What is a neobank?

The digital revolution of the last decade or so has reached into banking, with many existing banks offering online–only accounts and products. More recently, Australia [...]

POSTED ON January 8, 2020
Your InfoChoice guide to car insurance

What is CTP car insurance? CTP is compulsory third–party insurance. It’s also known as “green slip” insurance in some states of Australia and it’s the [...]

POSTED ON December 5, 2019
What is a reverse mortgage?

If you’re looking to make your retirement more comfortable, then a reverse mortgage could help you to access some of the value in your home, [...]

POSTED ON November 25, 2019
Has ING cut interest rates?

ING is one of Australia’s most popular lenders, outside of the big four banks. ING is also a popular bank with savers and the ING [...]

POSTED ON October 9, 2019
Trending News 5 June

Which lenders have passed on the RBA rate in FULL? The Reserve Bank of Australia cut the official cash interest rate in Australia by 0.25 [...]

POSTED ON June 5, 2019
NAB playing catch up to Westpac in mortgages

Westpac reported growth in its home loan portfolio of 1.6 per cent for the month and compared with growth in home lending, across all banks, [...]

POSTED ON February 1, 2010
CUA warns of scam emails

Credit Union Australia is warning its customers to beware of emails supposedly from their credit union:“Unsolicited emails purporting to be from CUA and asking you [...]

POSTED ON February 1, 2010
Rates have to rise says KRudd

The prime minister Kevin Rudd has warned borrowers that interest rates will have to keep rising as the economy improves and inflation remains high. “Obviously [...]

POSTED ON January 29, 2010
Credit card debt stressful for women

The majority of Australians with credit cards will spend the first three months of 2010 paying off their spending, which averaged more than $1,000 during [...]

POSTED ON January 29, 2010
Aussies put bills on credit card

Forty per cent of Australians will rely on credit cards to pay essential bills this quarter. Debt collection agency Prushka said many householders had overspent [...]

POSTED ON January 29, 2010
Adelaide the most affordable capital city

Median national house prices rose 4.8 per cent in the December quarter, bringing the rise for 2009 to 12.1 per cent. Melbourne's prices jumped 18.5 [...]

POSTED ON January 29, 2010
ANZ still the customer’s favourite

ANZ is still the favourite big bank according to Roy Morgan Research. The December 2009 monitor shows the biggest improvement for NAB amongst the big [...]

POSTED ON January 29, 2010
Houses are still cheap

Last week Rismark released research showing that housing affordability has not declined since 2003 and is nowhere near the commonly quoted seven to eight times [...]

POSTED ON January 28, 2010
Bonus TD rate for Infochoice readers

Credit Union Australia is offering Infochoice readers a great term deposit rate of 6.45 per cent for terms of 7 - 11 months on amounts [...]

POSTED ON January 28, 2010
Melbourne property boom continues

The Australian property market posted a near five per cent rise (4.8 per cent) in median house prices nationally, with a 12.1 per cent rise [...]

POSTED ON January 28, 2010
Small Business customers like NAB and St George

The monthly Business Banking Customer Satisfaction Monitor published by East & Partners shows that small businesses rate their banks, as of November 2009, at 4.44 [...]

POSTED ON January 28, 2010
NAB slashes fees on small biz

Half a million small business customers of National Australia Bank will share in the savings from the effective elimination of several dishonour fees announced yesterday [...]

POSTED ON January 28, 2010
Four rate rises on the way

The RBA is expected to raise rates by 25 basis points, to 4 per cent next week. The interbank futures market has priced the chances [...]

POSTED ON January 27, 2010
Banks to absorb rate hikes

The big banks will absorb some of the Reserve Bank’s rate rises that are expected in the second half of the year, say respected economists. [...]

POSTED ON January 27, 2010
Nab cuts business banking fees

National Australia Bank will cut some fees incurred by businesses when they incur unauthorised overdrafts. Two fees the bank will eliminate are the $50 fee [...]

POSTED ON January 27, 2010
Resi offering 5.7% home loans

Resi is currently promoting its Switch & Save Home Loan with an introductory variable rate of 5.7 percent for the first two years. That reverts [...]

POSTED ON January 27, 2010
ME Bank wants to help WA fire victims

ME Bank (formerly Members Equity Bank) wishes to encourage its customers in Western Australia who have been impacted by the recent bushfires to contact the [...]

POSTED ON January 27, 2010
RBA to add $600 to mortgage repayments

The first signs of widespread mortgage stress are already appearing. Many thousands more people are expected to fall behind with their mortgage in 2010. Many [...]

POSTED ON January 25, 2010
Mortgage relief for Queenslanders

The Queensland government has a loan program for struggling owner occupiers with homes worth less than $450,000 to help them stay in their home.The Department [...]

POSTED ON January 25, 2010
New bank rules to add to rates

The government’s banking industry regulator, the Australian Prudential Regulatory Authority (APRA) is proposing that banks hold more capital and high quality liquid assets.APRA says the [...]

POSTED ON January 25, 2010
Struggling? Apply financial first aid now

Mark Bates is a financial counsellor with Lifeline Queensland. He says it is essential to act early if you think you might be starting to [...]

POSTED ON January 25, 2010
Westpac shuns first home buyers

First home buyers will need a deposit of at least $37,500 if they want to buy an average priced first home with a home loan [...]

POSTED ON January 22, 2010
We still love our credit cards

The average credit card account balance was $3,196 in November, according to official figures released yesterday by the Reserve Bank of Australia, compared with $3,141 [...]

POSTED ON January 22, 2010
Cardholders choosing credit over savings

Usage of credit cards picked up in November 2009, in a break from the long-running but gentle trend over recent years for spending on payment [...]

POSTED ON January 22, 2010
Chinese growth leads to higher mortgage rates

Data released yesterday in China showing economic growth surging back to new high levels mean that the Reserve Bank of Australia is more likely to [...]

POSTED ON January 22, 2010
Rental yields dive in parts of Australia

Rental markets in parts of Australia witnessed volatile times recently with yields taking a dive in some areas as capital gains outpaced rental growth according [...]

POSTED ON January 21, 2010
NAB, Westpac to dominate financial planning

Concerns that National Australia Bank will dominate the financial planning and wealth management industries if it is successful in its bid for Axa Australia Pacific [...]

POSTED ON January 21, 2010
Police say change your PIN regularly

NSW police are urging people to change credit and debit card PINs to avoid the possibility of having their account balances wiped out as a [...]

POSTED ON January 21, 2010
Westpac cuts LVRs for new customers

Westpac has reduced the ceiling on the loan to valuation ratio on loans marketed under the Westpac and Rams brands. Key broker partners learned on [...]

POSTED ON January 20, 2010
Housing shortage leads to higher prices

The Australia On The Move report, compiled by Matusik Property Insights for the Residential Property Council (RDC), revealed Perth will need 9,068 houses each year [...]

POSTED ON January 20, 2010
One stop shop for WA homebuyers

NEWHOMEWA is a one stop service for land, finance and builders. Offering the first service of its kind, NEWHOMEWA says they can assist home buyers [...]

POSTED ON January 20, 2010
Westpac doesn’t want new home loans

Westpac is trying to slow growth in its home loan business to curtail higher funding costs. Yesterday Westpac and its subsidiary effectively withdrew from doing [...]

POSTED ON January 20, 2010
RAMS turns off broker loans

RAMS home loans will not be available through mortgage brokers from the 26 February 2010. From today (19 January) RAMS will not approve broker sourced [...]

POSTED ON January 20, 2010
Credit union driving 8 per cent car loans

South Australian based Savings & Loans Credit Union is currently promoting car loans with a headline and comparison rate of just 8.24 per cent, fixed [...]

POSTED ON January 20, 2010
Debtors are paying up

People in debt are paying more of it off. The debt collection company Collection House will report a substantial increase in earnings for the December [...]

POSTED ON January 20, 2010
Two more rate rises coming soon

Official inflation figures are not due out until next week, but expectations are building that rising inflation will force the Reserve Bank to raise interest [...]

POSTED ON January 19, 2010
Rates to rise up to 0.35% under new rules

Banking industry regulator, APRA, proposes that banks hold more capital and high quality liquid assets, which it says will add five basis points (0.05 per [...]

POSTED ON January 19, 2010
Minnows take business from the major banks

Total business lending by all lenders is down by eight per cent over 12 months according to the RBA. Business lending by Commonwealth Bank is [...]

POSTED ON January 19, 2010
Plenty of cars – any buyers?

The average business car loan increased in size by $1462 from $43,471 in 2008, to an average of $44,933 in 2009. Loan application amounts spiked [...]

POSTED ON January 19, 2010
Investors still have lots of cash

Investors with self-managed superannuation funds have increased their allocation to equities from 32 per cent in December 2008 to 42 per cent in December 2009 [...]

POSTED ON January 19, 2010
Average Sydney home to top $1mil by 2019

The average home in Sydney will be worth more than one million dollars within ten years according to a new report from property research analysts [...]

POSTED ON January 18, 2010
Stolen mail leads to boom in loan fraud

There has been a big recent increase in the number of fraudulent mortgage applications in and around Sydney say police. Private mail is being collected [...]

POSTED ON January 18, 2010
Banks hit and run on savings

Banks and credit unions are hitting the market with extraordinary deposit deals, then withdrawing them quickly. Savvy savers are getting their cash ready to move [...]

POSTED ON January 18, 2010
Long term deposits good for retirees

The most popular term deposits are the shorter terms - three and six months but for people managing their own super funds or saving for [...]

POSTED ON January 18, 2010
Bank and investor taxes to be slashed

Australia will buck the international trend towards higher taxes on banks and financial institutions and lower financial services taxes under new government proposals unveiled by [...]

POSTED ON January 18, 2010
Homeloans plants a tree for every borrower

Homeloans Limited has announced that it is planting a tree for each new home loan application approved after 1 January 2010. HomeLoans Ltd says “We [...]

POSTED ON January 18, 2010
Victorian first home buyers exiting market

More than 53,000 Victorians used state and federal government grants to help buy their first home in 2009, smashing the previous record of 43,688 in [...]

POSTED ON January 15, 2010
Choosing the right account – 5 steps

There are five steps to choosing the right bank account that will suit your needs and not cost too much in fees and charges. Step [...]

POSTED ON January 15, 2010
Free flights every year from Amex platinum

An American Express platinum credit card gives cardholders a free Qantas domestic economy return flight or a night’s stay at a hotel every year. Domestic [...]

POSTED ON January 15, 2010
NAB on wheels poaching Westpac customers

National Australia Bank is trying to win customers from other banks by positioning mobile branches near the branches of its competitors.NAB has even positioned its [...]

POSTED ON January 14, 2010
7,500 frequent flyer points for joining NAB

NAB’s new range of Qantas credit cards give the card holder 7,500 Qantas Frequent Flyer bonus points the first time you make a purchase. The [...]

POSTED ON January 14, 2010
Personal loans staging a comeback

For many years personal loans have not been very popular and many people have favoured credit cards. However that may be changing. Fixed-term borrowing for [...]

POSTED ON January 14, 2010
More expected to default in 2010

More Australians are expected to fall behind on their loan repayments in 2010 as unemployment rises says ratings agency Fitch. "Asset quality in consumer loan [...]

POSTED ON January 14, 2010
Rate rises hurting housing market

The latest housing finance figures show a big fall of 6.2 per cent in the number of new mortgage loans sold in November as the [...]

POSTED ON January 13, 2010
Rent to rise in 2010

Landlords have shown restraint in their approach to rent increases, with rental price growth remaining flat for the December quarter in 2009, according to Australian [...]

POSTED ON January 13, 2010
Sydney rents to hit $500

Average Sydney rents are likely to increase by at least double last year’s rate to approach the $500 per week level for houses.After a totally [...]

POSTED ON January 13, 2010
ING cuts fixed rate mortgage rates

ING Direct has cut the interest rates on its two, three, four and five year fixed rate residential mortgage products. The new two, three, four [...]

POSTED ON January 12, 2010
Credit card debt sneaking up

The average credit card balance is $3131.00, slightly higher than it was one year ago, according to new data from the Reserve Bank. 72 per [...]

POSTED ON January 12, 2010
Credit cards – pay more than the minimum

Minimum monthly credit card repayment levels vary from card to card, ranging from 1.5 per cent to 5 per cent a month but most commonly [...]

POSTED ON January 12, 2010
Transfer xmas debt to a low rate card

Many people are now getting credit card statements detailing their overspending at Christmas time. Community CPS Australia manager of products and member value Brontie Chambers [...]

POSTED ON January 12, 2010
Mutuals are ‘safer than banks’

Credit Unions were squeezed in 2009 by intense competition for deposits and falling home loan rates. Financial advisers KPMG say underlying profits at credit unions [...]

POSTED ON January 11, 2010
Builders struggling to get finance

Tight lending rules by banks are costing jobs in the building and construction industry say the Master Builders Association of Victoria. 57 per cent of [...]

POSTED ON January 11, 2010
Retiring early is a thing of the past

Retiring early was an option in the boom years of double-digit returns on superannuation. That all halted in 2008, when the financial crisis hit. That [...]

POSTED ON January 11, 2010
CBA, Westpac still own the mortgage market

The major banks are still completely dominant in the mortgage market.Commonwealth Bank and subsidiary Bankwest now have 29.5 per cent of the home loan market, [...]

POSTED ON January 8, 2010
Small Business turns on their banks

Business bank customers, in particular small business people, are less impressed with their bank at the end of 2009, than they were one year ago [...]

POSTED ON January 8, 2010
Rates to rise more than 1% in 2010

The Reserve Bank will lift official interest rates by more than one full percentage point to about five per cent before the end of 2010, [...]

POSTED ON January 7, 2010
50/50 chance of rates going up again

The Reserve Bank should pause its rate rising agenda says a leading business lobby group because new data indicates continuing weakness in the economy.The Australian [...]

POSTED ON January 7, 2010
2016 Eftpos problems fixed

The 2016 bug affecting may Eftpos terminals has impacted on millions of customers around the world. 25 million cardholders have been affected in Germany alone. [...]

POSTED ON January 7, 2010
Deposit guarantee limit to be lowered

People who hold transaction, savings and business accounts, as well as cash management, mortgage offset and term deposit accounts will be covered by the new [...]

POSTED ON January 7, 2010
Small biz urged to seek higher rates

Thirty per cent of small businesses have $10,000 to $100,000 in cash stored in low-interest accounts despite the introduction over the last few years of [...]

POSTED ON January 7, 2010
New home sales fall away

New home sales were weak in November according to the latest figures released yesterday by the Housing Industry Association. A 0.8 per cent rise in [...]

POSTED ON January 6, 2010
Queensland property looks a good investment

There was significant growth in the total value of investment purpose home loans between April and October. The Real Estate Institute of Queensland expects this [...]

POSTED ON January 6, 2010
WA leading in new home sales

Western Australia stood out from the rest of Australia in November as new home sales rose by more than 12 per cent. Many other states [...]

POSTED ON January 6, 2010
Westpac borrowers leaving in protest

Westpac mortgage customers are lining up to leave the bank and take their business elsewhere says Australia’s largest mortgage broking group.A “large proportion” of AFG’s [...]

POSTED ON January 6, 2010
2016 Eftpos bug affects thousands

Many Eftpos transactions at merchants serviced by the Bank of Queensland were offline on New Years Day due to a software bug known as the [...]

POSTED ON January 6, 2010
New year resolutions add to wealth

Turning your financial goals into new year’s resolutions increases the chances of success by up to ten times according to new research from the United [...]

POSTED ON January 6, 2010
Take stock of xmas debts

The new year is a traditional time for taking stock of personal finances. Many thousands of people are forced into bankruptcy in the early months [...]

POSTED ON January 6, 2010
Bendigo give $1m to fire victims

Bendigo and Adelaide Bank, has donated more than $1 million to Black Saturday bushfire victims in Central Victoria. The bank’s Executive, Customer and Community, Russell [...]

POSTED ON January 6, 2010
Signs point to a better financial year

There is a variety of views about what is in store for investors in 2010. A majority of forecasters believes the recovery in the Australian [...]

POSTED ON January 4, 2010
Mortgage fatigue can prove costly

Mortgage rates offered by banks and other lenders have started to vary widely, which means now is not a time to leave your home loan [...]

POSTED ON January 4, 2010
Banks giving rate discounts

There is one positive aspect to the bank’s raising interest rates above the reserve bank’s guidance. Borrowers are increasingly being given rate discounts by banks [...]

POSTED ON December 24, 2009
Companion cards all the rage

Companion credit cards allow consumers to build rewards points faster. All four big banks now have American Express companion cards as a part of their [...]

POSTED ON December 24, 2009
Dual cards rack up rewards points

Dual cards are a Visa or MasterCard issued with a companion American Express card that shares the same credit account, same awards points account and [...]

POSTED ON December 24, 2009
USaver promises to have highest rates

USaver is UBank’s very popular, award winning online savings account that is currently offering a market leading rate of 5.51 per cent.USaver is currently promoting [...]

POSTED ON December 24, 2009
Small biz owners fight equipment lease scam

A telephone sales scam that has landed hundreds, perhaps thousands, of small business owners with crippling debts to banks and finance companies is being prosecuted [...]

POSTED ON December 24, 2009
Aussie Post denies banking ambitions

Australia Post will not be rushing to enter the banking market and compete in lending with the big four banks despite recruiting former head NAB [...]

POSTED ON December 23, 2009
Longest balance transfer offer ever

Bankwest Lite MasterCard is Australia’s lowest purchase rate MasterCard at 9.99 per cent. Bankwest is currently promoting its longest balance transfer offer ever on the [...]

POSTED ON December 23, 2009
ANZ paying bonus rates now

Open an ANZ Online Saver by 30 January 2010 and you can get your savings off to a flying start. Enjoy bonus interest of 1.25%, [...]

POSTED ON December 23, 2009
Credit Suisse wants to grow in Australia

Credit Suisse wants to grow in Australia into a leading financial institution. The bank has appointed David Livingstone as chief executive for Australia. Credit Suisse [...]

POSTED ON December 23, 2009
No doom and gloom for property in 2010

Mortgage lending will grow by up to 10% says the annual Deloitte Australian Mortgage Report. Key conclusions within the report for 2010 include:* continued thawing [...]

POSTED ON December 22, 2009
Property market strong at xmas time

The Christmas period is often considered to be one of the slowest times of the year for property sales, however a week by week analysis [...]

POSTED ON December 22, 2009
Use interest free to avoid debt hangover

Australians spent an average of almost $1,500 on their credit cards last Christmas. GE Money says February is the most common month for people to [...]

POSTED ON December 22, 2009
TD rates at all time highs

Term deposit rates are at record highs right now. The Commonwealth Bank will give you 7 per cent on a three-year term while Westpac and [...]

POSTED ON December 22, 2009