Which lenders are cheaper than Commonwealth Bank?

Australia’s biggest bank is Commonwealth Bank. One in four homebuyers choose Commonwealth Bank for their home loan and, in 2019 and 2020, Commonwealth Bank is [...]

POSTED ON February 13, 2020
ING launches PowerSuper loans

ING Direct is funding a new group called PowerSuper, which has launched a property loan for super funds, the PowerSuper Warrant. PowerSuper will lend trustees [...]

POSTED ON November 19, 2008
Credit card rates remain too high

High credit card interest rates will deter consumers from spending at Christmas time says the federal opposition who are demanding the government take action over [...]

POSTED ON November 18, 2008
Foreign banks retreat from Aussie businesses

Many foreign banks are expected to continue to exit the lending market, forcing businesses and corporate borrowers to refinance with big Australian banks. Westpac is [...]

POSTED ON November 18, 2008
NAB tips more big rate cuts

The Reserve Bank will continue to make big cuts to the official cash rate over the next few months says NAB’s chief economist Alan Oster. [...]

POSTED ON November 13, 2008
Banks to shed 10,000 staff

Banks and wealth management companies are expected to shed more than ten thousand staff members in the next few months in the biggest round of [...]

POSTED ON November 13, 2008
NT retailers embrace BasicsCard

Almost half of all income managed customers in the Northern Territory were now using the BasicsCard, spending more than $3 million in the past two [...]

POSTED ON November 12, 2008
Weak city auction results continue

Auction clearance rates remain low in Sydney with just 44 per cent of listed properties selling on Saturday for a total value of $103 million. [...]

POSTED ON November 10, 2008
More flights for credit card holders

Citigroup and Emirates will launch new platinum credit MasterCards soon as credit cards seek to compete with debit cards. Debit Visa and Mastercards now enjoy [...]

POSTED ON November 10, 2008
First signs of recovery in property market

Mortgage brokers are reporting that demand and enquiries are increasing, even before the full effect of the October first-home buyers’ grant increase, and Tuesday’s 75-point [...]

POSTED ON November 7, 2008
St George cuts variable and fixed loan rates

St.George Bank today announced that following the RBA decision on 4 November it was lowering its standard variable home loan interest rates by 0.62% p.a. [...]

POSTED ON November 7, 2008
Banks get debtors’ super

The early release of superannuation to meet pressing household payments increased by 22 per cent over the year to June 2008, the Financial Review reported. [...]

POSTED ON November 7, 2008
Banks hold back rate cuts again

All four big banks have announced rate cuts on their mortgage interest rates that are less than the 0.75 per cent official rate cut by [...]

POSTED ON November 6, 2008
$500million waiting for owners to claim

Almost $500 million has been handed to ASIC by banks, building societies, credit unions and life insurance companies from accounts that have been dormant for [...]

POSTED ON November 6, 2008
Rates headed down to 3 per cent next year

Markets are pricing in rate cuts to take the official rate to 3.75 per cent over the next six months. Yesterday the Reserve Bank made [...]

POSTED ON November 5, 2008
RBA worried about recession

The Reserve Bank is expected to cut interest rates again in December, by a further 0.5 per cent amid concerns that weak economic data is [...]

POSTED ON November 5, 2008
Account switching made easier

Switching bank accounts to get a better deal is now easier following the introduction on Friday of a new account switching service. Australian Securities and [...]

POSTED ON November 3, 2008
Signs of life in Sydney property market

The Sydney residential property market showed signs of improvement for sellers on the weekend, with 43 per cent of 363 properties put up for auction [...]

POSTED ON November 3, 2008
Debts to take Centrelink bonuses

Half of all Australians who are eligible for bonus payments from Centrelink in the second week of December are planning to save the money or [...]

POSTED ON November 3, 2008
Buyers market at top end of town

Buyers are enjoying price falls in the affluent suburbs of the capital cities of ten to almost forty per cent. In Melbourne the median residential [...]

POSTED ON November 3, 2008
Tax blunder affects 3,000 SMSF’s

The Tax Office has written to 3,122 trustees of self managed super funds offering them a new tax file number (TFN) for their funds. The [...]

POSTED ON October 31, 2008
Citibank focussing on mortgages

Citibank has cut commercial mortgage lending and also personal instalment loans from its product offering. The bank will continue to concentrate on residential home loans [...]

POSTED ON October 31, 2008
Westpac grows deposits

For the year to September 2008, Westpac increased term deposits by 55 per cent to $40 billion, with at-call funds increasing four per cent to [...]

POSTED ON October 31, 2008
Westpac profits and bad debts up

Westpac announced a six per cent rise in cash profit to $3.73 billion and a 93 per cent increase in provisioning for bad debt to [...]

POSTED ON October 31, 2008
Reverse mortgages lose popularity

Reverse mortgage settlements fell by more than 20 per cent in the first half of the year as retirees put spending plans on hold in [...]

POSTED ON October 30, 2008
Bank defends no rate cuts on credit cards

St George Bank chief executive Paul Fegan yesterday defended the bank's decision not to pass on any of the two recent Reserve Bank rate cuts [...]

POSTED ON October 30, 2008
Home prices falling in Sydney, Perth

The median house price in Sydney and Perth is falling, while prices in Melbourne, Brisbane and Adelaide are still going up in affordable areas for [...]

POSTED ON October 30, 2008
St George grows deposits but not loans

St George benefited from the retail deposit flight to quality during 2008, boosting retail deposits by one fifth to $57 billion, as investors felt more [...]

POSTED ON October 30, 2008
No penalty fee for union members

Members Equity Bank will no longer charge members of unions a $25 dishonour fee for union deductions where there are insufficient funds in their account. [...]

POSTED ON October 30, 2008
Deposit guarantee clarified but questions remain

The deposit guarantee threshold under which there is no fee is one million dollars per depositor, per bank the government said last night. The clarification [...]

POSTED ON October 29, 2008
Westpac/BT have learnt the liquidity lesson

Westpac's wealth management subsidiary BT Investment management has sustained a $6.6 billion, or 16 per cent, fall in funds under management to $35.3 billion in [...]

POSTED ON October 29, 2008
St George will rejuvenate Westpac

Westpac will be rejuvenated by the St George takeover says Southern Cross Equities analyst TS Lim. "If you look at Westpac, the retail banking hasn't [...]

POSTED ON October 28, 2008
Bendigo boasts strong deposit growth

Bendigo and Adelaide Bank increased retail deposits by $2 billion last financial year to $23.6 billion. Managing Director Rob Hunt said the bank's retail deposits [...]

POSTED ON October 28, 2008
Deposit guarantee fees outlined

Foreign banks have been included in the federal government's deposit guarantee scheme for their short term wholesale funding raised from Australian residents and a fee [...]

POSTED ON October 27, 2008
Melbourne and Adelaide auctions recover

The Sydney residential property market continues to produce lacklustre auction results with just $56 million worth of homes being sold at auction on Saturday the [...]

POSTED ON October 27, 2008
Swan approves Westpac plus St George

Westpac yesterday received the formal approval of Wayne Swan, Australia's Treasurer, for its planned takeover of St George Bank. The approval comes with, including maintaining [...]

POSTED ON October 24, 2008
ANZ profit down 21 per cent

ANZ yesterday reported a net profit of $3.3 billion for the year to September, 21 per cent down on the 2007 results. The provision for [...]

POSTED ON October 24, 2008
Money floods out of unprotected banks

Foreign banks in Australia are losing deposits as money managers move investors money to institutions covered by the government deposit guarantee. If the trend continues [...]

POSTED ON October 24, 2008
Deposit guarantee will hurt property market

The Federal Government's bank deposit guarantee could weaken the property market mortgage finance companies are warning. "This issue has caused concern and uncertainty where it [...]

POSTED ON October 23, 2008
Banks start sacking staff

ANZ's restructure will result in up to 1,000 jobs being lost as management is reorganised along regional rather than product lines. Management layers are expected [...]

POSTED ON October 23, 2008
Depositors struggle to beat inflation

Depositors will struggle to find interest rates that keep the value of their savings growing more than the rate of inflation. As interest rates fall, [...]

POSTED ON October 23, 2008
Westpac/St George cut rates

Westpac and St George have followed the other major banks and announced further cuts to standard variable mortgage interest rates. Westpac will reduce rates by [...]

POSTED ON October 23, 2008
Debtors have rights under banking code

The Code of Banking Practice promises to help people in difficulty. Consumers have rights to request a change to commitments if they are experiencing hardship, [...]

POSTED ON October 22, 2008
RBA hoses down big rate cut expectations

The Reserve Bank is expected to cut interest rates on Melbourne Cup Day, the first Tuesday in November, but improving financial and economic conditions reducing [...]

POSTED ON October 22, 2008
Negative equity set to invoke mortgage stress

Rising unemployment will force one million households into mortgage stress by March next year says Fujitsu consulting. Expected big interest rate cuts are not expected [...]

POSTED ON October 21, 2008
Rising inflation to moderate rate cuts

Rising prices and a negative outlook for inflation are expected to moderate future interest rates cuts by the Reserve Bank of Australia. Markets were pricing [...]

POSTED ON October 21, 2008
Government looking at cap on guarantee

The Rudd government may be forced to impose a cap on its blanket guarantee on all bank deposits after major investment banks told the government [...]

POSTED ON October 21, 2008
ING reassures Australian depositors

ING Direct said yesterday it was unaffected by problems affecting its Dutch parent bank that had forced it to take ten billion Euros from the [...]

POSTED ON October 21, 2008
Commonwealth cuts home loan rates

Commonwealth Bank announced a 0.21 per cent in its standard variable mortgage rate yesterday taking it down to 8.32 per cent. The move follows similar [...]

POSTED ON October 21, 2008
Debt collectors going feral

People in financial difficulty can force debt collectors to accept a repayment plan they can afford by taking their case to state based consumer tribunals. [...]

POSTED ON October 20, 2008
Big city property markets still sluggish

The big increase to the first homebuyers grant has failed to ignite the capital city auction market with sluggish results being recorded over the weekend. [...]

POSTED ON October 20, 2008
NAB’s debt collector accused of bad behaviour

National Australia Bank is being accused of outsourcing debts belonging to people in financial hardship to a "notorious" debt collection agency. Victoria's Consumer Action Law [...]

POSTED ON October 17, 2008
Interest rates to plummet to near zero

The average standard variable mortgage interest rate will be 6.3 per cent within five months according to market expectations. That would translate to repayments on [...]

POSTED ON October 17, 2008
First home buyer grant tripled

Fourteen thousand first home buyers are expected to benefit from the doubling of the first home buyers grant to $14,000. Prime Minister Kevin Rudd announced [...]

POSTED ON October 15, 2008
No rate cut for GE’s mortgage managers

Many smaller mortgage providers such as Easy Living Finance who are funded by GE Money Australia will not be able to pass on any of [...]

POSTED ON October 15, 2008
Banks make big cuts to fixed rate mortgages

Commonwealth Bank has followed the other major banks by announcing big cuts in interest rates on fixed rate mortgages. The Commonwealth will cut rates by [...]

POSTED ON October 15, 2008
Choosing the right mortgage crucial for investors

If the financing is wrong, investors can potentially end up losing their own home and their investment property as well. Plenty of inexperienced property investors [...]

POSTED ON October 14, 2008
Credit unions take on the big banks

Credit unions have 4.5 million members in Australia and 11.6 per cent of household deposits. Together they rank third behind Commonwealth/BankWest and Westpac/St George in [...]

POSTED ON October 14, 2008
SGB’s business customers oppose WBC’s takeover

Commonwealth Bank will assume leadership in the business banking market when it takes over BankWest. CBA/BankWest will hold 24.4 per cent of primary transaction banking [...]

POSTED ON October 14, 2008
Interest free deals scaled back

Store credit, car finance and interest free deals will become harder to qualify for. GE announced on Friday that it was tightening lending standards worldwide [...]

POSTED ON October 13, 2008
Rudd: Government will intervene to save non-banks

Further to the Treasurer's announcement in September, the Government has decided to direct the Australian Office of Financial Management (AOFM) to purchase an additional $4 [...]

POSTED ON October 13, 2008
Rates to fall to five per cent by Christmas

Financial markets expect the Reserve Bank to continue its aggressive interest rate cutting program and cut rates to five per cent before the end of [...]

POSTED ON October 13, 2008
Banks welcome increase in deposits

Household deposits in big banks rose by 13 per cent in August and are expected to increase further according to Deutsche Bank. "We expect recent [...]

POSTED ON October 10, 2008
Worried depositors reassured by bank staff

Bank customers are worried about the security of their deposits and are asking for reassurances from their branches. Banks have given their branch staff scripts [...]

POSTED ON October 10, 2008
IMF says Australian economy will slow

The Australian economy is not immune from the global difficulties which are slowing the world economy, but we are better placed than most other countries [...]

POSTED ON October 9, 2008
Banks are losing the online fraud war

Banks' efforts to stamp out credit card theft and online fraud are doomed due to the ease with which clients' computers can be compromised say [...]

POSTED ON October 9, 2008
Credit cards driving debt problems

The number of consumers getting into trouble with unsecured debts such as credit cards and personal loans is rising strongly with debt agreement administrators reporting [...]

POSTED ON October 9, 2008
Property prices to hold up over next two years

Sydney's property market is not expected to fall as much as other international cities as a result of the credit crunch affecting housing markets around [...]

POSTED ON October 9, 2008
Banks cut deposit rates

The Commonwealth Bank, Westpac, NAB and ANZ confirmed they would be cutting rates on deposit accounts, in some cases by more than the 1 per [...]

POSTED ON October 9, 2008
Credit card numbers for sale on net

Credit card details of Australian citizens are being sold to the highest bidders on public websites. The names, addresses, telephone numbers, email addresses and credit [...]

POSTED ON October 8, 2008
Business still getting credit

Business credit is not being restricted by banks says a survey of entrepreneurs by Smart Company. The research revealed that just under 44 per cent [...]

POSTED ON October 8, 2008
Banks promise to make up rate cuts

The big banks have all promised to make up the difference in Reserve Bank rate cuts and the lesser cuts they have passed on to [...]

POSTED ON October 8, 2008
No rate relief on credit cards or loans

As of this morning the only category of borrowers to receive news of any cut in their variable interest rates was home loan customers. With [...]

POSTED ON October 8, 2008
Rates to fall to five per cent

The Reserve Bank governor Glenn Stevens said he was not establishing a pattern for future rate cuts with the unexpected move yesterday to slash the [...]

POSTED ON October 8, 2008
Big banks cut rates by 0.8 per cent

Westpac led the five major banks in cutting interest rates on a standard variable mortgage by 0.8 per cent yesterday, following the Reserve Bank's shock [...]

POSTED ON October 8, 2008
Today’s rate cut to deliver $50/month

Households with an average mortgage of around $300,000 will get rate cuts worth about $52 per month if banks pass on 0.25 per cent of [...]

POSTED ON October 7, 2008
Banks need to be told to cut rates

Banks need to called in by the prime minister for a fireside chat and told to cut interest rates says the federal opposition. Former treasurer [...]

POSTED ON October 3, 2008
Banks say no to big rate cuts

ANZ's chief of Australian operations Brian Hartzer says the bank will seek to pass on as much as it can in any interest rate cuts [...]

POSTED ON October 3, 2008
NAB’s UBank is not ready for market

National Australia Bank chose the height of the second stage of the great credit crunch as the right time to introduce its alternative retail bank [...]

POSTED ON October 2, 2008
NAB launches UBank brand

National Australia Bank announced the establishment of UBank, a new direct channel offering, focused on savings products. As the first brand in NAB's Star Direct [...]

POSTED ON October 2, 2008
Banks won’t pass on rate cuts

Banks and other lenders will not commit to pass on any cuts to official interest rates by the Reserve Bank of Australia. The RBA board [...]

POSTED ON October 2, 2008
NAB loses market share in business banking

National Australia Bank business deposits have decreased over the last two months, according to APRA's monthly banking statistics. The major player in the market remains [...]

POSTED ON October 1, 2008
NAB is least popular bank

Roy Morgan Research yesterday published monthly data on bank customer satisfaction that included foreign banks for the first time, and the ratings are very favourable. [...]

POSTED ON October 1, 2008
Commonwealth leads on deposits

Commonwealth increased deposits by 1.3 per cent during August to $111 billion, with the deposit balance $20 billion or 22 per cent higher than the [...]

POSTED ON October 1, 2008
Rates to fall 0.5 per cent next week

Futures markets have fully priced in a rate cut by the Reserve Bank board when it meets next Tuesday morning. Markets believe that the RBA [...]

POSTED ON October 1, 2008
New credit card features double reward points

Supermodel Megan Jones launches the David Jones American Express card today in Sydney. The card is available for people with a household income of more [...]

POSTED ON September 30, 2008