Latest Finance News

Taskforce Recommends Banning High Value Cash Transactions To Combat Australia’s Black Economy

Post by Sharat on October 28, 2017 · Under News · Comments Off on Taskforce Recommends Banning High Value Cash Transactions To Combat Australia’s Black Economy 

The interim report by the Black Economy Taskforce which has been established to fight back against black economy activities such as tax avoidance has suggested that consumers who pay in cash but fail to obtain receipts be levied with penalties. The report makes a number of recommendations and argues that in the past, the law has focused on companies instead of customers, however when a customer agrees to pay in cash in order to avoid tax, they become part of the problem. Continue reading

CBA To Launch Low Interest Credit Card

Post by Sharat on October 21, 2017 · Under credit cards · Comments Off on CBA To Launch Low Interest Credit Card 

The big four lenders are increasingly competing with one another to offer low interest credit cards to consumers. In the latest round of this war, Commonwealth Bank has announced it will be launching a new credit card with a purchase rate of just 9.90 per cent. The new card will be offered to the general public starting from early next year and its interest rate is the lowest offered by the big four and puts it on par with the rate offered by Westpac Lite Card which also charges 9.90% in interest. Continue reading

Majority Of Australians Underinsured When It Comes To Home And Contents

Post by Sharat on October 14, 2017 · Under insurance · Comments Off on Majority Of Australians Underinsured When It Comes To Home And Contents 

According to a recent study by a market research firm, an astonishing 83 per cent of Australians are underinsured when it comes to their home and contents insurance. This is a real cause for concern because a recent Climate Change report has warned that many parts of the country are experiencing a rise in extreme fire weather.  The main reason most Aussies are underinsured is because of failure to update policies and the increasing cost of full cover. The real issue however is the financial burden homeowners may face if they find that something goes wrong, particularly if there is a bush fire. Continue reading

Australians Love Spending Money On Having Fun

Post by Sharat on October 7, 2017 · Under News · Comments Off on Australians Love Spending Money On Having Fun 

The latest NAB Customer Spending Behaviour report suggests that overall customer spending in Australia rose by a healthy 3.9 per cent during the second quarter of 2017. According to the report, average monthly spending was $2,064 in urban areas and $1,918 in regional areas. The report says that Australians seem to be mainly concerned with spending their money on having some fun. Arts and recreation spending grew by a whopping 35.5 per cent whilst spending on food and accommodation grew by 10.5%. Continue reading

Goldman Sachs Could Set Up Online Retail Bank In Australia

Post by Sharat on September 28, 2017 · Under banking · Comments Off on Goldman Sachs Could Set Up Online Retail Bank In Australia 

Australian banks have been put on notice after global investment bank Goldman Sachs announced that it is intending to enter the UK market with a high-interest online savings account in 2018. In an interview with the Financial Times, Stephen Scherr of Goldman Sachs said the investment bank plans to increase its retail profile by offering online personal banking in the UK in the same way it has already done in the US. The bank intends to provide consumers with easy-to-use savings accounts that offer high rates of interest. Continue reading

Australian Banks Starting To Cut Fixed Interest Mortgage Rates

Post by Sharat on September 21, 2017 · Under loans · Comments Off on Australian Banks Starting To Cut Fixed Interest Mortgage Rates 

Many Australian banks have hiked rates on their interest-only loans recently, however that trend seems to be reversing with CBA joining a group of banks and cutting fixed rates on interest-only loans. The cut in interest rates applies only to CBA’s Fixed Wealth Package and Fixed Rate Home Loan products for both owner-occupiers and investors. Recently ANZ also cut its two-year fixed rate on interest-only loans by 10 basis points. The lender also increased the rate for principal and interest loans. Continue reading

Rewards Credit Cards Not Looking Like Such A Great Deal

Post by Sharat on September 14, 2017 · Under credit cards · Comments Off on Rewards Credit Cards Not Looking Like Such A Great Deal 

Whilst the idea behind having a rewards credit card may be to accumulate points, bonuses and freebies, if you have not done your homework on the card, you may find it costs you more than it is worth. This year, the average rewards value has plunged by a whopping 67 per cent and the number of cards that actually see Australian consumers going backwards has leapt by a half. Last year there were approximately 30 rewards cards that delivered a negative ‘net’ return. That is to say the fees they charge exceeded the value delivered in rewards. This year the number now stands at 45. Continue reading

Banks Cut Home Loan Rates

Post by Sharat on September 7, 2017 · Under loans · Comments Off on Banks Cut Home Loan Rates 

A number of banks have cut their headline mortgage rates for fixed and variable home loans for owner occupiers in advance of what is expected to be an extremely busy season for the property market this spring. For customers seeking out a low rate variable home loan, the biggest changes last month came from Greater Bank which slashed its rate by 15 basis points to 3.84%. Bank of Queensland followed suit by cutting its rate by 10 basis points to 3.79%. Continue reading

Rising House Prices Make The Great Australian Dream Unaffordable

Post by Sharat on August 28, 2017 · Under News · Comments Off on Rising House Prices Make The Great Australian Dream Unaffordable 

For many people, the Great Australian Dream of home ownership is the reason they get out of bed in the morning or so we thought. According to the results of a recent survey by ServiceSeeking, for 1 in 3 Australians, home ownership is no longer the priority and one quarter of respondents believed that they would never be able to own a home. Continue reading

ANZ Adopts Samsung Pay Giving Customers Extra Choice

Post by Sharat on August 21, 2017 · Under banking · Comments Off on ANZ Adopts Samsung Pay Giving Customers Extra Choice 

Australian banking major ANZ has added Samsung Pay’s digital wallet platform which makes it the first of the big four lenders to allow its customers who hold debit or credit cards the option of choosing between Apple Pay and Android Pay. ANZ said it is allowing its customers to choose any of the major mobile payment technologies as well as its own platform ANZ goMoney. The bank said the decision was driven by a desire to offer customers superior services by embracing digital technologies. Continue reading