Savers choosing HSBC and ANZ

HSBC reported smart growth in its household and business deposits in February 2011, monthly data from the Australian Prudential Regulation Authority shows. The bank reported [...]

POSTED ON April 1, 2011
CBA working on credit card kill switch

Commonwealth Bank is eyeing a kill switch that will allow customers to disable the use of credit cards. The feature will work like a mobile [...]

POSTED ON March 31, 2011
Commonwealth Bank losing customer support

Commonwealth Bank‘s hard-headed home loan pricing decision of late 2010 continues to erode its gains in the customer satisfaction ratings published each month by Roy [...]

POSTED ON March 31, 2011
St. George launches mobile banking ‘Lite’

St. George Bank has launched an “Australian-first app” feature “Mobile Banking Lite” letting customers “conveniently check their account balance and transaction history”. St. George Bank’s [...]

POSTED ON March 31, 2011
Myer and Harvey Norman go online

Harvey Norman will launch an online retail store within weeks, executive chairman Gerry Harvey said. The retailer has 173 stores nationally. However, it runs only [...]

POSTED ON March 30, 2011
Housing market to bounce back in 2011

The residential property market is showing signs of a strong recovery in 2011 according to Australian Property Monitors senior economist Andrew Wilson. Sydney will continue [...]

POSTED ON March 30, 2011
Good loans from CBA, CUA, UBank and AMP

Navigating the mortgage maze is tough. For a variable loan, the AMP Bank home loan looks good value. It has an interest rate of 7.02 [...]

POSTED ON March 29, 2011
Price war a publicity exercise?

Almost half of existing or potential borrowers believe the “price war” between the major banks is no more than a publicity exercise. An online survey [...]

POSTED ON March 29, 2011
ING offers pick your own term deposit

ING Direct offers 6.3 per cent for a seven-month term, and 6.5 per cent for a year. Others are offering 6.6 per cent for a [...]

POSTED ON March 29, 2011
Cheques to go as Aussies move online

60 per cent of Australians surveyed are now paying most of their bills online and nearly 60 per cent make online money transfers. While cash [...]

POSTED ON March 29, 2011
Lazy depositors can get over 7 per cent

RaboDirect last week launched a five-year term deposit with an interest rate of 7.15 per cent a year. The bank says it's the best five-year [...]

POSTED ON March 28, 2011
CBA opens high-tech branch in Brisbane

Commonwealth Bank launched a “development” branch in the Brisbane CBD yesterday. It also confirmed plans to open eight new Queensland branches this year and more [...]

POSTED ON March 24, 2011
Exit fee ban passed by parliament

The ban on mortgage exit fees has passed into law, Treasurer Wayne Swan announced yesterday, calling it “a victory for Australian families”. “This critical measure [...]

POSTED ON March 24, 2011
Australians saved $3300 each last year

Australian households saved, in aggregate, $74 billion last year, 10 per cent of disposable income, or an average of $3300 for each of us. Five [...]

POSTED ON March 24, 2011
Borrowers looking for no deposit loans

Enquiries for no deposit home loans have increased almost 30 per cent since the start of the year according to data from Experian Hitwise. There [...]

POSTED ON March 23, 2011
ANZ trials mobile phone payments

ANZ Bank has begun a four-week trial of a mobile wallet service, which it believes will be the "way of the future" for making small [...]

POSTED ON March 23, 2011
ME Bank launches new low rate mortgage

ME Bank is marketing a refreshed home loan product with a headline interest rate of 7.09 per cent. ME’s claim to product difference is the [...]

POSTED ON March 23, 2011
Low rate, no fee cards doing well

Right now, cards that are good for transactors are doing well in the marketplace - the low fee cards and the alternative the high rewards [...]

POSTED ON March 21, 2011
Online saver accounts still above 6 per cent

Savers need to pay attention to the base rates being offered on high-yield online savings accounts and not just the intro rates. Once the intro [...]

POSTED ON March 21, 2011
Sluggish auction results in all capitals

Auction clearance rates improved slightly this weekend but remain well below last year’s results. In Sydney 524 residential properties were listed for auction, above last [...]

POSTED ON March 21, 2011
Australia faces risk of housing bubble

Australian house prices are vulnerable to overseas events that may cause a sudden decline in their value, the head of the Future Fund David Murray [...]

POSTED ON March 17, 2011
More homeowners fall behind on repayments

Home loan arrears of 90 days or more past due rose significantly in the December 2010 quarter and may increase further if the property market [...]

POSTED ON March 17, 2011
Most think switching is too hard

Only 7.6 per cent of Australians switched bank accounts in the past two years. Almost 80 per cent had never given switching a thought. The [...]

POSTED ON March 16, 2011
No rate rise until late 2011

The Reserve Bank said a mildly restrictive stance for monetary policy remained appropriate in March "Interest rates on loans were slightly above average, a level [...]

POSTED ON March 16, 2011
Branches to remain open say Norris

Retail outlets will have a big role to play in the future, Commonwealth Bank chief executive Ralph Norris said yesterday despite a decline in the [...]

POSTED ON March 15, 2011
Netbank customers love their mobile banking

Increasing number of customers accessing their accounts and making payments on their mobiles, the Commonwealth Bank says. Fourteen per cent of log-ins to NetBank, are [...]

POSTED ON March 14, 2011
Auction clearance rates improve –slightly

Sydney’s auction clearance rate improved slightly this week to 62 per cent from 55 per cent last week. 460 residential properties were listed for auction [...]

POSTED ON March 14, 2011
ING Direct cuts fixed mortgage rate

ING Direct has slashed the interest rate on three year fixed rate home loans by 14 basis points to 7.30 per cent. ING Direct’s executive [...]

POSTED ON March 11, 2011
NAB to bump angry callers to front of queue

Having enrolled 130,000 customers for its biometric voice authentication system, which can identify callers by the sound of their voices, National Australia Bank is now [...]

POSTED ON March 11, 2011
NAB break-up campaign attracting new customers

National Australia Bank’s “breakup” marketing campaign is generating an increase in new business flows, the bank said yesterday. According to NAB, in the three-and-a-half weeks [...]

POSTED ON March 10, 2011
Mortgage market collapses in January

The mortgage market slumped in January, with the value of dwelling commitments down more than five per cent from the previous month. Australian Bureau of [...]

POSTED ON March 10, 2011
Young people have chance to be rich

Generation Y - those born between 1982 and 2000 - have a great opportunity to start a savings and investment plan that can eventually make [...]

POSTED ON March 10, 2011
Non banks winning mortgage market share

Australia’s non-bank lenders are eating away at the big bank’s dominant market share in mortgages. According to AFG’s latest Mortgage Index, Australia’s non-bank lenders comprised [...]

POSTED ON March 9, 2011
Westpac promises to give back rate rises

Westpac’s chief executive, Gail Kelly, said yesterday that she intends to make out-of-cycle interest rate cuts when lower funding costs permit, which she hopes will [...]

POSTED ON March 8, 2011
Tough new credit card law unveiled

The Government has released a draft consumer credit amendment bill that includes a ban on credit card over-limit fees and a ban on unsolicited credit [...]

POSTED ON March 8, 2011
More lenders slash mortgage costs

Homeloans Ltd launched a cash-back offer and service guarantee on Friday. It will pay A$600 to all new applicants for full and low doc loans [...]

POSTED ON March 7, 2011
UBank mortgage not for everyone

UBank's new home loan deal, priced at 6.99 per cent, has no fees involved in setting up and running the loan, but it is only [...]

POSTED ON March 7, 2011
Exit fee ban is poor policy says Westpac

Westpac chief executive Gail Kelly said the federal government’s ban on exit fees (from July 1) on home loans is “poor public policy." She said [...]

POSTED ON March 7, 2011
Auction results falling back

Auction clearance rates and volumes both eased this week. In Sydney there were 496 residential properties listed for auction and a 56 per cent clearance [...]

POSTED ON March 7, 2011
UBank cuts mortgage rates to 6.99 per cent

Just two weeks after launching its first home loan, NAB’s online bank UBank has announced a rate cut. UHomeLoan was launched on February 20 with [...]

POSTED ON March 4, 2011
More banking competition than ever before

In the past 18 months there has been more evidence of competition in retail banking than ever before, and perversely we have the global financial [...]

POSTED ON March 4, 2011
Banks say don’t rush to ban exit fees

The Australian Bankers Association has cited Treasury papers in support of its argument against the planned abolition of exit fees. Treasury papers released in February [...]

POSTED ON March 3, 2011
Rate rises make homes less affordable

The Housing Industry Association-Commonwealth Bank housing affordability index fell 1.8 per cent in the December 2010 quarter to 53.5 from 54.5 in the September 2010 [...]

POSTED ON March 3, 2011
Rates on hold at 4.75% after March RBA meeting

The cash rate was held steady at 4.75% following the RBA's March meeting. Rates were expected to remain unchanged following the recent series of natural [...]

POSTED ON March 1, 2011
Virgin Money attracting hot deposits

The household deposit market has become a hot money market. APRA figures for January released yesterday show RaboDirect losing 13.2 per cent of the value [...]

POSTED ON March 1, 2011
Borrowers turning to NAB from CBA

Among the big four banks, National Australia Bank is reporting growth in lending of more than twice system over the last quarter. Commonwealth Bank reported [...]

POSTED ON March 1, 2011
ANZ is still the most popular big bank

Commonwealth Bank's satisfaction rating has fallen along with most of the big banks in January. But National Australia Bank managed to hold its ground in [...]

POSTED ON March 1, 2011
CommBank launches No Fee mortgage

Commonwealth Bank launched a new offensive in the escalating competitive battle between the big banks - a no fee mortgage. The new CBA loan is [...]

POSTED ON February 28, 2011
Rates to remain on hold for a while yet

Economists believe the Reserve Bank will keep rates on hold this week. HSBC economist Paul Bloxham said “HSBC believes rates will remain on hold this [...]

POSTED ON February 28, 2011
Take advantage of the bank war

Are you taking advantage of the recent outbreak of competition between big banks? If not you could be missing out on thousands of dollars worth [...]

POSTED ON February 28, 2011
Get 6 per cent from your savings account

The highest rates available currently from online savings accounts are over six per cent. Virgin Money’s online savings account has an introductory rate has dropped [...]

POSTED ON February 25, 2011
Aussies embrace a ‘new love of saving’

A survey conducted by researcher Datamonitor earlier this year shows 35.4 per cent of respondents increased their holdings in cash and bond investments last year. [...]

POSTED ON February 25, 2011
Four steps to switching bank accounts

Many people do not switch banks because they think it is too hard. Direct debits make switching accounts difficult for many so the key is [...]

POSTED ON February 25, 2011
Help available for those who want to switch

A survey from the consumer group Choice last year showed only 7.6 per cent of Australians switched bank accounts in the past two years. Almost [...]

POSTED ON February 25, 2011
Exit fee ban breaks handcuffs says Gillard

Home loan customers will not face higher interest rates because of the ban on mortgage exit fees, Treasurer Wayne Swan insisted today. "We've been absolutely [...]

POSTED ON February 24, 2011
Cheap NAB pricing not winning share … yet

National Australia Bank home loan customers have saved $150 million in interest compared to what they would have paid “if we had a Standard Variable [...]

POSTED ON February 24, 2011
Bank war is ‘phoney’

National Australia Bank has started a phoney bank war. Sure, the banks are abolishing their own, or paying another's, exit fee. Exit fees are a [...]

POSTED ON February 24, 2011
New records being set for north shore property

Record residential property prices have been set in four north shore Sydney suburbs - Warrawee, Gordon, Killara and Pymble - over the past 10 months. [...]

POSTED ON February 21, 2011
Cashcard limits ATM fees to $2.50

A Choice/Australia Institute Report found this week that foreign ATM fees cost Australians $753 million per year. The Greens’ Adam Bandt says ATM fees are [...]

POSTED ON February 21, 2011
Exit fee ban will hurt smaller lenders

More industry experts have lashed out at the government’s drafted exit fee ban under the National Consumer Credit Protection Act. Mortgage Choice chief executive officer [...]

POSTED ON February 18, 2011
Mortgage Insurance more costly than exit fees

Banning lender exit fees will do little to stimulate competition, Intouch Home Loans’ chief Paul Ryan has claimed. Mr Ryan said while the government believes [...]

POSTED ON February 18, 2011
Good borrowers getting rate discounts

Banks and other lenders are increasingly offering rate discounts to good borrowers. Sheyne Walsh, head of lending at financial planner Centric Wealth, says: “A few [...]

POSTED ON February 17, 2011
Exit fees banned from July

Treasury yesterday issued draft regulations dealing with a ban on home loan exit fees that will take effect from July 1. Treasury has invited comment [...]

POSTED ON February 16, 2011
ATM fees going up to $2.50

Fees to use the “wrong” automatic teller machine will cost as much as $2.50 with more ATMs such as iCash Payments and Cashcard lifting fees [...]

POSTED ON February 16, 2011
Westpac axes upfront mortgage fee

Westpac will waive a $395 package fee on its “premier advantage” home loan - the most popular among new customers. Banking Day also reports that [...]

POSTED ON February 15, 2011
Fixed rate loans back in demand

The number of housing finance commitments rose by 2.1 per cent and the value rose by 2.3 per cent from November to December according to [...]

POSTED ON February 15, 2011
High rates are not all bad says RBA

The Reserve Bank of Australia governor Glenn Stevens appeared at Senate committee on Friday. He said the central bank had set an expansionary setting in [...]

POSTED ON February 14, 2011
Bankwest launches new low rate mortgage

Bankwest mortgage for less than 7 per cent Bankwest's Super Start Home Loan currently features an interest rate of 6.90 per cent p.a. The mortgage, [...]

POSTED ON February 14, 2011
Home buyers still prefer the city

To confirm the ongoing popularity of city living, data by the Australian Bureau of Statistics (ABS) shows that the majority of Australian?s now live in [...]

POSTED ON February 11, 2011
Norris defends super profits and rate rises

The Commonwealth bank of Australia reported a $3.34 billion December 2010 half profit yesterday. The bank is on course to post a record $6.6 billion [...]

POSTED ON February 11, 2011
Great time to save for first home

There are about 102,000 more residential properties on the market than this time last year, according to Louis Christopher from SQM Research. Prices rose just [...]

POSTED ON February 8, 2011
Demand for fixed rate mortgages peaks

15.3 per cent of all the home loans approved for Mortgage Choice customers in January had a fixed interest rate. This compares to 15.2 per [...]

POSTED ON February 8, 2011
St George predicts winter rate rise

The Reserve Bank will continue its upward cycle of rate rises in May or June, according to St George chief economist Besa Deda. "You have [...]

POSTED ON February 7, 2011
Online payments more popular than shopping

Shoppers are not flocking to the internet to pick up tax free bargains from offshore. The RBA said that, since 2005, the value of online [...]

POSTED ON February 7, 2011
Older borrowers face tough times

Older borrowers face tough times Anybody over 35 years of age could be rejected and effectively barred from getting a new mortgage, even if they [...]

POSTED ON February 7, 2011
House prices expected to rise in 2011

House prices achieved modest growth in the December quarter to finish 2010 but recovery will emerge through the second half of 2011, according to Australian [...]

POSTED ON February 4, 2011
Beware rolling the car loan into a mortgage

The lowest interest rate for borrowing money to buy a car will usually be through your home loan but financial planner from Roskow Independent Advisory, [...]

POSTED ON February 3, 2011
Perth housing market still weak

The Australian Bureau of Statistics (ABS) house price index rose 0.7 per cent in the December quarter, compared with market expectations of a 0.1 per [...]

POSTED ON February 2, 2011
Floods to keep rates down

Big mortgage broking group Loan Market is just one of many industry groups calling for the RBA to leave rates unchanged for the long term. [...]

POSTED ON February 2, 2011
Cash rate remains steady at 4.75%

The cash rate remains unchanged at 4.75% following the RBA's February meeting. The Reserve Board last moved the cash rate by 0.25% back in November [...]

POSTED ON February 1, 2011
City house prices stagnating

Home prices in capital cities rose by just 0.2 per cent in the last quarter of 2010, according to the RP Data-Rismark Hedonic home value [...]

POSTED ON February 1, 2011
More internet banking issues at NAB

National Australia Bank lost internet banking early yesterday. One early report, on ZDNet, put the blame on log-in problems. Fixing the problem took out telephone [...]

POSTED ON February 1, 2011
At-call rates soften

The heat has gone out of the at-call savings account market, with a number of institutions reducing introductory rates over the past month. But there [...]

POSTED ON January 31, 2011
Term deposit market remains competitive

In the term-deposit market the sweet spot for savers looks to be 180-day terms. Infochoice lists close to 30 institutions that are offering six per [...]

POSTED ON January 31, 2011
Last hurrah for fee-free home loans

Zero application fees on home loans - one of the long-standing price gimmicks used by banks to stir up demand - will soon be a [...]

POSTED ON January 27, 2011
The best balance transfer deals

The best zero rate balance transfer deals now available, according to Infochoice, are the HSBC credit card - zero per cent for six months then [...]

POSTED ON January 21, 2011
One quarter of home buyers want 100% loans

Potential first time buyers are seeking 100 per cent home loans even though they have long been consigned to the mortgage museum, according to Australia’s [...]

POSTED ON January 19, 2011
CUA winning market share from banks

The market share of banks fell to 83.9 per cent in November from 85.5 per cent in October reported the Australian Bureau of Statistics last [...]

POSTED ON January 19, 2011
Aussies face the mortgage monster

Record numbers of Australians are flocking to online sites and mortgage brokers to refinance their mortgages - and savings hundreds of dollars per month. “Compare [...]

POSTED ON January 18, 2011
Floods trigger foreign ATM fee waivers

ANZ, Commonwealth, Westpac, Suncorp, Bendigo and Adelaide Bank and Bank ofQueensland agreed to waive foreign or convenience fees at ATM for four weeks in flood [...]

POSTED ON January 17, 2011
Credit card spending going up up up

Credit card spending is returning to long-term growth rates, after flattening out in 2009 and much of 2010. MWE Consulting’s analysis of the latest Reserve [...]

POSTED ON January 13, 2011
Queensland banks, insurers flooded out

The escalating flood crisis is restricting banking services in south-east Queensland and, in the case of Suncorp, putting its call centres out of action at [...]

POSTED ON January 12, 2011
How to stick to financial resolutions

The start of a new year is always a good time to be reviewing plans and making resolutions. One of the first things you should [...]

POSTED ON January 11, 2011
Bank staff help callers hack accounts

Around 15 per cent of call centre of staff at banks were willing to assist unidentified callers work out ways to transfer funds on behalf [...]

POSTED ON January 11, 2011