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
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
Low rates mean prices will continue to rise

Low interest rates mean house prices will continue to rise according to Deloitte Access Economics.Mortgage stress remains below average said Deloitte.Deloitte said households can afford [...]

POSTED ON March 26, 2015
Having loans and debts can be good for you

Having lots of loans, credit cards and debts does not necessarily mean you are in financial stress according to Reserve Bank researchers.“The screening lenders carry [...]

POSTED ON March 10, 2015
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
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
CBA targets first home buyers online

Applications for home loans to Commonwealth Bank have more than doubled since the introduction of the increased first home owners grant in October. Commbank says [...]

POSTED ON February 27, 2009
Mortgage Choice says housing will bounce

The housing market is unlikely to experience a prolonged downturn says Paul Lahiff, chief executive of Australia's biggest listed mortgage broker chain Mortgage Choice.Mortgage Choice [...]

POSTED ON February 26, 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
Grants provide glimmer of hope for home buyers

Thirty thousand first home buyers have taken advantage of the increased first home buyers grant from the federal government says the Minister for Housing Tanya [...]

POSTED ON February 25, 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
CBA factors in future rate rises

Commonwealth Bank will increase the level of the deposit that new borrowers buying their first home must have to three per cent, The Australian reported. [...]

POSTED ON February 24, 2009
Fixed rate loans offer value to investors

Lower fixed mortgage rates are helping to bring investors back into the market says BIS Shrapnel senior project manager Jason Anderson. Major banks are offering [...]

POSTED ON February 24, 2009
Sydney, Melbourne auctions still sick

The Sydney auction market continued to recover very slowly on the weekend with 156 properties selling at auction out of a total of 301 residential [...]

POSTED ON February 23, 2009
Adelaide, Brisbane auctions on life support

There were just 15 residential property auctions in Adelaide on Saturday the 21st of February 2009, down from 74 in 2008. The Adelaide auction clearance [...]

POSTED ON February 23, 2009
Wizard borrowers miss out on rate cuts

Wizard home loan customers will not be receiving any cut in interest rates. GE Money, the current owners of Wizard who are selling the brand, [...]

POSTED ON February 20, 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
Aussie banks rake in profits

Westpac is the world's most profitable bank according to a global survey by Boston Consulting Group. Westpac delivered a return on equity of 20.4 per [...]

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
Westpac’s 4.99% mortgage bungle

Westpac advertised a fixed rate home loan of 4.99 per cent during the first half of December, but did not make the loan available to [...]

POSTED ON February 18, 2009
Savings add up for home buyers

People taking out loans today need to remember that interest rates will go up again eventually and repayments will rise as a result. Eighty per [...]

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
Bendigo gets back in touch with customers

Bendigo and Adelaide Bank will take more direct control of relationships with loan customers sourced through third parties. Bendigo is now chasing up home loan [...]

POSTED ON February 17, 2009
Personal lending growing again

New lending commitments increased by 3.5 per cent in December according to the Australian Bureau of Statistics. Loan refinancing, as well as borrowing for homes, [...]

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
Aussie targets cards and loans

Credit cards and personal loans are key areas for growth for Aussie Home Loans in 2009 says executive chairman John Symonds.Aussie is currently integrating the [...]

POSTED ON February 16, 2009
No interest charges for fire victims

The Commonwealth Bank will waive all interest charges on home loans for bushfire affected customers for a period of three months.The bank was criticised yesterday [...]

POSTED ON February 13, 2009
Rate cuts fund NAB’s californian weekend

Twenty five senior National Australia Bank executives have flown to San Francisco for a leadership weekend to prepare for CEO Cameron Clyne's major strategy briefing [...]

POSTED ON February 13, 2009
Big credit union passes on rate cut

Following the one per cent reduction in the official cash rate announced by the Reserve Bank of Australia (RBA) on Tuesday, Credit Union Australia can [...]

POSTED ON February 13, 2009
High rents luring investors back

First home buyers and investors are driving growth in the home lending market.Villawood Properties packages land in Melbourne's growth areas and says sales have doubled [...]

POSTED ON February 12, 2009
CBA needs to keep future rate cuts

The Commonwealth Bank has signalled that it may not pass on in full to borrowers any future rate cuts delivered by the Reserve Bank of [...]

POSTED ON February 12, 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
First Home Buyers jumping in to buy

Lending to first home buyers surged in January, says a leading mortgage broker, encouraged by improved affordability, lower interest rates and the increased federal government [...]

POSTED ON February 10, 2009
Five per cent home loans with no fees

Online direct lender MyRate.com.au yesterday announced a one per cent reduction in its variable rate mortgage product, effective from the beginning of next week, the [...]

POSTED ON February 10, 2009
No more big rate cuts

A slightly improved economic outlook for Australia has caused many analysts to revise their interest rate predictions. The Reserve Bank is now not expected to [...]

POSTED ON February 9, 2009
Buying adds up for renters

Monthly mortgage repayments on a $250,000 loan have fallen more than 20 per cent from when interest rates peaked eight months ago. Many renters coping [...]

POSTED ON February 9, 2009
Loans harder to get as banks tighten up

Lending criteria is tightening up for personal loans, car loans and mortgages. Brokers say that lenders are being less flexible, demanding evidence of genuine savings [...]

POSTED ON February 9, 2009
More rate cuts and more spending needed

Further deep cuts in interest rates are needed as well as more government spending to stimulate the economy the treasury secretary Ken Henry said yesterday. [...]

POSTED ON February 6, 2009
Banks say maybe to future rate cuts

Major banks warned yesterday that they may not pass on the full amount of any future rate cuts. NAB's retail banking executive general manager Lisa [...]

POSTED ON February 5, 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, ANZ pass on full rate cut

Westpac is the first of the major banks to commit to passing on the Reserve Bank's one per cent rate cut in full. Westpac's standard [...]

POSTED ON February 4, 2009
More rate cuts on the way

Financial markets expect the Reserve bank to cut interest rates again next month by a further 0.75 per cent taking the official cash rate to [...]

POSTED ON February 4, 2009
WA gets big housing boost

The West Australian government will spend more than $300 million to build 1,000 homes in the state's regions to boost the economy and create jobs. [...]

POSTED ON February 4, 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
Rate cuts to keep on coming

The Reserve Bank of Australia faces extreme pressure to deliver substantial rate cuts today and in next few months as the global economic crisis spreads. [...]

POSTED ON February 3, 2009
Property sales and prices slump

Sales of new homes continued to fall in December by 1.7 per cent, adding to the 4.1 per cent fall in November according to the [...]

POSTED ON February 3, 2009
Total lending falls for first time since 92

Total lending to business and private individuals fell 0.3 per cent in December, well below market expectations of a 0.5 per cent rise. It is [...]

POSTED ON February 2, 2009
RBA may cut by 1.5 per cent

The Reserve Bank of Australia is likely to decide tomorrow to set a new 'floor' for Australian official interest rates of around 2 per cent [...]

POSTED ON February 2, 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
Three big rate cuts coming soon

The Reserve Bank of Australia is expected to cut interest rates three times in the next four to five months. Yesterday's inflation figures indicated that [...]

POSTED ON January 29, 2009
Westpac loans easy, after long wait

Mortgage applications to Westpac have been taking as long as six weeks to process because the bank's lending criteria has not been tightened as much [...]

POSTED ON January 29, 2009
Wizards refinance with Commbank

Thousands of Wizard home loan customers who are paying above standard interest rates on their mortgages will be able to refinance into Commonwealth Bank sourced [...]

POSTED ON January 29, 2009
Financial services get more expensive

Over the year to December 2008 the price of financial and insurance services increased by 7.0 per cent, or roughly double the overall increase in [...]

POSTED ON January 29, 2009
Govt backs interest free repayments

More than 600,000 households are suffering from 'mortgage stress' according to Fujitsu consulting, down from 883,000 in August. Fujitsu says the numbers are expected to [...]

POSTED ON January 28, 2009
One per cent rate cut expected

Economists are expecting the Reserve Bank of Australia to cut interest rates next Tuesday by a full one per cent despite fears inflation may not [...]

POSTED ON January 28, 2009
Big rate cut coming next week

The Reserve Bank is expected to cut interest rates by 1.0 per cent next week because the latest inflation figures to be released today (Tuesday) [...]

POSTED ON January 27, 2009
Commbank leads on package deals

The Commonwealth Bank has the lowest mortgage package deal in the market at the moment featuring a discounted interest rate of 6.04 per cent for [...]

POSTED ON January 27, 2009
NAB to hold back on more rate cuts

National Australia Bank may not pass on in full any rate cuts delivered by the Reserve Bank at its February meeting. Chief executive Cameron Clyne [...]

POSTED ON January 27, 2009
Shop around for best deals

NAB's Classic account will waive the $6 monthly fee if the customer deposits at least $3,500 per month. Consumers can save more money each month [...]

POSTED ON January 27, 2009
More for rent as houses fail to sell

The rental vacancy rate has increased to a national average of 3.3 per cent, easing the burden on renters. The Melbourne vacancy rate is now [...]

POSTED ON January 27, 2009
Borrowers keep their repayments high

The majority of mortgagees have not reduced their repayments along with recent interest rate cuts according to a survey by the Australian National Retailers Association. [...]

POSTED ON January 22, 2009
Banks rebuild margins

The spread between the interest rate paid on $50,000 on a cash management deposit account with a bank and a standard home loan has widened [...]

POSTED ON January 21, 2009
Lenders lose insurance option

MGIC Investment Corp is looking for a buyer for its Australian lenders mortgage insurance operation but, failing that, will close the business. MGIC said it [...]

POSTED ON January 21, 2009
CBA eliminates some mortgage brokers

Fewer mortgage brokers may be able to sell Commonwealth Bank loans after the bank set minimum volume targets for each broker. Westpac and NAB have [...]

POSTED ON January 20, 2009