Borrowers still racking up credit card debt
ONE in three people are willing to rack up $3000 on their credit card, despite more than half the country knowing personal loans are cheaper.
Budgeting
‘Majority meeting mortgages’
MORTGAGE stress is on the rise, but two-thirds of households are coping easily with their increased home loan payments by adjusting their lifestyles, a survey has found.
More home owners in mortgage arrears
THE number of homeowners getting behind in their mortgage repayments rose in the first quarter, according Fitch Ratings.
NAB introduces free text banking
BRANCH-free banking is a step closer thanks to the National Australia Bank’s introduction of banking by text.
Customers ready to switch banks
BANK customers feel frustrated and trapped, with 55pc saying they would switch banks if law changes make it easier, a survey says.
Debt stress rising for young Australians
YOUNG Australians and people living in outer city suburbs are showing signs of severe debt stress, according to a new report.
Fewer home loans taken out in March
RISING mortgage rates have put off home buyers, with the number of home loans taken out in March falling 6.1 percent.
Push for tax-free bank accounts
EXPERTS say there is too much focus on super and tax incentives on bank accounts would improve Australia’s chronic savings crisis.
NAB scores a $100m bonanza in bank fees
NATIONAL Australia Bank customers were hit with more than $100 million in extra fees in the six months to March.
Families spending half of income on debt
MANY families are spending more than half their gross household income on paying debts, credit gatherer Veda Advantage says.
Ten good reasons for rate reprieve
PLUMMETING consumer confidence and higher mortgage repayments are among 10 key reasons why the RBA should leave rates on hold.
PINs coming for credit cards
CREDIT card holders will have the option of using a PIN instead of a signature when making purchases from June 4.
Swan demands banks cut fees – or else
TREASURER Wayne Swan has told the big banks to lift their game and lower their fees or else he will do it for them.
Westpac warns of more defaults
THE number of cash-strapped home owners defaulting on their mortgages is yet to peak, Westpac boss Gail Kelly claimed.
Banks warn of rate rises if fees cut
AUSTRALIA’S banks have threatened to lift interest rates even higher if forced to slash customer penalty fees.
Westpac raises mortgage rates
WESTPAC Bank has become the third bank in less than a week to raise its variable mortgage rates independently of the central bank due to increasing wholesale funding costs.
Balancing a loan and a family
AS RATES and house prices rise, having both a mortgage and a family can be a financial struggle – but with planning a balance can be found.
Higher rates OK, says credit union
HIGHER interest rates are not all doom and gloom and can provide a means to increase wealth, according to credit union, CUA.
Housing stress levels overstated – RBA
THE RBA says a typical household can afford to spend much more than the old benchmark of 30pc of its income on a mortgage.
ANZ slaps homeowners with rate hike
ANZ has slapped homeowners with more mortgage pain after the bank lifted its variable mortgage interest rates to nearly 9.5 per cent.
Home savings scheme on track
THE Federal Government says its First-Home Saver scheme will be in place within two months, despite mounting criticism of its design.
Credit crunch means fewer lenders
THE global credit shortage is reducing competition among lenders, which could spell short term trouble for home buyers.
Mates joining forces to buy property
FRIENDS and family members are teaming up to get onto the property ladder, new figures show.
Calls to cut crippling bank fees
BANKS are facing mounting pressure to slash crippling fees and charges, according to research by Cannex.
Credit card debt rises as repayments fall
SHOPPERS racked up $43.25 billion on credit and charge cards in February, as repayments fell 7.9 per cent.
Borrowers not scared of floating loans
FIXED rate home loans are becoming a less attractive option for borrowers as talk of further rate rises by the Reserve Bank dies down.
Is now a good time to invest in banks?
BANK shares have been on the skids this year – is it the right time to buy? Tim Blue reports
More Australians retiring with a mortgage
MORE Australians are retiring with a mortgage on their home, which means rising interest rates are having more impact than they used to.
Cheaper loans proposal
HOME loans would be cheaper if the Federal Government guaranteed a mortgage-backed securities (MBS) market, an industry body says.
Borrowers are in a fix on rates
TWO thirds of home owners believe another rate rise will force them to either refinance or sell their homes, a survey shows.
Investors warned to steer clear of banks
INVESTORS are being urged to steer clear of the big banks as concerns about bad debts intensify.
Banks are ready to ratchet up loan rates
BANKS are expected to follow the RBA’s advice this week, hitting struggling home owners with yet another independent rate rise.
Mortgage exit fees a rort for borrowers
BORROWERS are set to benefit from increased competition following the release of a review of mortgage exit fees.
Mortgage exit fees a rort for borrowers
BORROWERS are set to benefit from increased lending competition following a review of fees charged if you want to switch your mortgage.
RBA recognises mortgage stress
RBA GOVERNOR Glenn Stevens has acknowledged that recent rate rises have put significant pressure on borrowers.
Shift unfair rate pain, urges expert
A TREASURY official has said higher rates are unfairly hurting indebted households and called instead for tighter government spending.
Shared equity loans to become the norm
SHARED equity home loans and other products to help first home buyers afford a home will be “mainstream” products in five years
Risky time to lock in rates
ALTHOUGH banks continue to raise home loan rates, it could be too late to think about fixing your mortgage if you want long term savings.
Saving for the debt trap
ALMOST one in three Australians are saving to pay off debt but travel, rainy days and retirement are still higher priorities, a survey shows.
Battlers slugged on banks’ creaky systems
BANKS are gouging penalties from customers caught out by 30-year-old systems that cannot transact in real time, experts say.
Reverse mortgages on the rise
RETIRED workers are being forced to borrow against the value of their homes to cover the higher cost of living in Australia.
Loan sharks cop caning
GREEDY finance brokers are hitting vulnerable households with massive fees and charges more than 20 times the industry standard.
Mortgage stress hits rich
MORE than 700,000 households will come under some mortgage stress by June, with financial grief also hitting higher income families.
High price of an empty nest
PARENTS desperate to untie the apron strings are increasingly agreeing to family equity loans as a polite way of saying goodbye.
Rate hikes cut credit card spending
RISING interest rates are turning consumers off credit cards and encouraging more people to take out a home loan, figures show.
Negotiate a better deal at the bank
ABOUT 20,000 people a month are refinancing their home loans as they struggle to cope with rising interest rates.
Soaring rates show no mercy
HIKES in home loan rates will not only exacerbate housing affordability, but add fuel to the fire that is the soaring rental market.
Bank lending will get tighter, warns RBA
THE Reserve Bank has warned that banks will make borrowing harder as part of the process of reining in excess growth in the economy.
Reverse lender ASF latest credit victim
REVERSE mortgage pioneer Australian Seniors Finance is the latest local lender to be caught out by the global liquidity crunch.
RBA may be ready to pause
AFTER 12 consecutive interest rate rises, the RBA is seeing signs of a slowdown in domestic spending, writes Scott Murdoch.
Banks to raise rates any day now
HOMEOWNERS are likely to feel the bite of higher mortgage repayments sooner rather than later, with three of the big banks already reviewing their…
Make savings accounts count
SAVINGS accounts sound simple but there are still several financial traps for the uneducated or uninterested.
Look around before switching loans
CHANGING lenders could soon be as easy as changing your socks, as banks start helping customers set up accounts with other providers.
Banks want access to ‘mum and dad’ savings
HIGHER borrowing costs due to the global credit crunch has made banks keener to get their hands on ¿mum and dad¿ deposits.
Credit rewards come at a price
CREDIT credit card rewards programs are still not worth it for casual spenders a new report says.
How to put a squeeze on the bankers
THE only way to beat the bank is to own it, or so the saying goes. We take a look at how you can make money out of banks.
Struggling banks a long term bet
IF you believe a week is a long time in politics, try the stock market for size, writes Anna Fenech.
Borrowers lose interest in 100pc home loans
ONE of Australia’s non-bank lenders has been forced to stop offering controversial 100 per cent home loans, and more are likely to follow.
Australia’s credit card bill tops $42b
AUSTRALIA’S credit card bill has continued to grow, hitting a record $42 billion, new figures show.
Banks downgraded in debt blowout
THERE’s been a rash of earnings downgrades for the banking sector, with predictions of a $1.4 billion blowout in bad debts in 2008.
What to look out for when switching loans
SWITCHING loans without doing your homework could end up costing you more in the long run. Here’s a checklist of what to look for.
Credit squeeze, rates outlook hit banks
A FUNDING squeeze and an unfavourable interest rate outlook are behind the repricing underway in the domestic banking sector.
Big banks bet on lower rates
BANKS and other money market players are betting that variable interest rates could begin to ease as early as next year
Move your money elsewhere
WAYNE Swan has fast-tracked a Treasury plan to make it easier to switch banks by reducing fees, amid growing anger at the banks’ haste to raise interest rates.
ANZ banking goes mobile
ANZ is set to jump ahead of its competitors by becoming the first bank in Australia to launch a mobile phone banking service
Speaking up in defence of banks
BANK bashing has become a popular pastime, with major banks lifting interest rates, but maybe it’s time we stop attacking such easy targets
Paying for brokers to get rich
AUSTRALIAN lenders pay among the highest commissions in the world to mortgage brokers, while passing on costs from the credit crisis to borrowers.
Nervous families refinance home loans
ANGRY families are exiting home loans at a dramatic rate as they face a possible second rate hike in a month.
$2 slug for using other ATMs
ANZ and Commonwealth Bank customers stung by home loan interest rises are now being hit $2 a pop for using other banks’ automatic teller machines.
Treasurer wants to axe exit fees
THE Rudd Government is considering outlawing exit fees on mortgages so that banks can no longer punish home owners who choose to switch to a better deal.
Tellers pressured to sell loans
AS families reel from fresh interest rate rises, bank workers are being forced to meet ambitious sales targets or miss out on performance payments.
Fixed rate mortgages more popular
RECENT interest rate hikes and the prospect of more to come have has seen the popularity of fixed rate mortgages take off, new figures suggest.
Housing loans changing shape
A THIRD of all home loans approved in December were for investment properties, with fixed rate loans popular, according to national mortgage broker AFG.
Rates rise a boon for banks
ANALYSTS are estimating that further rate rises outside the normal RBA cycle could add hundreds of millions to the 2008 bottom lines of leading banks.
Banks under pressure on rates
THE treasurer is urging banks to be mindful of increased cost pressures on families when considering lifting home loan interest rates
Lenders face rate hike pressure
THE major banks are under intense political pressure to put consumers first and stop raising rates on home loans and credit cards.
Banks target cashed-up expats
CASHED-UP Australian expats living in Europe are being offered special mortgages to buy property back “home”.
Spending frenzy pushes rate rise odds
ANOTHER record Christmas trading season has boosted the odds of another rate rise early next year as the RBA looks to combat inflation.
Low-doc loan rates to rise
NON-CONFORMING lenders are considering hiking interest rates on their variable rate home loans in the new year to offset the credit crunch.
Choosing the right kids’ account
THE banking sector is flooded with products aimed at children, many are are fee-free but with very low interest rates.
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