Do I need car insurance?

Yes you do! And you need to understand the different types of car insurance. Compulsory Third Party insurance is compulsory in Australia for all registered [...]

POSTED ON January 13, 2020
Trending News 11 June

More NAB home loan borrowers will get compo National Australia Bank will pay back almost 5,000 more home loan customers who were overcharged interest. The [...]

POSTED ON June 11, 2019
Average fee rises on super funds

Fees charged by superannuation funds have, on average, increased over the last year. A survey by Selecting Super found the average workplace fund charged fees [...]

POSTED ON March 8, 2006
Few rental vacancies in Perth

The rental vacancy rate fell in Perth fell to 1.6 per cent in December while rents have increased significantly. The Real Estate Institute of WA [...]

POSTED ON March 7, 2006
BankWest aggressively targets business lending

HBOS Australia is aggressively seeking market share in the $265 billion business lending segment as it plans ten new BankWest business banking centres to add [...]

POSTED ON March 6, 2006
Prosperity gap hits the asset poor

There is a widening prosperity gap in Melbourne and Sydney between households that own assets such as property and shares and those that don’t according [...]

POSTED ON March 6, 2006
Time running out for super co-contributions

Low-income earners wanting to benefit from the federal government’s Super Co-contribution Scheme this financial year have until June 30 to make an after-tax contribution to [...]

POSTED ON March 6, 2006
Virgin Launch Home Loan

Virgin Money today announced the launch of their latest product Virgin Home Loans. Offering a variable rate of 6.59 per cent and promising no annual [...]

POSTED ON March 6, 2006
HSBC revives Household franchise

HSBC Bank in Australia will supply in-store finance to assist purchases at up to eight homeware and electrical goods retail chains. HSBC has agreements with [...]

POSTED ON March 3, 2006
Home building slumps in new year

Home building approvals have crumbled to their lowest level for almost five years as the Reserve Bank warns Australia's subdued property sector will keep a [...]

POSTED ON March 3, 2006
Growth slump keeps lid on interest rates

A slump in economic growth and a further slide in home approvals have taken some more pressure off interest rates. Not that there was any [...]

POSTED ON March 3, 2006
Commonwealth sets low rate on yellow card

Commonwealth Bank have introduced a low rate credit card, dubbed the "yellow card". The credit card has an interest rate of 10.99 per cent, with [...]

POSTED ON March 2, 2006
Victoria backs health warnings for credit cards

Victoria’s government plans to legislate to curtail a range of bank lending practices in the consumer credit segment. The government will adopt recommendations from Consumer [...]

POSTED ON March 2, 2006
Lending losses so low, they can only rise

GE Money said credit losses were at an all time low, but would start creeping higher. ANZ Bank said there was a risk of deteriorating [...]

POSTED ON March 2, 2006
Debt burden limits economic growth

The household debt burden is acting as a brake on the economy. The federal government no longer expecting the economic growth forecast of three per [...]

POSTED ON March 2, 2006
Public Sector Super scheme allows negative returns

The Commonwealth and Public Sector Superannuation scheme will be freed to declare negative returns to members. The scheme, which covers more than 280,000 federal public [...]

POSTED ON March 1, 2006
NAB in a muddle over loan mix

National Australia Bank was forced to restate the classification of about $6 billion of loans, out of a total loan portfolio in Australia of $200 [...]

POSTED ON February 28, 2006
Gamble replaced at Virgin Money

David Baxby, the Asia Pacific head of Virgin Management, a division of Virgin International, will stand in as interim chief executive of Virgin Money Australia. [...]

POSTED ON February 27, 2006
Qantas lifts holiday surcharge

Qantas raised the surcharge it applies to ticket and holiday purchases paid with a credit card, which is almost all travel purchases. Qantas Holidays increased [...]

POSTED ON February 27, 2006
Capital city prices rise nationwide

The weighted average of established house prices in capital cities rose 2.1 per cent in the three months ended December 31, the best rise since [...]

POSTED ON February 27, 2006
Commonwealth mixes messages on PERLS III

Commonwealth Bank may have inadvertently laid the groundwork for a fresh controversy over the tax treatment of a new hybrid security. The bank yesterday said [...]

POSTED ON February 24, 2006
Tentative revival in Sydney property market

Mortgage Choice said there were signs of life in the Sydney property market. "We're starting to see some green shoots in NSW," managing director Paul [...]

POSTED ON February 24, 2006
House prices overvalued by 20 per cent

AMP Capital Investors said the house price bounce experienced in recent times was unlikely to mark the start of a sustained recovery. "Our assessment is [...]

POSTED ON February 24, 2006
Wages ensure rate-rise risk remains

Interest rates remain on hold for now but there is more economic data to support the Reserve Bank's warning that there's a risk that variable [...]

POSTED ON February 24, 2006
ANZ wants borrowers not transactors

ANZ want to acquire more credit card customers who don’t repay their transactions every month and use their cards like a loan. Low interest cards [...]

POSTED ON February 23, 2006
Alinta angles at AGL

Alinta, a Perth-based gas utility and AGL must resolve Alinta’s merger proposal before the 27th March when AGL shareholders meet to decide on a demerger [...]

POSTED ON February 23, 2006
More ASX trades than people in Australia

Twenty five million trades were made on the ASX in 2005, up 34 per cent on 2004. More people than ever before were trading using [...]

POSTED ON February 22, 2006
Day traders can look offshore

Online trading in international shares is more expensive but more liquid, making it easier for day traders to buy and sell quickly. Dennis Orrock from [...]

POSTED ON February 22, 2006
Coles Myer losing the food fight

Coles Myer is losing ground to rival Woolworths especially in the food and liquor sectors where their sales grew only 1.9 per cent in the [...]

POSTED ON February 22, 2006
Most happy with their bank

Four in five bank customers are happy with their bank, but almost 5 per cent less big bank customers were happy. The survey of bank [...]

POSTED ON February 20, 2006
Home loans stretch into retirement

Forty two per cent of Brisbane homeowners expect to still be paying off their home loan at age 65, according to research by Citibank. Nationally [...]

POSTED ON February 20, 2006
Insurers to turn on each other

IAG insurance group has signed an MOU with China Pacific Property Insurance, its fifth acquisition in the region. CPPC holds 11 per cent of the [...]

POSTED ON February 20, 2006
Switch and save on credit cards

Credit card holders unable to repay their balance could save hundreds of dollars by switching to a lower rate card. Denis Orrock from Infochoice said [...]

POSTED ON February 20, 2006
Astute customers don’t pay bank fees

Australian households paid a total of $3.5 billion in bank fees in 2004, with $1.5 billion coming from everyday transaction accounts. Much of this amount [...]

POSTED ON February 20, 2006
AMP plans $750m capital return

AMP reported underlying profit growth of 24 per cent to $801 million thanks to good equity market conditions. AMP will return $750 million to shareholders. [...]

POSTED ON February 17, 2006
Home builds profit ahead of plan

Home Building Society can thank the continuing boom in the Perth property market and a refreshed brand for a 43 per cent increase in profit [...]

POSTED ON February 17, 2006
Commonwealth to launch low rate credit card

Commonwealth Bank will launch a low rate credit card to tackle its falling market share in the card market. Commonwealth lost 1 per cent of [...]

POSTED ON February 16, 2006
BHP returns record profit in dividends

BHP Billiton has posted its’ fifth successive record half year result of $5.8 billion and announced a $2 billion share buy back scheme and a [...]

POSTED ON February 16, 2006
Commonwealth customers still waiting in queues

Commonwealth Bank CEO Ralph Norris said yesterday that the banks’ internal customer service rating needed to be higher to make the banks investments in infrastructure [...]

POSTED ON February 16, 2006
Telstra credit downgraded

Australia’s biggest corporate debt issuer Telstra has had its credit rating downgraded by Standard and Poors to A with a negative outlook. Telstra has $13 [...]

POSTED ON February 16, 2006
More make a super choice

Twelve per cent of employees are expected to change their superannuation fund this year. The Association of Superannuation Funds of Australia says half of those [...]

POSTED ON February 15, 2006
Bendigo shuns low-doc lending

Bendigo Bank will not participate in low-doc lending because it is a part of the market where there will be grief, Bendigo’s CFO said yesterday. [...]

POSTED ON February 14, 2006
Interest payments up house prices down

The average Australian family pays over 10 per cent of their income on interest says the Reserve Bank as the value of the average home [...]

POSTED ON February 14, 2006
Share growth is sustainable

Australian shares are trading at an average price to earnings ration of about 18 per cent with dividend yields of 3.6 per cent. Both figures [...]

POSTED ON February 14, 2006
Australian Central goes to WA

Australian Central Credit union is finalising plans to buy a wealth management business in Western Australia, where it plans to expand its market share. The [...]

POSTED ON February 14, 2006
Top 200 funds fires for BankWest

HBOS, which trades in Australia as BankWest and St Andrews Insurance, said 70 per cent of new business for its "top 200" equity investment (a [...]

POSTED ON February 13, 2006
Westpac pads up against internet fraud

Westpac said it would require customers using internet banking to enter their passwords using an on-screen "pad", with users clicking on numbers using their computer [...]

POSTED ON February 13, 2006
Banks lower standards to win customers

Banks are lowering their home lending criteria and squeezing their net interest margins competing for business in home lending. Westpac is considering lowering the deposit [...]

POSTED ON February 13, 2006
NAB wants smooth leadership transition

National Australia Bank finance and risk director Michael Ullmer and NAB’s Australian head, Ahmed Fahour are the obvious candidates to take over from NAB CEO [...]

POSTED ON February 13, 2006
NAB planning new initiatives

National Australia Bank is planning to announce new strategies for New Zealand and large corporate banking. NAB has yet to complete 28 of the 81 [...]

POSTED ON February 13, 2006
Home lending bounces back

A record number of owner occupiers took out home loans in December says the ABS. Over 37,000 buyers took out loans, whilst a further 4,423 [...]

POSTED ON February 13, 2006
Credit card consumers could save hundreds

Credit card interest rates range from 8.99 per cent to 18.5 per cent says Infochoice. Australians could save hundreds of dollars per year by choosing [...]

POSTED ON February 13, 2006
Qantas and Amex launch frequent flyer cards

American Express and Qantas have launched three co-branded credit cards with frequent flyer points. The cards have an interest rate on purchases of 17 per [...]

POSTED ON February 10, 2006
Shareholders don’t like reports

More shareholders are opting not to receive their company’s annual report and less are choosing to read the concise version. Chartered Secretaries Australia says shareholders [...]

POSTED ON February 10, 2006
Jobs weak, housing up, rates going nowhere

A fall in employment in January only adds weight to forecasts that interest rates are going nowhere, despite some signs of the housing market continuing [...]

POSTED ON February 10, 2006
ATO improves online returns

Taxpayers lodging returns online through e-tax will be able to import data from government agencies, banks and share registers under improvements to the ATO’s online [...]

POSTED ON February 8, 2006
ANZ praised by ASIC

The Australian Securities and Exchange Commission wants the financial advisers to move to a fee for advice model and abandon commissions. ASIC deputy-chairman Jeremy Cooper [...]

POSTED ON February 8, 2006
Cuffe challenged by micro money

Fund manager Chris Cuffe said he would resign from Challenger to work on microfinance in Asia for Opportunity International. Challenger said it would elevate Rob [...]

POSTED ON February 7, 2006
Lenders repossess more mortgaged homes

The Consumer Credit Legal Centre said the number of owner-occupiers being forced to sell their homes is growing, though didn’t quote any detailed data. [...]

POSTED ON February 7, 2006
Interest in super choice wanes

A survey by Mercer Wealth Solutions shows that interest among employees in switching superannuation funds is waning, less than one year after the introduction of [...]

POSTED ON February 7, 2006
CBA takes on St George in low-doc loans

The Commonwealth Bank of Australia will offer low-doc loan borrowers the same interest rate it charges on standard home loans as it seeks to grow [...]

POSTED ON February 6, 2006
Westpoint investors paid each other

Financial planners received high ten per cent commissions to direct customers to Westpoint’s mezzanine funds. Investors effectively made unsecured loans to the company at low [...]

POSTED ON February 6, 2006
Debt collector to repay old debts

Debt collector Collection House has agreed to repay $660,000 to 504 people it pressured to repay debts more than six years old said the ACCC. [...]

POSTED ON February 6, 2006
Inner Melbourne house rising

Blue ribbon inner city areas Toorak, Brighton, Hawthorn East, South Yarra and Canterbury are the best performers in a flat Melbourne housing market says the [...]

POSTED ON February 6, 2006
Low rate credit cards pressure big banks

BankWest's Lite Mastercard, launched this week, has a headline rate of 8.99 per cent but interest rates of 19.99 per cent on cash advances. The [...]

POSTED ON February 6, 2006
Home owners budget for interest rate hikes

Half of all home mortgagees have budgeted for a slight upswing in interest rates this year says Wizard Home Loans. Ten per cent of borrowers [...]

POSTED ON February 6, 2006
Community bank revenue will grow

Bendigo Bank remains optimistic about its community banking model despite falling revenue growth. Bendigo believes that revenue from its community banks could rise from 12 [...]

POSTED ON February 3, 2006
NAB locks in wages deal

National Australia Bank has locked in a three year wage deal with unions that will see its’ 8,000 staff get a 4 per cent wage [...]

POSTED ON February 3, 2006
NAB ATMs up for grabs

National Australia Bank is seeking tenders for the outsourcing of its ATM fleet, but has yet to decide whether to sell the ageing network or [...]

POSTED ON February 3, 2006
Parents help with home buying

More people, other than couples are sharing the costs of home buying. An increase in non-couple joint borrowers is reported by broker group Mortgage Choice, [...]

POSTED ON February 3, 2006
Westpoint administrators survive vote

Westpoint Corp administrators Ian Francis and Michael Ryan, of Taylor Woodings yesterday survived an attempt to oust them by former staff and creditors of the [...]

POSTED ON February 2, 2006
St George rejects consolidation talk

St George Bank has no interest in becoming a major bank although chief executive Gail Kelly says the conditions are right for consolidation in the [...]

POSTED ON February 2, 2006
Mixed messages in IMB profit

Woollongong-based IMB said it recorded an 11 per cent increase in net profit in the half year to December 2005, but as one of the [...]

POSTED ON February 2, 2006
Macquarie on the trail of GE

Macquarie Bank is in pursuit of GE Money for new business in the high margin, consumer credit segment. Macquarie said the aim was to target [...]

POSTED ON February 2, 2006
End of an era: Bankcards to be withdrawn

Bankcard will not be accepted at Australian shops, restaurants and other merchants from the end of this year. The first credit card to be offered [...]

POSTED ON February 2, 2006
Growth in House Prices halted

Affordability constraints have halted house price rises in most of Australia’s residential housing markets. Median house prices in Sydney, Melbourne, Brisbane and Canberra fell in [...]

POSTED ON February 1, 2006
Share market now fully valued

Investors should be cautious about expecting continued high returns from the Australian sharemarket after three years of double digit growth says Perpetual. The resources sector [...]

POSTED ON February 1, 2006
ASX rally lacks depth

The stock market is experiencing a lack of depth in its rally. BHP Billiton accounted for more than a third of the rise in the [...]

POSTED ON February 1, 2006
Reverse mortgages grow strongly

The formation of a reverse mortgage industry association, SEQUAL, had improved the integrity of the market and is contributing to its’ growth. Under SEQUAL rules [...]

POSTED ON February 1, 2006
Borrowers can save with planning

Borrowers repaying a $200,000 home loan could save $50,000 by moving from monthly to fortnightly repayments says Infochoice. Disciplined borrowers can also benefit by consolidating [...]

POSTED ON February 1, 2006
Another Westpoint fund to be liquidated

Market Street Mezzanine Ltd, a fund operated by failed property developer Westpoint is set to be liquidated next week. The fund was linked to the [...]

POSTED ON February 1, 2006
Low rate credit card battle hots up

Several financial institutions have announced rate cuts on their credit card products as they chase price sensitive consumers. BankWest is hoping to offset rumoured low [...]

POSTED ON January 30, 2006
Lenders take hard line on defaulters

Mortgage defaulters face a much shorter process from the first missed payment to repossession than they did in the past. The entire process can now [...]

POSTED ON January 30, 2006
Trading securities on credit is risky

ASIC is warning consumers that trading in currencies and complex financial products is risky and can magnify the losses involved as well as the gains. [...]

POSTED ON January 27, 2006
Lower inflation leaves rates firmly on hold

The latest inflation figures show an easing in price growth during the last quarter, further cementing the economic picture of a stable economy with no [...]

POSTED ON January 27, 2006
Aussies get more cards and more debt

Australians applied for 3.5 million credit cards in 2005, up almost 500,000 on the previous 12 months, according to credit reference bureau Baycorp Advantage. Fifteen [...]

POSTED ON January 25, 2006