On the 5th of April 2013, the government announced that it would now take superannuation accounts with balances up to $2,500, if they were deemed “lost” from 31 May 2013. If and when you get around to claiming these funds, they will reward you by applying an interest rate equivalent to the Consumer Price Index …
The Australian Securities and Investments Commission (ASIC) have released a calculator that helps you compare your current home loan situation with taking out a new home loan.
Usually the banks pass on interest rate rises to their various savings accounts within a few days of the RBA rate rise, however due to the turbulence created by the CBA increasing their home loan rates by 0.45% compared to the RBA 0.25% most of the other banks have held back before releasing their rate increases. Finally all the rate rises are in.
The following table shows the rate increases for Australian banks whom have an indentifiable high interest savings account suitable for Self Managed Super Funds (DIY Super).
When the RBA raised cash rates in early November the major banks increased their savings account interest rates by the same amount but their home loan rates by much more. We show you where you can find a much higher savings accounts from other banks.
When the Reserve Bank of Australia increased cash rates by 0.25% on Melbourne Cup Day 2 November the Commonwealth Bank immediately responded by increasing its standard loan rates by 0.45% to the fury of Australians everywhere. ING Direct responded by immediately offering $1,000 to anyone who refinanced their mortgage through them before 30 June 2011 if you registerd by 30 November 2010. The remaining banks waited for the furore to die down before announcing that they too were increasing rates by greater than the RBA 0.25%. Here are the rate increases by the Big Four Banks and ING Direct.
ING Direct are offering a $1,000 incentive to switch your home loan to ING Direct. You must register your interest before 30 November 2010 and complete any refinance by 30 June 2011. Click here for more details.
The big 4 Australian banks despite other banks around the world doing it tough due to the GFC, are claiming the cost of wholesale borrowings are getting more expensive and they need to pass this on. According to the Federal Treasurer and the opposition shadow Treasurer this is not true.
Yawn. The second time around the gloss or the shine of Sir Richardâ€™s Virgin brand seems to have become a little tarnished. I mean all the words are there, the sexy young things are there and the fantastic deals are there. Whoa back up there a minute, the fantastic deals? Hmm might check the detail a bit later on that one.
Two of the worldâ€™s largest banking groups, Citibank and HSBC, have Australian offshoots and specialise in cross border banking services. We compare what banking facilities they have to offer Aussies who are playing, home or away.
This is a very quick overview of the proposed changes as outlined in the 2010 Federal Government Budget. The proposed changes will need to be confirmed by the passing of any relevant legislation and thus all details may change.