Westpac wants to lend to big farmers

Westpac has launched an aggressive campaign to win the banking business of Australia's 2500 biggest farmers. Graham Jennings, head of Westpac's agribusiness and regional commercial [...]

POSTED ON December 1, 2011
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
RBA may cut by 0.75 per cent

Increasing evidence of a recessionary trend in economic data is adding weight to expectations of a big cut in interest rates this afternoon by the [...]

POSTED ON November 4, 2008
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
Floods hit coal profits

The June long weekend storms and floods in Newcastle and the Hunter Valley region of New South Wales will have an impact on coal exports. [...]

POSTED ON June 12, 2007
Drought keeps deficit high

The Australian current account deficit remains in the red due to the effects of the drought and infrastructure bottlenecks. The deficit for the March quarter [...]

POSTED ON June 6, 2007
Worsening Drought threatens economic growth

Economic growth forecasts continue to be clouded by the worsening drought, with summer cropping nearing a 24 year low. The Australian Bureau of Agriculture and [...]

POSTED ON February 21, 2007
More drought aid for farmers and banks

The Australian government's latest package of assistance for farmers in drought-affected areas has a couple of ramifications for banks. The government said it would be [...]

POSTED ON October 25, 2006
RBA raises interest rates 0.25%

As expected, the Reserve Bank board has increased official interest rates by 0.25 percentage points to 6 per cent in August. This means home borrowers [...]

POSTED ON August 2, 2006
RBA raises interest rates 0.25%

The Reserve Bank has lifted official interest rates by 0.25 percentage points to 5.75 per cent. The rise will flow on to variable rate home [...]

POSTED ON May 3, 2006
Oil prices and home loan interest rates

The price of oil is on the rise again, and this has direct implications for the level of home loan interest rates for Australian borrowers. [...]

POSTED ON April 21, 2006
Banks want to open more branches

Australian bank executives have aggressive growth expectations and do not expect to engage in cost cutting to achieve growth, according to consulting group Accenture's survey [...]

POSTED ON April 12, 2006
Commbank to offer business loans online

The Commonwealth Bank will launch an automated business lending service via the internet which will handle loan applications of up to $1 million. Commonwealth is [...]

POSTED ON March 31, 2006
Banks chip in for cyclone victims

All four big banks and the Bank of Queensland are donating large sums of cash to the Cyclone relief effort in Innisfail and Tully. Commbank [...]

POSTED ON March 23, 2006
2005 wrap: House prices down, loans up

Despite falling or flat house prices around Australia – borrowing for housing continues to bubble along nicely - no doubt as prospective buyers re-enter the [...]

POSTED ON December 21, 2005
Insurance against falling house prices

In development that will make home buyers prick up their ears, it is now possible to buy insurance against falling house values. The Housing Industry [...]

POSTED ON September 30, 2005
RBA leaves rates on hold

Good news for homebuyers and borrowers. As expected, the Reserve Bank has left interest rates on hold for August as the economy settles into a [...]

POSTED ON July 6, 2005
CUA offers banking by SMS

Account holders at Credit Union Australia will be able to check their account balances and receive transaction alerts by mobile phone text message under a [...]

POSTED ON March 18, 2005
Elders turns to Bendigo on farm accounts

Elders Rural Bank will market its agribusiness deposit and loan products through Bendigo Bank branches nationally within the next six months. [...]

POSTED ON February 4, 2005
Arab Bank sticks to term deposits

Arab Bank, one of the pioneers in the high yield account segment, said it would prioritise term deposits for its highest rate rather than at-call [...]

POSTED ON December 2, 2004
Regional banks open most new branches

The accessibility of banks has increased slightly, with a 1 per cent increase in the number of bank branches in the year to June 2004. [...]

POSTED ON November 12, 2004
Coalition to expand rural banking

The coalition said it would provide further funding to Australia Post to extend its banking services further into rural and remote areas. The government said [...]

POSTED ON October 1, 2004
Rural criticism for ANZ in Games ads

ANZ Bank is spending $1 million on TV advertisements during Seven Network's coverage of the Olympic Games, telling viewers it's listening to customers and opening [...]

POSTED ON August 25, 2004
CBA banking managers go walkabout

The Commonwealth Bank has taken business managers out of some NSW rural branches and replaced them with "travelling business banking specialists". Eight business banking positions [...]

POSTED ON August 18, 2004
Bankers coy on small business forum

The Australian Bankers' Association has not named any of the participants in its Small Business Consultative Forum, which has already met twice, saying it hasn't [...]

POSTED ON August 17, 2004
Bendigo Bank builds community telcos

Bendigo Bank will launch a telecommunication venture using the same community-based model as its bank business. MD Rob Hunt said up to 40 communities around [...]

POSTED ON April 19, 2004
CUA claims high member satisfaction

Credit Union Australia says a survey of members shows 69 per cent of members are satisfied and loyal. "The figure is well above the worldwide [...]

POSTED ON March 16, 2004
St George first with SMS banking

St George Bank is the first Australian bank to offer its customers access to their accounts via mobile phone. Customers can monitor account balances and [...]

POSTED ON March 9, 2004
CBA customers least satisfied

A Roy Morgan survey has found the Commonwealth Bank's customers are the least satisfied of all Australian banking consumers. A poll of 57,000 bank customers [...]

POSTED ON February 19, 2004
Banks examine rural closures

The Australian Bankers' Association will form a working party to examine bank branch closures in rural locations following a critical report by a parliamentary committee. [...]

POSTED ON January 27, 2004
ATM fees furore in the bush

The Australian Consumers' Association says rural bank customers may soon be charged up to $12 each time they use a "foreign" ATM. The fee hikes [...]

POSTED ON January 19, 2004
ATM fees may be higher in the bush

A federal committee has given qualified approval to proposed changes in ATM fees but said these should not necessarily lead to higher charges in country [...]

POSTED ON January 16, 2004
Banks told to lift game on bush closures

Australia's banks have been warned on branch closures in rural and regional areas by a federal parliamentary committee looking into banking in the bush. Such [...]

POSTED ON January 16, 2004
Banks miss deadline for ATM fees

A finance industry group will miss the Reserve Bank's deadline to deliver a blueprint for the reform of ATM fees to the Australian Competition and [...]

POSTED ON December 19, 2003
Suncorp branches South and West

The Queensland-based Suncorp is spreading its presence nationally with the opening of its first branches in South Australia and Western Australia. Now 157 branches strong [...]

POSTED ON December 18, 2003
Big banks have stranglehold on SMEs

Despite an increasing number of entrants to the lending market, the Big Four banks still have the lion's share of the small-to-medium business market. A [...]

POSTED ON November 26, 2003
Bendigo branches into telecomms

Bendigo Bank says its will extend its successful Community Bank model into the telecommunications area and establish a company called Community Telco Australia. The aim [...]

POSTED ON October 28, 2003
BoQ gets ready to compete with Bendigo

The Bank of Queensland is actively recruiting bankers in Victoria who are interested in operating the 50 branches it intends opening in that state over [...]

POSTED ON October 23, 2003
CBA lags in customer survey

The latest customer satisfaction ratings by Roy Morgan Research show that the Commonwealth Bank is almost 30 points behind the top-rated Bendigo Bank. The poll [...]

POSTED ON September 24, 2003
Bendigo’s the little bank that could

Bendigo Bank's shares rose 33 cents to a record close on Thursday of $9.30, up 30 cents. More than 400,000 shares were traded as the [...]

POSTED ON September 19, 2003
CBA sacks more to lift service

The Commonwealth Bank has launched its long-heralded customer service vision while announcing another 2775 job cuts over the next three years. CBA chief David Murray [...]

POSTED ON September 19, 2003
Suncorp axes jobs, closes branches

Suncorp's restructuring will result in at least 120 redundancies with branch closures and mergers also expected. Branches tipped to close or merge are Toowomba, Gladstone, [...]

POSTED ON August 20, 2003
Bendigo Bank celebrates

Bendigo Bank celebrated two milestones this week, announcing it has obtained the trademark for Community Bank while its first community branches - in the Victorians [...]

POSTED ON June 26, 2003
Small banks target rural market

RAMS, Rabobank and Elders Rural are all revving up to grab a slice of the rural banking market following the Big Four's branch closures in [...]

POSTED ON June 10, 2003
ANZ’s bid to build faith

Bill Robinson would like to do himself out of a job. He's the ANZ Bank's independent customer advocate, the man on the customer's side when [...]

POSTED ON April 3, 2003
Consumer confidence falls

Consumer confidence has fallen to its lowest level in two years, according to the latest Westpac-Melbourne Institute survey. The index dropped 2.1 per cent in [...]

POSTED ON March 13, 2003
Small business dislikes big banks

A recent survey by Macquarie Research Equities found that 70 per cent of small-to-medium sized business owners don't like their banks, describing themselves as "very [...]

POSTED ON January 16, 2003
Summit targets SME bank fees

A better deal for small businesses on bank fees is the aim of a summit of state ministers and small business representatives today in Sydney. [...]

POSTED ON October 28, 2002
ANZ customers caught by over-draw penalty

The ANZ Bank has written to customers to apologise for regularly charging $29.50 "honour fees" to customers who unknowingly over-draw their accounts. ANZ says the [...]

POSTED ON September 27, 2002
Bendigo cuts transaction fees

Bendigo Bank says will cut its Internet and telephone account-transaction fees to reward its loyal customers and attract potential new ones. [...]

POSTED ON September 27, 2002
More fake bank notes crop up

More counterfeit $50 notes have been detected in Victoria and police are warning shopkeepers to be on the alert. Two fake notes were used in [...]

POSTED ON August 26, 2002
Westpac leads online banking

Westpac has been rated as Australia's top online retail bank in a RedSheriff survey on customer service. Sixty-nine per cent of Westpac's online customers were [...]

POSTED ON August 22, 2002
Locals keeps CBA branch open

Residents and businesspeople in the Sydney suburb of Greystanes have succeeded in their efforts to keep the local branch of the Commonwealth Bank open. Two [...]

POSTED ON August 16, 2002
HSBC offers business cash account

HSBC Australia has launched a new cash management account for businesses. It offers an interest rate of 4.6 per cent at call for balances over [...]

POSTED ON July 12, 2002
New rural banking inquiry

The Federal Government will hold a new Senate inquiry into remote and rural banking services, to be led by Liberal senator Grant Chapman. Although the [...]

POSTED ON July 11, 2002
Minister wants SME bank fees inquiry

The NSW Minister for Small Business, Sandra Nori, says she intends to push for an inquiry by the ACCC into bank fees levied on small [...]

POSTED ON July 3, 2002
St George wins business customers

The middle market in business banking is the most profitable - but it also has the largest number of dissatisfied customers, according to a recent [...]

POSTED ON June 20, 2002
Card reform will lift fee, cut branches

A new Access Economics report says that the Reserve Bank's plans to reform Australia's credit card system and fees "have merit" but may result in [...]

POSTED ON June 13, 2002
ANZ opens new rural branch

ANZ Bank announced it will open a new branch in rural Victoria on July 1. The bank has secured a lease on a building in [...]

POSTED ON June 11, 2002
Insurance stamp duty halved in NSW

The New South Wales Budget will slash stamp duty on general insurance from 10 per cent to 5 per cent, which will affect not only [...]

POSTED ON June 5, 2002
CUA to merge with MCU

Credit Union Australia has announced that it will merge with Metropolitan Credit Union, in a deal which will boost CUA's assets under management to $1.8 [...]

POSTED ON June 5, 2002
Faster service from the ANZ

ANZ Bank CEO John McFarlane has promised that people using branches won't have to wait more than five minutes to be served. The five-minute commitment [...]

POSTED ON May 10, 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
ANZ targets NAB’s rural clients

The ANZ Bank has launched an aggressive marketing campaign designed to poach the National Australia Bank's customers in rural Australia. It is targeting customers across [...]

POSTED ON April 23, 2002
NAB slammed for branch closures

ANZ's CEO John McFarlane has accused the National Australia Bank's chief Frank Cicutto of breaking an unwritten policy between the top bankers to restore the [...]

POSTED ON April 16, 2002
NAB closes 56 rural branches

The Finance Sector Union and the Australian Consumers' Association have slammed the National Australia Bank's decision to close dozens of country branches and shed 5,000 [...]

POSTED ON April 5, 2002