Almost 40% have no loans or credit

Thirty-nine per cent of the Australian adult population do not have any mainstream credit product - a credit card, personal loan or mortgage. There was [...]

POSTED ON May 30, 2012
RaboDirect offering 6% on 5 year term deposit

People wanting to lock their savings into the government guaranteed safety of deposits can still get rates of six per cent said Andrew Murray, chief [...]

POSTED ON May 28, 2012
Billions sitting in transaction accounts

More than a third of Australians either don’t understand the difference between a transaction account and a savings account, or are not sure. According to [...]

POSTED ON May 28, 2012
RAMS Saver offering 5.75 per cent

Westpac owned mortgage lender RAMS has entered the deposit market and is offering a high interest savings account, the RAMS Saver Account, currently offering a [...]

POSTED ON May 25, 2012
First home buyers choosing Suncorp

Suncorp has beaten out ANZ, Westpac and NAB in its share of the first homebuyer market. The regional bank has seen the biggest gains in [...]

POSTED ON May 23, 2012
Mutuals say we provide better service

Credit unions and mutual banks have been responding to recent criticisms that they are not providing a realistic alternative to the big banks. “Credit unions [...]

POSTED ON May 18, 2012
Rate cuts fail to inspire consumers

Westpac's monthly survey of consumer confidence crept up only 0.8 per cent this month, and remains 8.3 per cent below this time last year. Westpac [...]

POSTED ON May 17, 2012
Cheque fees tipped to rise

Fees will rise for the dwindling band of cheque users, the Australian Payments Clearing Association noted yesterday. “Users may be charged fees as a result [...]

POSTED ON May 16, 2012
Average new home loan falls to $284,500

Australian Bureau of Statistics housing finance figures published yesterday show that there has been solid growth in the number of dwelling commitments and a significant [...]

POSTED ON May 15, 2012
NAB commits to having lowest SVR

National Australia Bank (NAB) chief executive Cameron Clyne said more rate cuts are expected. “We're likely to see another 50 basis points of cuts over [...]

POSTED ON May 14, 2012
ANZ cuts rates by 0.37 per cent

ANZ on Friday trimmed its standard variable home loan and business lending rates by 37 basis points just a month after it lifted its home [...]

POSTED ON May 14, 2012
Homeowners renting rooms to pay mortgage

Almost one in three homeowners would consider renting their spare room to help pay the mortgage, a poll by PRDnationwide revealed today. 14 per cent [...]

POSTED ON May 10, 2012
NAB continues to attract switchers

National Australia Bank chief executive Cameron Clyne said the bank continued to grow its number of mortgage customers. “We've seen substantial switching over the last [...]

POSTED ON May 10, 2012
Tax discount on savings abandoned

The proposed 50 per cent tax discount on interest earned on the first $1000 of interest income in any year has been scrapped for good [...]

POSTED ON May 9, 2012
Consumers are escaping bank fees and charges

Latest figures show in 2010 Australian households spent a whopping $1.2 billion on transaction account fees, but these fell by $688 million, or 36 per [...]

POSTED ON May 8, 2012
UBank and CUA announce variable loan rate cuts

Pricing differentials between major banks on their home loan rates will become more compressed, with Commonwealth Bank dropping its variable rate loans by 40 basis [...]

POSTED ON May 4, 2012
NAB cuts loan rates by 0.32 per cent

National Australia Bank will pass on only 32 basis points of the 50-point cut this week to the official cash rate. NAB group executive personal [...]

POSTED ON May 3, 2012
Commonwealth cuts loan rates by 0.40 per cent

Commonwealth Bank has moved to lower their standard variable interest rate by 40 basis points following the Reserve Bank's 50 basis point cut on Tuesday. [...]

POSTED ON May 3, 2012
CommBank to tailor loans and accounts

Customers of Commonwealth Bank will start to find that products are better tailored to their individual requirements and that pricing is more likely to be [...]

POSTED ON May 2, 2012
RBA cuts rates by 0.5% but banks hold back

Home and business borrowers are likely to get just two thirds of the 0.50 percentage point interest rate cut delivered by the Reserve Bank. Futures [...]

POSTED ON May 2, 2012
Term deposits get favoured treatment from banks

Australia’s major four banks have been more generous with their three-month term deposits compared to their standard variable mortgage rates. The major four banks had [...]

POSTED ON April 24, 2012
Credit unions car and personal loans are cheaper

Car and personal loans are an area where credit unions, building societies (known as mutuals) have traditionally been very competitive, and they continue to offer [...]

POSTED ON April 24, 2012
NAB still the favourite big bank – for now

According to the latest Roy Morgan Research consumer banking customer satisfaction survey, support for NAB dropped 80 basis points in March, so its reign as [...]

POSTED ON April 24, 2012
Three cards for travellers

Consumer group Choice spokeswoman Ingrid Just predicts there will be further development in credit cards specifically designed for overseas travel such as the GE 28 [...]

POSTED ON April 23, 2012
Great value term deposits get more popular

Almost half of our savings are now tied up in term deposits. The minutes of the April Reserve Bank board meeting revealed just how important [...]

POSTED ON April 23, 2012
Term deposit rollover costs $4b

Billions of dollars is being lost by savers who are getting their term deposits automatically rolled over to a lower interest rate by their bank. [...]

POSTED ON April 23, 2012
Look for card security or risk your cash

Last year, Aussies lost $1.4 billion by credit card fraud, identity theft and personal finance scams. According to a survey by the Australian Bureau of [...]

POSTED ON April 20, 2012
CommBank aims to be your favourite bank

Commonwealth Bank aims to dominate customer satisfaction rankings and increase its share of business lending. CEO Ian Narev yesterday outlined a plan to use new [...]

POSTED ON April 20, 2012
Gold credit cards falling from favour

The HSBC Credit Card Monitor, published yesterday, confirms other recent research which shows the credit card market being polarised as consumers reject gold cards. The [...]

POSTED ON April 18, 2012
Families paying too much interest

New figures from the Reserve Bank of Australia show 11.2 per cent of disposable income, on average, goes to interest payments, with all but 2 [...]

POSTED ON April 17, 2012
Aussies know how to manage a credit card

The average credit card balance grew only 0.7 per cent last year, the slowest pace since records started in 1995, according to data from the [...]

POSTED ON April 16, 2012
Credit card cash advances in terminal decline

The number of cash withdrawals on Australian credit cards fell below two million in February for the first time since 1996. Customers borrowed $778 million [...]

POSTED ON April 16, 2012
Banks likely to hold on to May rate cuts

Bank funding costs have started to rise again amid renewed fears the European debt crisis is spreading. This could reignite yet another difficult month in [...]

POSTED ON April 13, 2012
How to budget for a mortgage

Before you start looking in real estate agents windows you need to work out whether home ownership makes financial sense for you. Repayments shouldn’t be [...]

POSTED ON April 11, 2012
Wayne Swan budgets for interest rates cuts

Retail interest rates could fall further as a result of the Federal Government's plan to return its Budget to the black. Treasurer Wayne Swan said [...]

POSTED ON April 10, 2012
Teachers Bank attracting new deposits

Teachers Mutual Bank chief executive Steve James said the bank was on track to report a net profit of $24 million for the year to [...]

POSTED ON April 5, 2012
Three year fixed rates lower than variable rates

A fall in fixed rates has increased the portion of home-buyers who buy fixed-rate mortgages. Lenders have dropped their three-year fixed interest rates by 1.11 [...]

POSTED ON April 4, 2012
May rate cut looks likely

The RBA left the cash rate on hold at 4.25 per cent yesterday for the third consecutive month while sending a clear message that economic [...]

POSTED ON April 4, 2012
One quarter opting for fixed rates

About 25 per cent of consumers who took out or refinanced a home loan last month using Australian Finance Group fixed their interest rates. That [...]

POSTED ON April 3, 2012
Account fees and mobile access is most important

Banks looking to improve their retail customer satisfaction scores should get rid of monthly account-keeping fees and improve their mobile phone access. Banking researcher RFi [...]

POSTED ON March 28, 2012
Aggressive consumers want the best rates

“Consumers are price sensitive and want to find the best deals from their banks,” said RFi’s director of consulting Alan Shields. For example, 67 per [...]

POSTED ON March 27, 2012
One third of Aussies use mobile phone banking

A KPMG study has found Aussies are not taking to mobile banking. The 31-country survey found just 36% of Australians use mobile banking, compared to [...]

POSTED ON March 26, 2012
RBA warns banks not to raise rates again

Australian Bankers' Association chief Steven Munchenberg said banks needed to balance the interests of savers and people borrowing money for houses or running a business. [...]

POSTED ON March 23, 2012
Big banks all cut term deposit rates

The top four banks have each cut 20 basis points off their three-month term deposit rates since the start of the year. Longer-term savings rates [...]

POSTED ON March 23, 2012
Term deposit rates going up

The best rates in the term deposit market at the moment are being offered on six-month terms. The top rate for that term is 5.95 [...]

POSTED ON March 21, 2012
Westpac is the favourite big bank for business

Westpac has the highest rating of the Big Four among business customers. According to Roy Morgan Research’s business satisfaction survey, Westpac’s satisfaction rating, at 68.9 [...]

POSTED ON March 20, 2012
Police & Nurses CU to become a bank

Police & Nurses has flagged plans to change its name to P&N Bank. The credit union announced it was in discussions with the Australian Prudential [...]

POSTED ON March 19, 2012
Premium credit cards have best rewards says RBA

In response to RBA credit card fee reforms, banks have targeted premium offerings in credit cards, such as platinum categories, where they can charge higher [...]

POSTED ON March 19, 2012
Time running out for good fixed rate loans

The fixed rate boat will soon set sail, 1300HomeLoan managing director John Kolenda has claimed. “Last month was probably the best time to consider fixing [...]

POSTED ON March 15, 2012
NAB customers open accounts on their mobile

NAB’s UBank clients can open their own account with no help from staff in less than five minutes. UBank has more than 200,000 account holders [...]

POSTED ON March 15, 2012
Consumers getting on top of their credit cards

Consumers spent more on their credit and charge cards over the past year, but they reduced their average monthly balances and their average credit limits. [...]

POSTED ON March 13, 2012
Cash advances charging up to 29 per cent

One of the biggest traps with credit cards is easy access to cash said Saskia ten Dam, President of the Financial Counsellors Association of Queensland. [...]

POSTED ON March 13, 2012
Many accounts pay no interest at all

Almost 30 per cent of deposit accounts do not pay any interest on balances of $1000, and 25 per cent of accounts do not pay [...]

POSTED ON March 9, 2012
Five credit cards under 11 per cent

Credit card interest rates are in a world of their own when it comes to setting interest rates. They are also higher now than when [...]

POSTED ON March 5, 2012
Young people are saving more than ever

More than half of Gen Ys surveyed for the 2012 Bankwest Financial Fitness Index said they had become more thrifty, with the number of respondents [...]

POSTED ON March 2, 2012
Look beyond rates for best mortgage deal

Borrowers should look beyond the interest rate to loan features, fees and your financial objectives when choosing a mortgage said Mortgage Choice. Company spokesperson Belinda [...]

POSTED ON March 1, 2012
Borrowers complain about lack of competition

A new survey from Citibank has found 65% of respondents believe the banking sector suffers from a lack of competition. Citibank director of mortgages Vibha [...]

POSTED ON February 29, 2012
CBA capital strategy up in the air

Commonwealth Bank appears ready to throw its balance sheet around in the name of generating short-term and long-term fees from the management of market-linked investments [...]

POSTED ON June 6, 2006
Low rate credit cards in demand

The number of outstanding credit card balances accruing interest has reached $25.3 billion, a 17 per cent increase in one year. The average card balance [...]

POSTED ON June 5, 2006
Western boom at risk of a bust

Bank of Western Australia's chief economist said WA's heavy dependence on the commodity cycle made a bust inevitable. "I deliberately use the word cycle," he [...]

POSTED ON June 5, 2006
Westpac prefers Qantas over Virgin

Westpac introduced a credit card aimed at the middle ground of the market, with a lowish, but not low, interest rate, while still offering rewards, [...]

POSTED ON June 5, 2006
Jury still out on rate rise

A chance of an interest rate rise is still unlikely as we await further indication of the effects of the last increase in May. A [...]

POSTED ON June 2, 2006
Genworth buys remnants of Vero LMI

Genworth Financial Mortgage Insurance will buy Vero Lenders Mortgage Insurance for about $220 million. The price represents a premium of about $25 million to the [...]

POSTED ON June 1, 2006
Residex may be right on property price growth

Repeat sales may be a better measure of house price fluctuations than the often-cited median price measures, studies published by the Reserve Bank of Australia [...]

POSTED ON June 1, 2006
Banks seek help managing mortgage arrears

Bluestone Mortgages, a provider of non-conforming mortgages, told the Australian that the company had been in discussions with some banks about providing arrears-management services. Bluestone [...]

POSTED ON May 29, 2006
RBA uneasy over rising household debt

Glenn Stevens, deputy governor of the Reserve Bank of Australia told a financial markets conference in Melbourne at the weekend that households felt justified in [...]

POSTED ON May 29, 2006
Chances of further rate rise finely balanced

The latest wages and lending figures out this week don't increase pressure for further rises in interest rates, but they do underline that the interest [...]

POSTED ON May 19, 2006
Arrears improve on full doc loans

Arrears on home loans declined slightly during March 2006 from February 2006, according to the monthly series on home loan delinquencies prepared by ratings agency [...]

POSTED ON May 16, 2006
Flat prices falling on the east coast

Sale of residential flats are down 40 per cent from boom-time levels. Australian Property Monitors said prices for flats in Sydney, Melbourne and Brisbane continued [...]

POSTED ON May 15, 2006
Student loan limits increased

Tertiary students will be free to take out government-provided loans of up to $80,000 to cover all full-fee courses, with a higher limit of $100,000 [...]

POSTED ON May 12, 2006