Term deposit rate update November

Term deposit rates are under pressure as official interest rates fall closer to zero in Australia. The highest term deposit rate now on offer from [...]

POSTED ON November 12, 2019
Best credit cards for Christmas 2019

Australians love gifts. In fact, Aussies love giving more than receiving, according to recent research from the Financial Planning Association. 85 per cent of people [...]

POSTED ON November 8, 2019
Guide to first home loan deposit scheme.

Who can qualify for the First Home Loan Deposit Scheme? Your two-minute FAQ guide to the First Home Loan Deposit Scheme Whilst seasoned campaigners understand [...]

POSTED ON October 29, 2019
Which bank calculates term deposit daily?

Calculating interest daily unlocks the power of compounding. It’s a big advantage. When you invest your money in a term deposit account you know that [...]

POSTED ON October 11, 2019
What’s a good personal loan rate?

Your personal loan is a means to an end. Your way of achieving your dream – of a new (or used) car, a holiday, paying [...]

POSTED ON September 6, 2019
Top 10 credit cards in Australia

*Disclaimer: Citi credit card product names have changed effective 20 Jan 2020 as following: Citi Clear Platinum is now Citi Clear; Citi Rewards Platinum is [...]

POSTED ON August 29, 2019
Does Australia need an interest rate cut?

Does Australia need an interest rate cut? Vote YES or NO https://www.facebook.com/193785440635734/posts/2667190169961903/ Should monetary policy put “People before Profits” or “Poverty before Property Prices?” The [...]

POSTED ON June 3, 2019
Cost cutting minus job cuts

Labour force figures released from the Australian Bureau of Statistics for the month of December have shown a decline in the proportion of females employed [...]

POSTED ON January 16, 2009
Uncertain times lie ahead for retail sector

Given the rough economic climate, businesses are fighting a difficult decision on whether to further attract shoppers with heavily discounted items, or to increase pricing [...]

POSTED ON January 16, 2009
Global outlook looks dim

The recent Organisation for Economic Co-operation and Development's assessment report indicates a significant weakening to the economy in coming months as major developed and emerging [...]

POSTED ON January 16, 2009
BOQ seeks help from other banks

Bank of Queensland is acting on its planned review and wrote to select financial institutions seeking to form partnerships. BOQ wrote in the letter seeking [...]

POSTED ON January 16, 2009
Cash options in demand

Australian Super said the number of member's selecting the fund cash investment option doubled over the December 2008 quarter, though off a low base. Three [...]

POSTED ON January 14, 2009
Storm warnings for Macquarie and BOQ

Macquarie Bank allowed Bendigo and Adelaide Bank to cherry pick the margin loan book that the former plans to sell to the latter, leaving Macquarie [...]

POSTED ON January 14, 2009
Suncorp steers away from brokers

Mortgage brokers may have fewer reasons to introduce borrowers to a Suncorp home loan after the bank decided to cut the commission paid to brokers. [...]

POSTED ON January 13, 2009
Investment firm sticks with cash

Mirabooka Investments, a listed investment company, plans to maintain its cash holdings, equal to 19 per cent of assets, and take its time before investing [...]

POSTED ON January 13, 2009
Mortgage arrears stable

Standard & Poor's reported that arrears on the mortgages underlying prime Australian RMBS had risen to 1.58 per cent of the value of home loans [...]

POSTED ON January 12, 2009
Caution over margin loans

CommSec is still opening 400 new margin lending accounts a week, though not many clients are activating those accounts. Lower interest rates may be making [...]

POSTED ON January 12, 2009
Personal insolvencies dip in December quarter

The number of personal insolvencies fell for the second quarter in a row during the December 2008 quarter. The Insolvency and Trustee Service Australia recorded [...]

POSTED ON January 12, 2009
Think before leaping on fixed rate loans

Homeowners with fixed rate loans stuck at a high interest rates should not panic and try to break out of the loan. Break fees are [...]

POSTED ON January 8, 2009
Beware of tax office emails

The Australian Tax Office is warning people about a fraudulent email being circulated that claims to offer a refund from the Tax Office. It uses [...]

POSTED ON January 7, 2009
First home buyers turn to brokers

One third of first home buyers expect to use a broker to find the best home loan for them according to the latest Mortgage and [...]

POSTED ON January 7, 2009
Time to tackle Xmas card debt

It will take about eight years to pay off a $1000 card debt if you only pay the minimum monthly obligation. Experts say the key [...]

POSTED ON January 6, 2009
Bank guarantee under fire

Depositors and banks will now believe that the government will always come to their rescue in the event of a bank failure says the OECD. [...]

POSTED ON January 6, 2009
Cards winning over online shoppers

BPay, Visa and MasterCard seem to be winning the war for the hearts and minds of online shoppers with PayPal and direct deposit losing market [...]

POSTED ON January 6, 2009
Westpac takes six weeks to approve loans

Mortgage applications received by Westpac through brokers last week will not be processed until the week of February 13. Operational problems are mounting at Westpac’s [...]

POSTED ON January 5, 2009
Rates to be slashed

Interest rates are expected to come down by at least another one full percentage point by June 2009 as the central bank and the government [...]

POSTED ON January 5, 2009
Term deposit boom looks over

Money invested in term deposits grew almost fifty per cent last year as investors looked to take money out of markets and place them in [...]

POSTED ON January 2, 2009
Foreign banks flee Australia

Foreign banks are lending less money in Australia and the big Australian banks are not expected to be able to keep up with demand from [...]

POSTED ON January 2, 2009
Aussies lose $750 billion on shares

Falling interest rates and low prices on markets, make this the right time to be buying in to equities. The fall in share values has [...]

POSTED ON January 2, 2009
No investor demand for Suncorp IM

Suncorp Investment Management is no longer being rated by research agencies because of a lack of demand. Suncorp Metway continues to have problems with staffing [...]

POSTED ON January 2, 2009
New NAB CEO raises questions

Cameron Clyne, the new chief executive of NAB is focused on NAB's shareholders and will move to Sydney to be closer to many of the [...]

POSTED ON January 2, 2009
Rates to plunge to two per cent

The Reserve Bank will cut official interest rates to 2.5 per cent or below next year say some economists because unemployment is expected to almost [...]

POSTED ON December 31, 2008
Card contracts can’t be understood

The government should legislate for fair terms in contracts says a welfare group because the system of full disclosure of all contract terms to credit [...]

POSTED ON December 31, 2008
Legal actions mounting up for ANZ

ANZ faces class action legal suit in the USA over the Opes Prime crisis. The action by affected US investors claims they were not informed [...]

POSTED ON December 31, 2008
Dodgy cash back deals anger consumers

Consumers are being left short changed and angry by dodgy cash back deals on a wide range of retail goods from electric kettles to wide [...]

POSTED ON December 31, 2008
Banks pushing card debt

Banks target vulnerable credit card holders in debt and offer them limit increases before Christmas and when they have just made a big purchase according [...]

POSTED ON December 30, 2008
Big trouble ahead for property trusts

The listed property trust Macquarie Office Trust has until March to refinance $75 million of debt after its bankers refused the trust a longer extension. [...]

POSTED ON December 30, 2008
ANZ Bank fined by US government

ANZ Bank will pay a US$20 million fine to the US government for failing to meet anti-money laundering standards. The matter is believed to involve [...]

POSTED ON December 30, 2008
Baby bonus test creates confusion

The vast majority of families will remain eligible for the new means test for the federal government's baby bonus that will come into force on [...]

POSTED ON December 29, 2008
NAB to speed up transfers

National Australia Bank will jointly develop and promote a range of new payments products and services with software developer Distra following a deal which will [...]

POSTED ON December 29, 2008
Bank fee take goes up

Banks collected $22.6 billion in fees and charges from their customers in the year to June 30, up more than $2 billion from $20.5 billion [...]

POSTED ON December 24, 2008
Bendigo mums and dads invest more

Bendigo and Adelaide Bank's big retail shareholder base gave the bank a vote of confidence by buying $80 million of shares in the bank's capital [...]

POSTED ON December 24, 2008
Up market retail boom

High end Collins St retailers such as Louis Vuitton and Tiffany's and Co. are reporting strong activity in the last two weeks before Christmas, causing [...]

POSTED ON December 24, 2008
Reward for information on ATM bandits

Police are investigating a number of groups after offering a $150,000 reward for information on ATM bandits who have stolen millions of dollars by blowing [...]

POSTED ON December 24, 2008
Confidence in super evaporates

Australians are contributing less to their superannuation as losses on investments are apparently shaking consumer confidence in super. Australians contributed $4.1 billion to their super [...]

POSTED ON December 23, 2008
Money moving back to markets

Cash investments like bank accounts and term deposits will fade in popularity in 2009 as investors are starting to be lured back to the equity [...]

POSTED ON December 23, 2008
Rate cuts come too late for the repossessed

Almost 1,300 families in NSW had their properties repossessed in the first nine months of the year - before big interest rate cuts came into [...]

POSTED ON December 23, 2008
ANZ chases car loan partners

Car loans could become easier to get under an ANZ plan to forge partners in the Auto sales industry. Through its wholly-owned subsidiary Esanda, ANZ [...]

POSTED ON December 22, 2008
Banks support greenhouse plan

The Chief executive of the bankers association said banks supported the government's carbon pollution reduction scheme. "A market-based solution is likely to be the most [...]

POSTED ON December 22, 2008
Banks not passing on rate cuts to farmers

Farmers say they are not being treated fairly by their banks because they have not received the same level of interest rate relief as homeowners. [...]

POSTED ON December 22, 2008
More ATMs for BankWest and Commonwealth customers

The treasurer, Wayne Swan yesterday approved the takeover of BankWest by the Commonwealth Bank of Australia but has attached conditions to the deal. In particular, [...]

POSTED ON December 19, 2008
Pay off credit card debts first

Paying down debt is the best protection you can give yourself and your family in uncertain economic times. Debts with high interest rates, such as [...]

POSTED ON December 19, 2008
Aussie ponzi scheme eats $100 million

Queensland doctor Roger Munro is believed to have fled Australia as his investment scheme, Starport Futures, has unravelled leaving Australian and US based investors out [...]

POSTED ON December 19, 2008
NAB, ANZ face shareholder revolts

ANZ shareholders are being urged by the Australian Shareholders Association to vote against the reappointment of chairman Charles Goode who is standing for re-election pending [...]

POSTED ON December 18, 2008
NAB gets Wizard at bargain basement price

National Australia Bank has confirmed that it is in negotiations to buy non-bank lender Wizard's brand, branch network and $4 billion portfolio of prime mortgages [...]

POSTED ON December 18, 2008
Commonwealth Bank shares suspended

Commonwealth Bank faces inquiries by the Australian Stock Exchange and the Australian Securities and Investment Commission over the timing and handling of the announcement that [...]

POSTED ON December 18, 2008
Rates to fall to three per cent

National Australia Bank is now predicting interest rates will fall further than previously expected early next year. Markets are pricing in rate cuts of 1.5 [...]

POSTED ON December 17, 2008
Banks launch no penalty fee accounts

Three of the big four banks have recently announced bank accounts with no penalty fees for overdrafts after increasing criticism of the high fees from [...]

POSTED ON December 17, 2008
Banks to become responsible lenders – maybe

A plain English commitment to responsible lending is the centrepiece of the final report of the independent reviewer of the banking code of conduct. The [...]

POSTED ON December 17, 2008
Loans for the self-employed dry up

Maximum loan to valuation ratios for low-doc mortgages loans have shrunk from around 80 per cent to about 60 per cent over the past year [...]

POSTED ON December 16, 2008
First home buyers face tough new loan rules

The boost given to first home buyers by the federal government's big increase in the first home buyer's grants is expected to be largely negated [...]

POSTED ON December 16, 2008
Aussie banks not exposed to Wall St fraud

Australia's big banks said yesterday they had no exposure to Bernard Madoff's investment house on Wall Street that allegedly ran a pyramid style ponzi scheme [...]

POSTED ON December 16, 2008
Big increase in online card fraud

More than one in every ten thousand card transactions was fraudulent in the year to 30 June 2008, representing more than 400,000 criminal acts, up [...]

POSTED ON December 16, 2008
Card skimming comes to Australia

After many years of having comparatively low fraud statistics on debit cards, Australia now seems to be catching up. The skimming or counterfeiting of debit [...]

POSTED ON December 16, 2008
Big rates on offer from small banks

Some smaller institutions are still offering deposit interest rates of six and seven per cent, at call, on even small amounts of cash despite big [...]

POSTED ON December 15, 2008
Non-banks will take 6 months to lend again

Non bank lenders are starting to lend again with the assistance of the federal government's $8 billion assistance scheme that has allowed them access to [...]

POSTED ON December 15, 2008
2008 property slump could continue

Auction clearance rates declined throughout 2008 after a property boom in 2007 that saw 82 per cent of properties put up for auction sell under [...]

POSTED ON December 15, 2008
Emirates takes on Qantas frequent flyers

Woolworths Everyday Rewards program customers will be able to earn Qantas Frequent Flyer points when they shop at a participating Woolworths group business from the [...]

POSTED ON December 15, 2008
Negative equity coming to a house near you

Borrowers who have 'redrawn' on the equity in their home or used 'line of credit' home loan facilities are now the most likely to be [...]

POSTED ON December 12, 2008
100 per cent home loans get scarce

Mortgage insurer Genworth Financial has tightened its underwriting standards ahead of tougher conditions in 2009. With effect from December 1, Genworth will no longer cover [...]

POSTED ON December 12, 2008
ATMs to display fees up front

Changes to the way Automatic Teller Machines charge customers from other banks will change in March with the reserve Bank saying that the changes will [...]

POSTED ON December 11, 2008
Aussies reject shares for bank deposits

More people than ever before believe that banks, credit unions and building societies are best place to invest their savings. According to the Westpac-Melbourne Institute [...]

POSTED ON December 11, 2008
Bank customers go online to complain

Complaints by consumers to the Banking and Financial Services Ombudsman jumped up 22 per cent in 2007-08 to 7,911 new cases, apparently largely driven by [...]

POSTED ON December 11, 2008
Guarantee fails to bring bank costs down

The federal government's guarantee on bank wholesale funding has failed to reduce the bank's funding costs but has allowed them to access debt on world [...]

POSTED ON December 11, 2008
Citibank collects complaints

Citigroup seems to stand out from the pack when it comes to complaints from customers received by the Banking and Financial Services Ombudsman. There were [...]

POSTED ON December 11, 2008
Cash advances go up

Australians withdrew more than one billion in cash advances from their credit cards in September, up more than 10 per cent on the previous September. [...]

POSTED ON December 10, 2008
No action on excessive exec salaries

There's not much prospect of any regulatory clamp on excessive salaries in the financial services arena, and thus little chance of action to back up [...]

POSTED ON December 10, 2008
Challenger comes back to the mortgage market

Non-bank lender Challenger is moving back into the residential mortgage lending market after securing $324.1 million from investors on top of $500 million from the [...]

POSTED ON December 9, 2008
Rate cuts not flowing through to home sales

Auction clearances were up slightly on the weekend of the 6-7 December, but still well down on the same weekend last year. In Melbourne, 48 [...]

POSTED ON December 8, 2008
Sydney property slump continues

The number of new housing approvals fell 5 per cent in October to 10,730. Approvals in Queensland have slumped by 32 per cent in the [...]

POSTED ON December 5, 2008
Commbank chief takes over as banker’s chair

The Council of the Australian Bankers' Association (ABA) has elected Ralph Norris, Managing Director and Chief Executive Officer, Commonwealth Bank, as the new ABA Chairman. [...]

POSTED ON December 5, 2008
Card rates starting to come down

ANZ will cut rates on its Rewards and Frequent Flyer Visa credit cards by a full one per cent to 18.99 per cent from next [...]

POSTED ON December 4, 2008
Members Equity profit down, exec pay up

Members Equity Bank has raised the remuneration it gives its directors and senior executives despite posting a big fall in profits for the financial year [...]

POSTED ON December 4, 2008
Profits down in finance sector

The financial services sector is proving to be a detractor from Australia's economic growth, reversing a period of being an above-average contributor. National accounts published [...]

POSTED ON December 4, 2008
Banks hold onto big margins

No bank appears to have announced any reduction in interest rates in other lending categories such as personal loans, credit cards and overdrafts. Many business [...]

POSTED ON December 3, 2008
Homeowners $565/month better off

Homeowners with an average mortgage of about $300,000 will save about $193 per month or about $2,000 per year as a result of the Reserve [...]

POSTED ON December 3, 2008
CBA, NAB pass on full rate cut

The Commonwealth Bank and National Australia Bank yesterday passed on the full one per cent rate cut to home loan borrowers to take their standard [...]

POSTED ON December 3, 2008