New data gives mixed signals on interest rates
NEW construction work data and the labour price index gives mixed signals for the outlook for interest rates, economists say.
Australian Bureau of Statistics data today showed total hourly rates of pay, excluding bonuses, rose by a seasonally adjusted 1.0 per cent in the December quarter and was up 3.9 per cent from a year earlier.
Quake to lift IAG’s Insurance costs
* IAG downgrades forecast
* High natural disaster claims
* Too early to estimate quake cost – Suncorp
PREMIUM and reinsurance costs are likely to rise in the fallout from the catastrophic earthquake in Christchurch, with IAG again forced to revise this year’s guidance ahead of today’s interim profit.
Home lenders with best deals
* Best deals? Not the Big Four
* “Don’t overlook small lenders”
* Homeowners: Unsure of what rate they pay
MORTGAGE holders are being told they are the big winners in the price war between the Big Four banks but just how much of the latest marketing spin translates into better deals for customers?
Homebuyers oblivious to interest rates
* Rates major concern for first homebuyers
* But many don’t know what rate they pay
* One in five racked up extra debt
BIG banks’ aggressive campaign to woo homebuyers may largely be a waste of their time with many Australians unaware of what interest rate they even pay.
NAB ads put noses out of joint
Update Westpac has shot back at National Australia Bank’s audacious push for mortgage market share, saying the bank’s price-based strategy is not resonating with customers. NAB has announced it will cover $700 towards the exit fees of customers switching from Commonwealth Bank or Westpac, which have not scrapped exit fees.
Westpac and CBA refuse to give in
* NAB to pay exit fees to lure customers
* Commonwealth Bank, Westpac won’t budge
* Homeowners set for a more competitive market
TWO of the big four banks have defiantly refused to scrap mortgage exit fees.
NAB’s exit fee plan
* NAB will reimburse borrowers exit fee penalty
* Part of plan to poach customers from rivals
* Offer will give NAB long-term benefits
NATIONAL Australia Bank will pay the exit fees for home loans in a bold bid to poach customers from its two biggest rivals.
Commonwealth Bank plans a home loan push
THE Commonwealth Bank plans to kickstart its residential mortgage lending again and claw back the market share conceded to rivals when it deliberately slowed new loan growth following the global financial crisis.
Commonwealth chief executive Ralph Norris admitted yesterday the bank’s reputation had suffered when it raised its standard variable rate by 45 basis points in November, nearly double the official move by the Reserve Bank.
NAB chief warns that banking reforms could lead to higher fees
* NAB chief sounds warning on banking reforms
* Political pressure a “headwind” for banks
* Could impact on customers and economy
NATIONAL Australia Bank warned today that political pressure on the Australian banking sector could lead to higher fees and charges.
Official cash rate could rise sooner than expected
THE acceleration of the mining boom and further pressure on the labour market on the back of the massive rebuild needed in flood-ravaged Queensland could put pressure on the Reserve Bank to raise the official cash rate sooner than expected.