Banks to add more to RBA rate rises

Borrowers are likely to be slugged by more rate rises from RBA and more margin expanding rate rises from the big banks as well. The [...]

POSTED ON November 2, 2009
Switch your lender & save $3,800

Over the last 14 months of the GFC, many people moved their money and their business to a big four bank. Many people could simply [...]

POSTED ON November 2, 2009
Four steps to switching banks

Switching bank accounts to a new bank is easier than it has been in the past, but can still be a complex process. ASIC and [...]

POSTED ON November 2, 2009
Fee changes to all transaction accounts

Almost all banks, credit unions and building societies have announced changes to the fees they charge their credit card, loan and account customers. Now may [...]

POSTED ON November 2, 2009
Banks trying to connect with customers

ANZ, Westpac and NAB have launched new marketing programs recently all trying to reconnect with their customers and communities. ANZ have re-fashioned their signage with [...]

POSTED ON November 2, 2009
Most borrowers reject fixed rates

Most homeowners are choosing to stick with their variable rate mortgages with only ten per cent saying they are opting to fix their rate now. [...]

POSTED ON November 2, 2009
Aussies are stashing their cash

The first national study by Westpac into the social effects of the global financial crisis shows more than 32% of Australians are cocooning in the [...]

POSTED ON November 2, 2009
School tuckshops take credit cards online

Parents at some schools are paying for their children’s lunches online with their credit card to avoid having to give their children money. Holy Cross [...]

POSTED ON October 6, 2009
Aussie share obsession cuts our wealth

Australians lost almost twice as much money during the global financial crisis as people in other countries according to the 2009 global wealth report, by [...]

POSTED ON October 6, 2009
Ten million online bankers

Almost 10 million Australians visited their online internet bank each week, but more visit and spend much more time on social networking sites such as [...]

POSTED ON October 6, 2009
Less competition in banking

National Australia Bank yesterday acknowledged to a senate committee hearing in Melbourne that banking consumers' choices had narrowed in the past year. “I think it's [...]

POSTED ON October 6, 2009
Auction continue to deliver results

There were only 171 auctions listed in Sydney on the October long weekend but the clearance rate improved to 72.5 per cent from 62 per [...]

POSTED ON October 6, 2009
Competition returning to mortgage market

NAB, ANZ and second tier lenders all managed to claw back mortgage market share in August. ANZ said they have improved turnaround times on mortgage [...]

POSTED ON October 2, 2009
Borrowers head to Commonwealth in August

The growth story in the loan market remains that of Commonwealth Bank, which lifted its lending by 1.2 per cent over the month of August [...]

POSTED ON October 2, 2009
200,000 Ford car loans sold to Macquarie

Macquarie Leasing will take over the servicing of the Ford loans by January 2010. The portfolio covers around 200,000 vehicles and adds to the bank’s [...]

POSTED ON October 2, 2009
Savings tax to be slashed

The federal government’s Henry review into taxation is set to recommend that tax on savings should be slashed. Ken Henry said yesterday that a middle [...]

POSTED ON October 2, 2009
Savers want good rates and no fees

Bank customers are fed up with fees on savings accounts and want to be rewarded with higher rates for saving regularly, according to a new [...]

POSTED ON October 2, 2009
RaboPlus to launch bonus saver account

RaboPlus will add a bonus saver account to its product portfolio to be launched next week. It will pay five per cent interest to customers [...]

POSTED ON October 2, 2009
Banks deny rate rise plans

Speculation is continuing that the big banks are planning to raise interest rates on variable rate mortgages independently of the Reserve Bank. Banks are continuing [...]

POSTED ON October 2, 2009
Grants cut down but sales to hold up

First home buyers of new homes will be entitled to $14,000 of federal government assistance from today, October 1, down from the $21,000 grant paid [...]

POSTED ON October 1, 2009
ME’s Online Savings Account ahead of the pack

ME Bank’s Online Savings Account has won the Australian Financial Review Smart Investor Blue Ribbon Awards 2009, Overall Savings Account Category. Savings products from over [...]

POSTED ON October 1, 2009
InfoChoice more popular than ever

Traffic to the InfoChoice website has grown 56 per cent from January to June 2009. InfoChoice.com.au remains Australia’s most popular banking product comparison website as [...]

POSTED ON August 31, 2009
50,000 seek hardship relief

More than fifty thousand Australian households have been given hardship relief by major banks in the past year. Westpac, St George, ANZ, National Australia Bank, [...]

POSTED ON August 31, 2009
Government checks up on bank rate rises

Sources within the major banks say the federal Treasury rang around all major banks last week to check on rumours that they are planning on [...]

POSTED ON August 31, 2009
Frozen mortgage fund withdrawals get bigger

ASIC has announced changes to hardship withdrawals from frozen mortgage funds. These changes expand the circumstances in which operators are able to make payments to [...]

POSTED ON August 18, 2009
Be prepared for higher rates says RBA

Homebuyers have to be prepared for higher interest rates says the governor of the Reserve bank, Glenn Stevens. Stevens told a parliamentary hearing that rate [...]

POSTED ON August 17, 2009
$500million waiting for owners to claim

Almost $500 million has been handed to ASIC by banks, building societies, credit unions and life insurance companies from accounts that have been dormant for [...]

POSTED ON November 6, 2008
CMTs not covered by government guarantee

Cash management trusts are not covered by the federal government's guarantee on deposits but cash management accounts are, a government spokesperson confirmed yesterday. Debentures issued [...]

POSTED ON October 14, 2008
Receivers may manage Cymbis run-off

The receiver of Cymbis Finance is undecided on the merit of selling the loan book compared with continuing to manage the portfolio itself. Greg Hall [...]

POSTED ON September 11, 2008
Elderslie investors lose out

Investors in debentures of Elderslie Finance Corp are unlikely to be paid in full. In turn, investors in unsecured notes of Elderslie are thus likely [...]

POSTED ON July 8, 2008
Elderslie moreso private equity investor

The collapse into receivership of Elderslie Finance Corporation cannot be blamed on the dramatic tightening of global liquidity. The 50-year-old financier made the mistake of [...]

POSTED ON July 3, 2008
3000 investors stranded by failure of Elderslie

Investors in debentures of Elderslie Finance Corporation have an average of $50,000 each at risk. Perpetual Trustees obtained an order from the Federal Court to [...]

POSTED ON July 3, 2008
Mortgage originator goes into receivership

A mortgage provider in NSW that uses debentures to fund its business has appointed a receiver and intends to wind up the company. The Port [...]

POSTED ON February 29, 2008
New rules for debenture ads

The Australian Securities and Investments Commission has issued tough new guidelines for companies offering debenture products. They will no longer be able to use terms [...]

POSTED ON December 20, 2007
Securitiser assets crunched

Total assets of Australian securitisers have fallen for the first time in 12 years. Figures from the Australian Bureau of Statistics show that total securitised [...]

POSTED ON November 26, 2007
Another investment company goes down

The Australian Securities and Investments Commission has wound up Caveat Finance on the grounds of insolvency. Caveat had offered investors returns of 24 per cent [...]

POSTED ON November 23, 2007
Tough new rules for investment schemes

The Australian Securities and Investments Commission has moved to protect consumers by introducing new rules for issuers of unlisted debentures. As debts from losses on [...]

POSTED ON November 2, 2007
Care needed when choosing debentures

The Australian Securities and Investments Commission has warned investors to be cautious, particularly with risky, offshore products, after New Zealand company Asset Finance advertised debenture [...]

POSTED ON October 17, 2007
Aussie Dollar hits new 23 year high

The Australian dollar has breached another 23 year high in overnight trading touching 90.61 US cents, surpassing the previous high of 90.50 US cents reached [...]

POSTED ON October 12, 2007
Austcorp debentures downgraded

Austcorp Property Group has had its debentures downgraded from "investment grade" to "not approved" by research firm Lonsec. The company issued a report on Austcorp's [...]

POSTED ON September 17, 2007
New disclosure rules for debentures

Companies that issue unlisted and unrated investments will be asked to disclose eight key-risk areas to their investors under a new plan from the Australian [...]

POSTED ON August 24, 2007
Bridgecorp unclear about lost interest

Bridgecorp cannot say how much interest it has foregone on failed loans to Westpoint used to part finance the Bayshore apartment complex in Port Melbourne. [...]

POSTED ON September 14, 2006
All funds lost in Mercorella Scheme

Administrators of what has come to be known as the Mercorella Scheme – in effect a Ponzi scheme – told investors at a creditors’ meeting [...]

POSTED ON October 28, 2005
Fincorp forced to offer refund on debentures

Development financier Fincorp will offer refunds to more than 1100 investors in its debentures following further action by the Australian Securities and Investments Commission. ASIC [...]

POSTED ON September 23, 2005
ASIC raps Fincorp for a second time

Fincorp Investments at the weekend published corrective advertising for a second time this year over its marketing of debentures. ASIC said yesterday it stopped Fincorp [...]

POSTED ON September 13, 2005
ANZ starts campaign for low cost planning

ANZ said it would lower the cost of financial planning, promising a "high quality, low cost model". ANZ said the offer would be cost effective [...]

POSTED ON July 15, 2005
CBA substitutes Colonial debt

Commonwealth Bank will sell $650 million in hybrid capital through Colonial First State. Payments of dividends will be dependent on the fees and profits of [...]

POSTED ON April 19, 2005
Finance company debentures a risky option

The Australian Securities and Investments Commission put a stop to finance companies raising funds under debentures worth more than $1.8 billion last year. ASIC suspended [...]

POSTED ON February 18, 2005
Bank RSAs qualify for super choice

Basic “retirement savings accounts” offered by banks may be allowed as an option under choice of superannuation when it comes into force from July. The [...]

POSTED ON January 14, 2005
Fee disclosure now required in dollars and sense

Financial service providers will have to disclose costs, fees, charges and benefits to consumers in dollar amounts from July next year, under policies finalised by [...]

POSTED ON December 16, 2004
ASIC applies brakes to Co Develop

The Australian Securities and Investments Commission is seeking to wind up the Co Develop group. The ASIC action follows a three-month investigation into seminars promoting [...]

POSTED ON December 9, 2004
Commonwealth selectively lifts deposit rates

Commonwealth Bank said it would target select segments of the market for higher deposit interest rates in order to compete with the appeal of high [...]

POSTED ON November 23, 2004
High yield online accounts in demand

ING Direct say that the competition from BankWest in the high yield, at call deposit account market has made no difference to their levels of [...]

POSTED ON November 22, 2004
NAB may restructure to protect depositors

National Australia Bank may be considering a corporate restructure that may quarantine deposit holders in Australia from the failure of any of its banks outside [...]

POSTED ON November 3, 2004
Seniors finance revolution catching on

Australian Seniors Finance, a niche mortgage provider, is the latest lender to offer a reverse mortgage. Commonwealth Bank, St George, Bluestone and two Western Australian [...]

POSTED ON September 14, 2004
ASIC pulls debenture offers

The Australian Securities and Investments Commission has warned investors to be wary of debentures and other debt investments offering high returns following action over the [...]

POSTED ON July 28, 2004
Many savers yet to see rate rise

Australia's major banks have not passed on the recent interest rate rises to savings accounts, despite doing so on home loans immediately. The Commonwealth, NAB [...]

POSTED ON December 15, 2003
Term Deposit

Fixed-term deposits are savings accounts which offer higher rates of interest in return for committing funds for a set period. The longer the term, the [...]

POSTED ON October 2, 2003
Debentures

Debentures are fixed-interest securities on which the issuer pays interest at a fixed rate and for a specific term. In this way, debentures are similar [...]

POSTED ON October 2, 2003
ACCC takes on heavy-handed Esanda

The Australian Competition and Consumer Commission is taking ANZ-owned finance company Esanda to court alleging overly aggressive debt-collection tactics, breaches of the Trade Practices Act [...]

POSTED ON June 26, 2003
Citibank disciplined over term deposits

Citibank has given ASIC an undertaking over its Premium Deposit Account advertisements to fully disclose foreign exchange risks. ASIC said Citibank had used the phrase [...]

POSTED ON April 10, 2003
Debentures can be traded

Debentures can be traded. Investing in a debenture for a fixed term does not mean you are locked in for the whole period. Just like [...]

POSTED ON April 3, 2003
Do your homework on debenture rates

Government policy, inflation and other economic variables can all affect the prevailing level of interest rates which in turn affect debenture rates and the resale [...]

POSTED ON April 3, 2003
Debentures – How do they work?

Debenture holders can simply hang onto them until maturity, receiving the interest payments and having their capital returned at the end of the period. But [...]

POSTED ON April 3, 2003
Debentures – What are they?

Debentures are fixed-interest securities or debt securities on which issues by companies that pay interest at a fixed rate and for a specific term. Investors [...]

POSTED ON April 3, 2003
Non-banks dominate Money awards

Smaller specialist financial institutions have dominated the banking section in Money magazine’s annual Best of the Best awards. The award for the best standard variable [...]

POSTED ON December 5, 2002
Reverse mortgages to pay for retirement

Home owners may be able to pay for their retirement costs under a plan put forward by Melbourne actuary Peter Szabo. The scheme has been [...]

POSTED ON August 30, 2002
Bank chief asks ACCC to ease off

ANZ Bank chief John McFarlane warned yesterday that competition constraints are stopping Australia's big banks from achieving their full global potential. He said that bans [...]

POSTED ON May 1, 2002
Property preferred by savers

The latest ING-Melbourne Institute savings report shows that the real estate market is continuing to take over from the stockmarket as Australians' favourite place for [...]

POSTED ON April 29, 2002
Financial reforms become law today

The Financial Services Reform Act, which comes into force today, has two important provisions: your financial adviser will have to make clear how much he [...]

POSTED ON March 11, 2002
Rates holding but watch out: Westpac

Westpac is predicting that the Reserve Bank won't be raising interest rates until at least April 2003. But the bank also says that once this [...]

POSTED ON February 21, 2002
Cost fears undermine Bendigo

Bendigo Bank's shares fell yesterday as analysts reacted negatively to a perceived costs blow-out detailed in its first-half results announced on Monday. But Bendigo's MD [...]

POSTED ON February 21, 2002
Bendigo proves a local hero

Bendigo Bank has lifted its first-half profit by 25 per cent to $19.5 million, with lending approvals surging 76 per cent to $1.9 billion. The [...]

POSTED ON February 20, 2002
Expert warns on bank privacy

Des Powell, MD of See-Beyond, claims that banks and insurance companies don't have the technical capacity to deal with Australia's new privacy laws. The laws [...]

POSTED ON February 20, 2002
Danger of world backwash recedes

The Reserve Bank's deputy governor, Glenn Stevens, says that the threat of Australia being pulled into a global downturn is receding, but the economy is [...]

POSTED ON February 20, 2002
Hefty fees for your information

Australia's Big Four banks charge their customers hefty fees if they want to see their own files. New privacy laws came into effect in December [...]

POSTED ON February 19, 2002
Westpac offers something for the weekend

Westpac is leading the other banks with a proposal to open on Saturday mornings at Bondi Junction, Parramatta, Chatswood and the Macquarie Centre in New [...]

POSTED ON February 19, 2002
Quick fix not for everyone

People with mortgages are now wondering whether it's time to lock their loans into fixed rates. Fixed interest rates have already started to rise and [...]

POSTED ON February 18, 2002
CBA a victim of online fraud

The Commonwealth Bank has admitted that its NetBank service has been a fraud victim, despite denials last year that its systems had been prey to [...]

POSTED ON February 15, 2002
RBA tips inflation downturn

The Reserve Bank issued its quarterly statement on monetary policy yesterday, stating that the rise in inflation since 1999 was short term and tipping that [...]

POSTED ON February 14, 2002
Funds arm feels heat at St George

Bain International has been reviewing St George Bank’s wealth management division and this will have implications within a month or so for its funds subsidiaries, [...]

POSTED ON February 14, 2002
Credit Unions beat the banks with lower fees

Less than 30 per cent of Australia’s credit union members pay any kind of transaction or account keeping fee. Recently ANZ & CBA announced fee [...]

POSTED ON February 12, 2002
Westpac trials Saturday trading in NSW

Westpac may introduce a trial of Saturday trading for its branches in NSW. This would bring hours into line with those of its Bank of [...]

POSTED ON February 12, 2002
Preparing for 2002 – Businesses show concern

Results of the first major business survey for 2002 conducted by The Australian Chamber of Commerce and Industry have been released. These results indicate more [...]

POSTED ON January 10, 2002
2002 – A tough year for the Big Four

Analysts are predicting a challenging year for the major banks in 2002. Although the big four weathered the first leg of the economic downturn well, [...]

POSTED ON January 10, 2002