No rate relief on cards or business loans

Savings & Loans, Australia's second largest credit union, has been one of the few organisations to cut borrowing on non-mortgage products. Rate relief appears generally [...]

POSTED ON September 10, 2008
Banks to hold on to rate rises

Banks will not readily reduce back the additional rate rises they have added on to official rate rises this year says the Reserve Bank governor [...]

POSTED ON September 9, 2008
Auction gloom continues in Sydney

Auction clearance rates continued to fall in Sydney over the weekend of the 6th and 7th of September, but recovered in Melbourne, Brisbane and Adelaide. [...]

POSTED ON September 8, 2008
RAMS and CBA lead on rate cuts

St George bank will cut rates on its standard variable home loans by more than the RBA's official 0.25 per cent cut announced yesterday. St [...]

POSTED ON September 3, 2008
Banks cut rates on loans and deposits

All the major banks cut their standard variable home loan interest rates by 0.25 per cent yesterday. All four announced the changes within 10 minutes [...]

POSTED ON September 3, 2008
Take back your home

If you have fallen behind in loan repayments, then you need to quickly take control of the situation. Your lender will have a collections department [...]

POSTED ON September 2, 2008
Mortgage broker suspended

Victorian mortgage broker Peter Hinck has been suspended as a member of the professional industry group the Mortgage and Finance Association of Australia (MFAA) after [...]

POSTED ON August 28, 2008
NAB losing the mortgage war

NAB lost market share in residential lending eight quarters in a row to March 2008 according to State of Play, a quarterly comprehensive analysis of [...]

POSTED ON August 22, 2008
NAB commits to cut rates

National Australia Bank said yesterday that if the Reserve Bank of Australia (RBA) reduces the official cash rate by 0.25 per cent at its September [...]

POSTED ON August 22, 2008
Australian Central moves west

Australian Central Credit Union increased revenue for the 2008 financial year by 14 per cent to $240 million, but tighter margins caused net profit for [...]

POSTED ON August 19, 2008
Banks have no excuses for not cutting rates

Interest rates on 90-day bank bills have fallen by half a percentage point over the past three weeks leaving banks no with no excuses for [...]

POSTED ON August 14, 2008
Commission wants better credit reporting

The Australian Law Reform Commission has recommended for improvements to data quality and security for credit reporting agencies. The ALRC has recommended that the credit [...]

POSTED ON August 12, 2008
Comprehensive credit reporting rejected

Lenders have been disappointed by the Australian Law Reform Commission report that has rejected comprehensive credit reporting which details a consumer's repayment record, rather than [...]

POSTED ON August 12, 2008
Mortgage broker posts strong sales growth

Australia's largest mortgage broker, Australia Finance Group, reported sales in July 2008 were 17 per cent up on June. Total July sales for AFG were [...]

POSTED ON August 8, 2008
NSW willing to give up stamp duty

The NSW government says it would be willing to abolish stamp duty on property if it were compensated by the federal government. A Treasury discussion [...]

POSTED ON August 8, 2008
Banks may not pass on rate cuts

New mortgage sales fell in the first half of 2008 by 25 per cent according to the Australian Bureau of Statistics. CommSec said the figures [...]

POSTED ON August 7, 2008
Account switching is too much trouble

Fifty-four per cent of the 2,000 respondents to a Research International banking survey said changing bank accounts was more trouble than it was worth, up [...]

POSTED ON August 5, 2008
House prices falling

House prices fell 0.3 per cent in the June quarter, and gained 8.2 per cent in the year to June according to the Bureau of [...]

POSTED ON August 5, 2008
Banks fatten up for lean times ahead

Banks are enjoying rising profit margins and less competition from non-bank lenders says a new report from Infochoice. Home repossessions are also rising to a [...]

POSTED ON August 4, 2008
Housing costs keep kids at home

About one in five people aged 25 to 29 are still living in their parent's home, compared to just ten per cent twenty years ago, [...]

POSTED ON July 25, 2008
Profiteering banks resist competition

The Commonwealth Treasury has suggested that Australian banks are profiteering from customers. In a submission to a parliamentary committee looking at the issue of competition [...]

POSTED ON July 25, 2008
Low doc borrowers late with repayments

More than fourteen per cent of borrowers who have non-conforming loans are in arrears, a percentage that has stabilised over the last quarter. Total home [...]

POSTED ON July 24, 2008
Mortgage stress overstated

RFI research director Alan Shields said there was no evidence of deterioration in mortgage stress despite the findings of the Genworth Financial Mortgage Trends Report [...]

POSTED ON July 23, 2008
NAB panders to Wayne Swan

National Australia Bank is pandering to the government in launching a home loan with no early exit, discharge or settlement fees, says banking industry newsletter [...]

POSTED ON July 22, 2008
NAB, AMP and Suncorp raise rates

National Australia Bank has followed CBA, ANZ and St George and announced that interest rates on its home loans will rise 0.15 per cent to [...]

POSTED ON July 15, 2008
Commonwealth, ANZ raise rates

Commonwealth and ANZ banks have followed St George and raised interest rates on their home loans outside of moves by the Reserve Bank. The Commonwealth [...]

POSTED ON July 14, 2008
Queenslanders opt to age in place

The number of new home loans approved for owner-occupiers in Queensland has dropped sharply in May as affordability has deteriorated. Queensland and Western Australia have [...]

POSTED ON July 10, 2008
More savings needed

An increase in household savings would have significant economic benefits for Australia and for individual families say researchers. Econtech modelled the outcomes of an increase [...]

POSTED ON July 10, 2008
BankWest raises rates, others to follow

BankWest has raised interest rates on its standard variable home loans by 0.2 per cent, adding $10 per week to repayments on the average $250,000 [...]

POSTED ON July 10, 2008
RateTracker wins market share for BankWest

The Rate Tracker home loan offered by BankWest has been the main driver behind the increase in the bank's residential mortgage book, according to Paul [...]

POSTED ON July 7, 2008
Swan says no to Aussie Mac

Treasurer Wayne Swan ruled out the possibility of creating a government-backed mortgage lender to ease pressure on housing affordability. In an interview with Business Spectator, [...]

POSTED ON July 4, 2008
Bendigo gives up lending market share

Unlike most of their retail bank peers Bendigo and Adelaide Bank appear to be conceding some market share to rival banks, even as almost all [...]

POSTED ON June 27, 2008
Let banks sell mortgage debt say professors

Poor risk management and flawed mortgage origination practices are to blame for problems in debt markets, not the bundling up of mortgages into securities to [...]

POSTED ON June 24, 2008
Comparison rate under fire

Lenders will no longer be required to provide comparison rate schedules to borrowers, in a proposed change to consumer credit rules that follows the publication [...]

POSTED ON June 18, 2008
Borrowers in trouble in NSW

Lenders with customers in arrears on home loans of 90 days or more are overwhelmingly concentrated in New South Wales, a new analysis of the [...]

POSTED ON June 18, 2008
Challenger cuts lending by three quarters

Challenger Financial Services Group has clarified the extent of the slow down in its mortgage business in recent months. The group's chief executive, Mike Tilley, [...]

POSTED ON June 10, 2008
NSW Liberals want shared equity scheme

The Liberal opposition party in NSW wants a scheme that will allow low income earners to borrow up to 40 per cent of the value [...]

POSTED ON June 6, 2008
BankWest backs cheap loan rate

BankWest has reassured customers that, in the "hypothetical" event that it was bought by another bank, the terms applying to its RateTracker home loan would [...]

POSTED ON June 5, 2008
Inflation up, spending down

Indicators show that inflation is rising at its fastest rate in five years but economists say there is almost no chance of the Reserve Bank [...]

POSTED ON June 3, 2008
Fuel hikes the same as a rate rise

The strong Australian dollar is shielding motorists from some of the effects of rapidly escalating oil prices but petrol has hit $1.60 per litre in [...]

POSTED ON May 23, 2008
Reserve ponders more rate rises

Further interest rate rises are on the cards as minutes from the Reserve Bank's last board meeting reveals that it remains concerned that it has [...]

POSTED ON May 21, 2008
Banks grab $10.5 billion in fees

Banks earned $10.5 billion in fees during the year to June 2007, an increase of 8 per cent from the previous year. The Australian Bankers [...]

POSTED ON May 16, 2008
Mortgage insurer puts up prices

According to research conducted by online lender MyRate, one in six people believe that lenders' mortgage insurance will cover their repayments if they become unemployed, [...]

POSTED ON May 14, 2008
More help to save for house deposit

The federal government has used the budget to beef up its contributions to first-home saver accounts. The accounts will help first-home buyers to save for [...]

POSTED ON May 14, 2008
Sydney rents through the roof

The property shortage in Sydney is sending rents skyrocketing, with increases of almost 20 per cent for two bedroom units in some areas over the [...]

POSTED ON May 9, 2008
Stress comes from the unexpected

Borrowers having trouble meeting mortgage repayments due to high rates can end up losing their homes, however a new study by a mortgage insurer has [...]

POSTED ON May 9, 2008
Super used to pay the mortgage

The number of households raiding their superannuation to help meet mortgage repayments is increasing. Figures from the Australian Prudential Regulation Authority show that it approved [...]

POSTED ON May 8, 2008
Hurdles increased for loan approval

Lenders are moving to tighten their loan approval criteria in response to deteriorating economic conditions. Adelaide Bank has decreased the maximum loan-to-value ratio that it [...]

POSTED ON May 6, 2008
Broker tips no mortgage growth this year

The largest mortgage broker in Australia has forecast a quiet year for the mortgage industry as the global liquidity crisis and higher interest rates dampen [...]

POSTED ON May 6, 2008
Property gains come to rapid halt

The latest official property value figures show that prices have gained 1.1 per cent in the first quarter of the year. Some cities saw values [...]

POSTED ON May 6, 2008
Property market hits the brakes

The property market is continuing to slow with the number of homes on the market increasing and remaining unsold for longer. The latest data from [...]

POSTED ON May 5, 2008
High rates halt credit growth

Consumers and businesses are cutting their use of credit as a succession of rate rises start to bite. Figures released by the Reserve Bank of [...]

POSTED ON May 1, 2008
Banks hit credit card rates hardest

Research by InfoChoice shows that banks have increased their standard variable mortgage rates by around 1.4 per cent since the credit crunch began in late [...]

POSTED ON April 30, 2008
House prices flatline

Growth in house prices has come to an abrupt halt with the median price remaining virtually unchanged in the first three months of this year. [...]

POSTED ON April 30, 2008
Higher rates inflate inflation figure

Analysts are calling on the Reserve Bank to take the effect of higher interest rates into account when considering how to respond to an inflation [...]

POSTED ON April 30, 2008
No relief from rocketing rents

Rents have risen by about 7 per cent over the past year but are expected to rise further with the building cycle not expected to [...]

POSTED ON April 29, 2008
Aussie banks lag on technology

Australian consumers don't have access to many services that have been available in Asia for years due to a lack of investment in new technologies. [...]

POSTED ON April 28, 2008
Credit disclosure laws revisited

On Wednesday the Productivity Commission will deliver a report to the federal government which will include proposals for a federal takeover of some consumer protection [...]

POSTED ON April 28, 2008
First home saver account in doubt

There are doubts as to whether the Federal government will have its First Home Savers Accounts running by the start of the new financial year [...]

POSTED ON April 21, 2008
Funding scheme spells cheaper lending

A new approach to financing could potentially be the response to cut interest rates for most home loan borrowers. An industry lobby group has suggested [...]

POSTED ON April 10, 2008
Consumer confidence takes a bite

Higher interest rates and rising fuel and food costs are putting a significant amount of pressure on consumer spending, suggesting that the work of the [...]

POSTED ON April 10, 2008
RBA keeps interest rates unchanged

In good news for home loan borrowers, the Board of the Reserve Bank of Australia decided to leave the cash rate unchanged at 7.25% at [...]

POSTED ON April 1, 2008
Crunch as banks trim loans

Banks and other lenders are beginning to reduce loan to valuation ratios, reversing recent trends. According to Martin North there is no appetite for high [...]

POSTED ON March 31, 2008
More land needed, not money

Light has been shed on the housing affordability problem with new figures from the Reserve Bank estimating that first home buyers between the ages of [...]

POSTED ON March 28, 2008
Banks may have to lift home loan rates further

Banks are still absorbing some of the higher cost of funding their loan books despite increasing their rates by more than official cash rate movements [...]

POSTED ON March 27, 2008
Non-bank lenders should get government support

Leading economists have called on the government to support small mortgage lenders by creating funding scheme similar to those operating in the US and Canada. [...]

POSTED ON March 27, 2008
Interest rates at mutuals hit profits

Revenue growth has not kept pace with cost growth at credit unions and building societies as they try to limit passing on increased funding costs [...]

POSTED ON March 25, 2008
Property flood softens market

The number of residential properties for sale jumped almost 80 per cent in February compared with the same time last year. After 70,000 homes were [...]

POSTED ON March 25, 2008
Commission restructure set to worry brokers

National Australia Bank and St George Bank have both changed their commission arrangements with mortgage brokers in an effort to encourage more high margin business. [...]

POSTED ON March 20, 2008
Growth rate worries RBA

Australia's population grew by 318,500 in the year to September, our fastest growth rate since late in 1989. Much of the growth came from the [...]

POSTED ON March 20, 2008
Reserve happy with rates for now

Minutes from the Reserve Bank's March meeting suggest that borrowers are likely to be spared another rate rise when the board next meets on 1 [...]

POSTED ON March 19, 2008
Non-bank lenders squeezed by rates

Non-bank lenders are being hit with a double whammy at the moment with wholesale lenders imposing hefty rate increases and funding costs soaring in wholesale [...]

POSTED ON March 18, 2008
Mutuals cheaper than big banks

The major banks have increased their variable mortgage rates by between 0.29 and 0.35 of a percentage point, but only eight out of 146 credit [...]

POSTED ON March 17, 2008
Auctions show property softening

The busiest weekend for auctions this year has seen clearance rates tumble with only 24 per cent of homes on the block in Brisbane sold, [...]

POSTED ON March 17, 2008
Inflation worries Reserve

The Reserve Bank remains concerned about the rate of inflation with governor Glenn Stevens saying that the headline rate is likely to reach 4 per [...]

POSTED ON March 17, 2008
Borrowers try dodging higher rates

ANZ and St George both announced 35 basis point increases for their variable rate mortgages yesterday, making them the most expensive of the five big [...]

POSTED ON March 12, 2008
CUA pulls out of broker channel

Credit Union Australia has decided to withdraw from broker-based mortgage origination. CUA, the nation's largest credit union, said that it is confident that the 30 [...]

POSTED ON March 11, 2008
Easing property market expected this year

A global real estate survey has found that the Australian property market has been more resilient to the effects of the credit crunch and sub-prime [...]

POSTED ON March 11, 2008
CBA rates higher than other major banks

The Commonwealth Bank has revealed a 0.35 percentage point increase on its standard variable mortgage. The rise means that CBA now has the most expensive [...]

POSTED ON March 11, 2008
Westpac up, others sure to follow

Westpac has followed the lead of National Australia Bank by increasing its variable rate home loan by more than the Reserve Bank's 0.25 percentage point [...]

POSTED ON March 10, 2008
Banks may have to lend less

Banks are starting to reduce their lending activities and the Reserve Bank believes the tightening could get worse. Assistant governor Guy Debelle told a conference [...]

POSTED ON March 6, 2008
Adelaide Bank hikes wholesale rates

Adelaide Bank is the first lender to lift interest rates by more than the Reserve Bank's increase in the official cash rate. With the high [...]

POSTED ON March 6, 2008
Investment property recovery will be slow

Improving rental returns had been encouraging a few more investors back into the property market but the latest rate rise is likely to delay any [...]

POSTED ON March 5, 2008
Banks tipped to deliver double pain

The 90 day bank bill swap rate has stabilised, indicating that we may be at the end of the cycle of rate rises, but banks [...]

POSTED ON March 5, 2008
Non-bank lenders adjust loan books

As capital keeps getting harder to raise, non-bank lenders are having to cut the amount of loans they write or even stop taking on new [...]

POSTED ON March 3, 2008
Swan stands by economic strategy

Treasurer Wayne Swan has said that the economy will continue to grow strongly despite concerns that government spending cuts and rising interest rates could tip [...]

POSTED ON March 3, 2008
Bank interest rates set to rise again

Banks once again find themselves under increasing pressure to lift their interest rates outside of adjustments in the official cash rate by the Reserve Bank. [...]

POSTED ON February 29, 2008
BankWest heads east, wins customers

HBOS Australia has reported a 15 per cent increase in profit before tax to $757 million and says that it will open 40 new BankWest [...]

POSTED ON February 29, 2008
Investors cannot ignore improved rents

The second half of 2007 has seen a surge in interest from investors in the property market the managing director of LJ Hooker, Warren McCarthy, [...]

POSTED ON February 28, 2008
Auctions show property market softening

Results from property auctions over the weekend seem to indicate that higher interest rates and deteriorating economic conditions are taking their toll. Australian Property Monitors [...]

POSTED ON February 25, 2008