News

Big Banks Raise Home Loan Rates

The big four banks have faced fierce scrutiny from the media this week after a decision to raise interest rates despite the RBA keeping the cash rate on hold.

CBA and Westpac both raised their Standard Variable home loan rates by 10 basis points following the RBA’s announcement, whilst ANZ and NAB lifted rates by 9 and 6 basis points respectively.

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Mutual Assets Growing Faster Than The Banks

The Australian Prudential Regulation Authority has released statistics showing Mutuals (Credit Unions, Building Societies and Mutual Banks) are growing faster than the big 4 banks, reinforcing the continuing strength and growth of the mutual sector.

Total assets grew by 8.7% for the year ending 30 September 2011, higher than the comparable growth rate for the major banks at 7.9%.

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Mutuals Ahead of Banks

The recent announcement of the RBA rate cut of .25% to 4.5% is welcome news for Australian consumers struggling with the rising cost of living. Consumers that are looking for even more respite from high interest rates on their home loans can look to us for a better deal.

Mutual ADI’s standard variable home loan rates have been, on average, lower than the big four banks' for years, based on financial comparison websites like Canstar Cannex.

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Shop Safely

As we head into the busy Christmas shopping season we are encouraging our members to take some basic safety precautions when spending in stores and online. This article provides some simple tips that you can follow to protect your personal information and your money.

The Problem

There are different risks associated with shopping online and shopping in a store however they all result in the misuse of your personal information with a view to obtaining your money fraudulently.

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Choosing the Right Card

Last year the Reserve Bank of Australia reported that in 2010 Australia was the world leader in personal debt, even overtaking the usual credit-hungry U.S.  Not surprisingly, next to mortgages and various personal loans, credit card debt comprises a large part of our collective $1.2 trillion debt, averaging at $56,000 per adult.

Credit card debt has risen 42% in the past five years, currently coming to an average of $3,321. Today there are more than 14 million credit cards in circulation in Australia, with almost every adult owning at least one.

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