Banking

Warning signsWhiplashed $7tr housing market faces big stress test

While the housing strength is good news for the economy’s recovery further gains risk fuelling the bubble that is destined to pop one day, leaving a trail of bad debts.

Michael Heath

Hip pocket painCredit card customers hit by excessive interest rates

Credit card interest rates have remained extremely high despite the Reserve Bank of Australia slashing the cash rate. Find out the best credit card deals.

Sophie Elsworth

How low to go?Banks in race to bottom to find floor for home loans

It started as a trickle in July, and there’s now a flood of lenders offering home-loan interest rates below 2 per cent.

Anthony Keane

Virus falloutDebt paydowns lift Pioneer Credit to record

The debt recovery company says many customers used the pandemic as an opportunity to reduce overdue debt.

Sean Smith

Down againANZ savings cut a ‘hard pill to swallow’

The bank’s savers have been dealt a major blow after savings rates were slashed more than what was handed down by the RBA in a move described as a ‘hard pill to swallow’.

Gerard Cockburn

Doors shutBomb threats close all NAB branches

National Australia Bank branches across the country have been forced into a shutdown over what the big four bank described as a “physical security threat”.

Daniel Newell

‘Encouraging sign’Aussies ‘bouncing back’ with surge in loan repayments

Australia’s economy recovery is gathering pace, with two-thirds of all loans deferred now being paid back in full.

Lanai Scarr

Booming marketOne in five missing buy now, pay later repayments

Despite the rising in the number of people using the schemes and a near doubling of the amount of credit extended to consumers, ASIC has not recommended any new consumer protections.

Daniel Newell

Eighth cutCBA clips rates in fresh blow for savers

Commonwealth Bank has delivered the latest blow to savers by slashing rates on deposit accounts for the eighth time this year.

Gerard Cockburn

opinion
opinion
Self-funded attack
opinion
‘In this together’ means looking after savers, too

‘RBA governor Philip Lowe argued the actions of the central bank are about the collective good. This from the gospel according to all, except self-funded retirees and savers.’

Peter Warnes

BankingCBA Q1 earnings fall as low rates impact

Commonwealth Bank has posted a decline in earnings for the first quarter of 2020/21 as the pandemic and a low interest rate environment continues to impact.

Go ahead ...Why you need to go all Dirty Harry on your bank

Put you lender in the cross hairs. Credit growth is currently low, so banks are fighting harder to retain business. It’s time to ask if they’re feeling lucky.

Bruce Brammall

Where to lookThree options for returns as savings rates tumble

YOUR MONEY: Investors only have three real choices when it comes to generating income over the next year or so.

Nick Bruining

Six-year lowMacquarie first-half profit slumps on bad debt charges

Macquarie Group first-half profit fell to the lowest in six years amid the uncertain recovery from the coronavirus pandemic.

Matthew Burgess

BankingNAB net profit slumps more than 45pct

National Australia Bank is cautiously optimistic about the future despite reporting a 201 per cent spike in credit impairment charges.

Bad debtsNAB profit plunge caps decade-low for banks

National Australia Bank’s full-year profit slumped as the coronavirus-induced recession swelled bad-debt charges, rounding out the worst earnings season for the nation’s lenders in a decade.

Matthew Burgess

No changeCBA, Westpac, NAB refuse variable rate cuts

Two of the big four banks have moved on the record-making interest rate cut announced by the Reserve Bank of Australia but have refused to pass on relief to those with variable mortgages.

Sarah Ison

Save or splurge?Interest rate cuts won’t get WA spending

Lower interest rates are the least likely factor to get West Australians to open their wallets and spend, according to a new report.

Meilin Chew

Big four waitThe small lenders already passing on RBA’s rate cut

Within hours of the central bank cutting the cash rate to a new record low, five smaller lenders had trimmed their variable home loan interest rates. The big four could take weeks to make a move.

Gerard Cockburn and Rebecca Le May

Money mattersRBA defends call to cut rates to record low

Reserve Bank of Australia Governor Philip Lowe said given Australia was facing a period of high unemployment, the RBA was “committed to doing what it can to support the creation of jobs”.

Sarah Ison

Extra helpCBA puts a freeze on forced home sales

Australia’s largest bank will implement a freeze on forced home sales for customers who have defaulted on their loans due to the pandemic.

Gerard Cockburn

Mortgage reliefLowe and Co. may cut rates, but will the banks?

Analysis has found the big four banks’ tactic of going slow when passing on official rate cuts has pocketed them a $1.2 billion windfall since the RBA began cutting rates in 2011.

Colin Brinsden

‘Disappointing’ resultWestpac profit drops 62pc on bad debts, laundering fine

Westpac’s full-year profit has plunged after the lender was hit with a record fine for breaching anti-money laundering laws, and the coronavirus-induced recession swelled bad-debt charges.

Matthew Burgess

Huge debtCBA fined over credit limit hike for gambler

Commonwealth Bank has been slapped with a $150,000 fine after it went ahead and gave a customer with a gambling problem exactly what he’d warned them not to.

Rebecca Le May