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CUA cuts mortgage rates
24 March 2010 |
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| Credit Union Australia has cut rates on its standard variable mortgage for new customers by 0.25 per cent to 6.37 per cent. NAB’s standard variable rate is 0.37 above that at 6.74 per cent, while the most expensive of the big four, Westpac is at 7.01 per cent. The RBA’s cash rate is 4.0 per cent.CUA says borrowers can save $1,247 per year on their mortgage compared with the average ‘Big Four’ bank customer, or more than $31,000 over the life of a 30-year loan, based on calculations by Infochoice. Andrew Hadley, CUA’s Head of Strategy couldn’t say whether this rate discount would be permanent. He did think that is was affordable and could be sustained.The new rate ensures that CUA’s headline rate for new business aligns with the rate many of its long term customers are already getting. “We have enough margin to do this at this point in time. Basically we are reinvesting our profits and passing on savings straight through to our customers. We can do that because we are a mutual.” |
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| Source : Banking Day |
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| 31 March 2010 | - Young people not coping with debt |
| | - Banks profiting from card debts |
| | - RBA says banks face more competition |
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| 30 March 2010 | - Can you handle higher rates? |
| | - Our banks never in doubt says RBA |
| | - Term Deposit rates may have peaked |
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| 29 March 2010 | - CUA says customer service stacks up |
| | - Rates are going up again |
| | - 1000 Auction weekend in Melbourne |
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| 26 March 2010 | - First home owners are doing fine, thank you |
| | - Mortgage stress is not rising |
| | - Deposit rates at record highs |
| | - Rates to go up at least 0.5% |
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| 25 March 2010 | - Westpac says get used to rate rises |
| | - Big banks still rule lending |
| | - Govt considers cutting deposit tax |
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| 24 March 2010 | - Buying a house can be risky behaviour |
| | - Westpac to pocket huge $$ from card charges |
| | - GFC not over yet says ANZ |
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| 23 March 2010 | - Savings accounts feature bonus rates |
| | - Banks say rates are going up |
| | - Westpac credit cards charge interest on interest |
| | - Credit card surcharging under fire |
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| 22 March 2010 | - AMP cuts variable mortgage rate |
| | - Sydney auction clearance rates continue to improve |
| | - No deposit home loans get thumbs down |
| | - Mortgage rates go up |
| | - Investors reject NAB bid for Axa |
| | - Eftpos cheaper than ATMs for Cash out |
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| 19 March 2010 | - UBank heading for mobile phones |
| | - St George giving away business training |
| | - Jump in new housing starts |
| | - Competition not yet back in banking |
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| 18 March 2010 | - Home price timebomb is ticking |
| | - Competition returning to mortgages says RBA |
| | - New lenders undercut the big four |
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| 17 March 2010 | - ASIC warns on Term Deposits |
| | - Direct debits can hurt the indebted |
| | - Most can’t understand credit card statements |
| | - Shoppers choosing debit over credit |
| | - Credit card tricks and traps |
| | - Banks make big promises to do better |
| | - RBA says Aussie banks are strong |
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| 16 March 2010 | - Banks lower some term deposit rates |
| | - Savers willing to move for better rates |
| | - Aussies don’t know about deposit guarantee |
| | - Westpac to launch new online bank |
| | - Rudd says banks are gouging profits |
| | - New home finance numbers plummet |
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| 15 March 2010 | - Best performing property markets over 10y |
| | - Affordable suburbs recording strong price growth |
| | - ANZ internet banking helps E*Trade |
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| 12 March 2010 | - Mortgage stress hits first home buyers |
| | - Average mortgage up 40 per cent |
| | - Rates to go up another two per cent |
| | - Banks reap profits from extra margins |
| | - Term deposit rates at historical highs |
| | - Investors like ANZ |
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| 11 March 2010 | - High interest rates spook buyers |
| | - Big banks still dominating market |
| | - ING targets internet mortgages |
| | - ING growing as a mortgage lender |
| | - Now is a good time to pay off debt |
| | - Banks take more on credit card rates |
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| 10 March 2010 | - ANZ team to fix mortgage problems |
| | - Brokers offer cash back on mortgage commissions |
| | - Insurers dealing with 40,000 claims |
| | - Bank of Queensland builds war chest |
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| 09 March 2010 | - CBA lowers LVRs for investors |
| | - Property getting unaffordable again |
| | - First home buyers giving up |
| | - NAB, ANZ hindered by back office delays |
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| 08 March 2010 | - Auctions results dip down |
| | - Aussies like debt again |
| | - Interest free deals not so free |
| | - Interest free deals not so free |
| | - Aussies choose weekends over cash |
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| 05 March 2010 | - Brace for 2 years of rate rises |
| | - Rate rises hit credit cards |
| | - ATM fee reforms a failure |
| | - ANZ, CBA go to India |
| | - Westpac goes to London |
| | - CBA to join Facebook, Twitter |
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| 04 March 2010 | - Westpac and NAB hike rates by 0.25% |
| | - How high will rates go? |
| | - Sydney needs more house sellers |
| | - St George customers get wrong statements |
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| 03 March 2010 | - CBA, ANZ, St George move up by 0.25% |
| | - All eyes on mortgage rates |
| | - Rate rise appropriate says RBA |
| | - Swan warns banks on rate rises |
| | - 1 in 5 chance of April rate rise |
| | - More travellers choosing HSBC account |
| | - SENSE account helps with saving |
| | - Police advise: open a bank account |
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| 02 March 2010 | - RBA lifts rates by 0.25 |
| | - ASIC warns of dual pricing on term deposits |
| | - Term deposits not set and forget |
| | - ING aiming for growth in loans |
| | - Charged thousands for own money |
| | - Investors, upgraders drive new home sales |
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| 01 March 2010 | - BoQ leads on personal service |
| | - Westpac has fastest mortgage turnaround times |
| | - NAB buckles under mortgage overload |
| | - Borrowers reject fixed rate mortgages |
| | - Auction results improving for vendors |
| | - Aussies owe more than ever |
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