Latest Finance News

Interest-Only-Borrowers Could Be In For A Hard Time

Post by Sharat on December 14, 2017 · Under loans · Comment 

If you are interest-only-borrower, then you have had a difficult year. Not only has APRA cracked down on these kinds of loans but according to the latest research from Morgan Stanley, interest-only-borrowers are more likely to make poor financial decisions and pose a risk to their lenders. The research suggests that interest-only-borrowers have a higher chance of descending into debt and losing their savings if a high cost emerges. They are also likely to sell their property if interest rates rise which means they carry a high financial risk. Continue reading

Five Credit Card Mistakes To Avoid Over The Holidays

Post by Sharat on December 7, 2017 · Under credit cards · Comment 

Its officially Christmas season already with the holiday less than a month away. For Australians this means using their credit cards to help pay for the costs of the holiday season. Irrespective of whether you intend to use your credit card to purchase gifts, enjoy a night out on the town or buy tickets for an amazing New Year’s Eve party you should be smart about using your card. Here are the biggest mistakes people make using their credit cards at this time of year and the best ways to avoid them whilst still having fun. Continue reading

Westpac And NAB Increase Credit Card Late Payment Fees

Post by Sharat on November 28, 2017 · Under credit cards · Comments Off on Westpac And NAB Increase Credit Card Late Payment Fees 

According to a recent review conducted by Banking Day, Australians who hold credit cards issued by Westpac or NAB may have noticed there has been a bump in late payment fees over the last year. The review found that late payment fees levied by NAB and Westpac on holders of their credit cards are now 65% higher than fees levied on most low rate and loyalty cards. Both lenders have increased their late payment fees from $9 to $15. Continue reading

Australian Central Bank Likely To Raise Interest Rates In The New Year

Post by Sharat on November 21, 2017 · Under News · Comments Off on Australian Central Bank Likely To Raise Interest Rates In The New Year 

Recently the Bank of England chose to raise interest rates for the first time in a decade and experts believe that Australia could respond with its own hike in interest rates. This is because one of the things the Australian central bank looks at when deciding upon interest rates, is the rates that exist in similar countries such as the UK and US. This is because the interest rates of those countries impact just how much money flows into Australia. Continue reading

Westpac Bins American Express Companion Card Program

Post by Sharat on November 14, 2017 · Under credit cards · Comments Off on Westpac Bins American Express Companion Card Program 

Westpac has announced that it will no longer offer American Express companion credit cards becoming the third major lender to do so. Westpac said the decision was the result of changes made to regulations by the central bank. The lender also recently said it had undertaken a review of its rewards cards and had made some minor changes to points earn rates and caps placed on some cards.  Continue reading

Westpac Banking And Insurance Customers Entitled To Refunds

Post by Sharat on November 7, 2017 · Under banking · Comments Off on Westpac Banking And Insurance Customers Entitled To Refunds 

Westpac has announced that as many as 200,000 of its insurance and banking customers may be entitled to receive a part of a $65 million package of refunds after it was revealed that the lender failed to properly apply discounts to specific package deals. Westpac admitted it made an error which is likely to affect customers who hold Premier Advantage Packages. St George and the Bank of Melbourne customers who have held Advantage Packages since 2010 will also be entitled to receive refunds. Continue reading

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