Good news as savers saved from full rate cuts

Which banks are cutting savings rates? Savers are often forgotten in conversations about rate cuts. Borrowers love lower interest rates but the other side of [...]

POSTED ON June 5, 2019
1000 Auction weekend in Melbourne

Sydney recorded very good Auction results on the weekend with more than 70 per cent of 771 residential properties listed for auction selling on the [...]

POSTED ON March 29, 2010
Mortgage stress is not rising

Around two per cent of households with owner-occupier mortgages spent more than 50 per cent of their disposable incomes on mortgage repayments and also had [...]

POSTED ON March 26, 2010
Rates to go up at least 0.5%

Interest rates are about half of one per cent below long term average levels said the deputy governor of the Reserve Bank of Australia Phillip [...]

POSTED ON March 26, 2010
Westpac says get used to rate rises

Westpac would like to raise interest rates again, but feels pressure from Canberra not to do so. Chief executive Gail Kelly reportedly told investors the [...]

POSTED ON March 25, 2010
Big banks still rule lending

Smaller banks and credit unions continue to be disadvantaged in the lending marketplace, due to competition in the deposit market and long-term high rate debt [...]

POSTED ON March 25, 2010
Govt considers cutting deposit tax

The government may be considering a move to reduce or abolish the disadvantageous tax position of bank savings, compared with superannuation, sharemarket and property investments. [...]

POSTED ON March 25, 2010
CUA cuts mortgage rates

Credit Union Australia has cut rates on its standard variable mortgage for new customers by 0.25 per cent to 6.37 per cent. NAB’s standard variable [...]

POSTED ON March 24, 2010
Buying a house can be risky behaviour

Australians are engaging in increasingly risky behaviour because they are seduced by the dream of home ownership said Professor Wilson-Evered, director of research at Relationship [...]

POSTED ON March 24, 2010
AMP cuts variable mortgage rate

AMP has opted for some price discounting in an effort to generate demand for loans from its banking subsidiary. AMP over the weekend announced a [...]

POSTED ON March 22, 2010
Investors reject NAB bid for Axa

NAB boss Cameron Clyne’s bid for the Axa wealth management business is unpopular with shareholders. If the competition regulator the ACCC rejects the bid, NAB’s [...]

POSTED ON March 22, 2010
St George giving away business training

St.George Bank has launched the St.George Business Mentoring Program, a nine-month series of business coaching workshops, to be offered for free to more than 1,200 [...]

POSTED ON March 19, 2010
Competition not yet back in banking

Bendigo and Adelaide Bank says competition is not returning to the banking sector because wholesale funding markets have not really opened enough to second tier [...]

POSTED ON March 19, 2010
Home price timebomb is ticking

Australia faces a home price timebomb says one of Australia’s leading builders. Australia's current shortage of 200,000 homes and an annual shortfall of 60,000, would [...]

POSTED ON March 18, 2010
New lenders undercut the big four

New players are entering the mortgage lending market with promises to shake things up and provide some real competition to the big banks. Leading wholesale [...]

POSTED ON March 18, 2010
ASIC warns on Term Deposits

Banks and other institutions are engaging in dual pricing of term deposits and rolling investors over to lower rate term deposits when their terms expire. [...]

POSTED ON March 17, 2010
Shoppers choosing debit over credit

The trend to debit Visa and Mastercard cards continues to grow. Debit share of card payments increased from 34.7 per cent in January last year [...]

POSTED ON March 17, 2010
Banks make big promises to do better

National Australia Bank is vowing “‘more give and less take”’ in its latest advertising blitz following on from the sentiment established by the ANZ which [...]

POSTED ON March 17, 2010
Savers willing to move for better rates

Australian investors are currently holding around $508 billion in retail deposits, $64 billion saved during the global financial crisis. Retail deposits have an average historical [...]

POSTED ON March 16, 2010
Aussies don’t know about deposit guarantee

Only one in eight Australians surveyed consider combined credit unions and building societies to be very secure for their cash deposits. Half of respondents considered [...]

POSTED ON March 16, 2010
Westpac to launch new online bank

Westpac is believed to be planning the launch of a new online bank brand to take on NAB’s UBank which was officially launched last year. [...]

POSTED ON March 16, 2010
Rudd says banks are gouging profits

The government, the reserve bank and the Treasury have all signaled to the banks that they are being watched because of concerns that competition is [...]

POSTED ON March 16, 2010
New home finance numbers plummet

The ABS reported that on a seasonally adjusted basis the total number of housing finance commitments fell by -7.9% during January. Importantly the two types [...]

POSTED ON March 16, 2010
Mortgage stress hits first home buyers

Forty per cent of first-time home buyers are suffering mortgage stress. Fujitsu found 581,000 households were in mortgage stress, up 0.7 per cent during February, [...]

POSTED ON March 12, 2010
Average mortgage up 40 per cent

The average size of a home loan has risen by 40 per cent since 2005. In Western Australia the average home loan is now $286,300, [...]

POSTED ON March 12, 2010
Rates to go up another two per cent

The Reserve bank of Australia could raise interest rates by another two per cent by August 2011 say economists. Stronger than expected job market numbers [...]

POSTED ON March 12, 2010
Banks reap profits from extra margins

Increases in major bank lending rates have more than fully offset the significant increase in their funding costs since mid 2007, according to the Reserve [...]

POSTED ON March 12, 2010
Term deposit rates at historical highs

The average interest rate on the major banks’ new deposits is currently slightly higher than the Reserve Bank of Australia’s official cash rate, compared with [...]

POSTED ON March 12, 2010
Investors like ANZ

ANZ has emerged as the major bank most in favour with banking sector analysts after the latest round of interim and quarterly reports. Among the [...]

POSTED ON March 12, 2010
High interest rates spook buyers

Higher interest rates and worsening affordability are driving home buyers out of the market. Australian Bureau of Statistics figures published yesterday show that the number [...]

POSTED ON March 11, 2010
ING targets internet mortgages

ING Direct’s executive director in charge of mortgages, Lisa Claes says people will be able to sign up to a mortgage and complete conveyancing over [...]

POSTED ON March 11, 2010
ING growing as a mortgage lender

Australia’s fifth largest mortgage lender, ING Direct, plans to capitalise on its “strong competency” in direct distribution of savings products to develop a leading role [...]

POSTED ON March 11, 2010
Now is a good time to pay off debt

Consumer sentiment numbers released yesterday show a big fall in the numbers of people who think now is a good time to buy into the [...]

POSTED ON March 11, 2010
Banks take more on credit card rates

Banks have increased substantially the margins they make on credit cards over the last two years. While banks and other lenders have generally passed on [...]

POSTED ON March 11, 2010
ANZ team to fix mortgage problems

ANZ Bank has established a specialist team of bank executives to fix problems affecting its mortgage processing systems. ANZ has recently moved to outsource home [...]

POSTED ON March 10, 2010
Property getting unaffordable again

In the December quarter, the average Australian home price was $428,000 using RP Data-Rismark data. The median home price was a little lower at $400,000. [...]

POSTED ON March 9, 2010
First home buyers giving up

A survey of 509 potential first homebuyers conducted in late February for Mortgage Choice found 28 per cent would drop the idea if interest rates [...]

POSTED ON March 9, 2010
Auctions results dip down

Auction results dipped slightly in Sydney on the weekend. There were 391 residential properties put up for auction with 70 per cent selling on the [...]

POSTED ON March 8, 2010
Brace for 2 years of rate rises

Commonwealth Bank says it expects the Reserve Bank to continue to raise interest rate through 2010 and 2011. Commbank says official interest rates will hit [...]

POSTED ON March 5, 2010
ATM fee reforms a failure

The Reserve Bank of Australia reforms of fees on automatic teller machines have been a failure.Despite the fact that 60 per cent of ATM withdrawals [...]

POSTED ON March 5, 2010
CBA to join Facebook, Twitter

Commonwealth Bank has appointed its first Social Marketing Manager, to lead a fresh approach into social media strategy. The newly created role signals that the [...]

POSTED ON March 5, 2010
How high will rates go?

The Reserve Bank of Australia lifted the official interest rate by 0.25 per cent to 4 per cent on Tuesday the 2nd of March. Most [...]

POSTED ON March 4, 2010
Sydney needs more house sellers

Sydney's median house price is heading towards $600,000. The median house price is now $595,745, according to Australian Property Monitors, however there are no houses [...]

POSTED ON March 4, 2010
St George customers get wrong statements

St George Bank has mailed as many as 42,000 statements to the wrong customers in recent days. St George customers received printed statements for the [...]

POSTED ON March 4, 2010
All eyes on mortgage rates

If Westpac passes on the Reserve bank rate rise in full as expected it will have the highest standard variable mortgage rate of major lenders [...]

POSTED ON March 3, 2010
Rate rise appropriate says RBA

At its meeting yesterday, the Board of the Reserve Bank of Australia decided to raise the cash rate by 25 basis points to 4.0 per [...]

POSTED ON March 3, 2010
Swan warns banks on rate rises

The treasurer Wayne Swan says the banks have no justification is raising rates on their retail mortgages above the 0.25 per cent rate rise announced [...]

POSTED ON March 3, 2010
SENSE account helps with saving

St George’s SENSE account helps people budget and save money. The account comes with a Visa debit card and a linked savings account. When purchases [...]

POSTED ON March 3, 2010
Police advise: open a bank account

Police in Mildura in north west Victoria recovered almost $100,000 and handbag and personal belongings of a woman who had her bag stolen from her [...]

POSTED ON March 3, 2010
ASIC warns of dual pricing on term deposits

ASIC released the results of its ‘health check’ of the Australian term deposit market. Total term deposits in Australian Deposit Institutions (ADIs) grew by over [...]

POSTED ON March 2, 2010
Term deposits not set and forget

ASIC released the results of its ‘health check’ of the Australian term deposit market. ASIC says ‘dual pricing’ coupled with the potential for term deposits [...]

POSTED ON March 2, 2010
ING aiming for growth in loans

ING Direct is setting ambitious growth targets for its home loan business. The chief executive of the bank’s Australian operation, Don Koch, is reported as [...]

POSTED ON March 2, 2010
Charged thousands for own money

Millions of Australians are owed money or have forgotten about money left over from old bank accounts, investments, lottery winnings, inheritances or superannuation.There are various [...]

POSTED ON March 2, 2010
Investors, upgraders drive new home sales

The Housing Industry Association’s (HIA’s) New Home Sales report, a survey of Australia’s large volume residential builders, rebounded by 9.5 per cent in January 2010.The [...]

POSTED ON March 2, 2010
BoQ leads on personal service

Banks are busily promoting their friendly customer service in a bid to outflank their competition. Bank of Queensland has reinvented itself and revitalised its "owner-manager" [...]

POSTED ON March 1, 2010
Borrowers reject fixed rate mortgages

The percentage of fixed rate mortgages sold, compared to variable rate home loans, has plunged to about one per cent, from around ten per cent [...]

POSTED ON March 1, 2010
Auction results improving for vendors

There were 469 properties listed for auction in Sydney on the weekend, with 75 per cent selling on the day. Those results were significantly better [...]

POSTED ON March 1, 2010
Customers turn on unpopular Westpac

Reports yesterday that Commonwealth Bank had moved ahead of Westpac in the Roy Morgan retail customer satisfaction survey have been confirmed by similar findings in [...]

POSTED ON February 26, 2010
Barbara from ‘A Bank’ working for ANZ

ANZ’s television advertisement featuring Channel Seven’s City Homicide star Genevieve Morris as ‘Barbara’, an arrogant bank teller for “A Bank”, is reported to be striking [...]

POSTED ON February 26, 2010
First Home Saver Accounts return 34%

Just 15,300 First Home Saver Accounts have been opened (as of September 30) and they hold a total of $49.3 million, or an average of [...]

POSTED ON February 26, 2010
We want more say Storm victims

Hundreds of unhappy Storm Financial margin investors who lost their portfolios are holding out for a bigger compensation payout than has been offered to them [...]

POSTED ON February 26, 2010
Foreign investors push house prices up

The federal government relaxed its foreign investment rules for residential property early last year. Real estate agents are reporting strong demand from offshore investors. Some [...]

POSTED ON February 25, 2010
Expect a pay rise in 2010

Workers can expect pay rises in the next 12 months. Nearly eight of out 10 companies plan to increase salaries according to a survey by [...]

POSTED ON February 25, 2010
Only some saving accounts raise rates

Of 53 institutions in the Infochoice database that are offering high interest online savings accounts, only 36 passed on all three RBA rate rises late [...]

POSTED ON February 24, 2010
Small biz welcomes NAB fee relief

The Council of Small Business Organisations of Australia applauds the decision by the National Australia Bank to abolish a series of fees for its small [...]

POSTED ON February 24, 2010
Deposit guarantee to remain in place

From the 31 March there will no longer be a government guarantee on deposits of more than one million dollars. The government guarantee on retail [...]

POSTED ON February 24, 2010
CBA starts Storm payouts

Commonwealth bank will pay margin borrowers who were advised by Storm Financial a total of more than $200 million in compensation. The bank will repay [...]

POSTED ON February 24, 2010
Affordable Melbourne gets less so

First home buyers are being locked out of the Melbourne housing market because of soaring process and interest rate rises.Buyers who waited until after the [...]

POSTED ON February 23, 2010
Cash Converters selling car loans

Pawn shop franchise operator and payday lender Cash Converters yesterday reported strong growth in revenue of $59.3 million for the six months to December, up [...]

POSTED ON February 23, 2010
PayPal joins Facebook

After five years in Australia PayPal has five million local accounts. It is hoping for a big increase in that number following a deal it [...]

POSTED ON February 23, 2010
Deposit rates higher than mortgage rates

Interest rates on some savings accounts are greater than mortgage rates for the first time in almost two decades. Competition between banks and credit unions [...]

POSTED ON February 22, 2010
Rate rises stressing first home buyers

Many first-home buyers with young families who bought their homes in the second half of 2009 are now struggling with higher interest rates according to [...]

POSTED ON February 22, 2010
Collectors profit from lost cash

Millions of Australians are owed money from forgotten bank accounts, rental bonds, super and other sources. Some are owed hundreds of thousands of dollars. Now, [...]

POSTED ON February 22, 2010
Economic good news means higher rates

Westpac and Melbourne University's Institute of Applied Economic & Social Research index of economic activity released yesterday shows economic activity grew at an annualised rate [...]

POSTED ON February 19, 2010
Business, consumers still scared of debt

The global financial crisis may be over but it has had a big impact on the way people and businesses spend and think about money. [...]

POSTED ON February 19, 2010
RBA in no rush to raise rates again

The Reserve Bank is waiting for further signs of economic recovery before it will raise interest rates again, according to the minutes of the last [...]

POSTED ON February 18, 2010
ING cuts fixed rate mortgages

ING DIRECT has dropped the interest rate on its two, three, four and five year fixed rate residential mortgage products, to 7.24 per cent p.a, [...]

POSTED ON February 18, 2010
Westpac investors reap rewards of high rates

Westpac’s high interest rates on mortgages have enriched its shareholders by about $4.3 billion. Experts estimated Westpac's 45-basis-point rise to standard variable mortgage rates in [...]

POSTED ON February 18, 2010
Don’t use birthdays for PIN numbers

A New Zealand woman has been left more than $8,000 out of pocket after thieves stole her wallet and used her Eftpos card to go [...]

POSTED ON February 18, 2010
SMSF’s turn to term deposits

Many investors with self managed super funds are choosing to put all their funds into one asset class -most often this is cash. As investors [...]

POSTED ON February 17, 2010
Remit money to a Visa card

Visa and Travelex, the world’s largest international foreign exchange and international payments specialist have announced the launch of the first Visa Money Transfer service in [...]

POSTED ON February 16, 2010
Low doc borrowers getting into trouble

Borrowers with “low doc” home loans are emerging once again as the class of customer more likely to end up in the collections division of [...]

POSTED ON February 16, 2010
Banks offer sharia finance for muslims

Westpac is developing a sharia commodity trading product that will appeal to muslim investors and borrowers. All the major Australian banks now provide Islamic-style banking [...]

POSTED ON February 16, 2010
Rate rises hurting Aussies

The financial position of almost two thirds of Australians has been negatively affected by interest rate rises according to an online poll published in News [...]

POSTED ON February 15, 2010
RBA may wait and see on rates

Economists are divided about whether the better than expected jobless figures released this week by the Australian Bureau of Statistics will lead to a March [...]

POSTED ON February 12, 2010
CBA slashes deposit rates, keeps profits

Commonwealth Bank is the world's most profitable retail bank with a return on equity of 18.5 per cent. Chief executive Ralph Norris defended CBA against [...]

POSTED ON February 12, 2010
Even shareholders say banks are greedy

Over 61 per cent of investors surveyed by marketing research group Colmar Brunton believe the $2.9 billion cash earnings achieved by the CBA for the [...]

POSTED ON February 11, 2010
Have you checked your credit report?

Nearly 86 per cent of Australians do not know what their credit report contains according to credit reporting agency Dun & Bradstreet. Rival credit reporting [...]

POSTED ON February 11, 2010
Credit unions still great for deposits

Most deposits in credit unions and mutual building societies are not affected by the decision announced yesterday by the Government to remove the Guarantee Scheme [...]

POSTED ON February 11, 2010
Rate rises good for Australia

A strong central bank prepared to raise interest rates has helped Australia avoid the worst problems of the global financial crisis said a senior international [...]

POSTED ON February 10, 2010
Rate rises to combat housing price bubbles

Central banks in future are likely to adopt a more “responsive” approach to monetary policy that attempts to detect the build of financial instability (or [...]

POSTED ON February 10, 2010
Sydney Eftpos gang hits Melbourne

Police are hunting for three men believed to have travelled from Sydney to Melbourne with a large number of fake debit and credit cards that [...]

POSTED ON February 10, 2010
Banks will defy Swan and raise rates

Big banks are likely to defy the federal government and raise interest rates on their standard variable mortgage products by significantly more than rate movements [...]

POSTED ON February 10, 2010