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Personal Loans News

New consumer laws good for lenders
Tuesday June 30
Lenders are breathing a sigh of relief after learning last week that they will have until January 2011 to meet the responsible lending provisions under new national consumer credit law.

Responsible Lending? Not yet.
Friday June 26
Banks and Credit Unions welcomed the federal government's announcement that responsible lending provisions of the new consumer credit laws will not come into force until January 2011.

RBA says banks are setting rates
Monday June 22
The Reserve Bank of Australia says it is losing the ability to set interest rates. An RBA report issued yesterday says rising funding costs has eroded the significance of the official interest rate.

Banks to tighten up lending
Monday June 22
Banks will need to raise interest rates or tighten up on loan approvals in the next year because of ongoing shortage of funding say bank chiefs.

Banks need more savings
Friday June 19
Australians need to save more in order to ensure the ongoing strength of our big banks say bank chiefs. Cameron Clyne, chief executive of National Australia Bank says "Domestic demand for credit significantly exceeds our capacity to save."

Radio Rentals wants to lend
Thursday June 18
Radio Rentals wants to take on electronic consumer financiers Flexigroup and ThinkSmart and move into consumer lease finance. Radio Rentals (ASX:RRA) delivered a 13 per cent rise in net profit for the year to March 31.

Bank complaints may end up in court
Tuesday June 16
Consumers who have a dispute with their bank or lender will lose the ability to have their dispute heard in state based tribunals such as the VCAT and the NSW Consumer, Trader and Tenancy Tribunal.

Mum and Dad are keeping their cash
Friday June 12
The global financial crisis is impacting heavily on the financial support baby boomers are giving to their adult children.

Budgeting? Try a bucket instead
Friday June 12
Many advisors and financial counsellors encourage consumers to draw up a budget that details all their expenditure as a way of managing their finances. However that approach is time consuming and can be disrupted by unexpected expenses.

Debt is good for you but...
Thursday June 11
The median household in Australia has debts that amount to just 8 per cent of total household assets.

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