Trending Financial News 17 December
A new Chinese bank opening in Australia
Australia’s newest digital bank, IN1Bank, is preparing to take on HSBC and the Bank of China and appeal to Australia’s fast-growing Chinese consumer market.
“IN1Bank aims to be the first Australian bank to provide a full customer-centric bilingual digital banking service for the under serviced Chinese-speaking retail market and the digital banking market generally in Australia,” said managing director James Tong to BankingDay.com.
“The key objective for IN1Bank is to be a trusted, secure and safe digital bank which provides a superior digital customer experience.”
Which Australian banks serve Chinese customers?
HSBC and Bank of China have both experienced strong growth in lending and deposits in Australia in recent years. Now a new bank, IN1Bank, is entering the Chinese Australian banking market.
Since December 2017 HSBC has grown its retail deposits by 35% or $3 billion to $11.6 billion. Bank of China (Australia) has expanded its household deposits base by 45 per cent to $1.5 billion.
IN1Bank has a two year plan for development of retail banking products.
Volt Bank starts to enrol customers
Neobank Volt Bank is beginning to enrol customers on its waitlist this week, 11 months after gaining a banking license.
Volt Bank’s at-call savings account product has been launched through partner companies with a competitive interest rate of 2.15 per cent.
CEO Steve Weston told Banking Day that Volt will work through the 40,000 people on the waitlist by February.
Volt then plans to develop and launch a cash management account and a personal loan before launching mortgage products.
Car loan rates UNDER 5%
Car loan rates have fallen under five per cent with plenty of great online car loan deals now available online.
Loans.com.au has a Clean Green Car Loan offering a fixed interest rate of 4.19 per cent p.a. (4.73 per cent p.a. comparison) on amounts between $5,000 and $100,000.
For more great car loan deals in December 2019, read more at InfoChoice.
Afterpay repayments 30x higher than credit cards
A $1,500 Afterpay purchase requires four fortnightly repayments of $375. The same purchase on a credit card will require typical minimum monthly repayment of approximately $45. Credit card debts will attract interest if not paid off within the interest-free period. Have you compared Afterpay with your credit card? InfoChoice has ….
Property investors target WA
The recovering WA property market is attracting the attention of East Coast investors, with property seekers from Sydney and Melbourne looking for bargains. Property expert
Real Estate Institute WA President Damian Collins said bargain hunting investors “are buying properties where they can get a decent yield with interest rates being low, meaning investment properties are usually neutral or positively geared.”
East Coast investor enquiries are based on property values in WA being much lower than in the East’s capital cities said Mr Collins.
Perth’s current median house price is $527,107. Sydney’s median price is $1,079,490. Melbourne’s median house price is $855,428.
Read more about the WA property market outlook.
Western Australia looks good for first home buyers
The WA property market looks like it may be now in recovery and the state government recently announced a new $150 million housing investment package as a means of stimulating the economy.
This is being interpreted by experts as a win for WA home buyers and those who are currently on the social housing waitlist as well as the construction industry with 1,000 jobs to be created.
Read more about the property market outlook for WA in 2020.
Five top business loans in Australia for December 2019
Business owners are busy building their business so InfoChoice makes comparing and finding business loans easier.
Business owners can quickly find and apply for credit in just minutes with InfoChoice. There’s no best business loan for everyone, but you can find plenty of great business loans for your enterprise at InfoChoice.
For example, Become has Invoice Financing, Unsecured Loans and Business Line of Credit products with $0 application fees and interest rates on application. Read more information about five top business loans in December 2019 from InfoChoice.