Financial

  • RBA rate cut unlikely, experts say AAP - 6 hours ago
    RBA rate cut unlikely, experts say

    The Reserve Bank is unlikely to cut rates further next week as it balances the need to boost economic growth while keeping Sydney and Melbourne house prices under control. Market pricing for a June rate cut has remained at just four per cent this week, despite Thursday's downbeat capex data which showed business investment slumped in the March quarter, and will likely fall further in the coming financial year. Nine out of 12 economists surveyed by AAP expect the cash rate to remain steady on Tuesday, but 10 of them tip a move by the end of the year.

  • Most homeowners missing out on low rates AAP - 8 hours ago

    Most homeowners are missing out on the full benefits of record low interest rates by failing to refinance their mortgage, financial services veteran Mark Bouris says. A survey of 1,000 Australians who took out a home loan more than two years ago shows almost half have never changed the terms of their mortgage. A further 25 per cent had not refinanced since interest rates began to fall almost four years ago, according to Mr Bouris' financial services firm Yellow Brick Road.

  • Atlantic City sues over failed community loan program Associated Press - 14 hours ago
    Atlantic City sues over failed community loan program

    A 2-year-old loan program that was supposed to lend as much as $40 million to struggling homeowners and businesses in this cash-strapped resort city has given out nothing and has instead led to a federal ...

  • US average rate on 30-year home loans rises to 3.87 percent Associated Press - 17 hours ago

    Average U.S. long-term rates rose this week to their highest level so far this year as new data showed strength in the housing market. Here's a look at rates for fixed- and adjustable-rate mortgages this ...

  • Greece aims to get bailout deal by Sunday but creditors wary Associated Press - 20 hours ago
    Greece aims to get bailout deal by Sunday but creditors wary

    Greece says it aims to clinch a deal with its creditors by Sunday, a development that would allow it to receive the desperately needed final installment of its international bailout plan and avoid a default. ...

  • The New Grad's Guide to Good Credit US News - 21 hours ago

    1. An excellent credit score could save you hundreds of dollars a year and hundreds of thousands over the course of your life. Many credit scoring models use your age of accounts to help determine your score, so it's important to get your credit history started as soon as you can. Getting a credit card or loan early may not be the best thing you can do for your credit, but it's certainly one of the easiest.

  • Why Qatari banks are worried about FIFA CNBC - 22 hours ago
    Why Qatari banks are worried about FIFA

    Qatar losing the right to host the FIFA World Cup is "within the realm of possibility," Citi bank has said, with Wednesday's arrests "bearish" for the Arab emirate's banks.

  • JPMorgan Chase to cut 5,000 jobs: sources AFP - 23 hours ago
    JPMorgan Chase to cut 5,000 jobs: sources

    US banking giant JPMorgan Chase will cut thousands of jobs in a cost-shaving program aimed at saving $5 billion through 2017, a person close to the situation told AFP on Thursday. The largest US bank will eliminate more than 5,000 jobs by next year, said another source, confirming a report in The Wall Street Journal. Last year, JPMorgan slashed nearly 8,000 jobs, mainly in the mortgage loan business.

  • Mortgage rates edge downward after 4-week rise Bankrate.com - Thu, May 28, 2015 8:00 PM AEST

    The rate on the most popular mortgage finally backed down after four straight weeks of increases, persuading some people to borrow. But rates are still about an eighth of a percentage point higher than ...

  • When does old debt fall off your credit report? Bankrate.com - Thu, May 28, 2015 8:00 PM AEST

    Here's how you know if a debt has vanished: Check your credit reports. When is the last time you checked your credit report? You can also check your credit reports from the three major credit bureaus -- Equifax, Experian and TransUnion -- for free once each year.

  • Credit card interest rates for May 28, 2015 Bankrate.com - Thu, May 28, 2015 8:00 PM AEST

    Interest Rate Roundup Find the best credit card offers available. Credit Cards All fixed: 13.02% All variable: 15.85% Credit card rates were unchanged again this week in Bankrate's survey of national interest ...

  • Where will mortgage rates head next week? Bankrate.com - Thu, May 28, 2015 8:00 PM AEST

    Will rates go up, down or remain unchanged? Intro Up 17% Down 58% Unchanged 25% Panel Prediction Up Down Unchanged 17% 58% 25% This week (May 28-June 3), 17 percent of the panelists believe mortgage rates ...

  • Home equity loan rates for May 28, 2015 Bankrate.com - Thu, May 28, 2015 8:00 PM AEST

    Interest Rate Roundup Find the best home equity rates in your area. Home Equity Line of credit: 4.75% Loan: 6% Rates on loans backed by home equity barely moved this week, according to Bankrate's latest ...

  • Auto loan rates for May 28, 2015 Bankrate.com - Thu, May 28, 2015 8:00 PM AEST

    Interest Rate Roundup Find the best auto rates in your area. Auto Loans 60-month, new car: 4.37% 36-month, used car: 5.19% Auto loan rates dipped slightly this week, according to Bankrate's latest survey ...

  • Ratings agencies concerned by Tas budget AAP - Thu, May 28, 2015 7:43 PM AEST

    Ratings agencies have noted Tasmania's strengthening economy as the state government handed down its $5.4 billion 2015/16 budget, forecasting a return to surplus three years sooner than previously expected. Treasurer Peter Gutwein on Thursday revealed Tasmania's fiscal outlook, which forecasts a $59 million deficit for the coming financial year, followed by a three-year cumulative surplus of $310 million. Moody's Investors Service describes as robust the state's revenue growth - which comes largely from increased GST payments - that "is projected to spur significant improvements in its financial performance both this fiscal year and over the medium term".

  • IMF says Greece will lose funding access if payment missed AFP - Thu, May 28, 2015 3:32 PM AEST
    IMF says Greece will lose funding access if payment missed

    Greece will be cut off from additional International Monetary Fund financing if it misses a loan payment to the crisis lender, an IMF spokesman said Thursday. "Any country that doesn't meet its commitment with the Fund... is declared in arrears and they have no access to IMF funding," IMF spokesman William Murray said.

  • Greek pro-EU party pledges to back loan deal AFP - Thu, May 28, 2015 9:00 AM AEST
    Greek pro-EU party pledges to back loan deal

    "Whichever agreement comes to parliament, all To Potami lawmakers will vote for it, without haggling, because the country needs oxygen," party leader Stavros Theodorakis told Skai TV. The leftist-led coalition government has 162 lawmakers, but there are fears that several of its MPs will refuse to back an agreement that includes austerity measures. Tsipras on Wednesday said Greece was "close to an agreement" and his Economy Minister Yiorgos Stathakis said negotiations would conclude by Saturday.

  • Comparing and applying for an investment property loan Yahoo7 Moneyhound - Thu, May 28, 2015 8:00 AM AEST
    Comparing and applying for an investment property loan

    A mortgage for an investment property is surprisingly easier to obtain than a home loan for an owner occupier. Here's breakdown of what you need to know in order to compare interest rates and get the best property investment loan for you.

  • 'Canceled': When it makes sense to close a credit card Associated Press - Thu, May 28, 2015 6:10 AM AEST

    New credit card offers can be tempting, especially when they tout a lower interest rate or more attractive rewards than what's in your wallet. But before you sign up for yet another card, consider whether ...

  • Are Bank Fees Set to Rise? US News - Thu, May 28, 2015 5:05 AM AEST

    If you have money in a savings account and are watching your income grow at a sloth's pace, nobody needs to tell you that interest rates are low. In fact, according to the Federal Deposit Insurance Corporation, or FDIC, the current national average rate of a savings account is 0.06 percent. Currently, the Swiss interest rate is -0.750 percent.

  • World's most powerful democracies discuss how to help growth Associated Press - Thu, May 28, 2015 1:07 AM AEST
    World's most powerful democracies discuss how to help growth

    Top finance officials from the Group of Seven wealthy democracies are gathering in Germany this week to discuss ways to strengthen the global economy. U.S. officials are pressing countries such as Germany ...

  • Chinese buyers 'to benefit from APRA crackdown on local borrowers' Property Observer - Wed, May 27, 2015 4:03 PM AEST
    Chinese buyers 'to benefit from APRA crackdown on local borrowers'

    Mortgage broker fears new home loan rules will benefit foreign investors.

  • Ted Pretty makes sudden exit from Hills AAP - Wed, May 27, 2015 9:19 AM AEST

    Hills Group chief executive Ted Pretty has made a sudden exit from the revamped technology company. Mr Pretty, who transformed Hills from a diversified holding company to a tech-focused one, is being replaced by chief operating officer Grant Logan. Chairman Jennifer Hill-Ling said the board had reviewed and refined the company's strategy and committed to consolidating and growing the business.

  • Bad Credit Can Cost You a Job, Home, Smartphone and More Kiplinger - Wed, May 27, 2015 3:11 AM AEST
    Bad Credit Can Cost You a Job, Home, Smartphone and More

    A low credit score and poor credit history can do more than just affect your ability to get a loan.

  • A guide to Greece's debt crisis and what's at stake Associated Press - Wed, May 27, 2015 3:06 AM AEST
    A guide to Greece's debt crisis and what's at stake

    Greece is out of cash to repay debts due as soon as next week. The country and its creditors — other eurozone countries and the International Monetary Fund — have been locked in negotiations for months ...

  • Stocks cautious over Greece, China notches another big gain Associated Press - Tue, May 26, 2015 9:47 PM AEST
    Stocks cautious over Greece, China notches another big gain

    European shares mostly fell Tuesday as markets reopened after holidays in several countries, with concerns over Greece's debt crisis overshadowing upbeat news from China. KEEPING SCORE: Germany's DAX sank ...

  • Indebted Greece seeks small change from dormant accounts AFP - Tue, May 26, 2015 9:34 PM AEST
    Indebted Greece seeks small change from dormant accounts

    The Greek government, struggling to keep up its debt repayments, announced on Tuesday that any dormant public sector accounts holding less than 100 euros ($109) should be emptied and the funds handed over to the central bank. "It covers bank accounts which on March 15 held a total of 0-99 euros," the finance ministry said in a decree. The ministry added that the funds would be collected from 1,039 public sector or ministerial accounts which had not been used since 2009.

  • Stricter loans to cool property market AAP - Tue, May 26, 2015 8:08 PM AEST
    Stricter loans to cool property market

    Banks are becoming less free and easy with their investor home loans, and that could cool the property market a little and give the RBA less reason to lift interest rates. In a report on Tuesday, ANZ Bank economists David Cannington and Felicity Emmett say it is difficult to calculate exactly how much these changes will affect the supply of mortgages.

  • European stocks fall as Greek debt plight looms Associated Press - Tue, May 26, 2015 7:19 PM AEST
    European stocks fall as Greek debt plight looms

    European shares fell Tuesday as markets reopened after holidays in several countries, as concerns over Greece's debt crisis overshadowed news from China of support for new infrastructure projects. KEEPING ...

  • Westpac poaches senior CBA exec AAP - Tue, May 26, 2015 3:27 PM AEST
    Westpac poaches senior CBA exec

    The head of institutional banking at Westpac is leaving after almost 30 years with the company and will be replaced by one of Commonwealth Bank's most experienced executives. Rob Whitfield has held many senior roles at Westpac since joining as a graduate in 1986, and reportedly was a candidate to replace former chief executive Gail Kelly.

  • First Libor rigging trial begins in Britain AFP - Tue, May 26, 2015 11:24 AM AEST
    First Libor rigging trial begins in Britain

    The first financial trader to face prosecution accused of rigging global benchmark interest rates went on trial in London on Tuesday, following a scandal that cost banking giants billions in fines. Britain's Serious Fraud Office (SFO) alleges that Tom Hayes was the ringleader of more than a dozen traders it says worked to rig the London Interbank Offered Rate (Libor) in the mid to late 2000s. "Mr Hayes wanted to make as much money as he could," prosecutor Mukul Chawla said at the trial.

  • Rob Whitfield leaves Westpac AAP - Tue, May 26, 2015 11:16 AM AEST
    Rob Whitfield leaves Westpac

    The head of Westpac's institutional arm, Rob Whitfield, has stepped down after more than 30 years with the lender. Mr Whitfield, who was said to be a contender to replace Gail Kelly as chief executive but missed out to Brian Hartzer, has decided to leave the bank in search of new opportunities. Westpac has appointed Commonwealth Bank executive Lyn Cobley as his replacement.

  • Tips for help save for retirement AAP - Tue, May 26, 2015 9:01 AM AEST

    "You save for a home, you save for a holiday, you plan to get married, you plan to have children," Westpac director of women's markets Larke Riemer says. Ms Riemer says women can take small steps, starting from when they start working, to ensure they are on track for a comfortable retirement. It's said that you need $1 million to $1.5 million to be able to retire, which Ms Riemer says is not hard to do if you start early.

  • Africa seeks super banker to manage new economic frontier AFP - Tue, May 26, 2015 5:31 AM AEST
    Africa seeks super banker to manage new economic frontier

    Eight candidates are vying to become the next head of the strategic African Development Bank as the continent is undergoing an economic transformation. With 80 ADB shareholders -- 54 African states and 26 non-African countries -- set to vote on Thursday, it is difficult to predict who will succeed Rwandan Donald Kaberuka, bank chief for two consecutive terms since 2005. The new super banker will take over an ADB seeking to diversify beyond its traditional role as a development bank, which lends money for major projects -- a total of $6.8 billion for 317 operations in 2013.

  • Why you need life insurance at midlife Bankrate.com - Mon, May 25, 2015 8:00 PM AEST

    Fear of a loan denial has led some consumers with low credit scores to simply not bother applying for a mortgage. "Your credit score is a piece in the qualification puzzle, but it's not the whole puzzle," says Josh Moffitt, president of Silverton Mortgage Specialists in Atlanta. The best mortgage rates and terms go to borrowers with credit scores of 740 and higher.