ON April 14, 2011
Rents go up up up

According to Australian Property Monitors’ Rental Price Series Quarterly Report, unit rental prices rose by 2.3 per cent throughout the March quarter, reflecting high demand [...]

POSTED ON April 14, 2011
Credit card cash advances not so popular

Cash withdrawals on credit and charge card accounts are making up a rapidly declining proportion of total transactions - both in terms of volume and [...]

POSTED ON April 14, 2011
Aussies love debit cards

Purchases made with personal credit cards are down to 50.1 per cent of all purchases made with payment cards, MWE Consulting notes in its monthly [...]

POSTED ON April 13, 2011