Trending News 25 June

Aussies choose the loo for banking

One in five Australians do their banking on the toilet using their mobile phone, according to a new survey from online bank ING. Other favourite places to access their mobile banking apps include bed (44 per cent), work (43 per cent) and public transport (29 per cent).

Just twenty per cent of people choose to do their banking in a traditional bank branch according to the survey. ING executive Chris Barwick told News Limited this week that the living room has largely replaced the bank branch and Australians are better money managers because of it.

Online banking makes saving easier

Only 16 per cent of bank customers visit a physical bank branch with more than half of all Aussies choosing to do all their banking online or via mobile apps.

More than 1,000 Aussies were surveyed in February by YouGov Galaxy for online bank ING. The findings show that online banking is making Australians better savers and better at managing their money says ING.

65 per cent of people over 35 years of age said that they were better at saving now than they were pre-internet.  75 per cent of respondents said online banking is “simple, reliable banking technology that makes life easier”.

Car loan rates crash through 5 per cent mark

RateSetter, a peer-to-peer lender has cut car loan rates by 0.85 percentage points, effective today, 24 June 2019.

RateSetter’s headline loan rates for a new car now start at 4.95 per cent. Rate Setter has a range of rates depending on the age of the car and the credit history of the borrower. For ‘tier three’ borrowers buying a car that is four or more years old the new RateSetter headline car loan rate is 10.95 per cent pa.

According to a statement issued by RateSetter, the new rates give the peer-to-peer lender “an important competitive edge against traditional lenders and dealership finance”.

Compare RateSetter’s car loan rates with other loans from Australia’s major banks, credit unions and other lenders at InfoChoice.

Westpac cuts senior executive pay

Westpac has responded to a savage shareholder backlash against the executive bonuses it paid last financial year by announcing a review of senior executive pay. 64 per cent of shareholders at November’s annual general meeting voted against the remuneration report.

Westpac chairperson Lindsay Maxsted said “The board’s determination of executive remuneration was not in line with the expectations of our shareholders.”

Westpac chief executive Brian Hartzer’s cash bonus last year was down 30 per cent on 2017, according to News Limited, but his total pay packet was down 9.4 per cent to $4.94 million.

Commonwealth Bank borrowers await Green Mortgage Initiative

The biggest bank in Australia, Commonwealth bank has jumped on the green bandwagon, with a rewards scheme for energy efficient homes. CBA’s Green Mortgage initiative will give $500 to homeowners with a CBA mortgage who install certified solar panels.

Commonwealth Bank executive Daniel Huggins said: “Our home loan customers could reduce their energy volume and usage and pay less or become net positive for energy by investing in energy efficient devices.”

“We want to support more of our customers who wish to install small scale renewables by reducing their installation costs and payback periods.”

CBA’s Green Mortgage initiative is due to be formally launched soon. The bank said customers with solar panels already installed “are encouraged to take advantage of the incentive.”

You can compare Commonwealth Bank home loans with home loans from other Australian banks and credit unions at InfoChoice.