Latest Finance News

ANZ Reviewing Its Car Loan Business And May Exit The Space Entirely

Post by Sharat on May 21, 2018 · Under loans · Comment 

At the end of last month Australian banking major ANZ suspended making retail asset-based loans as it seeks to determine whether the rising costs of this type of lending is worth the return the bank makes. This means people looking to borrow to finance the purchase a car, boat or caravan will be fresh out of luck, though ANZ will continue to make personal loans. ANZ expects the review to be complete by the end of September and adds that existing borrowers will not be affected by its decision. Continue reading

Football Fans Travelling To See The World Cup Urged To Protect Themselves With Travel Insurance

Post by Sharat on May 14, 2018 · Under insurance · Comment 

As summer approaches in the Northern hemisphere, it’s no secret that Australian football fans are counting down the days to this year’s World Cup. It would appear however that travel insurer Allianz is also busy making preparations for arguably the biggest sporting event of the year. Allianz is seeking to remind Aussie football fans who intend to visit Russia to exercise a little caution before making the journey. The insurer says that the Government of Australia has advised its nationals travelling to Russia to exercise a great deal of caution which Allianz says is a sentiment it echoes. Continue reading

Australian Banks Expected To Start Hiking Mortgage Lending Rates

Post by Sharat on May 7, 2018 · Under loans · Comments Off on Australian Banks Expected To Start Hiking Mortgage Lending Rates 

ME, the online lender has decided to raise the interest rate on its variable rate mortgages because it says funding costs have risen. ME is not the first bank to do this, nevertheless the lender hiked its standard variable rate for owner-occupier, principal and interest borrowers. Jamie McPhee CEO of the online lender said higher funding costs and increased regulatory compliance were the main reasons behind its decision to hike rates. Continue reading

From July Australians With Good Credit Histories Will Be Able To Secure Lower Interest Rates

Post by Sharat on April 28, 2018 · Under News · Comments Off on From July Australians With Good Credit Histories Will Be Able To Secure Lower Interest Rates 

Many Australians experience a shudder when they hear the words ‘credit history’, particularly if they are thinking about taking out a personal loan, applying for a credit card or seeking a mortgage. Everything could change in the near future following the implementation of mandatory Comprehensive Credit Reporting (CCR). From the first of July the big four lenders will be forced to share half of their credit data regardless of whether it is positive or negative. Continue reading

Australians Not Using Balance Transfer Cards Properly

Post by Sharat on April 21, 2018 · Under credit cards · Comments Off on Australians Not Using Balance Transfer Cards Properly 

Balance transfer cards are popular with Australians seeking to pay down their credit card debt because they come with an interest free period. That does sound good doesn’t it? Unfortunately, the reality is most Australians are seriously misusing these cards and its costing them a packet. According to RateSetter 44 per cent of Aussies who use these cards to try to pay down debt fail to do so within the interest free period because they are unable to resist the temptation of spending more. A further 12 per cent simply lack the discipline to make the monthly minimum payment. Continue reading

NAB Cuts Variable Mortgage Rates

Post by Sharat on April 14, 2018 · Under loans · Comments Off on NAB Cuts Variable Mortgage Rates 

NAB has introduced a new variable interest rate owner occupied mortgage product with an interest rate starting at just 3.69% for customers who choose to make both principal and interest payment. This new offer is just the latest in series of sharp cuts in interest rates as banks battle to acquire new customers. NAB also followed the lead of CBA and ANZ in cutting interest rates on fixed home loan rates as well. Continue reading

Common Balance Transfer Pitfalls

Post by Sharat on April 7, 2018 · Under credit cards · Comments Off on Common Balance Transfer Pitfalls 

Balance transfer cards are useful because they allow credit card borrowers to consolidate their debt onto a single card that usually has a long interest free period. This means the borrower is able to pay off their debt without incurring additional interest rate charges. This does sound too good to be true doesn’t it? Well to some extent it is, there is a catch, lenders are increasingly tacking on fees to transfer a balance, which is usually some fraction of the balance being transferred. Continue reading

Younger Australian Travellers Skipping Out On Travel Insurance

Post by Sharat on March 28, 2018 · Under insurance · Comments Off on Younger Australian Travellers Skipping Out On Travel Insurance 

We’ve all heard terms such as millennial’s, you may have even come across a HENRY, though we still don’t entirely know what that means. The latest research however has revealed a new class of younger Australians that have cash to spend and love to travel that are being referred to as flashpackers. According to the study gone are the days when young Aussies would strap on their backpacks to head overseas on the smell of an oily rag. Continue reading

Personal Loan Discount Season Is Over

Post by Sharat on March 21, 2018 · Under loans · Comments Off on Personal Loan Discount Season Is Over 

Summer is officially over and Aussies have already started to notice the temperature dropping and that change is in the air. Unfortunately, the same cannot be said about personal loan discounts. If you don’t know what they are, personal loan discounts were deals offered by lenders at the start of February which have now come to an end. Not surprisingly many potential borrowers are wondering whether there is any value to be had in taking out a personal loan. Continue reading

Mobile Apps Are The Future Of Banking

Post by Sharat on March 14, 2018 · Under banking · Comments Off on Mobile Apps Are The Future Of Banking 

Across the world people are taking to mobile banking in droves and Australia is no different. A rising number of Aussies are using mobile banking apps to manage their money and if you happen to be one of them, then it appears that you are much more likely to recommend your bank to friends and family. According to a recent survey undertaken by Roy Morgan, more than two-thirds of people polled said they would probably recommend a bank after using its mobile app. This is way more than people who visit branches or bank by phone. Continue reading