News Category
Member Newsletter December 2018
Read our end of year Member newsletter to learn about latest changes, industry news and what we have been doing with our local communities.
RBA Rate November 2018
RBA keeps interest rate on hold at 1.50 per cent
Despite the plummeting house prices in Australia, the Reserve Bank (RBA) has maintained the current interest rate at 1.50 per cent for the month of November 2018. This is now the 27th consecutive month where this record low rate has been sustained.
Be Aware: Scam text messages
Please be aware of scam text messages being sent to cardholders in an attempt to have Members provide their personal information. The message states that the Member has fraudulent transactions on their credit card and urges Members to contact a mobile telephone number or to click on a link to confirm personal data. The scammers are not identifying the individual financial institution within the text messages.
Northern Inland will never ask our cardholders to go online to verify personal information. If you think you have been a victim of a scam, please contact us immediately on 02 67635111.
Branch ATMs being removed
Due to changes in ATM direct charges across the financial industry and the increased use of contactless payments, Northern Inland will remove rediATMs at Tamworth Shoppingworld and Gunnedah branches on 2 October 2018.
This will not affect your ability to withdraw money as you can use any financial institutions ATM instead of being restricted to the rediATM network.You will continue to receive the first 5 ATM withdrawals free of charge and subsequent transactions remain at $1.75 each, which are rebated in line with your relationship balance with us (loans + savings) as part of our Member Loyalty Program.
Please note: an ATM direct charge fee may still be applicable when using ATMs from other financial institutions in line with their own policies. A message will appear on the ATM screen if there is going to be a fee and you have the option to not proceed with the withdrawal.
Member Loyalty Program
Use Northern Inland as your main financial institution and we reward you for your loyalty. Your combined balances with us (in savings and loans), help reduce your fees. Some Members pay no fees at all. Talk to our staff to learn more.
Changes to account details for receiving payments
Due to the Australia-wide new payments system, some banks can no longer accept your Member number in order to send funds to you.
Instead, if you are having difficulty receiving funds from other financial insitutions, you need to quote the External Account Number that is linked to the 'S' account you want the funds to go to, along with the BSB 802-298.
You can find your 9 digit external account number when logged into Online Banking under Help>BSB Information, or on your statements.
Please phone our Contact Centre team on 02 6763 5111 for any further enquiries.
Member Newsletter June 2018
Read our latest mid-year Member Newsletter to learn about latest changes, industry news and what we have been doing with our local communities.
WARNING: Cold calling scams
Please be aware that some Members are reporting calls purportedly from Government and Tax agencies as well as Telcos such as Origin Energy and Telstra, seeking card and/or account details in relation to refunds.
These are fraudulent calls.
Never provide your card or account details over the telephone to an unsolicited caller.
If in doubt, hang up, and use the White Pages to find the general inquiries telephone numbers for your service providers.
Your service provider should be able to identify themselves to you first, by quoting your last bill reference number or service provider account number.
Help us to protect your hard-earned savings and your personal account information by being vigilant about protecting your security.
21-25 May National Scams Awareness Week 2018
National Scams Awareness Week is an annual awareness-raising week run by the Australian Competition & Consumer Commission. This year, the Government's Stay Smart Online site have written the below article urging Australians to be on the lookout for threat-based impersonation scams by taking a moment to ask - ‘Is this for real?’.
If you ever suspect that you are a victim to a scam, contact our staff at Northern Inland immediately.
RBA Rate April 2018
Slow wage growth keeps RBA Rate at 1.50%
The Reserve Bank has maintained the official cash rate at 1.50% for the month of April 2018. The RBA last cut the cash rate in August 2016, following an earlier cut to 1.75 per cent in May. There has not been an official cash rate increase since November 2010.
Experts suggest that due to slow growth in wages as well as the sluggish housing market, we won’t likely be seeing a rise in the official cash rate until 2019 at least. Despite this, the job market continues to grow and mortgage rates remain low – especially for owner occupiers who tend to pay both their interest and principal amounts.
Gradual progress to reduce unemployment and maintain inflation targets is also expected. While unemployment has declined over the past year, it has been steady around 5.5% over the past six months. A significant rise in labour force participation, particularly by women and older Australians, had contributed to the recent stabilisation in the unemployment rate despite “strong growth in employment”.
Higher levels of public infrastructure investment, along with an expectation of “stronger growth in exports”, are two factors that would help to underpin Australia’s GDP growth. However, household income has been growing slowly and debt levels are high.
Governor Philip Lowe has stated that “A number of advanced economies are growing at an above-trend rate and unemployment rates are low. The Chinese economy continues to grow solidly, with the authorities paying increased attention to the risks in the financial sector and the sustainability of growth.”
“Globally, inflation remains low, although it has increased in some economies and further increases are expected given the tight labour markets. As conditions have improved in the global economy, a number of central banks have withdrawn some monetary stimulus and further steps in this direction are expected.”
For the official RBA article, please visit the Reserve Bank’s website.
ATO First Home Super Saver Scheme
The First Home Super Saver (FHSS) Scheme was introduced by the Australian Government in the Federal Budget 2017–18 to reduce pressure on housing affordability.
The FHSS Scheme allows you to save money for a first home inside your superannuation fund. This will help first home buyers save faster with the concessional tax treatment within super.
Read our latest Blog where our financial planning partner, Bridges, explains the benefit of saving within your super and phone us on 02 6763 5111 to make a loan appointment for your first home today.
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