Cheaper loans proposal
HOME loans would be cheaper if the Federal Government guaranteed a mortgage-backed securities (MBS) market, an industry body says.
Budgeting
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.
Banks squeezed on home loan margins
THE nation’s Big Four banks are bleeding profits by not passing on their higher funding costs in the form of a home loan rate hike.
Banks grab market before raising rates
THE major banks are stealing as much market share from mortgage brokers as they can before putting up their variable-rate home loans.
Switching banks too costly
THE hassle of changing direct debits is preventing people ditching their old bank in favour of a better deal elsewhere.
Watchdog warns big banks
ASIC is talking with banks about the way they provide statements to customers who are in default on their loans.
Borrowers can’t afford rate rise
MOST Australians remain upbeat about the nation’s economic future despite many fearing they are just one interest rate rise away from financial ruin.
CBA wins skirmish with ANZ
COMMONWEALTH Bank has won its skirmish with ANZ over bragging rights to the title of “Australia’s most convenient bank”.
Online lender complains about Cannex
CANNEX has been attacked in a complaint to the ACCC for promoting a “find the best” loan search tool that cuts out some loan providers.
Interest rates on hold – for now
THE RBA has left the official cash rate unchanged at 6.75 per cent, leaving it up to commercial banks and lenders to turn the screws on homeowners.
Credit card charges face RBA scrutiny
RETAILERS and banks are at odds over the need to charge interchange fees on credit card transactions.
Non-bank lenders sliding out of favour
THE move by non-bank lenders to pass on their higher funding costs to borrowers has resulted in poor customer satisfaction results for the September quarter.
Cracking down on money launderers
FROM December, about 40,000 banks, lenders and casinos will have to verify the identity of customers when they want to transact.
Aussie bankers failing to serve
IF the customer is always right, Australian banks must be doing a few things wrong, with a survey showing most banks “could do better” at keeping clients happy.
SMS banking vulnerable
EVEN with security methods such as one-time passwords, SMS internet banking could be vulnerable to attacks, according to research.
December hike unlikely
THE prospect of a rate hike in December is diminishing, with wages data suggesting growth is still manageable.
Tricky lenders fooling borrowers
POTENTIAL borrowers are being warned about tricks used by some lenders to win business after the latest interest rate hike.
Do your loan homework and save
RESEARCHING for your perfect home loan could save you thousands of dollars, create wealth, or have you owning your home sooner.
Original URL: https://www.news.com.au/finance/money/budgeting/page/75