Best ways to deal with post-Christmas debt

*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 now Citi [...]

POSTED ON January 8, 2020
No money for email

The Australian Bankers’ Association (ABA) is warning of a hoax e-mail and survey that claims to offer money in return for completing a survey for [...]

POSTED ON July 14, 2009
Save $60 in supermarket war

Woolworths yesterday said it would match Coles' huge petrol discounts of up to 40 cents per litre for shoppers when they spend more than $300 [...]

POSTED ON July 14, 2009
Banks set rates themselves

More than fifty lenders have made more than 500 changes to interest rates since the Reserve bank of Australia last changed official interest rates. More [...]

POSTED ON July 13, 2009
Fewer auctions produce more sales

There were just 219 residential property auctions held in Sydney on Saturday, down from 229 last week and 230 on the same weekend last year. [...]

POSTED ON July 13, 2009
Your lender wants to know more about you

The Australian credit reporting system needs to be completely overhauled so a lender can find out exactly how much an applicant for a loan or [...]

POSTED ON July 13, 2009
Community Banks slowly losing money

The 238 Bendigo and Adelaide Bank community bank franchises produced an aggregate profit of $20 million in 2008. As has been reported before, the trading [...]

POSTED ON July 13, 2009
Foreign coins needed by the poor

The Commonwealth Bank is accepting foreign coins from the public throughout July in support of UNICEF - the United Nations Children’s Fund. Mr Ross McEwan, [...]

POSTED ON July 13, 2009
ACCC warns off the big banks

The chairman of Australia's competition regulator the ACCC, has warned banks that they face a wide ranging enquiry into Australia's financial service industry if they [...]

POSTED ON July 10, 2009
Laiki launches super loan

Laiki Bank has joined the small number of lenders offering investment loans to the trustees of self managed superannuation funds, with the launch this week [...]

POSTED ON July 10, 2009
Westpac borrowers get green discounts

Borrowers who take out a Westpac home, investment or equity loan receive a booklet of discounts for a variety of environmentally friendly products including rainwater [...]

POSTED ON July 10, 2009
Seinfeld joins the Greater

US comedian Jerry Seinfeld has been recruited by Newcastle's Greater Building Society to star in a series of new television advertisements. In a major coup [...]

POSTED ON July 10, 2009
Mortgage broker put under a spell

Newcastle based mortgage broker Peter Mohommed has won $240,000 in damages from Channel Seven after a court found that current affairs program Today Tonight defamed [...]

POSTED ON July 10, 2009
Bank error in your favour – collect thousands

Many mortgage borrowers are paying thousands of dollars to their bank unneccesarily because their bank has made serious mistakes with their offset account. Mortgages that [...]

POSTED ON July 9, 2009
ANZ outsources mortgages

ANZ will outsource much of its mortgage processing to Bangalore, India and move towards fully automated mortgage application processing. The previous state based processing of [...]

POSTED ON July 9, 2009
No rate cut – yet

The Reserve Bank board decided yesterday to leave official interest rates on hold at three per cent. The governor of the Reserve Bank Glenn Stevens [...]

POSTED ON July 8, 2009
Netbank problems are ‘customer related’

Reports persisted yesterday of continuing problems with transaction histories and other minor bugs on CBA's award-winning NetBank platform. The Sheet was contacted by a couple [...]

POSTED ON July 8, 2009
Banks can’t secure the net

Internet banking is now so integral to the economy, business and commerce that governments must step in to heavily regulate and secure it or banks [...]

POSTED ON July 8, 2009
We need a ‘people’s bank’

Six influential economists have written a open letter to the government calling for the establishment of a basic 'people's bank' to break the market stranglehold [...]

POSTED ON July 8, 2009
No wage rise for low paid

In an unprecedented shock decision, the Australian Fair Pay Commission yesterday refused to grant a minimum wage rise to Australia’s 1.3 million minimum wage workers. [...]

POSTED ON July 8, 2009
Bendigo prepares to bankrupt borrowers

Bendigo and Adelaide Bank and Timbercorp Finance are being hit with waves of letters from investors refusing to pay principal and interest on loans taken [...]

POSTED ON July 8, 2009
No rate cut expected

The Reserve Bank board is not expected to cut interest rates when it meets in Sydney today despite expectations of rising unemployment. Unemployment numbers are [...]

POSTED ON July 7, 2009
CBA insists problem resolved with Netbank

Commonwealth Bank is adamant that the problems with its online banking system, NetBank, have been resolved. The high transaction issue was resolved on Tuesday morning [...]

POSTED ON July 7, 2009
Cash bait catches deadbeat parents

Twenty one thousand parents have been tracked down by the Child Support Agency after they filed late tax returns for the financial year ending June [...]

POSTED ON July 7, 2009
Save $32k by avoiding a big bank

Australian homeowners taking out a loan with a competitive credit union, building society or non-bank lender, rather than the Big Four banks could reduce their [...]

POSTED ON July 7, 2009
SME’s get help with loan applications

One of the key challenges for many small to medium businesses is working out how to approach the bank for a loan. Small businesses often [...]

POSTED ON July 7, 2009
SMEs get help with debt

Healthy cash flow is the very essence of a successful small business. After all if your cash flow is poor, your business will struggle to [...]

POSTED ON July 7, 2009
VIDEO: RBA Announcement – Who Cares?

"RBA Announcement - Who Cares?" - InfoChoice Weekly Wrap (Ep5): Adam Rigby and Dirk Hofman chat about the relevance of the RBA Rate Announcement, Popular [...]

POSTED ON July 7, 2009
Melbourne auctions deliver for vendors

Auction clearance rates in Sydney on the weekend remained high at 63 per cent from a low volume of 231 auctions. That result is slightly [...]

POSTED ON July 6, 2009
To fix or not to fix, that’s the question

Currently three and five year fixed rate mortgages are offering rates of 6.5 per cent to 7.3 per cent, compared with the average standard variable [...]

POSTED ON July 6, 2009
Sun, sand and mortgage stress

Beachside suburbs have experienced property price falls of up to 36 per cent since the peak of the market in 2007. Often beach suburb prices [...]

POSTED ON July 6, 2009
Fees eat up investment returns

Superannuation investors get better returns when they invest in low cost passively managed index funds than in actively managed funds according to new research by [...]

POSTED ON July 6, 2009
The Scud faces repossession

There were 3,068 applications to repossess properties made to the Victorian Supreme Court in the 12 months to June 30, up almost ten per cent [...]

POSTED ON July 6, 2009
Customers coming around to CBA

CBA was the only bank amongst the big four to improve its customer satisfaction rating in the 12 months to May 2009. CBA lifted its [...]

POSTED ON July 3, 2009
St George, BT wind back margin lending

St George Bank, now owned by Westpac, is cutting the gearing ratios allowed on its margin loans from forty per cent to zero on more [...]

POSTED ON July 3, 2009
Credit union lending up, profits down

KMPG yesterday said deposit growth in the mutuals and smaller bank segment was reasonable during the first nine months of the financial year (ranging from [...]

POSTED ON July 3, 2009
ANZ employs small biz people

ANZ is expanding its network of small business specialists by employing 130 additional small business bankers in branches and business centres around Australia. The majority [...]

POSTED ON July 3, 2009
Guarantee is propping up our banks

The federal government's guarantee on wholesale bank funding has successfully saved Australia's banks from the worst impacts of the global financial crisis according to new [...]

POSTED ON July 3, 2009
Super investors doing it for themselves

Self-managed funds grew in number and asset value over the year to June 2008, a testament to the determination of the do-it-yourself set. APRA recorded [...]

POSTED ON July 3, 2009
Suncorp CEO must be a shareholder

Suncorp has become the first Australian bank to insist that its new chief executive officer must buy shares in the company. Suncorp appointed former British [...]

POSTED ON July 3, 2009
House and unit prices recovering

The median house price has climbed in every capital city except Perth since January and is now $468,819 nationally, just $520 less than the peak [...]

POSTED ON July 2, 2009
Grants avoid property Armageddon

Twenty thousand borrowers received the federal government’s first home buyer grant in May said the commonwealth Treasury. Demand for new homes fell 5.7 per cent [...]

POSTED ON July 2, 2009
Fines fees and charges Up Up Up

A wide range of state government charges rose yesterday with the coming of the new financial year. In NSW the parking space levy will jump [...]

POSTED ON July 2, 2009
Capitalism is wrecking retirements

Twenty per cent has been lost from the median balanced option super fund over the last two financial years says superannuation research service Chant West. [...]

POSTED ON July 2, 2009
ANZ winning the war for deposits

Using data on deposits published yesterday by the Australian Prudential Regulation Authority, the improvers in household deposits over two years are ANZ, with deposit growth [...]

POSTED ON July 1, 2009
Westpac lags in deposit market

CBA at 23 per cent over two years, NAB at 30 per cent and ANZ at 33 per cent are the cluster of major banks [...]

POSTED ON July 1, 2009
Bankwest back in the deposit business

Bankwest has enjoyed a strong performance in attracting deposits in May when $660 million was deposited, representing growth in deposits held of 5 per cent. [...]

POSTED ON July 1, 2009
Netbank under hacker attack

Commonwealth Bank yesterday confirmed that its' Netbank internet banking platform was under malicious attack from hackers. Tuesday was the third day of the attack. The [...]

POSTED ON July 1, 2009
VIDEO: Shaun Cornelius, CEO, talks about Mortgages

Sky News Interview with Shaun Cornelius, CEO of Infochoice.com.au, Australia's leading independent financial comparison site. Research from financial comparison experts InfoChoice.com.au shows that the reluctance [...]

POSTED ON June 30, 2009
Regulator wants lending with care

Banks face a crack down on their lending policies by the prudential regulator the Australian Prudential Regulation Authority. APRA's views, set out in a speech [...]

POSTED ON June 30, 2009
Open a bank account at age eight

Children should be taught about money from the moment they first start saying “I want ....”. They can handle bank accounts from the age of [...]

POSTED ON June 30, 2009
NAB deploys Voiceprint verification

NAB’s telephone banking customers no longer need to remember PINs and passwords. Using the voice biometric functionality of VeSecure, once callers have registered their unique [...]

POSTED ON June 30, 2009
Borrowers don’t understand reverse mortgages

Comments about reverse mortgages by the chairman of the Australian Securities and Investments Commission Tony D'Aloisio were unduly negative and were based on out-of-date research, [...]

POSTED ON June 30, 2009
No problems with reverse mortgages

The head of RBS Reverse Mortgages, Martin Lynch said one view of reverse mortgages is that they are used by retired people to finance luxuries [...]

POSTED ON June 30, 2009
Melbourne auctions booming

The auction clearance rate improved in Sydney this week, but on the back of low numbers of properties put up for auction. There were just [...]

POSTED ON June 29, 2009
New consumer laws good for lenders

Lenders are breathing a sigh of relief after learning last week that they will have until January 2011 to meet the responsible lending provisions under [...]

POSTED ON June 29, 2009
No mortgage worries at NAB

Ninety per cent of NAB mortgage customers are ahead on their mortgage repayments said chief executive Cameron Clyne yesterday. Mr Clyne told Inside Business that [...]

POSTED ON June 29, 2009
Last chance to claim your $1,500

Low income earners have two days to take advantage of the (up to) 150 per cent superannuation co-contribution scheme that will end for forever on [...]

POSTED ON June 29, 2009
Tax cuts are here

Tax cuts coming next financial year are worth up to $2,150 to high income earners with salaries of $180,000. People earning between $35,000 and $55,000 [...]

POSTED ON June 29, 2009
ACCC takes on Cabcharge empire

Cabcharge’s ten per cent payment surcharge for card payments made in taxis is under threat. The competition regulator, the ACCC has started court proceedings against [...]

POSTED ON June 29, 2009
BoQ hits back over storm of criticism

Bank of Queensland disclosed yesterday that it had aggregate loans of $105 million to 319 clients with links to Storm Financial, the failed financial planning [...]

POSTED ON June 26, 2009
Responsible Lending? Not yet.

Banks and Credit Unions welcomed the federal government's announcement that responsible lending provisions of the new consumer credit laws will not come into force until [...]

POSTED ON June 25, 2009
As good as it gets for SME lending

Forty four per cent of SMEs are paying between 6-8 per cent on their business loans and thirty six per cent are paying over 8 [...]

POSTED ON June 25, 2009
Aussie says we’ll insure you

Aussie Home Loans joins an increasingly crowded field in the direct life insurance distribution market with the launch yesterday of a phone-based brokerage in partnership [...]

POSTED ON June 25, 2009
CBA sets up mediation for Storm clients

The Commonwealth Bank and lawyers acting for clients of the failed north Queensland financial planning group Storm Financial have urged all bank customers who have [...]

POSTED ON June 25, 2009
Property investors are waiting

One in four property investors are waiting for the boosted first home buyer's grant to end before they make a purchase. A majority of investors [...]

POSTED ON June 24, 2009
Bad year for foreign banks

Foreign banks operating in Australia had a very bad year in 2008 with combined losses of $843 million. The 35 foreign banks with branch operations [...]

POSTED ON June 24, 2009
Bank reputations improve

The annual Corporate Reputation Index by AMR Interactive reports that Banks saw the greatest improvement in consumer perception as an industry. The overall scores of [...]

POSTED ON June 24, 2009
Bank profits down, a bit

Bank profits declined in Australia over the course of calendar 2008, according to APRA's industry performance data for 2008. Big bank profits, though, declined only [...]

POSTED ON June 24, 2009
SME face years of lending problems

Small business can look forward to at least two years of difficulties obtaining finance. JP Morgan senior banking analyst Scott Manning said yesterday that utilisation [...]

POSTED ON June 24, 2009
St George takes hard line with SME’s

St George Bank is being highlighted for all the wrong reasons in the latest round of business banking customer surveys. The bank is losing share [...]

POSTED ON June 24, 2009
Take care with reverse mortgages

Tony D’Aloisio chairman of the Australian Securities and Investments Commission (ASIC) and Paul Clitheroe chairman of the Australian Government Financial Literacy Board are concerned that [...]

POSTED ON June 24, 2009
Expect more rate hikes says CBA

The Commonwealth Bank may raise interest rates on its standard variable mortgage outside of changes to official interest rates by the Reserve Bank. "If wholesale [...]

POSTED ON June 23, 2009
Biz customers turn on Commbank

Seventy four per cent of business banking customers were satisfied with their main financial institution according to the latest TNS business banking customer satisfaction survey. [...]

POSTED ON June 23, 2009
Super investors have bad year

Superannuation returns hit an all time low in the financial year to June 2009 according to ratings agency SuperRatings. The most commonly held type of [...]

POSTED ON June 23, 2009
Travel card locks in six currencies

Commonwealth Bank has launched the first prepaid travel card that enables travellers to lock in the exchange rate of up to six prominent currencies on [...]

POSTED ON June 23, 2009
Borrowers can save $1,500/year

The major banks continue to dominate lending and banking despite being undercut by more than sixty credit unions and building societies. Infochoice says none of [...]

POSTED ON June 22, 2009
Melbourne, Adelaide auctions do well

The auction clearance rate in Sydney fell back slightly over the weekend of the 20-21 June to about 67 per cent from 69 per cent [...]

POSTED ON June 22, 2009
NSW extends first home grants

First home buyers in NSW will have the boosted federal government first home buyer's grant extended for an extra six months. The NSW government has [...]

POSTED ON June 22, 2009
Anger grows as big banks take over

Australia's smaller banks and non-bank lenders are demanding the government scrap the guarantee over bank borrowing and replicate the UK and Canadian alternative which is [...]

POSTED ON June 22, 2009
Think your debt is under control?

While average credit card balances are falling as repayments go up, consumer advocates are criticising banks for ramping up their card marketing. "Lenders are doing [...]

POSTED ON June 22, 2009
$2,500 goes up in smoke

Smokers spend $2,500 and 17 days per year smoking says a new research from Pfizer. Most smokers cut back on entertainment, clothing, eating out and [...]

POSTED ON June 22, 2009
Aussies pay off the card

The average credit card balance went down in April for the first time in at least 14 years.Data released yesterday by the Reserve Bank showed [...]

POSTED ON June 19, 2009
Back to our old ATM habits

Users of automatic teller machines are already starting to drift back to old habits after only the second month of better publicised and slightly changed [...]

POSTED ON June 19, 2009
Banks do have extra costs says RBA

The Reserve Bank of Australia says banks have not been unreasonably raising interest rates on mortgage borrowers. The RBA Bulletin for April, released yesterday, concludes [...]

POSTED ON June 19, 2009
RBA tells Banks: no rate rises

Banks will not have to raise rates again, outside of Reserve Bank changes to the official cash rate, says the Reserve Bank. The RBA is [...]

POSTED ON June 19, 2009
Banks need more savings

Australians need to save more in order to ensure the ongoing strength of our big banks say bank chiefs. Cameron Clyne, chief executive of National [...]

POSTED ON June 18, 2009
Senators target bank chiefs

This week's moves by the big banks to raise interest rates on some of their mortgage products has drawn strong statements from many politicians.The prime [...]

POSTED ON June 17, 2009
All the Banks raising rates

National Australia Bank confirmed it is raising interest rates on five year fixed rate mortagage by 0.5 per cent to 7.19 per cent. St George [...]

POSTED ON June 16, 2009
House prices set for big recovery

House prices in capital cities could rise by as much as 19 per cent over the next three years according to analysts from BIS Shrapnel.Investors [...]

POSTED ON June 16, 2009
Business lending down, home lending up

Total business loans issued in April fell 23 per cent to $27 billion from a high result of $31 billion in March.Nomura Australia economist Stephen [...]

POSTED ON June 16, 2009
Bank margins healthy as ever

Westpac and Commonwealth Bank net interest margins are at the same levels as they were prior to the onset of the global financial crisis in [...]

POSTED ON June 16, 2009
Cashed up Aussie banks go hunting

Australian banks are cashed up and looking for acquisitions overseas because the Australian competition regulator has effectively ruled out more domestic consolidation in banking.Commonwealth is [...]

POSTED ON June 16, 2009
Guarantee kills competition

The federal government's bank deposit and wholesale funding guarantee is an impediment to competition says Productivity Commission chairman Gary Banks. "Unhitching the from the guarantee [...]

POSTED ON June 16, 2009
Radio Rentals wants to lend

Radio Rentals wants to take on electronic consumer financiers Flexigroup and ThinkSmart and move into consumer lease finance. Radio Rentals (ASX:RRA) delivered a 13 per [...]

POSTED ON June 16, 2009