First Aussie bank smashes through 3%

The first lender in Australia to announce a retail home loan rate under three per cent is Greater Bank. The Newcastle based mutual bank has [...]

POSTED ON May 31, 2019
New fines for late settlement

The Australian Securities Exchange will announce higher penalties for brokers who do not settle sharemarket trades on time. The move seems to be an attempt [...]

POSTED ON May 26, 2008
Sharemarket expected to dive this week

After increasing by an average of 20 per cent in the previous four financial years, the S&P/ASX200 Index looks set to end the 2007-08 financial [...]

POSTED ON May 26, 2008
GE looks to offload Wizard

Consolidation in the finance sector continues as Wizard, one of Australia's largest non-bank lenders, will be put up for sale this week by GE Money [...]

POSTED ON May 26, 2008
Fuel hikes the same as a rate rise

The strong Australian dollar is shielding motorists from some of the effects of rapidly escalating oil prices but petrol has hit $1.60 per litre in [...]

POSTED ON May 23, 2008
GE debt collectors reigned in

The Australian Securities and Investments Commission has moved to put an end to the debt collection practices of GE Money which it has been investigating [...]

POSTED ON May 23, 2008
Luxury cars targeted by ATO

The tax office will target purchasers of luxury cars as it ramps up efforts to identify people who are understating their income. The tax affairs [...]

POSTED ON May 22, 2008
Big business goes back to banks

Large companies have responded to the lack of liquidity in the bond market by increasingly using bank loans to fund their activities according to research [...]

POSTED ON May 22, 2008
ASX powers may go to ASIC

Calls are increasing for the Australian Securities Exchange to be stripped of its regulatory powers. The government is expected to be advised by its senior [...]

POSTED ON May 22, 2008
Have we said goodbye to the bears?

While there will be more ups and downs along the way, AMP's chief investment strategist Shane Oliver says that the worst of the sharemarket losses [...]

POSTED ON May 21, 2008
PIN’s to cut queue times

Retailers and consumers alike are expected to welcome the introduction of the ability to authorise credit card purchases with a PIN instead of a signature. [...]

POSTED ON May 21, 2008
Reserve ponders more rate rises

Further interest rate rises are on the cards as minutes from the Reserve Bank's last board meeting reveals that it remains concerned that it has [...]

POSTED ON May 21, 2008
Risky behaviour on the net

A new study has shown that while people are concerned about internet security, many do not know how to minimise the risks. The AusCERT Home [...]

POSTED ON May 20, 2008
Aussie dollar chases greenback

The likelihood of the Australian dollar achieving parity with the US dollar is increasing as it punched up to a 24-year high of US95.7 cents [...]

POSTED ON May 20, 2008
Consumers and businesses disagree over ASIC

Consumers believe that the Australian Securities and Investments Commission should not be so cautious when prosecuting companies, while businesses believe that the regulator should work [...]

POSTED ON May 19, 2008
Big banks snap up brokers

National Australia Bank is understood to be close to agreement with Citigroup to buy its retail broking arm. If successful, the deal would give the [...]

POSTED ON May 16, 2008
Months of scrutiny for St George takeover

Westpac chief Gail Kelly has said that it could take up to four months for the corporate regulator to decide whether or not to allow [...]

POSTED ON May 16, 2008
Reserve defends inflation focus

Reserve Bank governor Glenn Stevens has hit back at critics who say the strategy of targeting inflation as a means of controlling the economy is [...]

POSTED ON May 16, 2008
Banks grab $10.5 billion in fees

Banks earned $10.5 billion in fees during the year to June 2007, an increase of 8 per cent from the previous year. The Australian Bankers [...]

POSTED ON May 16, 2008
Mortgage insurer puts up prices

According to research conducted by online lender MyRate, one in six people believe that lenders' mortgage insurance will cover their repayments if they become unemployed, [...]

POSTED ON May 14, 2008
More help to save for house deposit

The federal government has used the budget to beef up its contributions to first-home saver accounts. The accounts will help first-home buyers to save for [...]

POSTED ON May 14, 2008
Property markets hits the skids

Evidence of a slump in the property market is building with auction clearance rates falling and sharp drops in house values being seen in some [...]

POSTED ON May 12, 2008
Voters want the rich off gravy train

Voters have come out in support of plans by the federal government to apply means testing to government hand-outs. A Newspoll has found that 65 [...]

POSTED ON May 12, 2008
Tax breaks would increase savings

Economists, accountants and bankers are urging the federal government to introduce a tax-free savings account, although Treasurer Wayne Swan has said that there will be [...]

POSTED ON May 12, 2008
Sydney rents through the roof

The property shortage in Sydney is sending rents skyrocketing, with increases of almost 20 per cent for two bedroom units in some areas over the [...]

POSTED ON May 9, 2008
Credit unions buck the trend with lower rates

Credit unions that fund their lending through their deposit base rather than securitisation have been able to escape the worst of the pressures on funding [...]

POSTED ON May 9, 2008
Regulator beefs up scrutiny

The Australian Securities and Investments Commission has denied that there are gaps in the regulatory system, while announcing measures aimed at increasing scrutiny of markets [...]

POSTED ON May 9, 2008
Stress comes from the unexpected

Borrowers having trouble meeting mortgage repayments due to high rates can end up losing their homes, however a new study by a mortgage insurer has [...]

POSTED ON May 9, 2008
$A expected to match greenback

Speculation that the Australian dollar will achieve parity with the greenback has increased as it raced to near 24-year highs above US95 cents yesterday. Westpac [...]

POSTED ON May 8, 2008
Report tips oil price spike

Oil prices have doubled over the past year and a controversial report by Goldman Sachs predicts that they could reach as high as $US200 a [...]

POSTED ON May 8, 2008
Super used to pay the mortgage

The number of households raiding their superannuation to help meet mortgage repayments is increasing. Figures from the Australian Prudential Regulation Authority show that it approved [...]

POSTED ON May 8, 2008
Wealth built on piles of debt

The net worth of the average Australian family has risen by an average of 10.6 per cent every year for the last decade to reach [...]

POSTED ON May 7, 2008
Debt levels out of control

According to a report by credit agency Veda Advantage, 1.3 million Australians have more than half of their gross household income paying off debts, and [...]

POSTED ON May 7, 2008
ASX fines two brokers

Online broker E*Trade has been fined for failing to detect trades which the Australian Securities Exchange says were designed to create a false impression of [...]

POSTED ON May 6, 2008
Hurdles increased for loan approval

Lenders are moving to tighten their loan approval criteria in response to deteriorating economic conditions. Adelaide Bank has decreased the maximum loan-to-value ratio that it [...]

POSTED ON May 6, 2008
Broker tips no mortgage growth this year

The largest mortgage broker in Australia has forecast a quiet year for the mortgage industry as the global liquidity crisis and higher interest rates dampen [...]

POSTED ON May 6, 2008
Property gains come to rapid halt

The latest official property value figures show that prices have gained 1.1 per cent in the first quarter of the year. Some cities saw values [...]

POSTED ON May 6, 2008
ANZ wins Opes share case

The Federal Court has said that Australian investors are not adequately protected while ruling that clients of failed stockbroker Opes Prime have no legal ownership [...]

POSTED ON May 5, 2008
Glimmer of hope for US economy

The local sharemarket is expected to continue its climb today after positive news from the US eased fears of a recession there. Labour market figures [...]

POSTED ON May 5, 2008
Property market hits the brakes

The property market is continuing to slow with the number of homes on the market increasing and remaining unsold for longer. The latest data from [...]

POSTED ON May 5, 2008
Expert says crunch will run for years

The global credit crunch is far from over according to a derivatives expert who warned of a potential meltdown two years ago. In an address [...]

POSTED ON May 2, 2008
Bank union wants halt to offshoring jobs

Westpac chief Gail Kelly has denied reports that the bank is planning to send 3,000 jobs offshore, while admitting that the bank will increasingly use [...]

POSTED ON May 2, 2008
Westpac keeps profit on track

Westpac chief executive Gail Kelly has said that the era of strong profit growth for the banks is over while confirming that Westpac is on [...]

POSTED ON May 2, 2008
CFD Glossary

CFD Glossary   CFD - Contract For Difference CFD a derivative trading instrument that allows you to trade the price movements when you enter (buy) [...]

POSTED ON May 1, 2008
US escapes recession for now

Investors have breathed a sigh of relief after the US economy managed to record a positive growth figure for the year to the end of [...]

POSTED ON May 1, 2008
High rates halt credit growth

Consumers and businesses are cutting their use of credit as a succession of rate rises start to bite. Figures released by the Reserve Bank of [...]

POSTED ON May 1, 2008
Lenders want government mortgage agency

Discussions are proceeding between banks, other lenders and Treasury officials to consider the creation of a government-backed mortgage agency. The forum has recommended that an [...]

POSTED ON April 30, 2008
Banks hit credit card rates hardest

Research by InfoChoice shows that banks have increased their standard variable mortgage rates by around 1.4 per cent since the credit crunch began in late [...]

POSTED ON April 30, 2008
House prices flatline

Growth in house prices has come to an abrupt halt with the median price remaining virtually unchanged in the first three months of this year. [...]

POSTED ON April 30, 2008
Don’t expect $30 billion surplus

The forecast for economic growth will be revised down while expectations for inflation will be revised up in the May budget according to Treasury Secretary [...]

POSTED ON April 30, 2008
Higher rates inflate inflation figure

Analysts are calling on the Reserve Bank to take the effect of higher interest rates into account when considering how to respond to an inflation [...]

POSTED ON April 30, 2008
Non-bank sector regroups

Hit by a combination of higher interest rates and a flight to perceived quality as consumers increasingly opt for loans from banks, non-bank lenders are [...]

POSTED ON April 29, 2008
No relief from rocketing rents

Rents have risen by about 7 per cent over the past year but are expected to rise further with the building cycle not expected to [...]

POSTED ON April 29, 2008
Aussie banks lag on technology

Australian consumers don't have access to many services that have been available in Asia for years due to a lack of investment in new technologies. [...]

POSTED ON April 28, 2008
Credit disclosure laws revisited

On Wednesday the Productivity Commission will deliver a report to the federal government which will include proposals for a federal takeover of some consumer protection [...]

POSTED ON April 28, 2008
Banks want more value from brokers

No firm announcements have been made yet, but the ANZ and Commonwealth banks are warning mortgage brokers that they may have no other choice but [...]

POSTED ON April 28, 2008
Businesses turn to online banking

Research conducted by Market Intelligence Strategy Centre has found that around 1.2 million small businesses in Australia are using online banking services. In exchange for [...]

POSTED ON April 28, 2008
Customers take the brunt of the credit crisis

Data relating to the consumer price index figures released yesterday by the Australian Bureau of Statistics have found that in attempts to restore profit margins, [...]

POSTED ON April 24, 2008
Negative returns ahead for super funds

The chances of posting a positive return this financial year for superannuation funds is looking rather slim, having recorded a fourth straight month of losses [...]

POSTED ON April 24, 2008
ASIC finds standards below par

The Australian Securities and Investment Commission has delivered a report outlining that close to half of 90 finance and property companies failed to meet equity [...]

POSTED ON April 24, 2008
Bad news on inflation front

The news that most people have waited for has finally arrived, the key March quarter consumer price inflation figures, with the underlying message to determine [...]

POSTED ON April 23, 2008
Stock lending boosts member returns

The Association of Superannuation Funds of Australia has decided against a blanket ban on the practice of stock lending at a board meeting last week. [...]

POSTED ON April 23, 2008
RBA move not a bail out

Apparently there is a perception in the market that the RBA buying housing backed securities is bailing out the banks. The RBA move is designed [...]

POSTED ON April 22, 2008
Tiger Airways set to expedite expansion plans

Singapore Airlines budget carrier, Tiger Airways is reported to have established a solid financial foundation to remain in Australia into the long term. Five months [...]

POSTED ON April 22, 2008
Slowdown ahead for global growth

D&B's Economic and Risk Outlook report has indicated that a significant slowdown is expected in the Australian economy and potentially extending beyond this year as [...]

POSTED ON April 22, 2008
Norris slams dual ASX role

Ralph Norris, chief executive of the Commonwealth Bank believes the ASX has an "inherent conflict of interest" as both a market regulator and a listed [...]

POSTED ON April 22, 2008
RBA tells card providers to slash fees

The Reserve Bank has issued new guidelines to the payments associations which if enacted will further reduce the cost of credit card interchange. The RBA [...]

POSTED ON April 22, 2008
Banks on the money hunt

Australian Banks will be watching the UK closely this week as the Royal Bank of Scotland moves towards issuing a large rights issue aimed at [...]

POSTED ON April 21, 2008
ANZ to shed light on how banks are faring

Reporting season is beginning for the banks this week with ANZ delivering its results for the six months to the end of March on Wednesday. [...]

POSTED ON April 21, 2008
First home saver account in doubt

There are doubts as to whether the Federal government will have its First Home Savers Accounts running by the start of the new financial year [...]

POSTED ON April 21, 2008
IAG $4.00 bid too cheap

QBE's predominately scrip based bid for IAG is seen by many as being low ball and opportunistic. Prima facie it appears good value, the effective [...]

POSTED ON April 17, 2008
Basel toughen capital requirements

In response to the global credit crunch, The Basel Committee on Banking Supervision has decided to lay down new regulations in attempt to refine the [...]

POSTED ON April 17, 2008
Credit squeeze crunches property pricing

Experts in the property sector fear that the longer the credit squeeze continues as a result of the sub prime crisis the more certain that [...]

POSTED ON April 17, 2008
OECD reviews IMF’s sub-prime prediction

The International Monetary Fund's recent forecasted losses stemming from the sub-prime crisis are reported to be out by 50 per cent, according to the Organisation [...]

POSTED ON April 16, 2008
QBE has a tilt at IAG

QBE Insurance Group has announced a bid for Insurance Australia Group, providing IAG shareholders 0.142 QBE shares plus $0.70 cash. IAG has noted that the [...]

POSTED ON April 16, 2008
Loan slump not taken personally

Figures released yesterday have indicated that personal finance was on the rise in February, trending away from housing and commercial finance. Soaring interest rates are [...]

POSTED ON April 16, 2008
Bankwest zero on ATM fees

Bankwest's "Happy Banking" campaign has seen the launch of a second transaction account with no transaction fees, no other ATM fees and no monthly maintenance [...]

POSTED ON April 15, 2008
Broker commission rates revised

The global credit crunch is quickly spreading to Australia's mortgage broking industry, fuelling speculation that banks will cut brokers' commissions to offset higher wholesale funding [...]

POSTED ON April 15, 2008
Bank of Queensland acquisitive

Bank of Queensland managing director David Liddy has indicated he is keen to expand the bank via acquisitions of credit unions and building societies. While [...]

POSTED ON April 14, 2008
BOQ raises the bar

Bank of Queensland (BOQ) has delivered a 33% increase in first half profits. BOQ while noting issues relating to the credit crunch, has achieved well [...]

POSTED ON April 11, 2008
Mining boom enriches us all

Terry Mcrann does not believe the market reports of a two speed economy with resources driving both Western Australian and the remaining states are languishing. [...]

POSTED ON April 11, 2008
Be prepared say IMF

The International Monetary Fund has warned governments to prepare contingency plans should the continuing credit crunch keeping slowing the global economy. The IMF in its [...]

POSTED ON April 11, 2008
Credit union mergers

Community CPS Credit Union has announced that it will merge with United Credit Union. Community CPS currently operates in SA, NSW and the ACT, while [...]

POSTED ON April 10, 2008
Funding scheme spells cheaper lending

A new approach to financing could potentially be the response to cut interest rates for most home loan borrowers. An industry lobby group has suggested [...]

POSTED ON April 10, 2008
Consumer confidence takes a bite

Higher interest rates and rising fuel and food costs are putting a significant amount of pressure on consumer spending, suggesting that the work of the [...]

POSTED ON April 10, 2008
Opes Prime losses mount

In a meeting of creditors yesterday administrators indicated that 30 cents in the dollar would be all that investors could expect to receive from the [...]

POSTED ON April 9, 2008
First home accounts too complex

ING Direct has labelled the recently announced First Home Accounts as "too complex and too narrow". Managing Director Eric Drok yesterday said that these accounts [...]

POSTED ON April 8, 2008
ING Direct keeps growing

Online bank ING Direct continues to grow despite having delivered 18% growth in profit for 2007. ING had secured more than 100,000 new customers, and [...]

POSTED ON April 8, 2008
Stock lending data disarray

The Deputy Chair of the Australian Shareholders Association may have identified a $84 billion hole in official stock lending data. A recent BNP Paribas report [...]

POSTED ON April 8, 2008
Days of low rates gone

In a report released by BIS Shrapnel high interest rates could be here to stay with a tight labour market and rising fuel costs. BIS [...]

POSTED ON April 8, 2008
RESI relaunches tax effective split loan

RESI Mortgage has relaunched its tax-effective split-loan for property investors following a recent Federal Court ruling allowing the tax benefits on such loans. Such loans [...]

POSTED ON December 13, 2002
Health insurers to pass on the pain

Australians with private health insurance are likely to pay higher premiums next year due to losses suffered by the industry over the 2001-2002 financial year, [...]

POSTED ON December 13, 2002
Home loans: New product update

Home loans for pregnant women New equity loan for cash-strapped seniors RESI relaunches tax effective split loan Home loans for pregnant women Amidst the current [...]

POSTED ON December 13, 2002
Plan to slash super tax

The Senate's superannuation committee has concluded that Australia's super system is overtaxed, unfair and too complicated with retirement savings being eroded by taxes and fund [...]

POSTED ON December 13, 2002
New equity loan for cash-strapped seniors

St George Bank has introduced a "reverse mortgage" loan for older people who own their own home but have little cash to live on. The [...]

POSTED ON December 12, 2002
CBA says service a priority

Commonwealth Bank's new head of retail services says his key priority is improving the levels of customer service but it's not a reaction to a [...]

POSTED ON December 11, 2002