Boom in home equity loans

For the first time, borrowing to fund travel, cars and consumer goods is outstripping new spending on housing, according to the Reserve Bank. Australians are [...]

POSTED ON April 3, 2019
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
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
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
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
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
Sydney hope amid auction doom and gloom

Sydney auction results continue to show small incremental improvement. The clearance rate was up one per cent to 63 per cent after 183 properties were [...]

POSTED ON March 2, 2009
St. George cuts fixed rate loans

St. George Bank has cut its fixed interest rate home loans by up to 0.5 per cent. The St George 3 year Fixed Rate is [...]

POSTED ON February 26, 2009
Housing market set for a gloomy year

The construction industry will face a tough year ahead, according to the Housing Industry Associations national outlook. 132,190 homes are expected to be constructed for [...]

POSTED ON February 26, 2009
RHG milks profits with high rates

RHG, the former Rams Home Loan Group, has reported a $69 million profit for the half year to December from its declining mortgage portfolio. RHG [...]

POSTED ON February 26, 2009
No more big rate cuts

The Reserve Bank governor has signalled that the central bank may wait and see the impact of recent rate cuts before making any new big [...]

POSTED ON February 24, 2009
Package up for a five per cent mortgage

Banks and other lenders are said to be offering sub five per cent loans as part of package deals for big loans. The InfoChoice benchmark [...]

POSTED ON February 20, 2009
Half per cent rate cut for March

Market expectations of a 0.5 per cent rate cut firmed yesterday to a 100 per cent certainty after the release of the Reserve bank Board [...]

POSTED ON February 18, 2009
Housing getting affordable again

Big cuts in interest rates and the boost to the First Home Owners Grant pushed housing affordability conditions to the best level in five years, [...]

POSTED ON February 17, 2009
Smart borrowers can save $130,000

Borrowers can save thousands of dollars and many years from the life of their mortgage by maintaining existing repayments as rates fall, setting up a [...]

POSTED ON February 16, 2009
ME Bank bucks the trend of rate cuts

Members Equity Bank has gone against the trend of passing on the full 1.00 per cent cut in mortgage rates, by only offering a 0.75 [...]

POSTED ON February 11, 2009
BankWest & St George customers unhappy

Almost one quarter of all BankWest customers and St George customers report that they are less satisfied with their bank since it has been taken [...]

POSTED ON February 5, 2009
Westpac commits to 100 basis point cut

Following today's RBA announcement to shed 100 basis points off the cash rate, to 3.25 per cent, Westpac has jumped the wagon and become the [...]

POSTED ON February 3, 2009
Rates down to 2 per cent by June

Investors trading on the Sydney Futures Exchange yesterday estimated the chances of a 1.0 per cent rate cut next week by the Reserve Bank at [...]

POSTED ON January 30, 2009
Consumers to pocket more savings

With many economists tipping a rate cut of at least 0.75 percentage points in next Tuesday's Reserve Bank's Board Meeting, borrowers with a $400,000 mortgage [...]

POSTED ON January 29, 2009
Real estate industry “duping” young buyers

The real estate industry is overstating the rental crisis in a bid to lure investors into the market to purchase properties and to encourage renters [...]

POSTED ON January 27, 2009
Rates to plunge to two per cent

The Reserve Bank will cut official interest rates to 2.5 per cent or below next year say some economists because unemployment is expected to almost [...]

POSTED ON December 31, 2008
Bank fee take goes up

Banks collected $22.6 billion in fees and charges from their customers in the year to June 30, up more than $2 billion from $20.5 billion [...]

POSTED ON December 24, 2008
Rate cuts come too late for the repossessed

Almost 1,300 families in NSW had their properties repossessed in the first nine months of the year - before big interest rate cuts came into [...]

POSTED ON December 23, 2008
Pay off credit card debts first

Paying down debt is the best protection you can give yourself and your family in uncertain economic times. Debts with high interest rates, such as [...]

POSTED ON December 19, 2008
Rates to fall to three per cent

National Australia Bank is now predicting interest rates will fall further than previously expected early next year. Markets are pricing in rate cuts of 1.5 [...]

POSTED ON December 17, 2008
Loans for the self-employed dry up

Maximum loan to valuation ratios for low-doc mortgages loans have shrunk from around 80 per cent to about 60 per cent over the past year [...]

POSTED ON December 16, 2008
First home buyers face tough new loan rules

The boost given to first home buyers by the federal government's big increase in the first home buyer's grants is expected to be largely negated [...]

POSTED ON December 16, 2008
Non-banks will take 6 months to lend again

Non bank lenders are starting to lend again with the assistance of the federal government's $8 billion assistance scheme that has allowed them access to [...]

POSTED ON December 15, 2008
2008 property slump could continue

Auction clearance rates declined throughout 2008 after a property boom in 2007 that saw 82 per cent of properties put up for auction sell under [...]

POSTED ON December 15, 2008
Negative equity coming to a house near you

Borrowers who have 'redrawn' on the equity in their home or used 'line of credit' home loan facilities are now the most likely to be [...]

POSTED ON December 12, 2008
100 per cent home loans get scarce

Mortgage insurer Genworth Financial has tightened its underwriting standards ahead of tougher conditions in 2009. With effect from December 1, Genworth will no longer cover [...]

POSTED ON December 12, 2008
Bank customers go online to complain

Complaints by consumers to the Banking and Financial Services Ombudsman jumped up 22 per cent in 2007-08 to 7,911 new cases, apparently largely driven by [...]

POSTED ON December 11, 2008
Rate cuts not flowing through to home sales

Auction clearances were up slightly on the weekend of the 6-7 December, but still well down on the same weekend last year. In Melbourne, 48 [...]

POSTED ON December 8, 2008
Banks hold onto big margins

No bank appears to have announced any reduction in interest rates in other lending categories such as personal loans, credit cards and overdrafts. Many business [...]

POSTED ON December 3, 2008
CBA, NAB pass on full rate cut

The Commonwealth Bank and National Australia Bank yesterday passed on the full one per cent rate cut to home loan borrowers to take their standard [...]

POSTED ON December 3, 2008
Big rate cuts due this week

The Reserve Bank is expected to cut interest rates by at least 0.75 per cent tomorrow as expectations rise of zero or even negative economic [...]

POSTED ON December 1, 2008
Sydney buyers slugged by stamp duty

Sydney home buyers are paying higher rates of stamp duty on residential properties than buyers in other states. The BankWest residential stamp duty report shows [...]

POSTED ON December 1, 2008
Soft landing for house prices

House prices will not fall in Australia by as much as they have in other English speaking countries says Saul Eslake, chief economist of the [...]

POSTED ON November 26, 2008
First home buyers go bush

The increased first home buyer grant from the federal government is driving increased home building and buying in regional Australia, where house prices are generally [...]

POSTED ON November 24, 2008
St George cuts variable and fixed loan rates

St.George Bank today announced that following the RBA decision on 4 November it was lowering its standard variable home loan interest rates by 0.62% p.a. [...]

POSTED ON November 7, 2008
Rates headed down to 3 per cent next year

Markets are pricing in rate cuts to take the official rate to 3.75 per cent over the next six months. Yesterday the Reserve Bank made [...]

POSTED ON November 5, 2008
Signs of life in Sydney property market

The Sydney residential property market showed signs of improvement for sellers on the weekend, with 43 per cent of 363 properties put up for auction [...]

POSTED ON November 3, 2008
Home prices falling in Sydney, Perth

The median house price in Sydney and Perth is falling, while prices in Melbourne, Brisbane and Adelaide are still going up in affordable areas for [...]

POSTED ON October 30, 2008
Melbourne and Adelaide auctions recover

The Sydney residential property market continues to produce lacklustre auction results with just $56 million worth of homes being sold at auction on Saturday the [...]

POSTED ON October 27, 2008
Deposit guarantee will hurt property market

The Federal Government's bank deposit guarantee could weaken the property market mortgage finance companies are warning. "This issue has caused concern and uncertainty where it [...]

POSTED ON October 23, 2008
Westpac/St George cut rates

Westpac and St George have followed the other major banks and announced further cuts to standard variable mortgage interest rates. Westpac will reduce rates by [...]

POSTED ON October 23, 2008
Debtors have rights under banking code

The Code of Banking Practice promises to help people in difficulty. Consumers have rights to request a change to commitments if they are experiencing hardship, [...]

POSTED ON October 22, 2008
RBA hoses down big rate cut expectations

The Reserve Bank is expected to cut interest rates on Melbourne Cup Day, the first Tuesday in November, but improving financial and economic conditions reducing [...]

POSTED ON October 22, 2008
Negative equity set to invoke mortgage stress

Rising unemployment will force one million households into mortgage stress by March next year says Fujitsu consulting. Expected big interest rate cuts are not expected [...]

POSTED ON October 21, 2008
Commonwealth cuts home loan rates

Commonwealth Bank announced a 0.21 per cent in its standard variable mortgage rate yesterday taking it down to 8.32 per cent. The move follows similar [...]

POSTED ON October 21, 2008
Big city property markets still sluggish

The big increase to the first homebuyers grant has failed to ignite the capital city auction market with sluggish results being recorded over the weekend. [...]

POSTED ON October 20, 2008
NAB’s debt collector accused of bad behaviour

National Australia Bank is being accused of outsourcing debts belonging to people in financial hardship to a "notorious" debt collection agency. Victoria's Consumer Action Law [...]

POSTED ON October 17, 2008
Interest rates to plummet to near zero

The average standard variable mortgage interest rate will be 6.3 per cent within five months according to market expectations. That would translate to repayments on [...]

POSTED ON October 17, 2008
First home buyer grant tripled

Fourteen thousand first home buyers are expected to benefit from the doubling of the first home buyers grant to $14,000. Prime Minister Kevin Rudd announced [...]

POSTED ON October 15, 2008
No rate cut for GE’s mortgage managers

Many smaller mortgage providers such as Easy Living Finance who are funded by GE Money Australia will not be able to pass on any of [...]

POSTED ON October 15, 2008
Banks make big cuts to fixed rate mortgages

Commonwealth Bank has followed the other major banks by announcing big cuts in interest rates on fixed rate mortgages. The Commonwealth will cut rates by [...]

POSTED ON October 15, 2008
Choosing the right mortgage crucial for investors

If the financing is wrong, investors can potentially end up losing their own home and their investment property as well. Plenty of inexperienced property investors [...]

POSTED ON October 14, 2008
Rates to fall to five per cent by Christmas

Financial markets expect the Reserve Bank to continue its aggressive interest rate cutting program and cut rates to five per cent before the end of [...]

POSTED ON October 13, 2008
Property prices to hold up over next two years

Sydney's property market is not expected to fall as much as other international cities as a result of the credit crunch affecting housing markets around [...]

POSTED ON October 9, 2008
Banks promise to make up rate cuts

The big banks have all promised to make up the difference in Reserve Bank rate cuts and the lesser cuts they have passed on to [...]

POSTED ON October 8, 2008
No rate relief on credit cards or loans

As of this morning the only category of borrowers to receive news of any cut in their variable interest rates was home loan customers. With [...]

POSTED ON October 8, 2008
Rates to fall to five per cent

The Reserve Bank governor Glenn Stevens said he was not establishing a pattern for future rate cuts with the unexpected move yesterday to slash the [...]

POSTED ON October 8, 2008
Big banks cut rates by 0.8 per cent

Westpac led the five major banks in cutting interest rates on a standard variable mortgage by 0.8 per cent yesterday, following the Reserve Bank's shock [...]

POSTED ON October 8, 2008
Today’s rate cut to deliver $50/month

Households with an average mortgage of around $300,000 will get rate cuts worth about $52 per month if banks pass on 0.25 per cent of [...]

POSTED ON October 7, 2008
Banks need to be told to cut rates

Banks need to called in by the prime minister for a fireside chat and told to cut interest rates says the federal opposition. Former treasurer [...]

POSTED ON October 3, 2008
Banks say no to big rate cuts

ANZ's chief of Australian operations Brian Hartzer says the bank will seek to pass on as much as it can in any interest rate cuts [...]

POSTED ON October 3, 2008
Banks won’t pass on rate cuts

Banks and other lenders will not commit to pass on any cuts to official interest rates by the Reserve Bank of Australia. The RBA board [...]

POSTED ON October 2, 2008
Rates to fall 0.5 per cent next week

Futures markets have fully priced in a rate cut by the Reserve Bank board when it meets next Tuesday morning. Markets believe that the RBA [...]

POSTED ON October 1, 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
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
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
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
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
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 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