Sign of the times: CBA increases serviceability floor as property prices climb

Australia’s largest bank, CBA, is increasing its serviceability floor rate from 5.10 per cent to 5.25 per cent.

PayPal dives into declining credit card market

The new credit card comes hot on the heels of PayPal’s new buy now, pay later service also scheduled to kick off in a matter of weeks.

Westpac group hikes 2-and 3-year fixed home loan rates

Australia’s second largest bank, Westpac, and its subsidiaries St George, Bank of Melbourne and BankSA, have hiked their 2- and 3-year fixed rates for owner-occupiers paying principal and interest by 0.10 per cent.

First home buyers down as home lending hits record high of $31 billion

Home lending has hit a record high for the sixth month in a row according to new ABS data. Owner-occupiers led the charge, with the value of loans increasing by $9.48 billion compared to the same time last year. However, the value of first-home buyer owner-occupier loans has dropped for the third month in a row.

Going, going gone: The last 4-year fixed rate under 2% disappears

Today the last four-year fixed home loan rate under 2 per cent has been hiked, marking an end to ultra-low longer-term fixed rates in Australia. At the start of the year there were 32 four-year fixed rates under 2 per cent, including from three of the big four banks.

CBA hikes 3-year fixed rate – will the other majors follow suit?

CBA has hiked its 3-year fixed rate for owner-occupiers in a further sign that Australia may soon see the end of ultra-low fixed rates.

Renovation Nation: 37% of Aussie homeowners are renovating this year

Australia has become a nation of renovators according to new research which shows more than one in three homeowners are improving their homes this year. The most popular amount to spend was between $5,000 and $25,000.

NAB hikes its 4-year fixed rate above 2%: find out which 3 lenders are still left

Australia’s fourth largest lender, NAB, has today hiked its four- and five- year fixed rates by up to 0.25 per cent, following similar moves from CBA and Westpac.

Stubborn credit card debt sticks at $20 billion

Australians have wiped $6.96 billion of debt accruing interest off their credit cards in the year since COVID hit, however RBA data released today shows this figure is starting to plateau.

Investors surge as first home buyers take a step back

New home loans have surged to a new record high of $30.23 billion in the month of March, according to the ABS lending indicators released today. Investors have led the charge this month, with the value of new loans increasing by $878 million month-on-month.