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.
Budgeting
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.
Australian banks escape crisis
AS SOME of the world’s most respected banks sink deep into the mire of the US subprime crisis, local banks have so far escaped taking big hits.
Backer bid to probe low-end lender
AMAZING Loans’ major backer is trying to have an investigative accountant appointed to probe the low-end lender’s books.
Credit laws will hurt battlers
CASH Convertors has attacked proposed legislation to put a 48 per cent annual cap on short-term loan and interest charges.
ANZ chief on the prowl
ANZ’s new chief executive has his eye on Asia as he looks for new acqusition targets.
Loan payments set to soar
RAMPANT economic growth could force two interest rate rises within the next six months.
Online banking usage at record high
MORE people are banking online, with internet banking usage hitting a record high of 31pc of all bank customers in the June quarter.
No banking safety net
HOW safe is your money if your banking institution goes the way of British bank Northern Rock and looks like failing?
Party over for mortgagees
LENDERS in the non-bank and low-doc sectors are raising rates and ending discounts in response to the sub-prime crisis.
Guard against scams
TUCKING your credit card safely into your wallet is no longer a guarantee against being ripped off.
Original URL: https://www.news.com.au/finance/money/budgeting/page/76