Australian Car Finance News

NAB keeping quiet on UK banks sale - Jan 06, 2009
National Australia Bank (NAB) is keeping mum over whether it will offload its UK assets as new chief executive Cameron Clyne prepares to update the market on the bank's strategic direction...

GMAC no longer sole GM car financier - Jan 05, 2009
GMAC will no longer have exclusive rights to provide low-interest loans to people who buy General Motors Corp...

Loan books are cruising for a bruising - Dec 23, 2008
WHILE the Commonwealth Bank has been busy putting out spot fires after fumbling its $2 billion capital raising last week, bad debts on its books have piled up faster than expected...

Commonwealth, Merrill brawl over $2b bungle - Dec 18, 2008
THE Commonwealth Bank and Merrill Lynch were last night locked in a multimillion-dollar brawl over the embarrassing fiasco that forced the bank to scrap a $2 billion capital raising and then replace it with a cut-priced deal at a lower cost...

Sidestep the credit crunch - Dec 17, 2008
AUSTRALIANS are inherently optimistic people - and waiting in trepidation for the arrival of a global economic tsunami, while speaking in hushed tones about the possibility it will sweep away our jobs, simply doesn't suit us...

Mortgage broking firm operator jailed - Dec 16, 2008
The operator of a Victorian finance and mortgage broking firm has been jailed for four years after being found guilty of charges that flowed from an Australian Securities and Investments Commission investigation...

Swan gets ready to raise cash - Dec 15, 2008
THE first use by the banks of the Federal Government's wholesale funding guarantee should comfortably pave the way for the federal Treasury to raise new debt to support a further stimulus package to help to prevent the country going into recession...

Credit to the mutuals - Dec 11, 2008
With institutions putting a squeeze on personal loans, it's good to

have a customer-friendly alternative...

Banks told to show their fees at ATMs - Dec 11, 2008
THE COST of withdrawing money from an ATM owned by a bank other than your own will, from March, have to be displayed on the screen before the transaction...

Buy now, suffer later: how banks cash in on credit-card battlers - Dec 10, 2008
CONSUMERS are racking up more than $1 billion in cash advances on their credit cards in a single month, marking a 14 per cent increase on the same time last year...

ANZ to cut up to 800 jobs by end of year - Dec 08, 2008
The ANZ Bank will cut up to 800 jobs before the end of the year following an announcement to staff.

The announcement was made in Melbourne by ANZ chief executive Mike Smith on Friday, ABC reports...

Get in the loop - Dec 08, 2008
The prepaid card that helps consumers set spending limits is challenging its credit and debit rivals...

Credit card rates fail to show big falls - Dec 04, 2008
THE four major banks have marginally cut the interest charged on most credit card accounts since the Reserve Bank began lowering rates in September...

Home buyers save hundreds, but will they spend it? - Dec 03, 2008
AUSTRALIA'S home buyers will save hundreds of dollars on their mortgages in the lead-up to Christmas after the Reserve Bank cut interest rates to their lowest level in seven years...

Silver lining in dark clouds - Dec 02, 2008
THE economic crisis is producing a new round of winners and losers as the Reserve Bank slashes interest rates for home owners, consumer prices continue to fall, and pensioners and families line up for cash bonuses...

ANZ holds highest credit exposure - Nov 27, 2008
ANZ Banking Group has emerged as having the highest level of on-balance sheet credit exposure of any major Australian bank, as the sector prepares for a tougher credit cycle...

Aussie dollar to hit 47 US cents: bank - Nov 26, 2008
The Australian dollar will hit an all-time low of 47 US cents by the middle of next year, a major French bank says...

ANZ still circling Suncorp - Nov 25, 2008
A POSSIBLE sale of Suncorp's banking and wealth management businesses remains on the cards despite an upbeat forecast yesterday that its bank division is weathering the strains caused by the global financial crisis...

Aussies pay now, buy later: analysts - Nov 24, 2008
One of the world's biggest credit card companies says Australians are borrowing wisely.

But other analysts say personal debt repayments are rising sharply because retailers are struggling to sell interest-free period financing...

Hot or cold but never just right - Nov 24, 2008
A year ago Australia boasted a Goldilocks economy - not too hot and not too cold. When the porridge heats up it causes inflation and when it's cold it heralds recession...

Cash is king as freeze hits - Nov 20, 2008
Earlier this month the Reserve Bank announced it was expanding its repurchase operations to include some forms of commercial debt...

Citi staff caught in jobs whirlwind - Nov 19, 2008
AUSTRALIAN staff at Citigroup are the latest to bear the brunt of sackings in the banking sector, in a sign of the mounting toll of the global financial crisis...

Westpac pushes its friendly face into clear view - Nov 17, 2008
HAVING a tilt at the banks for charging high fees is the kind of advertising usually associated with challenger brands like the "Dragon", not one of the big four...

Bleak Friday - Nov 17, 2008
AMP Financial Services will cut around 200 jobs across its business, joining groups including ANZ and the new St George/Westpac entity, which are also expected to announce significant redundancies in the lead up to Christmas...

CBA to take $1b hit over bad debts - Nov 14, 2008
THE failures of Allco Finance Group, ABC Learning Centres and the giant US investment bank Lehman Brothers could add $1 billion in bad debt charges to the books of the country's largest lender, the Commonwealth Bank, next year...

Credit card rate cut is a break from the mould - Nov 13, 2008
The banks have done something unusual in the past couple of weeks - cut their credit card interest rates...

Customers bite back - Nov 13, 2008
A new service is making it easier for account holders to walk out on their bank.

People considering switching bank accounts - perhaps because they're unhappy with the way their financial institution has handled recent interest rate cuts - should find the task a little easier now the banking industry and regulators have unveiled an account-switching service...

Credit card rate rises threaten recovery - Nov 11, 2008
INTEREST rates on credit cards are continuing to rise, undermining the impact of the Reserve Bank's aggressive bout of rate cuts...

Big four banks tightening grip - Nov 10, 2008
BANKWEST warned the Federal Government the industry was losing competition and the big four banks were tightening their grip on customers three months before it surrendered its independence as Australia's sixth biggest bank to the Commonwealth...

Diagnosis: it's not good - Nov 10, 2008
It's the word on everyone's lips - recession. We know it's bad and we don't want it arriving on our shores...

Little left for Allco investors - Nov 07, 2008
SHAREHOLDERS in the failed Allco Finance Group stand to recover little, if anything, of their investments in the company even after its remaining assets are sold to pay back its multitude of creditors...

Bye-bye billions: into the abyss - Nov 06, 2008
THE Federal Government has scrapped plans to streamline the income tax system and can no longer guarantee a host of post-election spending promises after revealing the global financial crisis will smash a $40 billion hole in the budget over four years...

More interest rate relief on the way - Nov 05, 2008
THE Reserve Bank is set to reduce interest rates by a further 0.50 percentage points within weeks after its most aggressive series of cuts since the 1991 recession...

Bigger rate cut tipped for Cup day - Nov 04, 2008
The odds of a bigger than usual interest rate cut are firming with all economists polled now expecting the Reserve Bank of Australia (RBA) to lower its official rate by 50 basis points...

Credit demand grows at fast pace - Nov 03, 2008
Demand for credit grew at its fastest pace in six months in the wake of the Reserve Bank of Australia's (RBA) quarter of a percentage point in September...

Crunch may force out mortgage brokers - Nov 03, 2008
The global credit crunch and liquidity crisis has entrenched the dominance of Australia's big four banks and left non-bank lenders and mortgage brokers battling just to stay afloat...

Credit card laws under review - Oct 31, 2008
INTEREST charged on most credit card accounts has not been cut — and some have been lifted — since the Reserve Bank lowered interest rates last month...

Debtors deserve respect - Oct 30, 2008
Consumer advocates have raised concern about the debt-collection practices of banks and credit-card providers as an independent review into the banking code of practice prepares to report on this and other issues...

Now is not the time for panic plugging - Oct 30, 2008
There is a truism about plugging holes in a structure - no sooner is one plugged than another appears...

Business wary of taking on debt - Oct 29, 2008
Businesses are shying away from raising debt in the face of uncertainty and volatility in global financial markets, a new survey has found...

Fraud on the rise as conditions tighten - Oct 29, 2008
Directors and employees are resorting to fraud to keep their companies and personal finances afloat as the economic crisis worsens...

Reserve intervenes as grab for cash knocks dollar - Oct 28, 2008
THE Reserve Bank has intervened to support the Australian dollar for only the third time since 2001, forced into the market by a swift and brutal re-alignment of global currencies...

MFAA hits out at Choice on survey findings - Oct 28, 2008
The Mortgage and Finance Association of Australia (MFAA) has criticised claims by Choice consumer group that consumers who bypass mortgage brokers for loans can save money...

Directors of failed finance firm targeted - Oct 27, 2008
RECEIVERS want to claw back loans to directors of the Manly financier Hastings Capital, which was placed in receivership in August owing 1160 small investors more than $39 million...

Mortgage funds plead for help - Oct 27, 2008
MORTGAGE funds will today ask Treasurer Wayne Swan to guarantee them as he has guaranteed the banks, but they are almost certain to be refused...

Westpac clear to slay the dragon - Oct 24, 2008
THE Treasurer, Wayne Swan, has approved Westpac's plan to take over St George, which would make it the nation's biggest bank...

Four fund providers suspend withdrawals as redemptions soar - Oct 24, 2008
AUSTRALIA'S mortgage fund industry has dramatically succumbed to a flight of money to government-guaranteed bank deposits, with four of the biggest five fund providers suspending withdrawals...

Help - Oct 23, 2008
What should we use as currency when currency no longer works? Shrunken bankers' heads?

If the difference between an investment banker and God is that God doesn't think he is an investment banker, then the difference between a derivatives trader and an evil gargoyle is ...

Business satisfaction with banks 'rises' - Oct 23, 2008
Businesses are more satisfied with the service they receive from the big four banks than they were last year, a survey has found...

Where has all the lost money gone? - Oct 22, 2008
The chronic global financial crisis has wiped trillions of dollars off world stock markets since it first erupted last year - but where has all the money gone? Nowhere, according to analysts...

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