News Archive for February 2021

February 2021

March 2021 financial checklist

March 2021 Financial Checklist

A pinch and a punch for the first day of the month, it’s officially March folks! And with a change of seasons, International Women’s Day, St Patrick’s Day and Pisces season all happening in the same month, here’s your March 2021 Financial Checklist to help guide you through!

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Insurance on the highway what to do if you hit a wild animal

Insurance on the highway: What to do if you hit a wild animal

You may have heard of the cheeky koala who wandered onto a freeway in southeast Adelaide a few weeks ago. The little furry friend caused a six car pile up! Luckily no one was seriously hurt and the koala in question was safely released back into the wild. However, this isn't always the case.

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Eftpos to launch qr code payments in australia

Eftpos to launch QR code payments in Australia

Eftpos today announced plans to roll out a QR payments network across Australia, in a move to help lower merchant costs and widen contactless payment options for consumers.The network will work by generating unique QR codes containing transaction details that customers can capture on their mobile phone to make a digital wallet payment.It’s technology designed to simplify the checkout process even further - debit card holders can make purchases online, via their mobile phone or in-store, without having to manually enter their card details.The announcement comes at a time when Australians have grown increasingly attuned to scanning QR codes, thanks to COVID-19 check-ins at physical venues. Eftpos’ chief executive officer, Stephen Benton said the QR network is part of the company’s strategy to boost eCommerce competition in Australia as more people embrace online shopping and contactless payments amid the pandemic. “Initiating secure purchase transactions using a consumer’s preferred digital wallet unlocks a wealth of extra benefits that will transform the way Australians choose to pay,” he said.“The QR code payments network will enable local home-grown innovation by connecting numerous APIs, consumer digital wallets, and supporting technologies on top of the existing eftpos network rails, providing choice and potential cost savings for local businesses.” One feature of this new service is that it can instantly credit loyalty points to the customer if they’ve linked a loyalty program to their mobile wallet. It will also give merchants the option to issue digital receipts.The trial is set to begin by mid this year, with a national rollout expected to finish in 2022. Want to read about other cutting-edge tech for spenders? Then check out our article on 4 fintechs that can help you tackle your finances, or visit our fintech hub for more news on the latest innovations.

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New car loans that might fit your price range in 2021

New car loans that might fit your price range in 2021

There are a bunch of new car models set to hit Aussie shores this year. Whether you’re after an eco-friendly Volvo XC40, a fresh BMW iX, a new model VW Golf, Subaru Outback or are even considering the latest Tesla Model Y - there’s plenty to get excited about. So, if a fresh set of wheels is on your 2021 to-dos, and you’re needing a low interest car loan to get there, it’s important you find the right loan to suit you and your price range. While something like the new model Skoda Octavia might set you back around $30,000, cars like Audi E-Tron GT could cost around $180,000 - not to mention the price tag a new-model luxury vehicle might come with. Ultimately, it’s important to give yourself the wiggle room to borrow what you need to cover the cost of your new car. Also keep in mind, that when borrowing for a car only borrow within your means. While a fancy whip might seem fun at the time if you are unable to pay down your loan over time you’ll risk spiralling into more debt and facing hefty late payment fees and interest repayments. With that in mind, here’s a rundown of where you might find a loan to match the car you have your eye on in 2021 …

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Could first home buyers be shut out as property prices surge

Could first home buyers be shut out as property prices surge?

Australia is on the brink of a property boom, with house prices nationally expected to rise by 16% within two years, according to the Commonwealth Bank. CommBank’s head of economics, Gareth Aird recently predicted that house prices will increase by 9% in 2021 and 7% in 2022, thanks to a combination of low home loan rates and a recovery in employment. Sydney and Melbourne are forecasted to see median home values grow by at least 12% over the next two years. But Aird’s predictions show it’s properties outside of the two major capital cities that will experience the biggest price surges. For instance, median home values are expected to jump by 18% in Darwin (+$99,000), 17.7% in Perth (+$99,000), 16.6% in Brisbane (+$102,000), 15.5% in Canberra (+$132,000), 15% in Hobart (+$87,000), and 14.5% in Adelaide (+$86,000). “The Australian housing market is on the cusp of a boom. The boom is being driven by record low mortgage rates coupled with a V-shaped recovery in the labour market,” Aird said. This follows recent Corelogic data which reveals Australian property prices have now surpassed pre-COVID levels as our nation’s appetite for house buying continues to grow stronger. In fact, auction clearance rates in Sydney reached highs of 86-88% over the last couple of weekends, according to Domain - the strongest it’s been since 1997. Mozo’s property expert, Steve Jovcevski adds that prices are already skyrocketing. He saw one property in Sydney sold for a staggering $500,000 more over the weekend than it did back in October, despite having no renovations or upgrades done to it.

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Australia s cheapest home loans revealed 2 1

Australia's cheapest home loans revealed

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 Aussie borrowers can be forgiven for finding it hard to pick the best option given the mountain of different lenders and rates available.Thankfully, with over 50 years of financial services experience between them, the Mozo experts have a serious knack for identifying great value loans. And they used it to compare 436 loans from 86 lenders in the annual Mozo Experts Choice Awards, to identify the best value options for Aussie borrowers.So whether you’re refinancing, investing or looking to buy a new home, read on for some of the best, low rate home loans on the market to help you start saving today.

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Meet the lenders taking on the big banks in 2021 1

Meet the lenders taking on the big banks in 2021

In case you missed the news, home loan rates have gone off a cliff in the past two years in the wake of six Reserve Bank interest rate cuts, including one last November. And now that the dust has settled, Aussie homeowners have a real opportunity in 2021 to take advantage of some of the lowest rates on record.Borrowers looking for the sharpest rates will need to look beyond the big banks though. Rival lenders have taken the spotlight: not only dishing up super low variable and fixed rates, but also new features and extra incentives.It’s little wonder that rival lenders are seeing a spike in customers switching their home loans from the major banks, with some genuinely big savings now available for those who are prepared to shop around.So, if you're sick of paying more than you need to on your home loan, you’ll want to get acquainted with these killer lenders taking on the big banks in 2021.

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Covid vaccine race to boost some currencies and leave others behind

COVID vaccine race to boost some currencies and leave others behind

The British Pound has hit new highs against the US Dollar, as the UK’s leading vaccine efforts have seen more than 16 million of its residents receive the jab so far. In fact, the GBP climbed past US$1.41 today - the first time it’s reached this level since April 2018. According to international money transfer (IMT) specialist TorFX’s managing director, Nigel Fox, the speed and success of each country’s vaccination programs will have “a direct correlation on their respective currencies” this year. He says that’s why “the Pound has enjoyed an extended bullish run, with the currency propelled to multi-month and multi-year highs, on hopes the UK’s accelerated vaccine rollout will pave the way for a swift economic recovery in 2021.” For context, a ‘bullish run’ refers to a sustained rise in currency value. “The Pound is perhaps the best positioned to soar this year as the UK’s vaccine success and the eventual resolution of Brexit paves the way for a strong economic rebound,” Fox says. “In contrast, the EU’s disappointedly slow rollout of its vaccination program looks to stifle the upside potential in the Euro this year.” Interestingly, vaccine hopes and a recovering world economy could trigger even more falls in the US dollar. That’s because these positive sentiments mean investors no longer need to flee to safe currencies like the USD, as they did back in March 2020 when news of the pandemic first broke. “In the wake of unprecedented monetary stimulus from central banks and a rebound in global growth as most economies reopened, we saw a rebalancing of currency markets, with the US Dollar losing its sparkle,” Fox says. “As the world emerges from the pandemic, and with the outlook for 2021 improving, we’re likely to see the recent USD selling bias remain firmly in place.”

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Lenders launch ultra low rates for refinancers 1

Lenders launch ultra low rates for refinancers

Hot off the press: Big-name lenders UBank, Suncorp, Athena and have just dropped brand new refinance deals - each of which offers killer variable and fixed rates in return for a generous deposit or equity on your property.So if you've built up some decent value in your property, these new offers could be your opportunity to save thousands and take years off your mortgage by refinancing. Home buyers lucky enough to have saved up enough cash to pay for a larger home deposit up front can also take advantage of these stellar new rates.UBank's fixed home loan sits competitively at a crazy-low 1.75% fixed rate for 3 years (2.22% comparison rate*), while Suncorp has dropped its 2 year fixed rate to just 1.89% (2.94% comparison rate*) and is still making headlines with an introductory 1.99% discounted variable 1 year home loan rate, that rolls over to a low ongoing 2.48%. Meanwhile, online lender Athena has introduced a variable rate home loan worth celebrating with a jaw dropping 2.19% variable and comparison rate*.So, if you’ve been holding out for the right refinance loan, then today could be your lucky day! Now, let’s take a closer look at what these new loans have on offer along with some of the other lowest refinance rates on the market right now...5 new home loan rates refinancers need to know about

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Jobseeker to rise by 25 a week from april

JobSeeker to rise by $25 a week from April

Today, Prime Minister Scott Morrison officially confirmed that fortnightly JobSeeker payments will rise by $50 from 1 April. Overall, this still amounts to a decrease to the current rate due to the cessation of the Coronavirus supplement

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More than money transfer transferwise rebrands to wise

More than money transfer: TransferWise rebrands to Wise

UK-based fintech TransferWise this week announced its decision to rebrand to ‘Wise’, in a move to reflect how it’s now expanded beyond international money transfers (IMTs).The fintech, which began operating in Australia in 2015, said its product range has since grown to meet the international banking needs of consumers and businesses by offering a “cheaper, faster and more pleasant” alternative for sending, spending, receiving and holding money overseas. “For generations, banks have been defined by borders. Traditional bank accounts trap our money in one country, making international lives more difficult and expensive than they need to be. We shouldn’t have to accept this status quo,” Wise’s chief executive officer and co-founder Kristo Käärmann said. “[This week] our name catches up with who we’re already building for - a community of people and businesses with multi-currency lives,” he added. “We’ve evolved to fix more than just money transfer.”

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The do s and don ts of buy now pay later

The Do’s and Don'ts of Buy Now Pay Later

For many Aussie shoppers, using Buy Now Pay Later (BNPL) at the checkout has become as common as paying with a debit card. In fact, Mozo found that 5.8 million Aussies have at least one BNPL account. But if you are one of the few who are yet to take this innovative payment method for a spin, it’s important to understand how to use it correctly. To get you off on the right foot, we’ve jotted down some do’s and don’ts of using Buy Now Pay Later.

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Boq acquires me bank in massive 1 3 billion deal

BOQ acquires ME Bank in massive $1.3 billion deal

Bank of Queensland announced it will be acquiring industry super fund-owned lender ME Bank for $1.3 billion, in a move key stakeholders have called “a permanent shift for the better in the Australian banking landscape.”It comes following a tense bidding war over the weekend which saw BOQ beat out both ANZ Banking Group and Bendigo Bank for the keys to the challenger bank, which made a profit of $80.85 million last financial year.The takeover will be funded by an underwritten capital raising of $1.35 billion, and is expected to be completed by the end of the 2021 financial year, pending regulatory approval.With the addition of ME Bank, BOQ Group’s pro forma total assets will now come to $88 billion and deposits now total more than $56 billion.Chairman of ME Bank, James Evans said the decision was unanimously supported by the bank’s shareholders, and was made with the best interests of both customers and employees in mind.“This agreement brings together two culturally aligned organisations to form what will be an enhanced and influential banking alternative for customers,” he said.“The combined group will be able to offer a wider network of service options, deeper resources, and the added reassurance that comes with a larger banking organisation.”BOQ managing director and chief executive George Frazis said the combination of the two businesses is a “defining” moment in BOQ’s ongoing transformation. “Critically, ME Bank delivers material scale, broadly doubles our Retail bank, and provides geographic diversification. The ME Bank brand is also a great fit with the BOQ and Virgin Money brands, creating customer-centric alternatives in Australia,” he said.“It is an exciting day to see two strategically and culturally-aligned businesses come together and we look forward to continuing to build ME Bank’s strong brand, accelerate growth and create new opportunities for our people and the Group.“We are on track with our strategic transformation and we anticipate that the combination of the two businesses will enable us to accelerate our digital strategy towards a cloud based common digital Retail bank technology platform.”For more news from the banking world, visit our home loan news hub. And if you’re after an idea of where interest rates currently sit, head over to our home loan comparison page, or browse the selection below.

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Nab cuts fixed rates to new lows

NAB cuts 5-year fixed rates by 0.55%

National Australia Bank made a number of changes to its fixed rate suite today, cutting rates for both owner occupiers and investors by between 5 and 55 basis points.The major bank reserved the largest cut for the 5-year term on the Tailored Home Loan (Choice Package). As of today, owner occupiers looking to fix long-term can now access rates as low as 2.24% p.a. (3.66% p.a. comparison rate*).Today’s reductions also saw headline rates for 3-year terms dip below the 2% mark, bringing them in line with NAB’s 4-year option, which has offered 1.98% p.a. (3.69% p.a. comparison rate*) since November last year.NAB executive of home ownership, Andy Kerr said the new rates are among the lowest offered by the bank.“Both our 3- and 4-year fixed rates for owner-occupiers paying principal & interest are now below 2 per cent, a level that would have seemed unbelievable just a few years ago. These changes will also offer our lowest ever rate to property investors,” he said.

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Is buy now pay later safe and secure 5 questions answered

Is Buy Now Pay Later safe and secure? 5 questions answered

Considering using Buy Now Pay Later (BNPL) to make purchases online? Or maybe you already do ... You’re not alone. In fact, according to ASIC's 2020 Buy Now Pay Later: An Industry Update report from the 2017-18 financial year to the 2018-19 financial year, the number of active BNPL accounts across six providers grew by 38% (from 2.7 million to 3.7 million). There was also a large increase in BNPL transactions, too. From June 2018 to June 2019, the number of purchases increased from 1.9 million to 3.4 million (an increase of 75%). “It’s not surprising that Buy Now Pay Later platforms continue to see an uptick in the amount of customers signing up and making purchases,” Mozo director, Kirsty Lamont says. “However, unlike the security of a large bank or credit card provider, some consumers may have questions around how these newer platforms store and protect their information and whether its a safe payment method to use online.” So how secure is using BNPL online? Let’s take a look … ASIC found that over the 2018-19 financial year, Afterpay (73%), Zip (11%) and Humm (11%) had the highest total value of transactions. All three platforms can be used both online and in-store. So we’ve compared these three BNPL providers to find out what information they collect from consumers on sign up, how they use it and any risks that come from using them online.

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Lenders offering cashback to refinance your home loan

Lenders offering $2000 cashback and points to refinance your home loan

Thinking about switching your mortgage in 2024? Some providers are still willing to throw a bit extra at eligible borrowers looking to refinance. We’re not just talking about competitive interest rates either, because a host of lenders are also offering extra incentives like cashback offers.

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Share trading surges among millennials but are they jumping in too quickly

Share trading surges among millennials, but are they jumping in too quickly?

At a time when savings rates have slid to less-than-spectacular levels, the allure of taking higher risks for bigger returns has attracted a growing number of people to share trading. In fact, RMIT University’s senior lecturer of finance, Dr Angel Zhong found through her research that in Australia alone, the volume of retail trading by individual investors jumped more than 60% over the lockdown period, compared to pre-COVID. This is also supported by new data from Commonwealth Bank’s share trading platform CommSec, which shows the number of their customers with no trading experience more than doubled over the past year - from 8% before February to 18% in December. A majority of these new customers (83%) are under 44 years old, made up of millennial, Gen X and Gen Z consumers. But are young people jumping in for the right reasons and with enough preparation? Let’s take a look.

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Women owned businesses go digital to attract customers post lockdown

Women-owned businesses go digital to attract customers post-lockdown

Small business survival over the past year has hinged on resilience, with many owners and entrepreneurs embracing digital solutions to navigate the fallout from COVID-19 restrictions. Shirley Yuan, who runs a Sydney-based jewellery store Shirley and Owen, was one such business owner who had to close up shop for three months during the 2020 lockdowns.But she said that those tough times gave her an opportunity to pick up new skills. “I bought a small light room to take photos of my jewellery for my customers. I also learnt a bit of marketing from my daughter. It amazed me that there are so many ways to do advertisements through social media,” she said. Yuan is not alone. According to new data from women’s community group Business Chicks, 65% of women business owners have been investing more in online marketing since the pandemic. More specifically, around 24% of women business owners are spending more on social media ads. Meanwhile 20% have increased their spend on IT/tech support, 19% on creative/design software, 15% on email marketing, and 7% on their Customer Relationship Management (CRM) platforms. Virtual chat/video streaming as well as learning and development have also risen in priority, with 25% and 29% respectively spending more on these areas. Out of the survey’s 586 Aussie women participants, nearly a third are now their own bosses. About 13% have started their own business while still working for someone else. “Record numbers are now running their own show and looking at ways to expand their business,” Business Chicks’ content and marketing manager, Brion Hunt said. “We are seeing a lot of SMEs re-examine their core offering, how they deliver it and how they reach and talk to their clients,” Business Australia’s general manager of content and acquisition, Genevieve Brock added.“That has prompted [businesses to] re-examine their marketing strategies as well,” she said.

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Aussies missing out on 500m in electricity savings says vinnies

Aussies missing out on $500m in electricity savings, says Vinnies

Whether it’s laziness or a little knowledge on the subject, the average Aussie isn’t that keen to switch and save on their energy bill - and it’s costing us big time. New research from the St Vincent de Paul Society found that collectively, households are missing out on an eye-watering $500 million in energy savings by not switching to a cheaper deal. In fact, households across Victoria, New South Wales, Queensland and South Australia are paying up to $200 extra for electricity, despite previous news of prices falling. "Wholesale prices have come down significantly and there's also been changes to poles and wires prices," manager of policy and research at St Vincent de Paul Society, Gavin Dufty told the ABC in a recent interview. "That's washed through the electricity market, but we're really concerned that people haven't gone out there and refreshed their electricity accounts so those savings end up in people's pockets and not the pockets of the big multinationals."Dufty explained that there are up to six million Australian households in those four states that are still on expensive contracts with their retailers. Most of these customers were previously on contracts, which have now expired. As a result, the retailer has rolled them onto a default offer, which generally tend to be on the pricier side. "When you start to get price falls, [retailers] don't quickly come back to you and say 'here's all these savings you can have', they like to let you sweat a little bit because that's more money for them,” said Dufty.

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Does my job mean i pay more for car insurance

Does my job mean I pay more for car insurance?

In 2020 UK based publisher Motoring Research did some digging on how job titles affect car insurance. Their findings revealed that drivers, chefs and hairdressers were usually hit with the highest premiums, while mechanics, administrators and designers were charged the lowest.

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3 options for covering the cost of solar panels

We’re sure you already know that having solar power as your electricity source is a great way to save on your energy bills. But given that solar panels can cost thousands, taking that first step can be daunting. If you’re thinking of making the switch to solar, we’re jotted down three ways you can cover the cost, plus their pros and cons.

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Used car sales skyrocket as fears of public transport grow

Used car sales skyrocket as fears of public transport grow

For a lot of us, purchasing a used car is the simple way to avoid forking out a fortune for a new set of wheels. But according to new figures from data aggregation firm Datium Insights, Aussie drivers are now paying more than 40% more for second hand cars compared to pre-Covid in 2019.Two common reasons car sales have surged over the last few months is due to the fear of public transport as well as a desire to explore the country on road trips.

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Rewards credit cards in 2021 are they worth it without overseas travel

Rewards credit cards in 2021: Are they worth it without overseas travel?

Used to consider yourself a bit of a credit card rewards points guru? Dedicated your time to gathering up points with every purchase and then spending them on overseas holidays and flight upgrades?  Boy, doesn’t that seem like a thing of the past. The truth is, when it comes to travel there are a lot of unanswered questions. While vaccines have just hit Aussie shores, it seems like we are still a fair way away from international travel being an option for a trip away. So the question is: are rewards credit cards really worth it in 2021 without overseas travel? Our answer - they can be.

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New sa pilot program to give concession holders free solar system

New SA pilot program to give concession holders free solar system

Any Aussie household can understand the value of switching to solar for their electricity source, and thanks to a new South Australian program selected households will get to experience it for free. Under the new Switch to Solar pilot program, around 1,000 South Australian concession holders will receive a free solar system, replacing the Annual Energy or Cost of Living concession. Households who are recipients of these concessions are given up to a total of $226.67 and $215.10, respectively each year. Meanwhile, this program is set to deliver participants an annual saving of $890 on their energy bill, according to the Marshall Liberal Government.“Our new Switch to Solar pilot is a win-win for everyone,” said Minister for Human Services Michelle Lensink. “Not only is the Government injecting money into the economy and supporting vital jobs through the purchase of 1000 new solar panels, our concession holders will get big bill savings off their energy bills.”The suburbs chosen for this pilot are:

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After a low rate personal or car loan in 2021 here s where to start looking

After a low-rate personal or car loan in 2021? Here’s where to start looking…

Planning some home renos, a wedding or upgrading your car in 2021? You may need a loan to cover the cost. That’s where a low-rate personal loan or car loan might be handy. In fact, it could be a lifesaver when it comes to covering a large cost and could also save you from forking out too much in interest repayments. Because let’s be real, who wants to do that?Right now on the Mozo database, the average interest rate for personal and car loans look like this:

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Commbank s interest free credit card surges in popularity amongst millennials

CommBank’s interest-free credit card surges in popularity amongst millennials

In December 2020, CommBank launched its interest-free credit card Neo with the hopes of reeling in younger Aussies who feared the classic credit card. And according to recent figures from the major bank, they’ve managed to knock that task out of the park. CommBank found that one third of all credit card approvals in December were for the Neo interest-free credit card, while the bank notes that more than half of the card’s uptake alone, came from millennials. A quick recap: the CommBank Neo credit card features no interest rate or late payment fees. In exchange for this, customers are charged a monthly fee based on their chosen credit limit. The credit card fees and limits are as follows:

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3 facts mortgage brokers may neglect to tell you

We know finding the best value home loan can be a hard slog. That’s why thousands of Aussies turn to mortgage brokers to help them understand the fine print, particularly if you’re a first time buyer who needs help preparing paperwork or require advice for complicated financial circumstances (hello post-2020).

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Aussies still prefer houses to units

Aussies still prefer houses to apartments, but is that set to change?

Demand for detached dwellings continues to rise in Australia, with new data showing the proportion of houses sold over the year climbing to new heights. According to property research firm CoreLogic, an estimated 459,308 properties were transacted in the twelve months to January 2021, with house sales making up 74 per cent of that number.Driving the increase in sales volumes is the government’s HomeBuilder scheme, which has boosted property sales by more than 100 per cent compared to the previous year, according to the Housing Industry Association.Since the program was introduced in June, however, takeup has been largely limited to standalone houses, which require buyers to jump through fewer hoops than off the plan units.CoreLogic head of residential research, Eliza Owen said the scheme’s design doesn’t favour new units, pointing to the “tight deadlines for eligibility, where the commencement of a new property initially had to take place within three months of the contract date.”

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Commbank s new 0 99 green loan to help aussies purchase renewable technology

CommBank’s new 0.99% Green Loan to help Aussies purchase renewable technology

Commonwealth Bank has announced it will soon be launching a new loan to help Australians adopt renewable technology and make their homes more sustainable.The CommBank Green Loan comes with a low 0.99% p.a. secured fixed comparison rate, and will be available to CommBank home loan and investment home loan customers looking to install eligible small-scale renewable technologies in their home. Customers will be able to borrow up to $20,000 to purchase items such as solar panels, battery packs and electric vehicle chargers. According to CBA, there will be no establishment or monthly services fees, and no penalties for early repayment.CommBank group executive Angus Sullivan said customers who switch to solar energy could see savings of more than $500 per year, which is enough to offset the loan repayments over the long run.”We have a responsibility to meet the current needs of our customers and the community while operating sustainably for future generations, and our new CommBank Green Loan will make financing more accessible,” he said.CommBank also noted that eligible technologies must be installed by an accredited technician who can ensure all industry best practice standards and relevant Australian Standards are met.“Over 2.7 million Australians have installed solar panels on their homes, and it’s a great way to reduce your power bills and reduce your household’s carbon footprint,” said Clean Energy Council’s chief executive, Kane Thornton.“By choosing a Clean Energy Council Approved Solar Retailer, you will be working with someone who has signed on to the Solar Retailer Code of Conduct and uses designers and installers who are accredited by the Clean Energy Council.”A pilot program will commence this month with national rollout of the CommBank Green Loan planned for May 2021. In the meantime, customers can register their interest at the Commbank website.

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American express launches business loan to assist smes

American Express launches business loan to assist SMEs

American Express is well known for its range of credit cards for the average Aussie or business owner. However, the credit card giant has now decided to move beyond plastic and enter the business loans market - a first for Amex outside of the United States. The decision to take on a new credit product like business loans came as a response to the rising number of small to medium enterprises (SMEs) planning to take out more than $130 billion of additional capital this year. “Many businesses are still feeling the full impact of the Covid-19 crisis, while others have rebounded with their sights firmly set on growth. We have taken a transformational step to evolve our business beyond our existing card offering to help support businesses on their journey forward,” said vice president of Global Services for American Express, Martin Seward. In order to make these loans a reality, American Express partnered with global organisations platform, ODX. “Given the dramatic shift in customer needs and preferences during the pandemic, it’s more important than ever to provide them with a digital and frictionless experience to tap into financing,” said president of ODX, Brian Geary. Jumping into the details, the American Express Business Loan will feature:

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4 fintechs that can help you tackle your finances

In the past, managing your budget was done with a pen, paper and good old fashioned calculator. Fast forward to 2021 and there’s an app for almost every kind of spender. According to recent ING research, around 2.9 million Aussies say they are more financially prepared than ever for 2021, so why not join the club.  Getting on top of your finances doesn’t have to be difficult or even a chore, especially with the range of digital tools out there. So if you’re committed to creating your own financial success this year, we’ve jotted down some of our favourite apps and fintech platforms to get you started.

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Do speeding tickets affect car insurance

Do speeding tickets affect car insurance?

The short answer is yes, speeding tickets do affect car insurance premiums. That’s because as well as a ticket, you will also accrue demerit points on your licence. If you’re a learner or P1 licence holder, your licence will be suspended for at least three months.

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Winners announced in the 2021 mozo experts choice awards for savings and bank accounts

Winners announced in the 2021 Mozo Experts Choice Awards for Savings and Bank Accounts

If you’ve got some serious savings goals for 2021 or just want to limit the fees you pay for your everyday banking, choosing the right savings account and bank account is an all important step in your financial journey.Whilst it can be simple enough to know the features you want and don’t want with your banking, sifting through the hundreds of options out there can be confusing, but that’s where our Money Experts step in!The Mozo Expert Choice Awards not only help you down the right track, our awards also highlight some of the best products in the industry that offer everyday Aussies more bang for their banking buck.“With savings rates dropping dramatically in the last year, it’s more important than ever to proactively manage your money and get the best deals you can find. It might not seem like much, but a 1% difference in your savings rate can add up in the long run,” said Peter Marshall, Mozo Experts Choice Awards judge.    And the winners are…

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Winners announced in the 2021 mozo experts choice awards for small business smsf accounts

Winners announced in the 2021 Mozo Experts Choice Awards for Small Business & SMSF Accounts

If savings is on your agenda for 2021 or you simply want to manage your money more effectively as a small business owner, it pays to shop around to find the best banking deals out there.With so much on your plate running your small business, the less you need to worry about your banking the better. But the question begs, are you making the most of your money?With factors like hidden fees, employee wages, cash-flow and much more to consider, shopping around will benefit the way you operate in the long run.“By not shopping around you could be throwing thousands of dollars down the drain,” said Peter Marshall, Mozo Experts Choice Awards judge.     “With savings rates at such low levels, it’s more important than ever to proactively manage your accounts and get the best deals you can. In these awards, we compared and found that there was a vast difference between the lowest and highest interest rates of business accounts.”And the crown goes to…

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Macquarie app review

Macquarie Mobile Banking app review

As one of the larger banks in Australia, Macquarie offers a range of banking products including home loans, bank accounts and savings accounts, as well as other financial services to customers throughout the country.

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Banksa app review

BankSA Mobile Banking app review

BankSA is a member of the Westpac Group and one of the most widely used banks in South Australia, offering customers a range of banking, insurance and other financial services. Many of BankSA’s banking products are also award winners, with the bank having taken out recent Mozo Experts Choice Awards for its credit cards and home loans.

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Frollo named best money management app of 2021

Frollo named Australia’s best money management app of 2021

Whether out of necessity or choice, most Australians have their savings, loans, investments and superannuation spread across different institutions. But with so many accounts and figures to keep track of, maintaining an overall financial picture isn’t the easiest task.

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Up wins banking innovation award in the 2021 mozo experts choice awards

Up wins banking innovation award in the 2021 Mozo Experts Choice Awards

At a time when spending, saving and transferring money can all happen at a touch of the fingertip, finding a banking app with all the right features has become a priority for many deposit customers. But without widely exploring your banking app options first, it can be difficult to know which providers are on top of innovation. That’s why Mozo has done the hard work for Australians, today announcing winners of the 2021 Mozo Experts Choice Awards for Banking Apps & Technology.As part of these awards, Mozo’s expert judges thoroughly assessed 74 different banking apps in order to find the ones with leading functionality for users. This year, neobank Up rose above much of the competition, winning two 2021 Mozo Experts Choice Awards for Excellent Banking App and Banking Innovation. The digital bank joins a cohort of much larger players like Commonwealth Bank and Macquarie Bank in the 2021 Excellent Banking App category, while it’s the only provider to snag the Banking Innovation title this year.

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Bank of melbourne app review

Bank of Melbourne app review

As a local bank, Bank of Melbourne is committed to serving the banking needs of Victorian residents. Although they operate only in Victoria, they’re also part of Australia’s largest regional banking network, together with St.George and BankSA.Bank of Melbourne offers a whole assortment of products, including savings accounts, home loans and credit cards, and has scooped a number of Mozo Experts Choice Awards over the years, including in 2021.

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New home sales fall as homebuilder end date approaches

New home sales fall as HomeBuilder end date approaches

With the government’s HomeBuilder scheme due to expire on 31 March, the Housing Industry Association finds that new building sales in January fell to just 30 per cent of December’s sales totals.HIA’s New Home Sales report attributes the difference in volume to the HomeBuilder scheme drawing forward sales in December.HIA chief economist Tim Reardon said the January result was encouraging given the usual slowdown in activity that occurs at the beginning of the year, and that more sales are expected off the back of the housing grant.“After drawing forward sales into December, HomeBuilder will also push sales back until the end of March when the reduced $15,000 grant ends,” he said.“For this reason, sales are expected to remain flat in February before another surge in March. The March surge will not be of the same quantum as December due to the lower grant offering.”The HomeBuilder grant was introduced in June last year to keep the pipeline of work in the construction sector from drying up, with high uptake prompting the government to extend the program in November.Under the modified version, owner-occupiers can receive $15,000 when purchasing new builds valued at under $950,000 in New South Wales, $850,000 in Victoria, and $750,000 in all other States and Territories.RELATED: February property bounce: Listings and auction sales increaseThe impact of the scheme can be detected in the ABS approvals data, which saw building approvals for private houses jump up 15.8 per cent in December, marking the sixth straight month of growth.“New Home Sales reached remarkable heights in the December 2020 quarter, almost 100 per cent higher than at the same time the previous year,” said Reardon.“The impact of HomeBuilder is already being observed in record high housing finance results and approvals data and this will lead to strong jobs growth in the industry in 2021.”“Low interest rates, rising house prices and a demographic shift in demand towards detached housing and regional areas should ensure ongoing demand for new homes albeit at a level significantly below that observed in the last quarter of 2020.”For information about mortgage and lending trends, visit our home loan statistics page. And for an idea of where interest rates currently sit, check out our home loan comparison page, or browse the selection below.

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St george app review

St.George banking app review

It’s safe to say many Australians have heard of or used St.George Bank. As one of our country’s largest retail banks and a member of the Westpac Group since 2008, St.George Bank has been offering products like everyday transaction accounts, savings accounts, home loans and personal loans to its customers for almost three decades. Despite its long history, St.George has proven strong on the innovations front, snatching up a 2021 Mozo Experts Choice Award for Excellent Banking App. It’s also the parent company of two other Excellent Banking App award winners this year, BankSA and Bank of Melbourne.

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3 bonus points offers you need to know about this February

If you never say no to a perk, you might be considering picking up a rewards credit card. These are credit cards that allow you to earn points on your everyday spending which can be redeemed for a range of rewards. The good news is that many rewards credit card providers generally offer bonus point offers for new customers, which can range between 50,000 to a whopping 200,000. This can be a great way to kickstart your points balance and get you well on your way to picking up some flashy rewards. To get your search started, we’ve rounded up three rewards credit cards with some snazzy bonus points offers.

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Judo bank scoops up best term deposit award for 2021

Judo Bank scoops up best term deposit award for 2021

In light of the avalanche of rate cuts over the past year, term deposits have become an increasingly attractive option to savers wanting more certainty over their interest earnings.If you’re one such Australian and you’re eager to secure a competitive rate over the next few months or years, Mozo has some exciting news. Today we revealed the best term deposits for this year in the 2021 Mozo Experts Choice Awards. As part of these awards, Mozo’s expert judges analysed 73 term deposits across a range of investment terms from one month up to five years, in order to determine the best of the bunch. Neobank Judo Bank was a standout winner, taking home a Mozo Experts Choice Award for best Term Deposit for the second year in a row. It carries this dual honor alongside customer-owned banks like UniBank, Firefighters Mutual Bank and Teachers Mutual bank.

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Mozo 2021 national savings report

Mozo’s 2021 National Savings Report: Fearful savers forgo extra interest

If you go by the numbers, Australians haven’t been the most dedicated savers over the last decade. Economists at the Reserve Bank use a measure they call the ‘savings ratio’, which in a simple graph can show us that since about 2012 our savings in relation to our income has dropped. As such, where we have parked our money perhaps hasn’t been top of mind. Hopefully it will become more top of mind with the findings of this report. Another factor to this point has been our spending as a nation. You might even say we’ve been consistently strong spenders, with our national spending rate typically represented by a 45-degree incline on any line graph showing the years 2012 to 2019. Numbers from the Australian Bureau of Statistics can confirm this trend, so too can several survey-based reports like that conducted by ME Bank, which in 2018 showed that the combination of rising expenses and subdued income gains has led Aussies to actually dip into their savings. Yes, we have been saving less.Last year’s sledgehammer to the global economy has shifted this trend though - at least, on the savings front. As the graph below shows, COVID-19 led restrictions forced many people to revise their spending-to-saving equation, with the household savings ratio skyrocketing during 2020.

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Is 2021 the year to get back control of your finances

Is 2021 the year to get back control of your finances?

Between having to apply for financial assistance for the first time, to spending time with family virtually, Aussies felt pushed to their limit in 2020. But after such a tumultuous year, is the country ready to pick up the pieces and try again? According to recent ANZ/Roy Morgan research 29% of Aussies say their families are ‘better off’ financially than this time last year, while ANZ-Roy Morgan Consumer Confidence was up by 0.9pts to 112.1 on January 30/31, 2021. There’s some positivity around.So what exactly is boosting consumer confidence among these Aussies? Let’s take a deep dive by examining some of the most common financial goals for the average Aussie.

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Annual car costs exceed 5 000 in 2021

Annual car costs exceed $5,000 in 2021

Australian drivers are spending upwards of $5,100 a year on car-related costs, according to a joint study by car subscription service Carbar and market research company YouGov.

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February property bounce listings and auction sales increase

February property bounce: Listings and auction sales increase

While sales took a hit last year as the pandemic forced buyers and sellers alike to curb their plans, 2021 has brought with it some promising signs of a turnaround, including a material rise in new listings.Over the week ending February 7, total new listings for capital city homes rose 11.5 per cent compared to the previous week, according to research from My Housing Market.Melbourne recorded the greatest increase in newly advertised stock (28.1 per cent), followed by Sydney (15.1 per cent), Adelaide (11.5 per cent) and Brisbane (10.2 per cent).In Perth, however, the number of new listings plummeted by 36.6 per cent over the week, reflecting the impact of a hard lockdown after a quarantine hotel worker was found to have contracted the UK variant of the virus.Nonetheless, total new listings across Australia are currently 7.2 per cent higher than they were over the same period in 2020.“Newly advertised listing numbers can be expected to continue to surge over coming weeks and track higher than last year’s results at the same time - particularly as the autumn home auction season gathers pace,” said chief economist at Archistar, Andrew Wilson.“More listings will be good news for buyers offered more choices – but can expect to pay higher prices in a hot market.”

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First home loan deposit scheme reissues 1 800 spots are you eligible

First Home Loan Deposit Scheme reissues 1,800 spots: Are you eligible?

The Australian Government recently announced it will be reissuing 1,800 unused spots from the first round of the First Home Loan Deposit Scheme, meaning any buyers who missed out last year will have another chance to access a spot. The program, which is administered by the National Housing Finance and Investment Corporation (NHFIC), aims to help first home buyers get on the property ladder sooner by guaranteeing up to 15 percent of a property’s value.The quick uptake of the scheme prompted the Government to add an extra 10,000 spots in October last year, however these are restricted to buyers who plan to build or purchase new builds. Of this batch, just over 4,200 spots have been secured so far.Home buyers taking advantage of the 1,800 reissued spots will be able to purchase existing homes, with price caps varying depending on the location of the property.“Helping Australians get into a home of their own and supporting tradies’ jobs are both key priorities for the Morrison government as we build our comeback from the COVID-19 recession,” said housing minister Michael Sukkar.

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Credit card spending falls in january but bounce back expected

Credit card spending falls in January but bounce back expected

During the height of the Covid-19 pandemic, credit card spending had reached a plateau. But according to new research from Citi, Aussies across the country are slowly getting back into the swing of things. The credit card issuer found that although credit card spending had fallen by 19% in January, spending in December was almost at pre-Covid levels. “Consumers are experiencing a spending hangover, after doing their bit to boost the economy during the November and December silly season,” said Head of Credit Cards at Citi Australia, Choong Yu Lum. “This is in line with expected spend for January, as consumers typically tighten their belt following a period of increased spending due to Christmas and school holidays.”And according to Citi, what we’re using our plastic for has also changed between December and January. RELATED: Credit card spending to pick up as Christmas nears, says Citi

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February 2021 financial checklist

February 2021 Financial Checklist

Seriously, how is 2021 already a month old? And while COVID-19 isn’t planning on taking a backseat just yet, anything’s got to be better than 2020, am I right?

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A millennials guide to understanding private health insurance

A millennials guide to understanding private health insurance

From landing your dream job to purchasing your first home, entering a new life stage can be an exciting time. But getting older can also mean adjusting priorities and having to consider new products like private health insurance. According to Private Healthcare Australia, over 13.5 million Aussies have private health insurance, that’s approximately 54% of the Australian population. But what is it exactly and is it something you should be considering?

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Building approvals for houses climb for sixth month in a row

Building approvals for houses climb for sixth month in a row

Building approvals for private houses climbed 15.8 per cent in December 2020, marking the sixth straight month of growth according to the the Australian Bureau of Statistics.Approvals for detached housing were highest in South Australia (33.6 per cent), followed by Victoria (17.2 per cent), New South Wales (16.2 per cent) and Queensland (7.5 per cent).New South Wales posted its highest private house approval figure since March 2000. Queensland also experienced a surge, recording its highest approval numbers since September 1994.Overall, the total number of dwellings approved in December increased by 10.9 per cent in seasonally adjusted terms.Daniel Rossi, director of construction statistics at the ABS said current interest rate settings and a host of government programs have played a major part in supporting ongoing growth."Despite the uncertainty experienced by developers and households during 2020, the total number of dwellings approved in the calendar year was 4.8 per cent higher than in 2019," he said.“Federal and state housing stimulus measures, along with record low interest rates have contributed to strong demand for detached dwellings.”Housing Industry Association economist, Angela Lillicrap said the result was “exceptional” considering how much other sectors of the economy had been rattled by the coronavirus pandemic.“The surge in the number of building approvals has continued each month since the announcement of HomeBuilder in June,” she said.“This volume of work will ensure ongoing employment growth in the sector through 2021.”RELATED: Property market sentiment continues to rise, finds ME BankShe also noted that data for building approvals typically lags behind other leading indicators such as new home sales and housing finance data, both of which set records for growth in December.“With this in mind, it is likely that we have not yet seen the peak of detached home building approvals,” she said.While approvals for private houses increased by 15.8 per cent over the month, other types of dwellings saw only meagre growth of 2.3 per cent. In particular, apartments are expected to struggle for the foreseeable future.“Not only does the apartment market face headwinds from a lack of population growth and a preference for detached houses, yesterday’s regional migration data shows a shift away from metropolitan Sydney and Melbourne,” said Lillicrap.“The apartment market is also likely to be constrained until overseas migration returns.”For information about mortgage and lending trends, visit our home loan statistics page. And for an idea of where interest rates currently sit, check out our home loan comparison page, or browse the selection below.

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Home renovation spending surges on back of homebuilder

Home renovation spending surges on back of Homebuilder

Since the federal government’s decision in late November to extend its HomeBuilder scheme, a growing number of Australians have been pouring some serious money into home renovation projects like garden landscaping and room remodelling.HomeBuilder, which began in June last year, involved handing out $25,000 cash grants (now reduced down to $15,000) to eligible households to cover the cost of home building or renovations. This scheme was introduced to help boost activity in the housing construction industry, and has so far seen a huge takeup in interest. According to Treasury figures, 75,143 households applied as of 31 December, which is almost double of what was initially predicted.

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Could christmas club accounts be a savings option for 2021

Could Christmas club accounts be a savings option for 2021?

Now you might be thinking it’s February, why are we still talking about Christmas? Well we’re not really, more a nifty way to save money. In fact, one that the Customer Owned Banking Association (COBA) is encouraging Aussies to think about in 2021.

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Ditching public transport for your car here s how to cut the cost of driving

Ditching public transport for your car? Here’s how to cut the cost of driving

As we settle into the second year of the global pandemic, it's obvious some Aussies are changing their tune when it comes to getting around. Take New South Wales, for example. According to Opal data from Transport for NSW, public transport usage was down 44% from 2019 to 2020. Only 32.5 million people jumped on the bus, train, ferry or light rail in December last year, compared to 58.5 million the same time the year before. With many people working from home and some even moving out of the Greater Sydney area, it's no surprise that the number of public transport passengers is down. Plus, when compared to the traffic stats over a similar period, it shows that many Aussies feel more comfortable jumping in their car instead. In fact, a spokesperson for Transport NSW recently told the Sydney Morning Herald that the number of vehicles on the road in NSW is only down 4%, with an average of 107 million per day compared to 112 million a year ago. Mozo Director, Kirsty Lamont said she’s not surprised with this statistic. “It makes sense that many people in New South Wales, and in other states, are opting to get behind the wheel of their own car to avoid the risk of potential exposure to Covid 19 on public transport,” she said.“But while ex-public transport commuters might be saving on their daily bus, train or ferry fair, there are other costs associated with taking a car instead, like petrol, tolls and parking. So, it’s all about being savvy when it comes to day to day driving expenses so you aren’t forking out too much.”

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Property values have surpassed pre covid levels says corelogic

Property values have surpassed pre-Covid levels, says CoreLogic

Housing values are up by 1% over the course of January and have surpassed pre-Covid levels, according to recent figures from property researcher CoreLogic. The researcher also found every capital city recorded a rise in housing value, ranging from 2.3% in Darwin down to 0.4% in both Sydney and Melbourne during January. Regional housing values in particular increased by more than twice compared to capital city housing, which could be due to the high volume of buyers flocking to these areas during the height of the Covid-19 pandemic. “Internal migration data shows more people are leaving Sydney and Melbourne for regional areas, resulting in a transition of activity from the metro regions to the outer fringe and regional markets,” said CoreLogic’s research director, Tim Lawless. While regional areas are getting a boost, Lawless said that drastically reduced international migration has also meant metropolitan areas are lagging behind. “This demographic trend is further compounded by the demand shock of stalled overseas migration,” he said. “As Melbourne and Sydney historically receive the vast majority of overseas migrants, these metro areas have been the hardest hit by this demand shock.”CoreLogic also found that houses are still outperforming units, rising in value by 3.5% in the last six months, while units remain unchanged. “Demand for units has diminished through COVID-19 amidst record low levels of investor participation and changing living preferences. While demand and supply remain imbalanced we are likely to see units continue to underperform relative to detached housing markets,” said Lawless.

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Report banking on rate relief you might be paying too much for your home loan

Report: Banking on rate relief? You might be paying too much for your home loan

Banks can profit off home loan customers by postponing how quickly they pass on a Reserve Bank cash rate cut. Typically these are larger and more established banks, including the big four, and the latest Mozo research shows that delays by these lenders has seen them pocket $1.2 billion in additional home loan interest since 2011. From time to time, they’ve also responded with partial rate cuts or withheld rate relief from variable customers - if we add those instances into our calculations too, then their extra interest earnings since 2011 soar to $29.9 billion.In fact, our research found that following the official rate cut in November 2020, only 18 out of 95 lenders passed on the rate relief in full, while 15 passed on part of the cut. It’s worth crunching some quick numbers on this: at the current average variable home loan rate of 3.29%, the monthly repayment for owner occupiers paying principal and interest is $1,750. If all 95 lenders had passed on the 15 basis point cut in November in full, the new average variable rate would have been 3.19%.

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Property market sentiment continues to rise finds me bank

Property market sentiment continues to rise, finds ME Bank

Property market sentiment in Australia has risen to its highest levels since 2019, according to ME’s latest Quarterly Property Sentiment Report.The lift in sentiment is being driven by widespread expectations property values will rise, along with increased market activity, record low interest rates and a host of government incentives.More than half of respondents (54 per cent) said they believed prices will go up, compared to just 7 per cent who believed a market correction will occur. Owner occupiers were the most optimistic group, with 57 per cent predicting prices will continue to rise.“While there are still many challenges such as unemployment and job insecurity, it’s promising to see how sentiment and market activity have rebounded,” said ME’s head of home loans and personal banking, Claudio Mazzarella.“Government incentives such as HomeBuilder and record low interest rates have no doubt been large contributors to driving momentum across the market.”Among those with eyes on the property market, 72 per cent said the HomeBuilder scheme, stamp duty relief, and first home buyer incentives had made buying or investing a much more attractive option.RELATED: Property values have surpassed pre-Covid levels, says CoreLogicConfidence was highest among the investor and owner occupiers cohorts, where property sentiment rose 15 and 17 percentage points, respectively. Mazzarella said this reflects a broad improvement in households’ finances.“It’s clear from our latest Report that most Australians anticipate a strong uptick in residential property prices. The data also shows a general increase in people’s sense of wealth and financial confidence as a result of these price movements,” he said.First home buyers were less optimistic, however, with positive sentiment sitting at just 27 per cent, 4 percentage points lower than last quarter. A staggering 95% of first home buyers said housing affordability remains a major concern.“The flip side to higher property prices is that it will make it harder for first home buyers to get their foot in the door. It will be important for new entrants in the property market to do their research,” said Mazzarella.For more information about mortgage and lending trends, visit our home loan statistics page. And for an idea of where interest rates currently sit, check out our home loan comparison page, or browse the selection below.

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Family finances

4 ways to use your money more positively in 2021

Sometimes we need a jolt of reality to remind ourselves of what’s important, especially when it comes to our financial future. And in the case for many Aussies, now is the time to take action and improve their relationship with money. Taking the first step can be tricky, especially when you’re not sure of where to start. Regardless of your financial circumstances, it never hurts to start simply. So to get you off on the right financial foot, check out our top four tips for using your money more positively in 2021.

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Reserve bank interest rates

RBA leaves interest rates at 0.1% in first meeting of 2021

The Reserve Bank of Australia decided to leave interest rates unchanged at its first meeting of the year this afternoon. The cash rate currently sits at 0.1 per cent, where it has remained since November 2020.In his post-meeting statement, RBA Governor Philip Lowe said that while the path to recovery will be uneven, "there are better prospects for a sustained recovery than there were a few months ago."The Board forecasts GDP growth of 3½ per cent over both 2021 and 2022, but a backwards slide on the health front “would delay the recovery and the expected progress on reducing unemployment.”“On the other hand, it is possible that further positive health outcomes would boost consumer spending and investment, leading to stronger growth than is currently expected” said Lowe.The RBA slashed interest rates to emergency lows last year to shore up a struggling economy. It also launched a large scale bond buying program to bring down longer-term fixed rates, officially putting Australia on the quantitative easing path.To date, the RBA has purchased $52 billion worth of government bonds. It has not made any purchases in support of the 3-year yield target since early December.Lowe once again said the cash rate won’t increase for at least another three years, but the quicker than expected recovery has many analysts betting the Board will soon change its tune.While the unemployment rate remains elevated at 6.6 per cent, the number of jobless Australians continues to tick down. At last reading, employment rose by 50,000 people in December 2020 according to the ABS.The Board’s central scenario sees unemployment remaining at around 6 per cent at the end of the year and 5½ per cent at the end of 2022.

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Beware of car insurance loyalty renewal traps

Beware of car insurance loyalty renewal traps

Consider yourself a loyal customer? Well the truth is when it comes to your car insurance you could be burning a big hole in your wallet by auto-renewing your policy each year instead of shopping around.In fact, many car insurance companies bump up the cost of premiums each time you auto-renew your policy - meaning you are more out of pocket the longer you stick around. Research overseen by former ACCC chairman Professor Allan Fels found that policy renewal prices are typically 25% higher than those paid by new customers. So how can you save from paying this car insurance “loyalty tax”? By comparing quotes from multiple insurance providers instead of just auto-renewing, you could save hundreds of dollars a year.  Mozo research uncovered an average saving of $902 a year to be gained by shopping around for comprehensive car insurance and switching to the best deal^^.By comparing other policies, you could take advantage of new customer offers like an online application discount, and also save on the price of your premiums. So start your search and stop paying too much - scroll down for some killer car insurance offers available right now.

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