Lithium gloom and Lacaze fills the room: The light and shade from Macquarie's corporate conclave
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Lithium gloom and Lacaze fills the room: The light and shade from Macquarie's corporate conclave
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News.com.au
a day ago
- News.com.au
Legal bank move could save you $144,000
May's interest rate cut – the second for 2025 – is great news for buyers and owners alike. Not only does it reduce interest costs, the rate cut also raises the borrowing capacity of aspiring buyers. But that's not all. The second rate cut appears to have reignited the 'mortgage wars ', with lenders becoming more competitive to secure new business amid widespread expectations of more rate cuts to come. We saw evidence of this when many lenders cut their fixed rates weeks before the Reserve Bank's meeting this month. Sally Tindall from Canstar told the media that fixed rate home loans had now fallen below 5 per cent. She also said that while it was normal to see fixed rates fall in anticipation of an RBA cash rate cut, some lenders were also cutting their variable rates for new customers at the same time. This indicates that competition is heating up, which is greatly beneficial for both new and existing borrowers. Home owners who already have a loan should stay in touch with their broker. A few more rate cuts might make refinancing to another lender offering a better deal worth your while. The latest prediction from Macquarie is three more 0.25 per cent rate cuts in July, August, and November. There is no guarantee this will happen, but it's reasonable to be optimistic given inflation is now back in the target 2 per cent to 3 per cent band. That was the Reserve Bank's main objective when it raised interest rates 13 times in just 18 months between 2022 and 2023. After the RBA meeting this month, Governor Michele Bullock said the board expected underlying inflation (that's the measure the RBA pays the most attention to) to hover about the midpoint of the target band over the next year or so. As for the impact on the property market, this second rate cut for 2025 is likely to boost activity a bit because it will give people extra confidence that we are now on a downward trend with rates. But I don't think we'll see a meaningful increase in market activity until we've had three or four rate cuts. If you have a home loan with NAB, CBA or ANZ, your rate cut went into effect last Friday. According to CBA, a 0.25 per cent rate cut is worth about $80 per month in savings for borrowers making principal and interest repayments on an average loan of $500,000. And since this is the second 0.25 per cent rate cut for 2025, the combined saving is about twice as much. But there's a catch. (If there are five rate cuts this year, you could save up to $144,000) Some banks require you to opt-in if you want to lower your overall monthly repayment after an interest rate cut. If you don't, the bank may keep your repayment amount the same, but increase the portion going to the principal and decrease the portion going to interest. Paying more principal, in theory, is a positive thing. But if you need the extra cash flow that rate cuts provide to help you cope with today's high cost of living, you might need to make a phone call. According to CBA, only 14 per cent of eligible borrowers called the bank to request that their home loan repayment be lowered after the first rate cut in February. This indicates that borrowers were either keen to accumulate extra redraw funds for a rainy day, or they didn't understand that their overall mortgage repayment would not be adjusted automatically. So, check your paperwork or call your bank to ensure your home loan repayment is adjusted in whatever way suits your individual circumstances.
Perth Now
2 days ago
- Perth Now
‘Days limited': Bank's huge security call
The fifth largest lender in Australia has highlighted the security risk of two-factor authentication models through texts, calling the technology outdated. According to Macquarie, traditional SMS two-factor authentication (2FA) – which is widely used in Australian banking – relies on insecure technology and often provides limited information. Macquarie Bank head of deposits Olivia McArdle said the lack of detail in these messages means recipients may not know what they are approving and can't distinguish whether the action was initiated by the customer or a scammer. Macquarie Bank says two-factor authentication (2FA) – which is widely used in Australian banking – relies on insecure technology and often provides limited information. NewsWire / Morgan Sette Credit: News Corp Australia 'We think the days of Australian banks relying solely on SMS to verify customer account activity are numbered,' she said. The warning comes a month after the major super funds announced cyber breaches, but have yet to make models such as the 2FA standard. In the March, hackers were able to gain access to five of the largest super funds in Australia through 'credential stuffing' – which involves stolen usernames and passwords which are sold on the dark web. The attackers exploit the fact that people often repeatedly use the same passwords for different accounts, with security measures such as multi-factor authentication (MFA) helping to slow down these types of cyber attacks. Australians were reported ripped off through their superannuation. NewsWire / Nicholas Eagar Credit: NewsWire Super Consumer Australia chief executive Xavier O'Halloran said the breach follows consistent warnings from regulators and consumer advocates around superannuation funds lagging behind on cyber-resilience and fraud protection. 'Australians are legally required to put their money into super. Today's news is chilling when we know super funds aren't doing enough to protect Australians' retirement savings,' Mr O'Halloran said. 'When something goes wrong, too many people are being left without support, answers, or access to their own money.' Macquarie Bank said Australians are demanding more security than 2FA via a text message. 'The vulnerabilities are clear and customers, who are seeing the risks themselves, are voting with their feet,' Ms McArdle said. There have been consistent warnings from regulators and consumer advocates around superannuation funds lagging behind on cyber-resilience and fraud protection. NewsWire/ Gaye Gerard Credit: News Corp Australia Five tips to watch when using SMS for 2FA Macquarie say while there needs to be more done, there are a few things Australians can watch out for to stay safe. 1. Check the detail: Due to the limitations of SMS 2FA, Aussies might not know exactly what they are approving and should not take action unless you have full confidence the 2. Impersonation scams: Scammers may impersonate your bank, urgently requesting authorisation codes via SMS to stop a scam but will actually use these codes to compromise a device. 3. Spoofing: Scammers may trick you into sharing personal or financial details via SMS. These fraudulent messages typically contain links to fake websites that prompt victims to share their sensitive banking data, with Australians urged not to click on links in a text. 4. Pop-up SMS: Scammers can deliver a pop-up or flash SMS to your phone. These appear directly on your lock screen and are not saved to your inbox to prevent them from being reported or traced. 5. Phone porting: Although this scam has reduced in prevalence, scammers can in some instances illegally transfer your phone number to another telecommunications provider without your consent. This enables them to receive all your messages and use this access to compromise your account.
West Australian
2 days ago
- West Australian
‘Days are limited': Macquarie Bank makes huge call on two-factor authentication, warns system is not secure
The fifth largest lender in Australia has highlighted the security risk of two-factor authentication models through texts, calling the technology outdated. According to Macquarie, traditional SMS two-factor authentication (2FA) – which is widely used in Australian banking – relies on insecure technology and often provides limited information. Macquarie Bank head of deposits Olivia McArdle said the lack of detail in these messages means recipients may not know what they are approving and can't distinguish whether the action was initiated by the customer or a scammer. 'We think the days of Australian banks relying solely on SMS to verify customer account activity are numbered,' she said. The warning comes a month after the major super funds announced cyber breaches, but have yet to make models such as the 2FA standard. In the March, hackers were able to gain access to five of the largest super funds in Australia through 'credential stuffing' – which involves stolen usernames and passwords which are sold on the dark web. The attackers exploit the fact that people often repeatedly use the same passwords for different accounts, with security measures such as multi-factor authentication (MFA) helping to slow down these types of cyber attacks. Super Consumer Australia chief executive Xavier O'Halloran said the breach follows consistent warnings from regulators and consumer advocates around superannuation funds lagging behind on cyber-resilience and fraud protection. 'Australians are legally required to put their money into super. Today's news is chilling when we know super funds aren't doing enough to protect Australians' retirement savings,' Mr O'Halloran said. 'When something goes wrong, too many people are being left without support, answers, or access to their own money.' Macquarie Bank said Australians are demanding more security than 2FA via a text message. 'The vulnerabilities are clear and customers, who are seeing the risks themselves, are voting with their feet,' Ms McArdle said. Five tips to watch when using SMS for 2FA Macquarie say while there needs to be more done, there are a few things Australians can watch out for to stay safe. 1. Check the detail: Due to the limitations of SMS 2FA, Aussies might not know exactly what they are approving and should not take action unless you have full confidence the 2. Impersonation scams: Scammers may impersonate your bank, urgently requesting authorisation codes via SMS to stop a scam but will actually use these codes to compromise a device. 3. Spoofing: Scammers may trick you into sharing personal or financial details via SMS. These fraudulent messages typically contain links to fake websites that prompt victims to share their sensitive banking data, with Australians urged not to click on links in a text. 4. Pop-up SMS: Scammers can deliver a pop-up or flash SMS to your phone. These appear directly on your lock screen and are not saved to your inbox to prevent them from being reported or traced. 5. Phone porting: Although this scam has reduced in prevalence, scammers can in some instances illegally transfer your phone number to another telecommunications provider without your consent. This enables them to receive all your messages and use this access to compromise your account.
