The Reserve Bank of Australia says that Australia’s major lenders are using higher funding costs as an excuse to profit at the expense of mortgage borrowers and businesses.
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Australians spent nearly 22 per cent less on charge and credit cards during the month of January compared with the previous month according to new data from the Reserve Bank of Australia.
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An internet entrepreneur who purchased a domain containing Westpac in the URL has had his offer to sell the domain back to Westpac rejected by the lender.
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New data analysing the movement in credit card interest rates over the last two years shows that Australian bank’s have been the main beneficiaries of interest rate cuts, having kept 85 per cent of the savings resulting from the central bank easing interest rates.
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Australians feeling increasingly secure in their jobs due to the rapid decline in unemployment rate over the last few months has helped them deal with the pain of tighter interest rates.
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Despite the recovery in car sales, Australian car loan demand has declined to below levels seen a year ago, and the up-tick in sales is painting a false picture of recovery.
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Australian banking major National Australia Bank (NAB) and Virgin Money remain in the running for the acquisition of a 318 strong branch banking network owned by troubled British lender Royal Bank of Scotland (RBS), whilst Spanish banking giant Banco Santander remains the front runner, having hired Credit Suisse to advise on its bid.
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A survey conducted by a leading mortgage broker suggests that investors returning after their summer holidays took the largest share of the home loan market since 2004.
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Australian credit card holders face the spectre of higher monthly payments as major lenders increase their interest rates in response to the central bank tightening official cash rates.
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Australian consumers are increasingly transitioning away from credit cards and into debit cards instead, as concerns over personal finance become more acute, and major lenders engage in a big marketing push.
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