Top term deposit rates in 2020

The new year brings a new opportunity for savers and investors to review their accounts, compare returns and ensure they are getting the best rates [...]

POSTED ON January 15, 2020
Review of OnDeck business loans

Easy unsecured loans for small business is the aim of OnDeck Capital. OnDeck opened for business in Australia in 2015 and specialises in unsecured loans [...]

POSTED ON November 11, 2019
Rate cuts dampen demand for fixed rates

Mortgage Choice’s home loan figures show that after four consecutive months of increasing popularity, borrowers' interest in fixed rate mortgages tapered off towards the end [...]

POSTED ON January 9, 2013
RBA expected to deliver more rate cuts

The Reserve Bank is expected to cut the cash rate a number of times in 2013 to support the non-mining sectors of the economy as [...]

POSTED ON January 8, 2013
Half of 1% costs homebuyers $31K

Finding a home loan is one of the biggest financial decisions we make, but many people spend less time finding the right mortgage than on [...]

POSTED ON January 7, 2013
How to switch banks easily and quickly

Since 1 July 2012 it has been easier for you to move your everyday transaction account from one financial institution to another. The new arrangements [...]

POSTED ON January 4, 2013
Aussie savings rate is at a record high

The nation's savings rate is at a 20-year high. Households are saving 10.8 per cent of disposable income, up from just 0.3 per cent seven [...]

POSTED ON January 4, 2013
High credit card rates cost shoppers $500M

Banks and other credit card issuers are charging 1.5 per cent more interest than last time the official RBA rate was this low, costing consumers [...]

POSTED ON January 3, 2013
Credit card transactions go up 30 per cent

National Australia Bank said it put through 3,839,518 ATM, EFTPOS and debit and credit card transactions on Boxing Day, with a peak transaction rate of [...]

POSTED ON December 27, 2012
Half don’t know their savings account balance

Nearly half of us can’t actually state how much money is sitting in our savings account.Research conducted by St. George Bank found three quarters of [...]

POSTED ON December 27, 2012
Fixed rates are getting more popular

Latest figures from the Australian Bureau of Statistics found about 12 per cent of borrowers for new home loans in 2012 chose fixed loans - [...]

POSTED ON December 24, 2012
Don’t just settle for a 19% credit card rate

Banks are maintaining credit card interest rates of more than 19 per cent despite falls in official lending rates. Since mid-year official interest rates have [...]

POSTED ON December 24, 2012
Two thirds of borrowers ahead on repayments

More than two-thirds of homeowners are ahead of their mortgage according to CBA research. Of 1.8 million home loan borrowers, 68% are ahead of their [...]

POSTED ON December 20, 2012
Consumers need to know who owns their bank

Tuesday’s announcement that Commonwealth Bank has increased its ownership of Aussie Home Loans to 80% further illustrates the need for the government to move on [...]

POSTED ON December 20, 2012
Aussies reject Christmas on credit

More than half of Australians are likely to make Christmas purchases with cash compared with credit this festive season, according to findings from the latest [...]

POSTED ON December 19, 2012
NAB and CommBank are our favourite big banks

Latest customer satisfaction figures from Roy Morgan Research show NAB remains on top with a rating of 80.5 per cent, but the bank gained just [...]

POSTED ON December 18, 2012
Why term deposit rates change from week to week

Suncorp Bank executive manager Craig Fenwick says term deposit rates regularly fluctuate. “It depends what's happening in the financial markets and for banks' competition,” he [...]

POSTED ON December 18, 2012
Average 12m term deposit now 4.25%

Term deposit interest rates continue to fall but they are a long way off the lows experienced during the global financial crisis. Reserve Bank of [...]

POSTED ON December 18, 2012
Aussies continue to favour deposits over risk

Depositors are not going to stop squirreling money into banks and shift their savings to higher-risk investments for a long time according to Westpac boss [...]

POSTED ON December 17, 2012
ANZ cuts variable rates by 0.20%

ANZ announced it will reduce interest rates for variable rate mortgages by 0.20% p.a. effective 21 December 2012.ANZ’s new standard variable mortgage rate will be [...]

POSTED ON December 17, 2012
Westpac tips more rate cuts in new year

Westpac chief executive Gail Kelly has urged the Reserve Bank to cut interest rates further early next year.“I would be in the same camp as [...]

POSTED ON December 14, 2012
Only mortgage holders are happy

Mortgage holders have responded positively to this month’s rate cut, but overall consumer sentiment is disappointing, says the Westpac Melbourne Institute Index of Consumer Sentiment [...]

POSTED ON December 14, 2012
NAB & CBA cut savings rates by 0.25%

National Australia Bank has passed on the full 25 basis point Reserve Bank of Australia rate cut to its depositors, following a similar move from [...]

POSTED ON December 13, 2012
Simple home loan comparison saves $32K

Finding a home loan is one of the biggest financial decisions we make, but many people spend less time finding the right mortgage than on [...]

POSTED ON December 12, 2012
Lenders quicker to pass on rate cuts

Australia’s lenders were notably quicker in passing on any rate cuts to borrowers this month.In the two days following the Reserve Bank's monetary policy announcement, [...]

POSTED ON December 11, 2012
Aussie big banks are ‘monopolistic’

Our big banks are the world's most concentrated in terms of ownership and most profitable per capita. They pocketed $1460 for every person in the [...]

POSTED ON December 11, 2012
Credit unions point out the deposit guarantee trap

Credit Union Australia Chief Chris Whiteheads says consumers may not be aware that the government’s $250,000 deposit guarantee applies across all of a bank’s brands. [...]

POSTED ON December 10, 2012
RBA says bank rates are where they should be

Steven Münchenberg, chief executive of the Australian Bankers Association says the Reserve Bank has “again confirmed” that Australian households and borrowers are not paying more [...]

POSTED ON December 7, 2012
St George, Aussie & Heritage cut rates

St.George Bank, Aussie and Heritage Bank are reducing their standard variable home loan rates by 0.20% each. St.George also has an offer in place until [...]

POSTED ON December 7, 2012
Low interest rates are the new normal

The “normal” level of lending rates may be lower now and in the years ahead than it has been over the past two decades, says [...]

POSTED ON December 6, 2012
Westpac and CommBank cut rates

Westpac and the Commonwealth Bank announced they would cut their standard variable home loan rates by 20 basis points.Westpac's standard variable rate will fall to [...]

POSTED ON December 6, 2012
Bank of Queensland quick to deliver rate cut

Within minutes of the Reserve Bank of Australia's announcement of a 0.25 per cent cut in official rates yesterday, Bank of Queensland said it would [...]

POSTED ON December 5, 2012
RBA cuts rates to record low of 3.00%

The Reserve Bank cut in the official cash rate to 3 per cent, equal to the low-point reached during the global financial crisis in 2009.Deutsche [...]

POSTED ON December 5, 2012
Demand for fixed rate loans still rising

According to research from Mortgage Choice, fixed rates accounted for 22.37 per cent of all loans written in November - slightly higher than the 21.72 [...]

POSTED ON December 4, 2012
Three types of bank deposits for investors

There are three types of bank deposits cash investors can use that are capital-guaranteed by the government. Savings accounts: They pay low rates that are [...]

POSTED ON December 3, 2012
Living on interest requires action

Millions of people rely on the yield of cash assets to fund their retirements. These people will be going into uncertain territory if the cash [...]

POSTED ON December 3, 2012
Young people need to know 5 things about credit

CEO of MyCRA Credit Rating Repairs, Graham Doessel, says many young people amble through their early years with credit, making mistake after mistake that can [...]

POSTED ON November 30, 2012
Aussie MasterCard has low rate and low fees

Aussie launched a new credit card designed to help save online shoppers on overseas sites some of the estimated millions of dollars in international transaction [...]

POSTED ON November 30, 2012
Accounts to be lost after three inactive years

The Australian Bankers Association has welcomed the federal government's plans to change its unclaimed money legislation.Under the legislation, bank accounts and matured life insurance policies [...]

POSTED ON November 29, 2012
Credit unions grow mortgage market share

Latest industry statistics show the customer owned banking sector will end 2012 in a strong position, backed by growth in housing loans and deposits.For the [...]

POSTED ON November 28, 2012
Competition in mortgages is alive and well

A Deloitte financial services report found the big four banks' refusal to pass on official interest rate cuts in full had helped fuel competition in [...]

POSTED ON November 27, 2012
Low rates encourage debt consolidation

Consumers are taking advantage of lower interest rates and competitive home loan packages offered by lenders to consolidate their debts. According to new research by [...]

POSTED ON November 26, 2012
Aussies gets $347 in rewards points per year

Commonwealth Bank research reveals Aussies belong to an average of 6 loyalty schemes and rack up $4.9 billion worth of points each year.The average user [...]

POSTED ON November 26, 2012
Mutual credit card rates are 4% cheaper

Christmas shoppers can get a better deal and save more than 4% on their credit card by switching to a customer owned banking institution said [...]

POSTED ON November 23, 2012
Suncorp Bank launches new package loan deal

Suncorp Bank has introduced the new ‘Home Package Plus’ which allows customers to combine their home loan with other banking products, like their everyday bank [...]

POSTED ON November 23, 2012
Rate more important when choosing a lender

The interest rate on a home loan is more likely to pull in customers than the brand of the lender, particularly among young home buyers. [...]

POSTED ON November 21, 2012
Mutuals & credit unions have 92% customer approval

Credit unions, mutual banks and building societies have recorded outstanding customer satisfaction results, according to data from Roy Morgan Research. The latest data continues to [...]

POSTED ON November 21, 2012
Credit cards rates immune to cuts

Banks and credit card companies are pocketing hundreds of millions of dollars in extra interest payments by refusing to pass on Reserve Bank rate cuts [...]

POSTED ON November 19, 2012
Customers vote for ING Direct & Heritage Bank

None of the big four rank in the top 10 when it comes to Australia's preferred bank, new research shows. Commonwealth Bank, Westpac, National Australia [...]

POSTED ON November 19, 2012
Most homes priced between $200K and $400K

Australians prefer to buy middle of the range homes with a median price less than $600,000, new research has revealed. According to RP Data, over [...]

POSTED ON November 16, 2012
First home buyers getting older

Among Australians planning to buy their first home 20 per cent are aged 40 and older, the Mortgage Choice Future First Homebuyer Survey found.The proportion [...]

POSTED ON November 15, 2012
RBA says there is no home price bubble

Property prices are showing signs of life but there will be no repeat of a 1990s-style housing boom, senior Reserve Bank of Australia analyst Jonathan [...]

POSTED ON November 14, 2012
Yellow Brick Road challenges Aussie banks

Yellow Brick Road’s CEO Mark Bouris is challenging Australia’s big banks, threatening bank profits and/or term deposit rates via lower margins. The current challenge was [...]

POSTED ON November 14, 2012
More bank accounts expected to get rewards points

Transaction accounts are the new battleground for banks. Financial institutions are adopting rewards programs to help grab customer deposits.Similar to rewards programs used by retailers, [...]

POSTED ON November 13, 2012
Beware of Christmas on the credit card

Financial counsellors fear crippling credit card bills combined with cost-of-living pressures will throw thousands of people into holiday debt hangovers. Credit card users face a [...]

POSTED ON November 12, 2012
Credit cards immune to rate cuts

Banks and credit card issuers have been far keener to slug customers with rate rises than pass on reductions, analysis shows.Credit card providers are grabbing [...]

POSTED ON November 12, 2012
Customers will switch for a better bank app

The quality of a banking app can have the power to make consumers switch banks, according to ANZ Bank's Group General Manager for Innovation Peter [...]

POSTED ON November 9, 2012
Westpac predicts more phone banking, less ATMs

Mobile banking is set to become more popular than banking through traditional websites within the next five years Westpac has predicted. Westpac's head of retail [...]

POSTED ON November 8, 2012
State Custodians has a mortgage loyalty bonus

State Custodians reported that new mortgage sales increased by 30 per cent this year.State Custodians' chief executive, Heidi Armstrong, said the company had demonstrated its [...]

POSTED ON November 5, 2012
Westpac profit slides 15 per cent

Westpac today reported a 15 per cent fall in annual profit to $5.97 billion in the year to September 30, from $6.99bn a year earlier. [...]

POSTED ON November 5, 2012
Aussies turn to EFTPOS for cashout

Australians are changing the way we access cash according to the latest data from research firm RFi. “We are accessing cash more so via EFTPOS [...]

POSTED ON November 1, 2012
Aussies love debit for shopping

The latest data from strategic research firm RFi shows the use of debit cards has more than doubled in the last decade.RFi director Alan Shields [...]

POSTED ON November 1, 2012
Expect a rate cut on Melbourne Cup Day says AMP

According to AMP’s chief economist Shane Oliver, the Reserve Bank should and will cut rates on Melbourne Cup Day. “While the upside surprise in inflation [...]

POSTED ON October 30, 2012
CBA & ANZ ATMs getting smarter

The Commonwealth Bank's executive general manager of retail products, Michael Cant, says customers will be able to deposit cash and cheques at ATMs and have [...]

POSTED ON October 30, 2012
A platinum debit MasterCard from Bankwest

Consumers who like to use platinum credit cards can now have a platinum debit card to match. Bankwest launched the first platinum MasterCard debit card [...]

POSTED ON October 30, 2012
Can you save $76K by switching to a credit union?

Australia Institute executive director Richard Denniss says homebuyers can “save more than $1,000 a year on an average mortgage” by switching to a mutual owned [...]

POSTED ON October 29, 2012
Pitfalls of a fixed rate strategy

With the Reserve Bank making the next rates announcement on Melbourne Cup day tomorrow week, there are strong forecasts of another rate fall. Many borrowers [...]

POSTED ON October 29, 2012
Rate cuts to stimulate lending competition

RBA rate cuts could ultimately stimulate greater competition between lenders said Loan Market corporate spokesman Paul Smith.Mr Smith said the gradual fall of rates has [...]

POSTED ON October 26, 2012
One more rate cut to come

The Reserve Bank is likely to cut the cash rate only once more - either in November or December - but that could be it [...]

POSTED ON October 26, 2012
Business still doesn’t rate ANZ

ANZ remains in bottom place among the big four banks for customer satisfaction among business clients according to the monthly DBM Consultants' Business Financial Services [...]

POSTED ON October 24, 2012
bankmecu is Australia’s most popular bank

By comparison to the second-tiers and non-bank lenders, the major banks’ customer satisfaction levels are still low according to the Roy Morgan's customer banking satisfaction [...]

POSTED ON October 23, 2012
NAB is the most popular big bank – ever

Roy Morgan's customer banking satisfaction report has seen NAB score the highest of any major bank since the research began in 1996. At 80.3% for [...]

POSTED ON October 23, 2012
Variable rates now 3% over RBA cash rate

New research shows the big banks have ‘charged’ their borrowers an extra $18bn by not passing on the RBA’s rate cuts to standard variables over [...]

POSTED ON October 22, 2012
Online saver accounts vs term deposits

Online savings accounts are safe and can earn up to 2.5 per cent above inflation but there are tricks to these.The online “bonus” savers often [...]

POSTED ON October 22, 2012
Rate cuts encourage first home buyers into market

Surveys suggest that buyers, including first-home buyers, have been encouraged by lower interest rates and a fall in prices, and are getting into the market.With [...]

POSTED ON October 17, 2012
Term deposits – how they work for you

Term deposits are simple savings accounts offered by banks, building societies and credit unions that pay a fixed rate of interest for a given term [...]

POSTED ON October 16, 2012
CommBank slashes fixed mortgage rates

Commonwealth Bank has cut interest rates on its fixed-rate home loans to a 22-year low and has promised to beat the advertised one to five-year [...]

POSTED ON October 15, 2012
ANZ cuts home loan rates

ANZ announced it will decrease interest rates for variable rate mortgages by 0.20 per cent pa effective 19 October 2012. ANZ’s new standard variable mortgage [...]

POSTED ON October 15, 2012
Credit card debt is falling

Credit card debt levels have plunged to their lowest point in 14 years.The latest Reserve Bank data shows the average credit card balance fell 1 [...]

POSTED ON October 15, 2012
Regulator says bank lending standards are falling

Australian Prudential Regulation Authority chairman John Laker says he has seen signs of loosening bank lending.Dr Laker said the external audit to review banking lending [...]

POSTED ON October 12, 2012
First home buyers looking at fixed rates

Around two-thirds of first home buyers are considering fixed and split home loan packages to take advantage of low fixed rate home loan offers.RAMS Chief [...]

POSTED ON October 11, 2012
AMP Bank cuts variable mortgage rates

AMP Bank has reduced its interest rates for new and existing customers across all variable rate home loans by 17 basis points. The AMP Bank [...]

POSTED ON October 11, 2012
Bendigo cuts variable rates by 0.19 per cent

In response to the RBA cutting the cash rate by 0.25 percentage points, Bendigo and Adelaide Bank reduced its standard variable home loan rate by [...]

POSTED ON October 11, 2012
Public bank bashing is right says Bendigo

Some of the public anger directed at Australian banks is justified and the only way to counter this is to treat customers well, Bendigo and [...]

POSTED ON October 11, 2012
St George cuts home loan rates

St George has reduced its variable home loan rates by 17 basis points to 6.69 per cent from October 15. The RBA cut the cash [...]

POSTED ON October 10, 2012
Credit card market overhauled

A dramatic overhaul of the credit card market kicked in on July 1 this year, which forced providers to direct all repayments to the debt [...]

POSTED ON October 9, 2012