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Monday, 12-Aug-2013 14:11 Email | Share | Bookmark
Australian Banks Cut Fixed Mortgages Loan Rates in Latest Home-L

NAB raises cost of some business loans

The move prompted the Bank of Melbourne and St George to cut their one- to five-year fixed rates below 5 per cent. "It's a further continuation of injecting more competition into the home loan marketplace, and also a confidence booster given that we've got the lowest cash rate for 53 years," Bank of Melbourne Chief Executive Scott Tanner said in a statement. Must Read Islamic Clerics Say Women Posting Photos on Facebook is Unacceptable Sponsorship Link "We believe this new offer will help bolster confidence among home buyers, existing owners banking no doc loans for business Adelaide elsewhere looking to switch to a better deal and investment buyers," Westpac Retail Banking General Manager Gai McGrath said in a statement. The new round of rate cuts is possible because of lower funding costs for banks and strong profit growth. Kirsty Lamont of comparison Web site Mozo said the situation provides a dilemma for borrowers if they should lock now or hold back and wait for more rate cuts. Ms Lamont said the lowest fixed one-year rate is that of the Greater Building Society at 4.74 per cent. Due to the changing lending conditions such as out-of-cycle rate cuts independent of RBA decisions, fixed home loans finances through RateCIty reached 18.45 per cent, the highest proportion in five years. In Westpac, take-up levels for fixed home loans doubled from 8 per cent to between 15 and 20 per cent when it cut its two-year rate to 4.99 per cent in February 2013. At St George, fixed-rate loans went up to 30 per cent from 10 per cent when the bank cut its mortgage rate. But in the case of the National Australia Bank, its offer of the lowest interest rates among the Big 4 failed to boost the lender's satisfaction rating among its clients. <br>For the original version including any supplementary images or video, visit

ANZ targets new small businesses with $1bn in loans

NAB will increase the liquidity margin that applies on some of its business loans by 20 basis points, from July 30. The bank says the liquidity margin only applies to some market-linked loans that are targeted primarily at mid to large businesses which want to access funding for short periods. NAB says the vast bulk of its small business customers will not be affected by the increase, because they generally use variable rate loans. In an indication the spectre of independent rate rises by the banking sector more broadly has not gone away, NAB says the liquidity margin increase has been driven by rising funding costs. The bank says the interest rate on term deposits is at an all time high relative to the Reserve Bank's cash rate, and that its wholesale funding costs also remain high. NAB's group executive business banking Joseph Healy says the bank wants to keep customers informed about the funding pressures. <br>For the original version including any supplementary images or video, visit

Australia Home-Loan Approvals Gain in November on Rate Cut

Reserve Bank of Australia Governor Glenn Stevens lowered the benchmark rate by a quarter percentage point on Nov. 1 and Dec. 6 as Europes debt crisis dimmed prospects for global growth. The first rate cuts since 2009 were aimed at buttressing the housing market, supporting employment and boosting confidence among consumers who are saving more. Mortgage rates in Australia are quite low and the RBAs 50 basis-point rate cut should offer further support to loan growth over coming months, Adam Carr, a senior economist in Sydney at ICAP Australia Ltd., a unit of the worlds biggest interdealer broker, said before todays report. The nations four largest banks -- Commonwealth Bank of Australia, Australia & New Zealand Banking Group Ltd., Westpac Banking Corp. <br>For the original version including any supplementary images or video, visit

Access to finance remains a key business challenge for small businesses, which contribute about 20 per cent of Australias GDP and are together responsible for almost half of the countrys private sector employment. About 32 per cent of small businesses responding to a CPA Australia survey last year said finance was easy to find, down from 36 per cent the previous year. This put Australian businesses ahead of their Hong Kong counterparts (22 per cent) but behind New Zealand small businesses (42 per cent). ANZs general manager of small business, Nick Reade, said the commitment was aimed at easing cash flow for new starters. End of sidebar. Return to start of sidebar. We know the first few years of funning a small business can be challenging so today we are pledging to lend $1 billion over the next year to help Australians realise their business dreams, he said. <br>For the original version including any supplementary images or video, visit

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