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Rate cuts come too late for the repossessed
23 December 2008 |
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| Almost 1,300 families in NSW had their properties repossessed in the first nine months of the year – before big interest rate cuts came into effect. 3,194 writs of possession were issued in the nine months to the end of September in NSW, of which around 40 per cent were executed. Since September repayments on a $250,000 mortgage have fallen about $500 a month. Senior solicitor Katherine Lane from Consumer Credit Legal Centre said "When house prices are falling banks look to repossess much more quickly to get their money back and without legal protection borrowers don't stand a chance. The Federal Government needs to act to give better protection to homeowners said Lane. "At the moment a bank does not even have to respond to a borrower who pleads hardship and wants to restructure their repayments," she said. "We want a dispute resolution scheme which can rule on whether a bank is acting reasonably - at the moment they can do as they wish." Rates should have been raised early in 2008 to 7.25 per cent said AMP chief economist Shane Oliver. |
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| Source : The Daily Telegraph |
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| 31 December 2008 | - Strange legal action will be fought says ANZ |
| | - Rates to plunge to two per cent |
| | - Legal actions mounting up for ANZ |
| | - Dodgy cash back deals anger consumers |
| | - Card contracts can't be understood |
| | - Airfares down  Take a break says government |
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| 30 December 2008 | - Mortgage stress for sub-prime lender's customers |
| | - Banks pushing card debt |
| | - Westpac/BT investment fund frozen |
| | - Big trouble ahead for property trusts |
| | - ANZ signing up car dealers |
| | - ANZ Bank fined by US government |
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| 29 December 2008 | - Wizard borrowers to get lower interest rates |
| | - NAB to speed up transfers |
| | - Baby bonus test creates confusion |
| | - Aussies become bargain hunters |
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| 24 December 2008 | - Up market retail boom |
| | - St George customers get 'worldÂs best' service |
| | - Bendigo mums and dads invest more |
| | - Bank fee take goes up |
| | - ANZ cuts back on services for wealthy customers |
| | - Reward for information on ATM bandits |
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| 23 December 2008 | - Sydney property investors getting eight per cent |
| | - Money moving back to markets |
| | - Confidence in super evaporates |
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| 22 December 2008 | - Banks tighten up on lending |
| | - Banks support greenhouse plan |
| | - ANZ chases car loan partners |
| | - Rent goes up, property prices go down |
| | - Banks not passing on rate cuts to farmers |
| | - Bad personal loans dog CommBank |
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| 19 December 2008 | - Pay off credit card debts first |
| | - More ATMs for BankWest and Commonwealth customers |
| | - Confidence in Commonwealth Bank crashes |
| | - Charity gift cards growing in popularity |
| | - Card debt down but markets still destroying wealth |
| | - Aussie ponzi scheme eats $100 million |
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| 11 December 2008 | - Guarantee fails to bring bank costs down |
| | - Citibank collects complaints |
| | - Bank customers go online to complain |
| | - Aussies reject shares for bank deposits |
| | - ATMs to display fees up front |
| | - Adelaide lures investors |
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| 10 December 2008 | - Rams faces action over 'unreasonable' exit fees |
| | - No action on excessive exec salaries |
| | - Next big rate cut due in February |
| | - Keep repayments high to bring interest costs down |
| | - Cash advances go up |
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| 09 December 2008 | - Mortgage market contracts, mortgage stress grows |
| | - Challenger comes back to the mortgage market |
| | - Banks back in business thanks to guarantee |
| | - Banks axe more staff |
| | - Aussies reject saving to spend up big |
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| 08 December 2008 | - Cards and mortgages soak up bonus payments |
| | - Big banks 'unconcerned' about mortgage defaults |
| | - Rate cuts not flowing through to home sales |
| | - Members Equity Credit Unions to take on banks |
| | - ANZ sacks 800 managers |
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| 05 December 2008 | - Sydney property slump continues |
| | - OneLend takes over City Pacific mortgage network |
| | - Members Equity passes on full rate cut |
| | - Commbank chief takes over as banker's chair |
| | - ANZ warns shareholders on share sales |
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| 04 December 2008 | - Rate rises blamed for poor economy |
| | - Profits down in finance sector |
| | - Members Equity profit down, exec pay up |
| | - Forty thousand caught by fixed rate mortgages |
| | - Card rates starting to come down |
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| 03 December 2008 | - RBA cuts again, more cuts to come |
| | - Homeowners $565/month better off |
| | - CBA, NAB pass on full rate cut |
| | - Banks hold onto big margins |
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| 02 December 2008 | - St George customers get 2,700 ATMs |
| | - No application needed for Visa gift card |
| | - Five per cent mortgage rates coming soon |
| | - Exec bonuses to be scrutinised |
| | - Banks issue card fraud warning for xmas shoppers |
| | - RBA cuts cash rate by 1 percent. |
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| 01 December 2008 | - Sydney buyers slugged by stamp duty |
| | - Melbourne auction sales slump |
| | - Investors rush to bank deposits |
| | - Debt cards recommended for young people |
| | - Big rate cuts due this week |
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