Commonwealth Bank cuts variable, fixed home loan interest rates
COMMONWEALTH Bank of Australia (CBA) has dropped its interest rates on both variable and fixed home loans after its rivals National Australia Bank, ANZ Banking Group and Aussie Home Loans all reduced their rates over the weekend. Read more
House prices will rise in step with grant
HOUSE prices are tipped to rise as a result of the First Home Owners Boost announced by the Federal Government yesterday.
Real Estate Institute of SA president Robin Turner said the initiative would increase the number of home-buyers in the market and drive up demand. Read more
All Aussie deposits guaranteed
PRIME Minister Kevin Rudd has taken unprecedented action to safeguard Australia’s banking system, placing the nation on a war-like footing to deal with the global financial crisis.
After two days of crisis talks with senior ministers and bureaucrats, Mr Rudd today announced a three-pronged plan to further ensure the stability of the Australian financial system, including a government guarantee for up to $700bn in deposits. Read more
Cut credit card rates, Choice tells banks
Consumer advocacy groups say the banks are ripping off their customers and they want banks to cut the credit card rate.
There are 14 million credit cards in circulation in Australia, with almost every Australian adult owning at least one. Read more
Rate cuts could buoy property market
PROPERTY buyers and sellers will “rush back to the market” after today’s huge interest rate cut by the Reserve Bank.
“People will certainly rush back to the market, and the incentives are there, more likely now than ever to buy,” says Phil Naylor of Mortgage and Finance Association of Australia. Read more
Banks ‘ripping off credit card users’
AUSTRALIA’S leading banks are ripping off their credit card customers to the tune of almost $900,000 a day by refusing to cut their sky-high interest rates.
All four big banks have failed to deliver any relief on the nation’s 14 million credit cards despite the Reserve Bank slashing official interest rates by a full 1 per cent, the Courier-Mail reports. Read more
Aust dollar makes partial recovery after plunge
The Australian dollar made a partial recovery after being hit hard and plunging to a new five-year low.
But about 10.30pm AEDT, it was trading higher at 67.87 US cents. Earlier the dollar was at a five-year low of less than 65 US cents. Read more
BankWest takeover ’strengthens big lenders’
Federal Opposition Leader Malcolm Turnbull says the Commonwealth Bank’s takeover of BankWest reduces competition in the Australian financial market.
The $2 billion takeover has been criticised by consumer group Choice, which says it is not in the best interest of consumers. Read more
Four big banks monopolise mortgages
THE big four banks continue to dominate the mortgage market although growth has slowed dramatically and the global credit crunch has begun to force credit rationing among big lenders, a report says.
JP Morgan/Fujitsu’s eighth Australian Mortgage Industry Report also says that the number of households suffering mortgage stress will rise to one million in 2009 from 800,000 this year. Read more
Cut credit card rates, Choice tells banks
Consumer advocacy groups say the banks are ripping off their customers and they want banks to cut the credit card rate.
There are 14 million credit cards in circulation in Australia, with almost every Australian adult owning at least one. Read more