Business Report On The Different Financial Institutions In Australia And Their Different Rates

1358 words - 5 pages

Executive Summary:In my business report I will be stating and discussing the five major financial institutions in Australia. I will be giving detail on one in particular and the different types of loans available to consumers. I will also inform consumers on the rights and responsibilities of borrowers who take out a loan. I will also compare and evaluate the four different types of credit cards available, their intrest rates, the annual fees and the intrest free period.1.Financial Institutions:In Australia there are at least four main financial institutions. These are:•Banks: A bank is a financial institution that acts as a payment agent for customers and to borrow and lend money. They provide a wide range of financial services including funds management, superannuation and insurance services. Some examples of banks include ANZ, Westpac, NAB and Commonwealth bank.•Building societies: is a financial institution that is owned by its members that offers banking and other financial services especially mortgage lending. Some examples of building societies are IMB, Greater building society, Newcastle Permanent building society, ABS building society and Hume building society.•Credit Unions: is a non-profit financial institution that is privately owned and in which members vote the bored of directors. Some examples of credit unions are teachers credit union, Qantas credit union and Sydney credit union.•Finance companies: is a financial institution which provides business loans for business development and any personal loans for the perchase of cars, etc. An examples of a finance companie is the AFSD.•Insurance companies: is a company that offers protection and coverage from lost, theft or fire. There are two types of insurance companies. These are life insurance and general insurance. Some examples of insurance companies are AAMI, Allianz, AMP, NRMA and CGU.2.Types of loans:The Commonwealth Bank provides a wide range of loans and financial services. Some of the different types of loans include:•Personal loans (Fixed rate): A personal loan is a loan offered by the Commonwealth Bank to clients who wish to purchase personal items like computers, televisions and mobile phones.•Tertiary Student loan: A tertiary student loan lets full-time tertiary students at University, TAFE, Agricultural College or registered training organisations to borrow money to pay for fees, books, computers, cars, etc.•Business loan (fixed loan): A business loan is a loan that is offered to fund the business’ growth, expansion or finance. The Commonwealth Bank provides the BetterBuisness for these purposes.•Home loan (Variable rate): Commonwealth bank provides a wide range of home loan services like low interest rate home loans and packages. The loan is offered to people who want to buy, build, invest and renovate a home.Rates and fees:When applying for a loan there are also some rates and some fees that you have to pay on top of the...

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