There are a number of banks, building societies, credit unions etc. offering an
increasing number of financial services at varying fees in todays enviroment.
Choosing the right one for your financial needs can seem like a difficult task.
In some ways it is best to select a bank the same way you would choose any product or service.
For helpful tips on choosing a bank see Choosing a bank >>
Borrowing money is something most likely we will have to do at some point and is something that takes just as much research, if not more, than that of the item you're borrowing for. The choice of financiers is evergrowing along with the different options that each offer.
Here is a brief guide on interest rates >>
When applying for a loan, you will need to provide evidence of your income, your savings record, the deposit you have available (if a deposit is required) and any other loans you may have. You may also be asked how much you usually spend on day-to-day expenses. Basically it is establishing what your income is, how much your cost of living is, your record for saving indicates your ability to repay and your current position (assets & liabilities). Your history is alo checked via your credit file.
Scrutiny over this differs from lender to lender and some lenders offer 'lo doc' or 'no doc loans' which don't require as much 'evidence' although there is normally a trade off for the lender taking a bigger risk ie. higher interest rates, big fees etc.
Who's who in the finance sector of Australia
Australian Government - The Treasury
The treasury departments is resposible for economic policy and has four sections - Fiscal, Macroeconomic, Revenue and Markets.
Reserve Bank of Australia
The Reserve Bank manages monetary policy in Australia with the aim to acheive low inflation rates and economis stability. They are also the governments bank.
Australian Prudential Regulation Authority
It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.
Australian Securities & Investments Commission
The Australian Securities & Investments Commission enforces and regulates company and financial services laws to protect consumers, investors and creditors.
Financial Planning Association of Australia
The peak professional organisation representing the financial planning sector in Australia.
Financial Industry Complaints Service
An external dispute resolution scheme that was established to provide free advice and assistance to consumers to help them in resolving complaints relating to members of the financial services industry.
Borrowing money is something most likely we will have to do at some point and is something that takes just as much research, if not more, than that of the item you're borrowing for. The choice of financiers is evergrowing along with the different options that each offer.
Here is a brief guide on interest rates >>
When applying for a loan, you will need to provide evidence of your income, your savings record, the deposit you have available (if a deposit is required) and any other loans you may have. You may also be asked how much you usually spend on day-to-day expenses. Basically it is establishing what your income is, how much your cost of living is, your record for saving indicates your ability to repay and your current position (assets & liabilities). Your history is alo checked via your credit file.
Scrutiny over this differs from lender to lender and some lenders offer 'lo doc' or 'no doc loans' which don't require as much 'evidence' although there is normally a trade off for the lender taking a bigger risk ie. higher interest rates, big fees etc.
Who's who in the finance sector of Australia
Australian Government - The Treasury
The treasury departments is resposible for economic policy and has four sections - Fiscal, Macroeconomic, Revenue and Markets.
Reserve Bank of Australia
The Reserve Bank manages monetary policy in Australia with the aim to acheive low inflation rates and economis stability. They are also the governments bank.
Australian Prudential Regulation Authority
It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.
Australian Securities & Investments Commission
The Australian Securities & Investments Commission enforces and regulates company and financial services laws to protect consumers, investors and creditors.
Financial Planning Association of Australia
The peak professional organisation representing the financial planning sector in Australia.
Financial Industry Complaints Service
An external dispute resolution scheme that was established to provide free advice and assistance to consumers to help them in resolving complaints relating to members of the financial services industry.