Top savings rates in December 2019

The RBA has set interest rates in Australia at all-time lows and may cut rates yet again in the near future. CPI inflation in December [...]

POSTED ON December 2, 2019
Will a balance transfer affect my credit rating?

With over-indebtedness growing among Australian households, many people wonder how they’ll ever be free of their monthly debt repayments, or at least reduce them to [...]

POSTED ON May 31, 2019
Do you like debit or credit with your card?

Visa and Mastercard transactions have traditionally only been available to people with a credit card account. Now almost anyone with a transaction account can get [...]

POSTED ON July 15, 2015
Aussie property is not that expensive …

Australian Bureau of Statistics data reveals that the average home loan in Australia is $342,500. That is 4.5 times the average yearly wage of $75,600. [...]

POSTED ON July 13, 2015
What is a loan guarantee worth?

Lenders are being warned about the enforceability of loan guarantees following a surprise result in the NSW Supreme Court.The guarantee a father gave to pay [...]

POSTED ON July 13, 2015
The best and the worst of term deposits

With interest rates at historic low levels, people in the market for a term deposit need to seek out the good deals to ensure they [...]

POSTED ON July 10, 2015
Average term deposit rates rise

Interest rates for savers in the deposit market continue to fall. Savers have to carefully shop around to find good rates. The good news is [...]

POSTED ON July 10, 2015
Three banks slash home loan rates

Westpac owned St. George Bank, the Bank of Melbourne and BankSA have announced variable and fixed home loan rate cuts. All three banks now have [...]

POSTED ON July 3, 2015
Big banks clamp down on investor home loans

The Australian Prudential Regulation Authority has told lenders to limit growth in their investor mortgage portfolios. Now Westpac is no longer making package discounts available [...]

POSTED ON July 2, 2015
A new bank for the military

Australian Military Bank is the new proposed name of the Australian Defence Credit Union. John Ford, CEO of Australian Defence Credit Union, said: "We do [...]

POSTED ON July 1, 2015
Is the mortgage market settling down?

After a year of extraordinary growth, the housing finance market has plateaued according to the latest Reserve Bank data. The RBA reports that housing finance [...]

POSTED ON July 1, 2015
What is a good term deposit rate?

Term deposit rates have come down in recent years, along with the Reserve Bank's official cash rate. Some term deposits are only paying around one [...]

POSTED ON June 30, 2015
What is a good variable mortgage rate?

A variable home loan rate can move up and down along with bank costs and Reserve Bank rate changes. Right now, in June 2015, variable [...]

POSTED ON June 29, 2015
What do Aussies want from a transaction account?

Transaction banking account customers want contactless PayWave and PayPass payments, good mobile phone app banking and more e-commerce developments according to research from RFi commissioned [...]

POSTED ON June 25, 2015
Senator calls ATM fees “extortion”

The Senate Economics Committee chairman, Labor’s Sam Dastyari said Australians are fed up with excessive card and ATM fees. ATM fees up to $3.80 are [...]

POSTED ON June 25, 2015
Bank staff beware! You are being targeted

Websense, a service which monitors web traffic, said criminal gangs are targeting bank employees with emails based on extensive research. Websense’s Rajiv Motwani said the [...]

POSTED ON June 24, 2015
Aussie banks are under attack

Banks are fending off three times more cyber attacks than other industry according to analysis released today by Websense, a service which monitors web traffic. [...]

POSTED ON June 24, 2015
Do consumers prefer the name ‘Bank’?

Credit unions and building societies have been able to convert to mutual banks since 2011. Even though credit unions and building societies enjoy high customer [...]

POSTED ON June 24, 2015
Do you have enough savings?

ING Direct’s Household Financial Fitness Test shows a significant number of Australian households expressing concern about their ability to manage financially in difficult circumstances. Thirty-seven [...]

POSTED ON June 24, 2015
Your account is now online at .bank

Banks will start to use a new dedicated internet domain ".bank" this month (June 2015). Insurance companies will soon start using the new “.insurance” domain [...]

POSTED ON June 23, 2015
Are you in the rate cut camp?

Australians are divided on the future of interest rates according to new research from Credit Union Australia. 25 per cent of participants said they were [...]

POSTED ON June 22, 2015
No need for a credit card inquiry

The Australian Bankers Association rejected calls for an inquiry into credit card interest rates and said Australian consumers have a wide range of options in [...]

POSTED ON June 22, 2015
Demand for fixed rates edges up in May

Demand from borrowers for fixed-rate home loans climbed higher in May 2015 according to new data from a major mortgage aggregator. Fixed-rate home loans made [...]

POSTED ON June 16, 2015
How get on top of personal debt

Get on top of your personal debts today. Each day that you let the debts accumulate the problem gets bigger.List all your debts and stop [...]

POSTED ON June 16, 2015
Where are the first home buyers?

The number of first home buyers in the market has dropped to the lowest ever level according to a recent survey. First home buyers now [...]

POSTED ON June 16, 2015
Aussies vote no to a new tax on deposits

The Customer Owned Banking Association’s Save Your Savings campaign is calling on the Federal Government to drop its proposed deposit tax.The proposed tax is anti-saver, [...]

POSTED ON June 15, 2015
What is the average credit card limit?

Over the 12 months to April 2015, the average Australian credit card account balance has fallen 1.2 per cent from $3192 according to the Reserve [...]

POSTED ON June 15, 2015
Borrowers are switching and saving $2K/year

Australian home loan borrowers are comparing deals and increasingly discovering small online lenders. Many smaller lenders operating online have significantly lower rates and fees than [...]

POSTED ON June 15, 2015
Stevens suggests more rate cuts

Reserve Bank governor Glenn Stevens said the RBA has not ruled out another rate cut. Last week the RBA left official interest rates unchanged at [...]

POSTED ON June 11, 2015
RBA’s Stevens says Sydney prices are crazy

Reserve Bank governor Glenn Stevens said Sydney house prices are “crazy” Stevens said Sydney property prices are a social problem and acutely concerning.HSBC research shows [...]

POSTED ON June 11, 2015
Fixed rate loans are not so popular right now

The Australian Bureau of Statistics reported that 53,951 new home loans were approved in April 2015, up one per cent from March.Fixed-rates home loans fell [...]

POSTED ON June 11, 2015
The average first home buyer loan is …

The mortgage market is currently booming, with sales and total outstanding loans all hitting new record highs in April 2015 according to the Australian Bureau [...]

POSTED ON June 11, 2015
Australia hits new all-time mortgage record

The total value of home loans has surged to an all-time record of $1.39 trillion. The Australian Bureau of Statistics reported that there is now [...]

POSTED ON June 11, 2015
Are savings accounts still worthwhile?

Despite low interest rates, ME Bank’s head of deposits Nic Emery said customers are still parking cash in deposits. Emery said many savers were choosing [...]

POSTED ON June 10, 2015
Govt wants you to report foreigners buying homes

The Commonwealth government treasurer Joe Hockey said a crackdown on foreigners investing in Australian residential property will not result in a drop in home prices.The [...]

POSTED ON June 10, 2015
Which city has the highest mortgage stress?

The average Sydney mortgagee can barely afford to eat according to research by Onthehouse in April 2015. However home owners in Perth are rolling in [...]

POSTED ON June 5, 2015
Complaints against brokers on the rise

There has been a marked increase in the number of consumers making claims and complaints against mortgage brokers.Michael Gapes from Carter Newell Lawyers said the [...]

POSTED ON June 5, 2015
Did banks deliberately make borrowers default?

A new parliamentary inquiry with wide-ranging terms of reference will investigate whether banks deliberately turned good borrowers (who had never missed a repayment) into loan [...]

POSTED ON June 5, 2015
Low risk lending does not mean low house prices

The Australian Prudential and Regulatory Authority chair, Wayne Byres, told a Senate committee that “We will be watching [lenders] carefully over the remainder of the [...]

POSTED ON June 5, 2015
Credit card rates will be investigated

A government inquiry into high credit card interest rates looks increasingly likely. Reserve Bank of Australia assistant governor Malcolm Edey told a senate committee that: [...]

POSTED ON June 5, 2015
Why aren’t you refinancing right NOW?

83 per cent of Australian home loan borrowers have not refinanced to take advantage of historic low interest rates according to research by Yellow Brick [...]

POSTED ON June 5, 2015
Paying too much interest on your credit card?

Australian Bankers Association’s chief Steve Munchenberg said credit card interest rates are high because it is unsecured debt. If credit card customers feel they are [...]

POSTED ON May 27, 2015
What are banks doing with investor mortgages?

The Australian Prudential Regulation Authority wants lenders to limit growth in their investor mortgage portfolios.Commonwealth Bank has closed a $1000 investment home loan rebate offer. [...]

POSTED ON May 26, 2015
BoQ forced to make changes to loan applications

Bank of Queensland has changed its home loan application assessment after the Australian Securities and Investments Commission raised concerns.ASIC said BOQ was using the Henderson [...]

POSTED ON May 26, 2015
A Citi Mastercard for Diners Club cardholders

Citigroup now owns Diners Club charge card business in Australia. In 2012 Citi relaunched the Diners brand and moved the business to Citi's more modern [...]

POSTED ON May 25, 2015
Your bank account doesn’t need a card

People’s Choice Credit Union managing director Peter Evers said Australians love banking with their mobile phone and had taken to mobile banking faster than they [...]

POSTED ON May 25, 2015
Credit card rates vs personal loan rates

The average credit card purchase interest rate is about 19.75 per cent per annum according to the Reserve Bank of Australia. There are low rate [...]

POSTED ON May 20, 2015
A budget win for savers

Joe Hockey’s 2015 government budget was widely expected to include a tax on savings held in banking accounts. The government had even foreshadowed the levy [...]

POSTED ON May 20, 2015
Do you know how a car loan actually works?

Car loans are a type of personal loans, approved for the specific purpose of buying a vehicle. Most car loans are secured against that vehicle [...]

POSTED ON May 18, 2015
The big banks strike back

The big four banks have clawed back home loan market share in 2015. The big banks lost ground to smaller lenders at the end of [...]

POSTED ON May 18, 2015
All transaction accounts are not the same …

Many people have the same banking transaction account that they have had since they first started banking. Government reforms have made changing banks easier than [...]

POSTED ON May 15, 2015
What is a comparison rate?

If you want to optimise historically low interest rates, you need to understand your home loan so you can snag the best deal. There is [...]

POSTED ON May 15, 2015
Are you a foreign buyer in Australian property?

The Australian government announced that foreign investors in Australian residential real estate will pay an application fee from 1 December 2015. CBRE’s head of research [...]

POSTED ON May 14, 2015
What is the official cash rate?

All loans, credit card and deposit interest rates are set after banks and other institutions price in the Reserve Bank’s official cash interest rate. The [...]

POSTED ON May 14, 2015
Savers get protection from rate cuts

So far, 11 banks and credit unions have chosen to not pass on the Reserve bank’s full cash rate reduction of 0.25 percentage points. Commonwealth [...]

POSTED ON May 12, 2015
Yes you can still find good term deposit rates

Term deposits are traditionally an important part of many saver’s strategies and often comprise a big part of retiree’s income streams.Term deposit rates have come [...]

POSTED ON May 8, 2015
Beware mortgage brokers says Choice

Consumer lobby group Choice reports that mortgage brokers are giving potential customers problematic disclosures, product recommendations and client assessments. Choice sent five home buyers to [...]

POSTED ON May 8, 2015
Troubled Tricom finds a buyer

Bell Financial Group has agreed to buy take over Tricom as long as no hidden problems are discovered during diligence checks. Shareholders will have to [...]

POSTED ON February 20, 2008
ASIC questions disclosure rules

The Australian Securities and Investments Commission said yesterday that 44 per cent of consumers can't read well enough to understand investment disclosures and only 20 [...]

POSTED ON February 19, 2008
Old inflation theory gains traction

Is there a tipping point at which low unemployment drives inflation higher? The idea has been out of fashion for some time but is being [...]

POSTED ON February 19, 2008
Bendigo lifts profits

Bendigo Bank is expecting double-digit profit growth this fiscal year after reporting a 34.1 per cent lift in interim profit to $72.8 million. The bank [...]

POSTED ON February 19, 2008
More bad signs in the US economy

Consumer confidence in the US has sunk to a 16-year low while industrial production in January has remained flat. The consumer confidence index fell from [...]

POSTED ON February 18, 2008
Sydney recovers but Perth struggles

The property market in Sydney seems to be recovering while most other capital cities are expected to remain healthy through 2008. Average days on market [...]

POSTED ON February 18, 2008
More scrutiny for foreign purchases

Foreign investment funds will have to meet strict guidelines in order to buy into Australian companies. Treasurer Wayne Swan has outlined six principles that investment [...]

POSTED ON February 18, 2008
It’s been a busy time at the ASX

The Australian Securities Exchange is referring an increased number of insider trading allegations to ASIC with six breaches referred in January alone, compared with the [...]

POSTED ON February 15, 2008
More rules for DIY super

The do-it-yourself superannuation sector is to face tougher regulations aimed at improving the governance applied to the $313 billion sector. The Minister for Superannuation and [...]

POSTED ON February 15, 2008
Tricom struggles with fund demand

The future of troubled broking firm Tricom is in doubt as it has been forced to seek a buyer. With some of the company’s largest [...]

POSTED ON February 15, 2008
Industry wants 15% super in 7 years

The superannuation industry says that most people are not saving enough to fund their retirement and have called on the government to force 15 per [...]

POSTED ON February 14, 2008
Lenders check the books at Allco

Lenders to Allco Finance Group have called in corporate restructuring specialists as they attempt to ensure the viability of the investment finance specialist. With Allco [...]

POSTED ON February 14, 2008
Bill rates pressure fixed loans

Forecasts of another interest rate rise or two this year has sent short-term funding costs soaring. Fixed loan rates could be pushed even higher as [...]

POSTED ON February 14, 2008
Bank share hit bargain levels

Bank shares fell yesterday following the Commonwealth Bank's profit announcement and are now at their cheapest since early 2000 and the "tech-wreck". CBA shares were [...]

POSTED ON February 14, 2008
Consumers anxious as rates rise

Consumer confidence has taken a battering as increasing interest rates, record high petrol prices and volatile equity markets all take their toll. The latest result [...]

POSTED ON February 14, 2008
Commonwealth reports profit jump

The Commonwealth Bank has announced an 8 per cent increase in its first half profit to $2.371 billion, compared with $2.191 billion in the same [...]

POSTED ON February 13, 2008
Haggle on rates when your fixed loan expires

Borrowers who took a three year fixed mortgage that expires this year are facing an average interest rate increase of 1.8 percentage points as they [...]

POSTED ON February 13, 2008
Business rates up more than home loans

Rates on business loans have increased faster than for home loans according to a review conducted by the Reserve Bank. From July 2007 to January [...]

POSTED ON February 13, 2008