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So late yesterday (after I finished my other post, naturally) Westpac announced it will be increasing rates by 0.14% p.a. quoting increased wholesale funding: In particular the bank bill swap rate, which is a key wholesale funding rate for mortgages, increased by about 25 basis points between February and March this year and has remained elevated. “We initially hoped that this increase would be temporary, and therefore we have incurred these costs over the last six months. The rate changes announced today will not recover these costs..." - Official Westpac Media Release, 29 August 2018 I.e we didn't increase them then, but we are now, and not by the full amount needed cover costs. Interpret that as you may. So the big question is when/if this will cause a domino effect with the other big banks? There have been rises in smaller banks but none of the big four, perhaps due to the target already firmly on their backs as a result of the Royal Commission. Will they follow suit hoping that Westpac will take the first wave of anger and disapproval? Or will they stand fast in an effort to claw back a little customer sentiment? (Along with some nicely crafted marketing giving themselves a cheeky gold star of course). No doubt we will find out shortly. Bottom line, the only real way to guarantee your rate and repayment is to be on a fixed rate, but they come with restrictions - so do you homework first to see if it is right for you. As I have already mentioned elsewhere rates are so low at the moment that when they eventually go up again it will be a shock to the system for many that have only ever known low rate environments. So prepare yourselves. Those of the era of double-digit interest rates know what I mean. The RBA knows it too and have flagged rising rates as something to prepare for. Some economists now argue this recent move by Westpac (and potentially by others) may now delay any increase decisions by the RBA. Time will tell.

Hi All Just wondering how you go about paying for small bits and bobs. Just need to pay for a skills assessment to apply for a EOI $1200 Looked at banks and it seems you can get an account open in the UK for up to a year. Is that ok? Don't want to go to deep at the mo because might not even get a EOI. cheers

I want to invest 100k in U.K. For a year where I can't touch it. Any suggestions?

iM LOOKING AT GETTING A MORTGAGE IN Australia, but don't want to sell up in the UK YET. WHICH Australian lenders will lookat UK PROPERTIES. mANY THANKS

I am wanting to invest in the UK with the vision of moving back within 5 years. Im finding it very difficult to find a money lender. have lived in Australia for 14 years and have equity in an Australian property. ​Has anyone got any avenues?

Has anyone else heard this - as a friend of mine has an ENS 856 visa and went for a mortgage. She applied for 95 percent and got pre-approval but when it came down to it the insurance indemnity company (who are required if you dont have a 10 percent mortgage) refuses to acknowledge the status of the perm ens 856. They cannot provide the insurance - for permenant residency obtained on these visas - due to them being linked to the temp 457 visa - even though the government acknowledge they are permenant visas. Bottom line is on an ENS 856 visa - you will not get a mortgage unless you have 10 percent deposit (its out of the banks control). Can anyone substantiate this? My friend (who is a hairdresser - and speaks to many english expats) advises that she has heard the same problem reported by loads of people. Interesting/Worrying !!

The credit ratings agency Moody's has downgraded 15 banks and financial institutions. UK banks downgraded include Royal Bank of Scotland, Barclays and HSBC. In the US, Bank of America, Citigroup, Goldman Sachs and JP Morgan are among those marked down. BBC business editor Robert Peston reported on Tuesday that the downgrades were coming and said that banks were concerned as it may make it harder for them to borrow money commercially. "All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities," Moody's global banking managing director Greg Bauer said in the agency's statement. The other institutions that have been downgraded are Credit Suisse, UBS, BNP Paribas, Credit Agricole, Societe Generale, Deutsche Bank, Royal Bank of Canada and Morgan Stanley. Moody's said it recognised, "the clear intent of governments around the world to reduce support for creditors", but added that they had not yet put the frameworks in place that would allow them to let banks fail. Some of the banks were put on negative outlook, which is a warning that they could be downgraded again later, on the basis that governments may eventually manage to withdraw their support. The most interesting thing about the Moody's analysis is that it, in effect, creates three new categories of global banks, the banking equivalent of the Premier League, the Championship and League One” In a statement, RBS responded to its downgrade saying: "The group disagrees with Moody's ratings change which the group feels is backward-looking and does not give adequate credit for the substantial improvements the group has made to its balance sheet, funding and risk profile." The BBC's Scotland business editor Douglas Fraser tweeted: "Cost of RBS downgrade by Moody's: having to post an estimated extra £9bn in collateral for its debts." Of the banks downgraded, four were cut by one notch on Moody's ranking scale, 10 by two notches and one, Credit Suisse, by three notches. "The biggest surprise is the three-notch downgrade of Credit Suisse, which no one was looking for," said Mark Grant, managing director of Southwest Securities.

Just been announced that HSBC have been fined ten and a half million quid for DELIBERATELY selling services to the elderly that were of little use and they knew full well the potential damage the 'services' may cause, but hey ho, they have aplogised 'profusely' for there actions, all OK then.:yes::mad: I honestly thing Banks are there to help and advise, I luv em, a public service of the highest order, as proof here are a few clips from their TV ads to prove they 'care'. [YOUTUBE]ja8BdnbFHdI[/YOUTUBE] [YOUTUBE]tMWS4d-Y3D0[/YOUTUBE] :mad::mad::mad::mad::mad::mad:

Hi all. Is there anybody out there that have rented there UK property without the permission of the bank. ( There cost are alot!!!! ) We will be renting our home out, and would like to know the best ideas how to do so, to save on cost etc.:wink: Also what is the full process, we know the obvious like safttey certificates, what other forms would need to be filled in. Any advice and to hear from people going through the same thing would be great guys. Cheers

Hi all we are looking at opening our bank account in or around point cook, Altona. Please can anyone tell me what banks are in this area

Hi I'm a brand new member due to immigrate in Australia from France. I'm struggling with which bank which money transfer question and would be grateful to hear anyones advise and/or experiences. Oh we're moving to WA Perth or south of Perth area if that makes a diiference. Thanks!

What would be a coupel of the larger banks in Oz? Need to get an account set up soon. We will need to be able to do electronic payment of all bills. Any suggestions?

I can't believe it has gone so quickly! Mixed emotions as my other half isn't coming out until the beginning of August. So house to pack, car to transport etc! I arrived at Perth airport early hours of Friday morning last week. The entry was incredibly easy, I was a little concerned as I never had my 457 visa stamped in my passport, but there it was on the system and I was waved straight through no customs checks etc! Car was waiting as booked by Emirates and 45 minutes later I was at my in-laws house in the Northern Suburbs! Still pretty wired from the excitement of it all, we had a couple of cold ones and I tried to sleep. I think that is the biggest difficulty in the first few days, I found myself waking at about 1-2 am and struggling to get back to sleep until about 4am, then of course the alarm rudely interupts your sleep at 6am! I did try some drops on my tongue the other night called Sleep Rescue - they did the trick!! I started work on Monday close to the city where I am a Bank Manager, the traffic in a morning is horrendous! What should take me about 40mins actually takes over an hour if you follow the fast rioute on sat nav! I've taken to driving down the coast road which saves a little time and every morning looking across at the Indian Ocean gives me goosebumps! I would suggest to anyone coming across, especially if you've not been to give yourself a week or two to allow yourself to get over the jet lag, and sort out all the things you need to do, realty agents predominantly only work Mon-Fri and then only until 4.30pm, driving licence needs changing (same office hours), mobile phones to sort out, luckily I'm not bringing children across so no worries about finding schools. At least I got all my banking stuff sorted, helps if you work in a bank! By the way if you need any advice on setting up accounts, switching pensions etc, pm me and I'll get you sorted. Weather has been warm around 20C during the day, but we've had lots of rain this week, which was a nightmare on Friday night, so much fell the roads were flooded. It does get a little chilly in the evenings so if you're coming across soon pack some jumpers!! Been out a few times already, great mix of places to eat, so a good start. There were plenty of people helped me out when I first started on the site, so hopefully in a tiny way I hope this posting helps. If anyone needs any info, if I can help please let me know! Paul

Hi guys, Just looking at which bank to go with here in AUS and as i will be using MoneyCorp i was wondering what charges (if any) people have encountered when transferring money in and out of the counry (to/from the UK) with the AUS banks.... ...I have ben thinking about going with Commenwealth Bank but not really sure.... It states on their website they charge $22 for international money transfers but i'm unsure if this would be charged if going through MoneyCorp Cheers Roflie

Could you please advise me of the best bank to use to open a account. Im basically looking for a account to transfer money into from my uk account or via my hsbc australia account,Pay Bills and a good choice of using Atms without getting charged for using any of the mentioned! Looked at ANZ and NAB but confused could anyone help us:wacko: Thanks

Its about time banks here got a grip. Really are third world at times http://www.smh.com.au/business/major-banks-cancel-credit-cards-after-breach-20110527-1f72w.html

Are there any branches of mainstream UK banks in Australia? i.e. - Lloyds, Barcays, Nat West, HSBC, Abbey, Halifax, etc. Would be looking at doing regular BACS or CHAPS money payment transfers to and from the UK, and obviously helps a lot if its from a UK bank to UK bank (or subsidiary) in Australia, or vice versa. Thanks.

Ok I've just received a call from Halo financial who are attempting to get me on board with there services, they seem to have some partnership with ANZ bank...........Just last week I was looking at NAB banking and they seem to have a partnership with Moneycorp........Is there any advantage of joining one over the other......any experiences from people who have moved from the UK..............thanks

Pretty much as it says. I'll be depositing over $2k a month, so I'm not fussed about the $5 monthly fee, but is there a bank in oz that doesnt charge you for using other banks cash points? cheers!!

Hi, A friend of mine in Oz sent me a link to this website which provides a star rating different financial products. Hope it's of use. Louise http://www.canstar.com.au/

Hi, Can anyone tell me if they have found a bank or building society in the UK that does NOT charge a receiving fee when transfering AUD to GBP through Moneycorp? Thanks

Hi, I wonder if you can help me? I would like to know about the banks in Aus or your experiences with them and charges etc. We will be moving to QLD in the summer and upto now only have the ANZ bank recommended to us. I don't want to go read the banks sites yet as they are trying to sell themselves and don't always mention hidden costs. So can you advise on any banks in general...like hidden charges or if they charge to open an account and the best ones to eventually get a mortgage with. I internet bank alot so that would also be a plus that the bank offers good online services. Also we would like to open a bank account before arriving so how/and who is maybe a good option for this too. Thank you for any help and information, although I don't chat alot here I find the info invaluable and I have a laugh at the comments of the regulars from time to time so thanks

Hi guys, So, I've got my documents together ready to apply for my Skills assessment and then SS to SA before applying for a 176 visa but have been doing a lot of thinking and research. Due to my stupidity at the age of 18 with a credit card and catalogues (I hate myself for it!) I have been in debt since. Only got £3k left (woop!) and payin back monthly. When we move to Oz I'm likely to only have £1.5k left and will either pay it in one go, or continue to pay it off from a UK bank via family. I have NO INTENTION of doing a runner, I want it gone! Anyway, my question is - does poor credit history follow you to Oz? I only ask because my hubby and I will want to get a mortgage after bein in Oz for a few years, and I don't want our UK credit history to affect us - will it? Also, random money question for those who have migrated already - Can you open a bank account as soon as u get there? Thanks guys! xx

I live about 15ks from the murray so went out for a drive this morning and omg theres some serious flooding going on out there! Wild weather leaves path of destruction | News.com.au

Hi all ... one day soon I will be able to offer advice too ... but for now ... I'm sorry but I am asking the questions ... I will pay back my debts to this Forum I promise ... What bank would you people recommend me using in Clayton, Melbourne ? I will need to move my savings to a bank account there and also approach them to take out a mortgage ... ? Which are good ? Which not so good ? All advice greatly appreciated ... I could do it through a HSBC bank here in the UK but a quick search on the net hasn't revealed one there in Clayton ... Cheers my new buddies ... Chief