Category: Loans

NAB and other banks cut mortgage rates

National Australia Bank (NAB) last week cut fixed and variable mortgage interest rates on selected home loans. Other banks that also shifted their rates last week included AMP, Teachers Mutual Bank and Adelaide Bank. NAB’s Base Variable Home Loan Special saw its interest rate reduced by 20 basis points to 3.79% p.a. (comparison […]

ME Bank cuts mortgage rates

ME Bank has reduced its home loan interest rates by up to 50 basis points, which could lower the cost of a typical mortgage by $42,000. ME Bank has made changes to its: 1-year fixed rates 2-year fixed rates 3-year fixed rates 4-year fixed rates 5-year fixed rates Most of the interest rate […]

Banning of Unregulated Deposit Schemes Ordinance: Bad news for small businesses?

The recently promulgated ordinance—The Banning of Unregulated Deposit Schemes Ordinance, 2019—is well-intentioned and is meant to prohibit acceptance of deposits by unscrupulous persons, causing loss of savings of common people. Concerns have been expressed that the law is extremely harsh and will lead to hardship for many individuals, small businesses, […]