Budget’s big bank levy could open the door for fintech lenders
In the 2017 Budget announcement, Treasurer Scott Morrison announced a 0.06% annual levy on key funding sources for Australia’s major banks – a cost that could be passed on to Aussie borrowers and may drive them toward alternate lending sources. The levy will apply to funding sources such as corporate bonds and large deposits and will only affect banks with debts above $100 billion – effectively limiting it to big players the Commonwealth Bank, Westpac, NAB, ANZ and Macquarie. “This represents a fair contribution to the community from our major banks, is consistent with other advanced countries and helps foster competition from smaller banks,” according to budget papers. If it […]
TorFX Awarded Best Value International Money Transfers
MOZO, one of Australia’s most established and accredited financial comparison websites has just announced TorFX as its Experts Choice Award for International Money Transfers 2017. This is the second year running that MOZO have awarded the title to TorFX; great recognition for a company who believe offer their customers the best value when making international payments to and from Australia. TorFX provide individuals and businesses with international payments as a cost saving alternative to the banks, by providing their clients with more competitive exchange rates than the more traditional means. TorFX clients can transfer money online 24/7 from anywhere in the world using their computer, tablet or smartphone. […]
Peer-to-peer lender Harmoney coming to Aussie shores
Peer-to-peer lender Harmoney has recently set up shop in Australia, with Brisbane the first lucky city to host the fast growing company. According to Harmoney Australia General Manager Ben Taylor, the lender is expecting to be popular with Aussie homeowners 40 years and older. “Early signs following our beta testing in Australia show that mom-and-pop borrowers will be quick to embrace a competitive, customer service focussed marketplace lending solution for debt consolidation, home improvement and travel,” he said. Initially, the platform will be open to borrowers only, for loans between $5,000 and $35,000 with terms of 36 and 60 months. Rates on unsecured loans start at 8.99% p.a., with no […]
Peer to peer economy now worth over $15 billion a year
Higher levels of consumer trust in the sharing economy, have coincided with a $600 million increase in size over the past six months, according to a newly released report. The bi-annual Sharing Economy Trust Index, produced by peer-to-peer lender RateSetter, showed that trust in ride sharing platforms such as Uber and online marketplaces like eBay have grown the most. “Our research found that trust levels in the sharing economy have increased substantially over the last six months,” said Daniel Foggo, RateSetter CEO. With the sharing economy now worth over $15 billion a year, the study revealed that over two thirds of Australians actively participate in the market – whether by […]
Wallet packed with loyalty cards? Solve the problem with Stocard digital wallet
Stocard, a leading mobile wallet app, has announced that it will use recently secured funding to expand its reach in the Australian market and launch a new mobile payment function. While digital wallets have been around in Australia for some time, what makes Stocard’s offering unique to existing mobile wallet apps, is the functionality that allows users to store all their loyalty cards easily in their smartphone, rather than in their wallets. Loyalty programs are becoming increasingly popular for Aussie shoppers, with 50% saying they’d be more likely to spend with a store that offers a loyalty program than with one that doesn’t, according to Nielson’s latest Global Loyalty Sentiment […]
Move over term deposits, peer-to-peer lending is on the rise for Aussie investors
Individual Aussie investors have lent an average of $13,508 in the last nine months as they chase better returns in a low-yield environment, according to leading peer-to-peer lender RateSetter. This figure is a 25.4% increase from the $10,770 lent in the previous nine months. With the RBA keeping interest rates at rock bottom levels, and savings returns suffering as a result, Daniel Foggo, RateSetter CEO, said that investors were turning to peer-to-peer platforms as they shifted away from “volatile equities and low-return savings accounts and term deposits.” “We hear from investors that they are attracted by the compelling returns and lower relative risk, in particular the protection of their money […]
SMEs need protection from online Payday Lenders
In 2015, online SME lending in Australia was around $250m, up from a zero base two years ago. Growth will continue exponentially and online SME lending will become a significant alternative source of funding for Australia’s SMEs. Online lenders perform an important role by lending to thousands of SMEs that would otherwise struggle to attract support from a bank. I am a big supporter of this sector but am concerned that many SMEs don’t understand what they are getting themselves into when they borrow from some lenders that could be more accurately described as SME payday lenders to SMEs. These concerns together with suggestions as to how the interest of […]
Australian travel insurers…reviewed, rated and crowned
If you’re looking for a standout travel insurance policy, check out the providers that took out the top spots in the Mozo Experts Choice Travel Insurance Awards. Source: Australian travel insurers…reviewed, rated and crowned
