News Archive for November 2019

Aussie first home buyers, listen up! NAB has just snatched a spot at the table as one of two big banks to offer home loans under the federal government’s First Home Loan Deposit Scheme.

Netflix, Spotify, Stan, it’s safe to say that subscription services are making paying for everyday services easier than ever.

Just like Christmas, Black Friday comes but once a year. It may not be the most wonderful time of the year, but whether or not you like this crazed shopping spectacle, it’s still a good time to get a bargain on something you’ve been needing for a while, whether that be a new kitchen appliance, sporting equipment or even a Christmas present for your loved one.

With interest rates from 0.61% per fortnight, no fees, and approval in just 24 hours, Moula has changed the game for Australian businesses.

Given the current concerns about the economy, including worries about stagnating wage growth and evidence that consumers are saving rather than spending their money, Australian businesses may have anticipated a relatively lacklustre Christmas.

Across many lenders, home loan interest rates have seen a significant drop over the second half of the year, and Aussie investors are taking the opportunity to pay off their mortgages.

All in this week’s banking recap.

According to Rabobank’s recently released Food Waste Report, the average Australian household wastes 13% of its weekly grocery shop, that’s $1,026 worth of hard earned money down the drain every year.

The RBA’s final meeting of 2019 is only a few days away, and while there’s been some chatter about a potential cut, markets are fairly confident that the cash rate will be kept on hold in December, leaving February as the more likely date.

As the decade draws to a close, housing prices go up and interest rates go down, it seems only fitting to take a look back at how the property market has changed in the past five years. What did it look like in 2014 and where is it now?

With scams costing Australians nearly half a billion dollars last year,* we live in a world where just about anyone with a smartphone and a bank account could become a victim of fraud.

For many Aussies the Christmas period means carols, family, gifts and food comas, but for some, as December creeps closer and closer, so does the anxiety of its price tag.

Right now, home loan interest rates are at an all time low, and if you were thinking about locking in a fixed rate to take advantage, you wouldn’t be the only one. But are you prepared for the sky high revert rate that could be waiting just around the corner?

As we approach the final weeks of 2019, many Aussies will be keeping half an eye on their calendar as they count down the days until it's time to head to the airport for their summer holiday abroad.

Although its banking products are still firmly under lock and key at the moment, Sydney-based neobank Volt promises to amp up the power soon and open its digital doors to the public.

With three cuts to the RBA official cash rate so far this year, home loan interest rates have plummeted leaving many Aussies enjoying a lower rate on their current loan or jumping ship in search of a better deal.

It’s no secret Aussies love splashing cash at Christmas, whether that’s by whipping out their credit card or dipping into their savings. But new Mozo research has found many are choosing to keep the celebrations low-budget this year, with 28% saying they plan to tighten their spending due to rising costs of living and slowing wage growth.

Whether you’re looking to expand operations, jump on an exciting new business opportunity, or just make it through a period of low cash flow, a bit of extra funding can go a long way for your company.

Challenger bank Judo Bank has today unveiled a host of term deposit rate changes, chief among them a 0.25% increase to its five year term deposit rate which now sits at 2.50%.

Unless you’ve been overseas or had your news notifications turned off, you’ll have heard that the RBA has slashed interest rates three times in the last five months.

All in this week’s banking recap.

If you’re an investor looking to jump into or expand your portfolio in the property market, you’ll be pleased to know that home loan interest rates have plummeted since this time last year.

If you’re like many other Aussies, chances are you go to Woolworths for your weekly groceries and pretty soon, you’ll be headed there for your Christmas dinner shopping too.

In the past year we’ve watched the savings account landscape change dramatically as rates have shifted from a state of flatlining to the total free fall which we’ve witnessed over the past five months.

With the start of summer less than two weeks away, Aussie households are readying their ice blocks and sunscreen.

It’s that time of year… things are heating up and Aussie families are doing all they can to keep cool in the sweltering Australian climate. But, hand-in-hand with the heat comes a spike in energy bills, leaving families out of pocket and in hot water.

The national mortgage arrears rate has reached its highest level in a decade at 1%, with households in Western Australia and the Northern Territory showing the most cause for concern.

Christmas may be the season to be jolly, but as it turns out Aussies might be a lot jollier if they didn’t have to spend as much on presents.

The outlook for Australian savers just keeps going from bad to worse with new figures released today revealing a concerning new threshold has just been crossed.

Love being rewarded for spending? From cashback to free flights and accommodation, rewards credit cards are a great shopping companion for Australian spenders looking for a piece of plastic that offers perks beyond convenience.

With neobank 86 400 launching its online home loans this week, the term ‘digital home loans’ has never had more hype.

With three rate cuts behind us, many Australians who’ve been eyeing the property market for the past few years have finally decided to take the plunge. But even among those who’ve successfully saved up a deposit, plenty more hurdles await.

Raise your hand if you’ve ever spent your paycheck within a week of receiving it? You’re not alone.

Finding a dream property that also sits within your means is no easy feat, and for 1 in 2 Australian home buyers, the whole process ends up being so stressful that it strains their mental health.

Now that the dust has settled after the latest Reserve Bank cash rate cut, a clearer picture has emerged of the impact the June, July and October cuts have had on business loans issued by Australian banks.

When it comes to travel, everyone knows that the secret to getting the most bang for your buck is a top-notch Frequent Flyer credit card.

Yet another neobank is set to launch in Australia in 2020 and this one promises to shake things up with alternative product offerings for future customers.

All in this week's banking recap.

Latest research from Roy Morgan has revealed the top brands Aussies deemed to be the most trustworthy. In a survey of more than 14,000 Aussies, Bendigo Bank and Woolworths were among the top 10 most trusted brands in Australia.

The home loan rate cut party is alive and kicking, as lenders big and small drop fixed rates to gob-smacking new lows, despite the Reserve Bank's decision to keep the cash rate on hold for the time being.

So you’ve found the perfect car but it’s a little out of your price range, it’s a familiar story most Aussies encounter at least once in their lives.

Whether it’s gifting yourself a shiny new convertible this Christmas or taking on a summer home renovation project, if you’re strapped for cash but have a laundry list of large expenses, then an award-winning personal loan could be just what you need to get the job done.

Whether retirement is aeons away or just around the corner, the question of finances never really goes away. And for many of us, the thought of not having enough money to last our golden years can be a major source of stress. In fact, according to a recent survey by investment firm, Franklin Templeton, a lack of savings is driving widespread anxiety among younger generations of Australians in particular.The survey found that 70% of Australians in Generation Y experience stress or anxiety when thinking about their retirement savings and investments, and 74% of Generation X aren’t too hopeful about their retirement finances either. "We often hear that retired Australians or those nearing retirement are highly concerned about the adequacy of their finances to support their retirement. However, concern among younger Australians is even more widespread," said Manuel Damianakis, Head of Retail for Franklin Templeton in Australia.73% of Gen Y and 68% of Gen X respondents expressed concern they were behind on their retirement savings, with many convinced they'll never get a chance to retire, or will have to work part-time to fund their retirement."When you consider that there are so many different projections about the amount of money a person will need in retirement, and estimates can differ by millions of dollars, this general malaise about retirement finance is not hard to understand," said Mr Damianakis. Easing that anxiety won’t be the easiest thing in the world, but it’s not impossible. Here are a few things you can do now to make sure you have a sizeable nest egg by the time you retire.

From ordering food to upgrading their wardrobes, Aussies love to do everything online. But for many small business owners having to adapt, that means giving their business a digital upgrade.

Pet lovers everywhere, say hello to Knose, the pet insurance provider on a mission ‘to make Australian pets the healthiest and happiest in the world.’

Been on the fence about property prices and not sure whether or not you want to take the plunge? Well, you may be behind the eight ball, as more Aussie millennials have reported feeling positive about the current housing market and are now willing to dive in.

From picking up a new pair of shorts to switching your sheets, Aussies around the country have already gearing up for another scorching summer.

There’s plenty to consider when picking out a credit card. Purchase rates, points earning potential, annual fees — all these things can make for confusing terrain to navigate.

To say that 2019 has been a big year for 86 400 may be an understatement, but today’s milestone is certainly one of their biggest yet.

When it comes to making sure your home is protected against anything life wants to throw at it, having the best home insurance policy around is essential.

Believe it or not, Christmas and the holiday season are just around the corner.

Finding simple ways to save on your home loan can be a hard ask, but ANZ is making that job a little easier with a new limited time $2,500 cash back reward for home loan refinancers.

What’s your next big step as a business? Is it expanding your staff, moving location or perhaps purchasing some new equipment?

If you’re anything like the typical mortgage holder, it’s probably been a while since you compared home loans to see if your rate is still competitive. But as one Aussie family found, this mistake could be costing you thousands of dollars a year in higher interest charges, particularly now that challenger lenders are fighting it out with unbelievably low home loan rates.

All in this week’s banking recap.

Christmas is just around the corner, and many Australians aren’t holding back when it comes to dipping into their savings or whipping out the credit card to buy presents for loved ones.

If you’re an energy customer living in Victoria who’s recently received your most recent energy bill, you may have noticed something a little different this time around.

As the old adage goes: “travel is the only thing you can buy that makes you richer”.

It looks like the Reserve Bank will be taking a breather this month. Despite some chatter about consecutive cuts, it decided against decreasing the cash rate in its November meeting this afternoon, keeping it at a record low 0.75%.

If you’re an Australian homeowner, it’s likely that your home and contents insurance policy is offering a lot less protection than you think.

From locking in a free flight to being treated like a star in an airport lounge, there are some things you just can’t say no to.

With the City of Sydney recently announcing that it will be switching to 100% renewable energy by July 2020, you might be thinking about a switch to solar energy for your own small business.

If all you’ve ever known is the big four, the idea of a neobank or digital bank may seem a bit intimidating to you. But the world of banking is increasingly turning online and towards apps, with new app features and handy online services rolled out every month. With that in mind, and as the reliability of online banking grows, neobanks, digital banks and other fintechs are starting to emerge.

Whether you do it every year or it’s your first time running the show, there’s a real sense of responsibility that comes with  organising the Melbourne Cup office sweep.

That’s right, as of today Citi customers who switch their Opal card for their Citi Visa credit card can officially combat those Monday blues with a sweet $5 cashback.

Following this year's three RBA rate cuts, we’ve seen plenty of lenders scrambling to reduce home loan rates, and loans.com.au is the latest to jump on the bandwagon. Today, the online lender made cuts of 0.20% across its range of fixed rate home loans, effective immediately.

As many Aussies start to wind down in the lead up to Christmas and the summer holidays, the opposite is true for thousands of businesses gearing up for the most frantic trading period of the year.

If you'd like to save money on your home loan in 2019, you've come to the right place. Finding the right home loan could mean the difference between tens of thousands of dollars in interest saved over the life of a loan, but it can be difficult to pick the best option given the mountain of different lenders and rates available.

As competition in the neobanks space begins to heat up, big bank Westpac is diving into the world of fintech, announcing plans for a new standalone digital platform designed to offer “banking-as-a-service.”

IMT provider WorldFirst, whose swift transfers and bank-beating rates have made it a favourite among travellers and international shoppers, has just come out with a new offer. This November, if you transfer over $10,000 AUD, you’ll receive a $50 Myer Gift Card within 15 business days of your trade.

It’s no secret that picking up a brand new car costs more than just a few pennies and with budgets getting tighter, it’s not surprising to know that many Aussie drivers may be looking at other options to get their dream across the finish line, like a car loan.

All in this week's banking recap.