Cryptocurrency Update 26 November 2019

Is Bitcoin crashing? Bitcoin’s recent rally after comments from Chinese President Xi Jinping last month now seems over. Bitcoin prices have resumed their six-month bear [...]

POSTED ON November 26, 2019
Good news about bad credit

Many Australians worry about their credit rating these days, especially if they know their own rating isn’t as good as it could be. Finding out [...]

POSTED ON June 3, 2019
What are the different types of home loan?

There is a staggering array of different home loan products in the market. If your home loan doesn’t suit your needs, there is sure to [...]

POSTED ON October 6, 2015
Why do interest rates go up and down?

It’s the first Tuesday of the month. Every month on this day the board of the Reserve Bank of Australia meets to set official interest [...]

POSTED ON October 6, 2015
Why are term deposit rates less than savings rates

Australian Prudential Regulation Authority chairman Wayne Byres questioned why banks and credit unions are offering higher rates on at-call savings accounts over term deposits. Byres [...]

POSTED ON September 22, 2015
This lender has just been suspended

Payday lender PAID International has been suspended from credit activities until 7 April 2016 and is insolvent said the corporate watchdog ASIC. In October 2014 [...]

POSTED ON September 22, 2015
How can we afford to buy a first home?

Many first home buyers try to save about 20 per cent of the purchase price of the type of home they are interested in buying. [...]

POSTED ON September 18, 2015
Most Aussies like PayWave and PayPass

Banks and credit unions will need to get customer consent before activating PayWave and PayPass contactless payment cards, if the recommendations of the Parliamentary Joint [...]

POSTED ON September 9, 2015
What are the average credit card rates right now?

Credit cards with extra features, insurances, services and rewards usually attract higher rates and annual fees. ME Bank’s Nic Emery said: “The average interest rate [...]

POSTED ON September 7, 2015
Is a term deposit right for me?

Savers and investors who are looking for a reasonable return on their money may be looking around at their options. These might include a high [...]

POSTED ON August 14, 2015
OK, now is a good time to get a new home loan

Competition for owner-occupier home loans is heating up and that is great news for borrowers. As the government crack-down on risky property investment mortgages intensifies, [...]

POSTED ON August 7, 2015
Do I want a term deposit or a savings account?

Term deposits are still enormously popular with investors and savers. High interest online savings accounts are currently offering rates that are very competitive with term [...]

POSTED ON August 7, 2015
Why NOW is the perfect time to refinance

Many borrowers stay with their home loan because they think switching to abetter deal is difficult and expensive. In fact refinancing is now easier and [...]

POSTED ON July 31, 2015
Do I need an online savings account?

Interest rates offered by online at-call high interest savings accounts have come down in recent months along with the Reserve Bank’s official cash rate, which [...]

POSTED ON July 28, 2015
What is the average credit card annual fee?

Average credit card annual fees are trending down. The average annual fee charged on an Australian credit card in July 2015 is about $94. That [...]

POSTED ON July 23, 2015
Will there ever be action on high credit card fees

The Murray Financial System Inquiry observed that credit card surcharges imposed on consumers by retailers and merchants were often exorbitant. 17 per cent of Australian [...]

POSTED ON July 22, 2015
Big four bank borrowers may need to switch

The big four banks could raise mortgage lending rates by as much as 0.65 percentage points by July 2016 to meet new capital rules enforced [...]

POSTED ON July 22, 2015
NAB funds youth business

Small business owners under 30 years old with no business track record are being offered micro-enterprise loans by National Australia Bank. The non-profit group Enterprise [...]

POSTED ON September 30, 2008
More banks fail in US and Europe

Another US bank failed on the weekend while a UK bank looks set to be nationalised by the British government. A Belgian bank also appears [...]

POSTED ON September 29, 2008
Worried investors moving to cash

Share market investors are fleeing plummeting markets and looking for the safety of bank deposit products. The amount of money on deposit in banks has [...]

POSTED ON September 29, 2008
Home buyers accounts complex and costly

The First Home Buyer Savings accounts that will be offered by banks, some credit unions and building societies after the first of October are too [...]

POSTED ON September 29, 2008
Government intervenes to save mortgage market

Non bank lenders will benefit the most from the federal government's plan to buy up to $4 billion of residential mortgage backed securities. The treasurer [...]

POSTED ON September 29, 2008
Heritage looks to agribusiness

Toowoomba-based Heritage Building Society yesterday reported a five per cent increase in net profit to $20.5 million for financial year 2008, though a $6.5 million [...]

POSTED ON September 26, 2008
Home repossessions up in WA

The downturn in property prices in Western Australia is generating some increased heat for lenders in a market that experienced the housing bubble later than [...]

POSTED ON September 26, 2008
Western Sydney leads in mortgage arrears

There are 17,000 households in Australia that are 90 days or more in arrears on their mortgage repayments, up 2,000 since the beginning of the [...]

POSTED ON September 26, 2008
Credit card and ATM fees continue to rise

Average interest rates charged on credit cards are more than 12 per cent above the official cash rate set by the Reserve Bank at almost [...]

POSTED ON September 25, 2008
Banks run riot with no competition

A lack of competition has allowed banks to "run riot" and push profits back up to levels not seen since the 1990's say banking industry [...]

POSTED ON September 25, 2008
BankWest quits cashflow finance

Bank of Western Australia will refer customers seeking finance under an invoice discounting facility to Allianz Australia. They describe their relationship as a "strategic referral". [...]

POSTED ON September 24, 2008
Credit crunch impacts the foreign banks

The profits of foreign banks operating in Australia fell in the March 2008 quarter, possibly reverting to more usual levels after inflated earnings during 2007. [...]

POSTED ON September 24, 2008
Australia well placed to ride financial storms

Treasurer Wayne Swan yesterday welcomed an IMF report supporting the government view that Australia is well placed to weather the global financial crisis. The International [...]

POSTED ON September 24, 2008
Aussie banks profit from credit crunch

The average profit margin for the major banks was 54.8 per cent in the March quarter, more than double the long-term average return of 26.9 [...]

POSTED ON September 24, 2008
Don’t lower your mortgage repayments

With lenders dropping their interest rates in recent weeks, the temptation to loosen the belt and lower repayments is high. But according to the Mortgage [...]

POSTED ON September 23, 2008
NAB and Westpac face tough debt markets

Australian banks have $37 billion in bonds maturing over the next six months on international money markets. In current debt market conditions the banks may [...]

POSTED ON September 22, 2008
Banks shun well run small businesses

Profitable and well run small and medium sized businesses are having their loan and credit applications rejected by banks who have tightened their lending criteria [...]

POSTED ON September 22, 2008
First home buyer accounts launched

ANZ, Commonwealth and AMP Bank will today announce details of their new first home buyer savings accounts. Under a federal government scheme to be introduced [...]

POSTED ON September 22, 2008
NSW Teachers go west

NSW Teachers Credit Union will open a branch in Perth before the end of the year as it tries to expand into the WA market. [...]

POSTED ON September 19, 2008
Business pays more for credit

Businesses are paying more than they were last year to borrow funds, but margins over market benchmarks are not all that much wider than they [...]

POSTED ON September 19, 2008
Market breaks MacBank

Macquarie Bank shares followed the lead from Wall St where investment banks all lost value and fell 23 per cent to $26.05 yesterday, its lowest [...]

POSTED ON September 19, 2008
Card holders getting on top of their debt

Consumers may be starting to pay down their collective credit card debts. Analysis of RBA data on payment card and credit use, by Mike Ebstein [...]

POSTED ON September 19, 2008
$50 note reigns supreme

The Reserve Bank of Australia is running down its stock of $100 notes manufactured in 1999 in connection with preparing for any run on cash [...]

POSTED ON September 18, 2008
Amex and credit union cards win gongs

Balance transfers to the American Express Blue Sky card attract a low 6.99 per cent for the life of the balance with no annual fee. [...]

POSTED ON September 18, 2008
Demand for variable rate home loans up

Demand for variable home loans is at a five-year high as borrowers keenly await another cut in interest rates by the Reserve Bank) according to [...]

POSTED ON September 18, 2008
Investors give banks a pounding

Macquarie Group was caught in the cross hairs of the investor firing line yesterday, with shares slashed over ten per cent, thanks to the collapse [...]

POSTED ON September 16, 2008
Age pension to go up $15 next week

More people on average incomes are getting their income topped up by government welfare payments than ever before. About one third of all Australians currently [...]

POSTED ON September 16, 2008
Super slide sends retirees back to work

Retired people are winding back their pensions, putting off retirement plans and going back to work as big negative returns eat into their investments. People [...]

POSTED ON September 16, 2008
Banks to get access to more customer info

Everybody applying for a credit card or a new loan will have to agree to give up much more information about themselves and their financial [...]

POSTED ON September 16, 2008
Rates on hold as spending falls

The prospect of an interest rate cut in October has receded. The RBA is expected to closely examine figures to be released on Thursday on [...]

POSTED ON September 15, 2008
Banks coy about fraud rates

Five per cent of all Australians were victims of fraud in the last year according to research by the Australian Bureau of Statistics. Credit card [...]

POSTED ON September 15, 2008
PayPal competitor upgrades service

Centricom last week soft launched POLi 2, their upgraded online payments service that leverages internet banking platforms. Centricom CEO Simon Warner said the new POLi [...]

POSTED ON September 12, 2008
Penalty fees coming down say banks

High penalty fees charged by banks for dishonoured cheques, late credit card payments, overdrawn accounts and exceeded credit limits are trending down says the Australian [...]

POSTED ON September 12, 2008
October rate cut looks unlikely

Better than expected employment figures released yesterday have made an October interest rate cut unlikely. A rate cut before the end of the year is [...]

POSTED ON September 12, 2008
Banks short of skills at the top

Commonwealth Bank has possibly the best skilled and most balanced board of directors out of the major banks according to research conducted for the The [...]

POSTED ON September 11, 2008
We are safe and secure say PayPal

The recent failure of eBay's seventh largest Australian merchant, e-Business Supplies (EBS), has highlighted the shortcomings of the PayPal system say eBay sellers and PayPal [...]

POSTED ON September 10, 2008
Pensions go up $15 next week

There will be no increase in the rate of the aged pension this year said the prime minister Kevin Rudd yesterday. Mr Rudd agreed that [...]

POSTED ON September 10, 2008
Banks eat more of the shrinking mortgage pie

Owner-occupied housing finance commitments fell for a sixth straight month in July 2008 to a touch over 50,000, with banks continuing to increase market share. [...]

POSTED ON September 10, 2008
No rate relief on cards or business loans

Savings & Loans, Australia's second largest credit union, has been one of the few organisations to cut borrowing on non-mortgage products. Rate relief appears generally [...]

POSTED ON September 10, 2008
Big bank CEO’s get $9 million each

ANZ is the most generous of the four big banks in the pay it gives to its chief executive officer. ANZ's Mike Smith takes home [...]

POSTED ON September 9, 2008
Westpac plus St George is all good

St George and Westpac have renegotiated some key terms of the deal to merge the two banks. St George chairman John Curtis yesterday said he [...]

POSTED ON September 9, 2008
Banks to hold on to rate rises

Banks will not readily reduce back the additional rate rises they have added on to official rate rises this year says the Reserve Bank governor [...]

POSTED ON September 9, 2008
Bank customers grin and bear it

Only about half of all people who are unhappy with their bank of financial service provider actually go ahead and complain. Survey data collated by [...]

POSTED ON September 9, 2008
PayPal claims the lead in online payments

PayPal claims to be the preferred online payment system online in Australia and the leading online acquirer for small business, but says it needs more [...]

POSTED ON September 8, 2008
St George to accept Westpac offer

A report investigating the proposed takeover of St George Bank by Westpac is understood to support the deal and will be lodged with ASIC this [...]

POSTED ON September 8, 2008
Auction gloom continues in Sydney

Auction clearance rates continued to fall in Sydney over the weekend of the 6th and 7th of September, but recovered in Melbourne, Brisbane and Adelaide. [...]

POSTED ON September 8, 2008
Market creates more pensioners

The number of applications for the age pension has jumped up 40 per cent in the last year. The rise is being driven by changes [...]

POSTED ON September 5, 2008
ANZ raises rates on deposits

ANZ has gone against the trend and raised interest rates on its 12 month term deposits by 0.3 per cent from 7.0 per cent to [...]

POSTED ON September 5, 2008
Banks attracting savings but not satisfaction

The recent "flight to quality" of depositors and borrowers to the bigger banks has not yet improved their customer satisfaction ratings, according to the latest [...]

POSTED ON September 4, 2008
Profit down at Savings & Loan

Higher funding costs have caused South Australian based Savings & Loans Credit Union to report a 31 per cent fall in net profit to $10.9 [...]

POSTED ON September 3, 2008
RAMS and CBA lead on rate cuts

St George bank will cut rates on its standard variable home loans by more than the RBA's official 0.25 per cent cut announced yesterday. St [...]

POSTED ON September 3, 2008
Interest rates cut to 7 per cent

Yesterday the Reserve Bank Board decided to lower the cash rate by 25 basis points to 7 per cent, effective 3 September. Inflation in Australia [...]

POSTED ON September 3, 2008
Banks cut rates on loans and deposits

All the major banks cut their standard variable home loan interest rates by 0.25 per cent yesterday. All four announced the changes within 10 minutes [...]

POSTED ON September 3, 2008
City Pacific announces big loss

City Pacific reported an "operating profit before impairment and tax" of $55.5 million and compared with $133 million in 2007 (though in the prior year [...]

POSTED ON September 2, 2008
An amazing loss

Amazing Loans yesterday reported a loss of $116.8 million for the 2007/08 financial year, after writing down all goodwill to zero as well as writing [...]

POSTED ON September 2, 2008
Muslim bank planned

The new managing director of the Muslim Community Co-operative of Australia, Chabaan Omram, in the association's latest newsletter suggests that in five to 10 years [...]

POSTED ON September 2, 2008
Take back your home

If you have fallen behind in loan repayments, then you need to quickly take control of the situation. Your lender will have a collections department [...]

POSTED ON September 2, 2008
Boom in bank deposits

Household deposits to financial institutions grew 3 per cent in the month of July according to the banking regulator APRA. Business deposits grew 2.8 per [...]

POSTED ON September 2, 2008
I haven’t sold out says Aussie John

Aussie Home Loans chairman John Symonds says he will continue to criticise the big banks despite selling 33 per cent of Aussie to Commonwealth Bank. [...]

POSTED ON September 1, 2008
Banks lend super contributions to customers

Superannuation contributions are being channelled through the wealth management arms of banks and life companies via cash account and term deposit options into their lending [...]

POSTED ON August 29, 2008
The Rock loses deposits

Net profit reported by The Rock Building Society was up 21 per cent to $4.48 million for financial year 2008, at the high end of [...]

POSTED ON August 28, 2008
Take the kids out on the Family card

Families can get discounts at major attractions by getting a family value card says the founder of the business Rebecca Mason. Ms Mason says the [...]

POSTED ON August 28, 2008
Mortgage broker suspended

Victorian mortgage broker Peter Hinck has been suspended as a member of the professional industry group the Mortgage and Finance Association of Australia (MFAA) after [...]

POSTED ON August 28, 2008
Telstra plans our mobile wallets

Telstra wants its customers to be able to selectively add cards or bank accounts to their phones said David Thodey, Telstra's group managing director, enterprise [...]

POSTED ON August 28, 2008
Woolworths tries again on supermarket banking

Rewards in the form of gift cards redeemable at Woolworths-owned outlets (including Big W, BWS and Dick Smith) is the lure for a co-branded credit [...]

POSTED ON August 27, 2008
Litigation profitable for IMF

Litigation funder IMF has increased income by 76 per cent and net profit by 188 per cent in a year when a string of corporate [...]

POSTED ON August 26, 2008
New credit cards shake up market

Diners Club will offer its 300,000 Australian card holders a revolving credit facility on their card as competition in the credit card market intensifies with [...]

POSTED ON August 26, 2008
Margin investors enjoy capital protection

Margin lending tax reduction strategies surrounding the prepayment of loan interest has historically driven the number of margin lending accounts higher in the June quarter, [...]

POSTED ON August 22, 2008
Jail for victims on online scammers

Australians still lose at least $36 million a year to online scams such as the Nigerian scam despite years of expert warnings about online security. [...]

POSTED ON August 22, 2008