Latest Finance News

Australians Need To Educate Themselves On The New Credit Reporting System

Post by Sharat on November 14, 2018 · Under News · Comment 

If you are someone who never thinks about their credit score you certainly aren’t alone in that sort of behaviour. According to research from Experian, 65 per cent of Australians have never looked at their credit report even a single time, with customers of the big four lenders being the worst in this regard. There have been changes adopted to the credit reporting system, so now more than ever it is critical that Australians understand how important having a good credit score is. Continue reading

Financial Regulator Issues New Guidance On Credit Cards

Post by Sharat on November 7, 2018 · Under credit cards · Comment 

In a bid to ensure that credit card issuers engage in responsible lending, the regulator ASIC has asked that lenders take up a three-year period when they determine what the appropriate credit limits for borrowers should be. Banks and other providers of credit will now have to assess a borrower’s ability to repay their credit limit in no more than three years, whilst still maintaining the ability of customers to have regular access to credit. Continue reading

Second Hand Car Loans Make Car Ownership Affordable

Post by Sharat on October 28, 2018 · Under loans · Comments Off on Second Hand Car Loans Make Car Ownership Affordable 

According to the latest research, Australia appears to be a nation of second-hand lovers with over 90 per cent of the population having purchased at least one second item at some point in their lives. The research suggests that 100 million items were sold on Gumtree over the last year, with 43 per cent of buyers claiming they saved as much as 50 per cent off the purchase price of the item were they to have bought the item brand new. Continue reading

Low Interest Personal Loans Can Be Used To Consolidate Debt

Post by Sharat on October 21, 2018 · Under loans · Comments Off on Low Interest Personal Loans Can Be Used To Consolidate Debt 

According to the latest data, nearly half of all Australian credit card holder say they find it difficult to make payments that exceed their minimum monthly repayment on their outstanding balance. Not only do these borrowers struggle to make the minimum payment they also seem to be unable to pay down their debt during the interest free period. An ASIC report published recently found that the total outstanding credit card debt in Australia is $45 billion. Continue reading

Tips For Renewing A Credit Card

Post by Sharat on October 14, 2018 · Under credit cards · Comments Off on Tips For Renewing A Credit Card 

No one ever wants to be stuck in the awkward situation of being at a restaurant or at a checkout counter with no way to pay the bill. Therefore, it is extremely important that people are aware of when their credit card is going to expire. The expiry date of a credit card is displayed prominently on the card and it tells you the month and year the card is set to expire. This means an expiring credit card should be good to use right up until the very last day of the month. Continue reading

Good Financial Habits Are Worth Learning

Post by Sharat on October 7, 2018 · Under Hints and Tips · Comments Off on Good Financial Habits Are Worth Learning 

It doesn’t matter whether you have just gotten your first credit card of you have been making mortgage payments for the last decade, it is always advisable to brush up on good financial habits. This is to make sure that you know you are on the right track and are managing your finances properly. We can always use a refresher course on what practices we should emulate so here are a few tips that financially savvy people live by and if you don’t do them, you should add them to your routine. Continue reading

Younger Australians Actually Have Good Credit Habits According To Research

Post by Sharat on September 28, 2018 · Under banking · Comments Off on Younger Australians Actually Have Good Credit Habits According To Research 

Millennial’s are often criticised for their financial management skills, particularly for their love of spendthrift activities such as expensive brunches and international travel. However, it turns out that young Aussies may actually be quite financially savvy especially when it comes to avoiding bank charges and debt. According to research released by ING, Australian millennial’s are not only actively seeking to minimise their bank fees, they also place a lot of importance on paying off debt as quickly as possible. Continue reading

Mortgage Lending Criteria Tightened Leaving Many Borrowers In A Pickle

Post by Sharat on September 21, 2018 · Under loans · Comments Off on Mortgage Lending Criteria Tightened Leaving Many Borrowers In A Pickle 

As variable home loan rate changes have been made, it should come as no surprise that many Australians are rethinking their existing mortgage. Thousands of property owners in the country are set to become so called “mortgage prisoners”. This is when a homeowner cannot obtain refinancing because they no longer meet their mortgage lender’s lending requirement even if they have made every repayment on time.

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A Shocking Number Of Australians Lack Basic Financial Literacy

Post by Sharat on September 14, 2018 · Under News · Comments Off on A Shocking Number Of Australians Lack Basic Financial Literacy 

It is hardly surprising that the results of a new survey suggest that Australians who lack financial literacy tend to have low levels of savings, probably do not have much of an emergency fund and continue to carry credit card balances instead of paying down debt. The survey conducted by the University of Melbourne polled a group consisting of 15,000 people from both genders and every age group. Men tended to be more literate as were middle aged respondents in comparison to females, younger age groups and the elderly. Continue reading

Mortgage Borrowers Should Think About Switching To Fixed Rate Home Loans

Post by Sharat on September 7, 2018 · Under loans · Comments Off on Mortgage Borrowers Should Think About Switching To Fixed Rate Home Loans 

Over the last few months mortgage lenders have been raising their variable rates and passing on increased funding costs to borrowers. Many banks have lifted rates already and more are expected to follow. Experts say the cost of obtaining funding pretty much affects every lender in the market, so it is no surprise that rates are rising across the board. This means even if you borrowed from a big bank, you shouldn’t expect they will sit tight whilst every other lender seeks to manage the increased costs. Continue reading