Putting your property on the market can be an exciting time. But while you might be looking forward to the title changing hands and that lump sum arriving in your bank account, it can be easy to forget all the other steps involved, not to mention the costs. Some costs are unavoidable, such as real estate agent fees, conveyancer fees, and the cost of marketing your property to potential buyers. But there are plenty of voluntary costs sellers take on in the hope they’ll be able to bump up the sales price. Generally, you can expect to pay the following:
NAB has announced plans to purchase neobank 86 400, which it will combine with its digital offshoot UBank in a bid to accelerate growth and innovation.The decision is still subject to shareholder approval, though 86 400’s team of directors have unanimously recommended that shareholders vote in favour of the scheme. “This will significantly fast-track our growth, propelling our business, customer numbers and balance sheet to a position which would’ve otherwise taken five years,” said 86 400 chief executive Robert Bell.Since launching in September 2019, 86 400 has attracted 85,000 customers and $375 million in deposits with its mobile-led platform. It also has $270 million in approved residential mortgages.NAB became a minority stakeholder in 86 400 after purchasing 18.3 per cent of shares last year. It informed the ASX on Friday morning it intends to acquire the remaining shares, which it estimates will cost approximately $220 million.86 400 chairman Anthony Thomson said the partnership with UBank will allow the neobank to “dramatically accelerate our growth and reach even more Australians with our smarter approach to banking.”“It means we’ll be able to invest even more into developing smart products, experiences and services, helping our customers own their home faster and reach their goals sooner with smarter spending and saving.”UBank CEO Philippa Watson also struck a positive tone, saying the transaction will allow the two digital players to continue to deliver innovative banking solutions to Australians.“Combining with 86 400 will bring together UBank’s established business and 86 400’s experience and technology platform to meet the changing needs of our customers,” she said.The purchase will still need to be approved by various official bodies, including the Treasurer, the Australian Prudential Regulation Authority (APRA) and the Australian Competition and Consumer Commission (ACCC). It is expected to be finalised by mid calendar year 2021. Until then, both 86 400 and UBank will continue to operate as separate businesses.
New research from the NRMA shows that car accidents peak during school pick-up time. These worrying statistics reveal that nearly 40% of car collisions occur between 1pm and 5pm, peaking at 3pm.
You may be at that point in your life when you’ve started to think seriously about buying a home. Maybe you’ve rented for a number of years now and you’re tired of handing over your hard earned dollars to someone else. That said, the thought of having to take out a home loan can also be quite daunting.
Baking bread, making frothy coffee and binge watching a documentary about a man and his love for tigers - there’s not much we didn’t do in 2020 to stave off boredom. But according to new Mozo data, we also spent time indulging in a bit of retail therapy. Mozo analysis shows that 1 in 3 Aussies have increased their comfort spending since the start of the Covid-19 pandemic. A massive 87% of Aussies admitted that they do comfort spend, with one in five frequently making comfort purchases. And if that wasn’t frightening enough, a Mozo number crunch found that the average Aussie is dropping $2,172 a year on comfort purchases, nationally that’s a jaw dropping $37,533,391,524! “Many of us have been cooped up at home and that has led to some sizable comfort spending. One in three people spent more last year on comfort spending than they had ever spent before,” said Mozo Director, Kirsty Lamont. “It’s no surprise that over half admit that their comfort spending habits put pressure on their budget.”
As the holiday season comes to an end and life shifts back to normal, many Australians will be looking at their finances with fresh eyes, ready to plan for the year ahead.
Whether it’s to pay for big ticket items or to support yourself through a financial emergency, there are all sorts of reasons why you might be considering a credit card this year.But while credit cards can help you out of a bind, the flipside is they could also lead you down a rabbit hole of debt, if not managed responsibly. Credit Counsellors Australia ’s senior insolvency officer, Matt Shepherd says a mistake many people make is that they treat their credit card as ‘free money’ rather than borrowed money. “We find that when people pretend like their debt isn’t there, that’s when it can really get out of hand. Due to interest and things like [late fees], a couple hundred dollars can turn into a thousand dollars very quickly,” he says. The good news though is that you can use a credit card without ever falling into debt. All it takes is practising healthy money habits, such as sticking to a solid repayment plan and being proactive with your plastic - that might mean knowing your interest rate, reducing your credit limit or switching to a more suitable card.We spoke to three personal finance experts about their top tactics for staying debt-free over 2021. Here’s what they had to say.
The coronavirus pandemic has been a wake-up call in many aspects of life. Social injustice has come to the fore for one, including in supply chains and major companies, with people increasingly concerned about what impact their money is having on the planet. They are demanding more from banks, superannuation funds and insurance companies, and are aware of how companies handle their business around environmental, social and governance (ESG) concerns.
In December last year, neobank Xinja renounced its Authorised Deposit-Taking Institution (ADI) licence and discontinued its banking and savings accounts.
Nobody immediately turns to their finances when bucket list dreams are on the agenda. It’s usually all scaling mountains and visiting unexplored corners of the globe in between finding true love and scarfing down fine dining feasts.
The total value of new home loan approvals jumped up 5.6 per cent in November to a record high $24 billion, according to the latest figures from the Australian Bureau of Statistics. Loan commitments for existing dwellings contributed the lion’s share of growth, increasing 5.9 per cent over the month to $12.44 billion.Meanwhile, the value of construction loan commitments rose 5.6 per cent to reach $3.01 billion. This marks an increase of 75 per cent since July last year, shortly after the Government’s HomeBuilder scheme was introduced.Housing Industry Association (HIA) economist Angela Lillicrap said the recent extension of the HomeBuilder program bodes well for buyer confidence and “will see the strength in housing finance data extend into 2021.”ABS data also shows the value of investor loan commitments increased by 6 per cent in November, however the share of investors remains low, with high vacancy rates and low rents among the main reasons investors are retreating from the market.
In the world of banking, 2020 was a whirlwind. From three RBA rate cuts and the implementation of open banking, to the growth of some neobanks and fall of others, it can all be hard to keep track of. So if you’re left feeling a bit confused about what’s to come in 2021, we’ve got you covered. Here are our top 10 banking buzzwords you’re likely to hear more than once this year.
Small Business Ombudsman Kate Carnell has renewed calls for the federal government to provide HECS-style loans to businesses to help them stay afloat once JobKeeper ends in March.These ultra-low or zero-interest business loans would be government-funded and help boost cashflow, and similarly to the student HECS-HELP loan, would only be repaid once the business hits a certain agreed level of revenue.Carnell says that “somewhere between 25-30% of businesses are still really struggling.”“[That may be] because of the industry that they’re in, border closures, shutdowns, COVID requirements - a whole range of reasons why they’re not recovering at the same sort of rate as other businesses,” she says. “There are some [businesses] that are tracking in the right direction and they will be alright, but there needs to be an option for those that aren’t.”
Looking to buy your first apartment or switch to a cheaper home loan this year? Given how much interest rates have fallen over the past 12 months, the general consensus is that 2021 could be a great year to tick off these goals.The big question though, is what home loan rates should borrowers be looking for when shopping around? After three Reserve Bank cuts in 2020 which brought the official cash rate down by a massive 0.65%, what’s considered ‘low’ or ‘competitive’ has unsurprisingly changed a lot. As a rule of thumb, you’re likely paying too much with a rate above 3.00%, considering that a big bulk of owner occupier home loans now start with ‘2’ and some even begin with ‘1’.
When it comes to money management, the decade got off to a very weird start. A global pandemic and short-lived recession left many Australians struggling to maintain funds in their savings accounts, while others started spending in new ways.
With a sudden strict four month lockdown it’s safe to say Victorians haven’t had an easy 2020. But with the Essential Services Commission (ESC) announcing its final energy prices determination for 2021, the new year may already be off to a better start. The ESC has announced that the Victorian Default Offer (VDO) will fall by 10% for residential customers and 14% for small businesses customers. That equates to a bill reduction of $159 per year and $916 a year, respectively.As a quick recap, the VDO, which came into effect 1 July 2019, is a default energy offer available to all customers in Victoria who choose to not engage in the energy market - that is, comparing offers and switching plans. The VDO also replaced standing offers and capped prices, preventing retailers from charging expensive plans to customers on these offers. “The fall in the default offer is being mainly driven by lower wholesale electricity purchase costs, with lower prices likely to assist many Victorian households and small businesses in recovering from the impacts of the coronavirus pandemic,” said Essential Services Commission pricing director, Marcus Crudden.The state’s economic regulator estimates that these price reductions will provide some much needed bill relief to around 125,000 households and 40,000 small businesses.
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