News Archive for November 2021

The Australian property market has enjoyed remarkable growth in the past two years, putting to rest those early predictions that the pandemic would cause property prices to plummet.

Stake has officially opened its doors to Australian investors looking to trade on the ASX with the launch of its new ‘Stake AUS’ option this morning.

OneTwo is one of the newest lenders in the country and is on a mission to reward borrowers for their loyalty. The lender has launched its own automatic rate-reducing home loan, where you receive discounts the more you pay off your mortgage.

With restrictions lifted and trading resuming across Australia, Commonwealth Bank is offering a zero interest loan to help businesses regain their footing as they approach the Christmas period.

Many people dream of one day owning a home, but the task is easier said than done. To get into the Australian property market, most people need a home loan and to do that you need an initial deposit.

There’s no way to skirt around it – housing affordability in Australia has been declining for decades, with both homeowners and renters facing greater housing stress.

It’s no secret that a car is something that will cost you the moment you drive out of the dealership (have you seen the price of petrol lately?). From regular costs like car loan repayments, fuel and tolls to you more-occasionals like tyres, rego and insurance and roadside assist - it all adds up. That’s where the latest stats from the Australian Automobile Association come in handy, as they break down the Australia-wide average of different car costs.  According to the report, the average total transport cost for Aussies over the third quarter (Q3) of 2021 was $367.63 per week. That’s $6.99 greater than in the second quarter (Q2) of this year and makes up on average 15% of Australians’ total income. And, if you look at it from an annual cost perspective, it adds up to be $19,117 per year. While public transport is considered in the national total transport cost, it only makes up 6% of yearly transport costs overall, meaning the rest goes towards personal transportation costs (those associated with owning a vehicle) such as car loan repayments, fuel and repairs.

Nearly one in five workers may continue working from home after COVID restrictions ease, according to new research from CSIRO and NBN Co. This would be a large increase from the one in twenty home-based workers across Australia prior to the pandemic.

All in this week’s best banking news recap: editor’s pick.

You’re probably excited about Black Friday on 26 November, but don’t forget Cyber Monday!

In the past few years shopping events including Black Friday, Cyber Monday and Click Frenzy have encouraged people around the world to shop, shop, shop and shop some more.

After retreating during the early stages of the pandemic, it appears that investor interest in the property market has come roaring back. At least, that’s the picture painted by the latest home loan data from the Australian Bureau of Statistics (ABS).

The average household energy bill has dropped thanks to an uptake in renewable energy, the latest report from the Australian Energy Market Commission (AEMC) has found. Customers can also expect the trend to continue, with the AEMC estimating the average home will pay $77 less annually for their power than they do now.

Apple products are a Black Friday and Cyber Monday favourite, with retailers offering a range of discounts across iPhones, headphones, Apple watches and Macbooks.

With the Silly Season almost here, time’s quickly slipping away for you to do the Christmas shopping.

Green hydrogen has been touted as a way to bring down the emissions of the gas market as Australia and the world moves towards cleaner energy. But a new study from German think-tank Agorie Energiewende concludes it won’t be enough to save traditional gas distribution grids.

While Black Friday deals span a range of stores and retailers, home and mobile broadband aren’t often top of mind during the biggest sales period of the year.

Unlike a home loan, which is designed for the purchase of a ‘home’, personal loans are more than a one trick pony. In fact, there are a range of situations where different types of personal loans could come in handy - such as:

Rates of domestic and family violence in Australia have risen in line with pandemic lockdowns. Researchers from the Queensland University of Technology Centre for Justice surveyed 362 domestic family violence (DFV) agencies in 2020 and found almost two thirds had seen an increase in people seeking assistance.

Australian homeowners are continuing to pay a high price for their loyalty, with the latest figures from the Reserve Bank revealing that interest rates on existing home loans are currently 39 basis points higher, on average, than they are on new loans.

Black Friday 2021 is finally upon us and this year more Aussies than ever are getting ready to spend more than ever on the big day.Black Friday is the perfect time to grab incredible deals on essentials, as well as Christmas presents. But, before diving head-first into the sales frenzy, you should be aware that shopping from Australia can be more complicated than from other regions.Here are five important things to keep in mind when Black Friday shopping online in Australia.

Despite a lengthy lockdown period across parts of Australia, rates of mortgage stress continue to decline, according to research from Roy Morgan.

A new release from the ACCC has shown that more than 8.5 million Aussie customers are connected to NBN broadband services, with over three-quarters of those customers on fast speed tiers providing download speeds of 50mbps or above.

According to a recent survey of 2,000 Australians done by NAB, 42% of recent home buyers moved to improve their new working from home lifestyles.

While the holiday season can be a merry time, some also dread its arrival. With family tensions potentially already running high, the financial pressure of gift-giving can add to holiday stress.

The Commonwealth Bank says it will save international money transfer (IMT) customers more money by absorbing fees charged by correspondent banks.

When the head of the nation’s biggest bank, CommBank, publicly admits that profits are being ‘shredded’ due to intense competition from rival lenders with ‘cut price’ mortgages, it’s time for big bank home loan customers to take stock.

You probably don’t think of insurance as a ‘trendy’ topic – and fair enough, it’s not necessarily the most enthralling topic among the personal finance bunch. But like any area of finance, it has its own quirks and trends that develop over time.

Buying property in Australia has become a growing obstacle for many first time home buyers. That’s why so many Aussies now consider buying with a family member, CommBank research shows.

In 2021 alone, Australians have lost over $236 million to scams, the Australian Competition and Consumer Commission (ACCC) says.

The Australian housing market has enjoyed remarkable growth during the pandemic era, but the nation’s biggest bank expects the pace of growth to slow down to 7 per cent next year before tumbling in 2023.

Tech items are a big consumer favourite during the Black Friday and Cyber Monday sales period, with retailers offering big savings across a range of products.

While Black Friday and Cyber Monday provide some stellar opportunities to pick up major savings ahead of Christmas, phishing emails and scams are plentiful as cyber criminals look to take advantage of shoppers.

With each passing year the size and popularity of the Black Friday and Cyber Monday sales in Australia seems to grow, but with both now just days away, new research has revealed that COVID-19 has shifted expectations and behaviour among Aussie shoppers.

After a long lockdown period, Mozo research shows that Australians are very excited to get ahead on their Christmas shopping and throw themselves into the fray of Black Friday - coming up This Friday, Nov 26th.

Got an itch to hit the open road on two wheels this summer? Or maybe you’ve been dabbling with the idea of scooting to work? Whatever the reason, when it comes to financing the purchase of a motorcycle (or motorised scooter) it's best to know what options are out there - because the truth is it may not be as straightforward as getting a car loan.   According to recent stats from the Federal Chamber of Automotive Industries (FCAI), 86,239 new motorcycles, scooters and off highway vehicles were sold between January and September of this year, an increase of 6,616 year on year.   “This steady growth of 8.3 per cent over the same period in 2020 shows us that there is strong demand from buyers who want to use a motorcycle as their first choice for the daily commute and for recreation,” FCAI chief executive, Tony Weber said.Plus with the FCAI’s ‘Ride Your Motorcycle Week’ around the corner (29 November to 5 December), Weber is hoping that more Aussies will hit the road soon.  “When you’re on the bike, there’s nothing else like it,” Weber said. “But life gets in the way. Ride Your Motorcycle Week is just a little extra push to get your bike serviced ahead of riding season, take the bike to work or take the long way home, take the day off and reconnect or just go and have an adventure. This is the week to start doing it.”

South Australia became the first gigawatt-scale grid in the world to reach zero operational demand on Sunday, when the combined generation of rooftop and small-scale solar met all customer load requirements.

After a long period of COVID restriction, it seems that Aussies are planning to go all-out this Christmas season. According to Citi research, 25% of Aussies plan to spend more than they did last year, believing that everyone deserves to be spoiled after a difficult year.

With talks around net zero emissions and green energy still circulating on the back of the Glasgow COP26 climate summit, it’s no surprise if it has inspired you to go green. From installing solar panels, rainwater tanks and water treatment systems to upgrading your white goods and appliances to energy efficient options, there are a range of ways to help the planet from your own home. But the question is: what are your funding options when it comes to a ‘green reno’? Well, if your nest egg doesn’t quite cut it, you may want to consider a green personal loan option.

Cryptocurrency is getting a lot of attention at the moment. I'm not exactly sure why but my guess is some people like Elon Musk and Matt Damon can talk about anything and it'd suddenly be more popular.

All in this week’s best banking news recap: editor’s pick.

Are you looking to join the long list of foreign buyers searching for a slice of the Australian dream? You might be wondering, are you even allowed to buy property in Australia as a foreign buyer?

Millions of regional and suburban Australians will be in line for an NBN upgrade if the Labor government wins the next federal election, leader Anthony Albanese has pitched. The $2.4 billion investment from Labor would see fibre-to-the-premises connections installed in more than 1.5 million regional and suburban premises.

Well Home Loans has taken pole position as the mortgage lender with the lowest variable home loan rate (80% LVR) being tracked in the Mozo database following a rate cut last Friday.

Homebuyers who have taken out mortgages at record low interest rates have been warned that they might not be around for much longer, as a rapidly improving economy prompts a rethink of the Reserve Bank’s loose monetary policy.

Whether you’re moving out for the first time or just keen to give your current space a facelift - we’ve got some good news ...

While having your own car can be a liberating experience, all the paperwork that comes with it can also be very confusing. Picking an insurance policy can be especially overwhelming.

TPG Telecom has expanded the reach of its 5G broadband network, tripling its coverage and allowing the expansion of its 5G core services that do not rely on existing 4G infrastructure.

Eased restrictions and growing chatter about an interest rate hike have encouraged more vendors to put their homes on the market, but auctions are no longer returning the strong results they were throughout the year.

Thinking of getting a pet soon? Well if you are, you’ve probably written down some ideas to find the one. Much like picking a name for a newborn child, finding the name of your tiny companion is tricky.

If you’re someone who makes regular international payments for business reasons, you’ll know that fluctuating foreign exchange rates and money transfer fees are an unavoidable aspect of doing global banking.

Although Black Friday is the perfect chance to pick up some great deals and take advantage of big savings, it can be easy to get carried away.

As new builds and renovations trend upwards in pace with HomeBuilder timelines, a national shortage of skilled labour and supply chain disruptions have created the perfect storm to fuel rising construction costs.

You may have even seen inflation making news headlines of late.

A recent survey commissioned by the Finance Brokers Association of Australia has found that more than half of Australian mortgage holders would struggle to make repayments if interest rates were to go up.

New research from Mambu has revealed that Australians have the highest uptake of Buy Now Pay Later (BNPL) services.

New research has shown that Australia has the highest coal power emissions per capita in the world, with coal still a major energy source in the nation. According to the data, Australians emit almost five times more carbon dioxide from coal power than the average person globally.

All in this week’s best banking news recap: editor’s pick.

ING has made a number of changes to its home loan suite today, cutting variable rates by as many as 25 basis points while also hiking fixed rates across 2, 3, 4, and 5-year terms.

We’re heading into the final months of 2021, and it’s time to start thinking about Christmas shopping. Luckily, this year, you don’t need to spend a fortune on presents. Black Friday and Cyber Monday are around the corner to help save money and get a head start on your Christmas list.

Elon Musk is donating $330k (US$250k) to a University of Sydney team developing technology that makes use of renewable energy to permanently remove carbon dioxide from the atmosphere.

The latest round of RBA payments data has revealed new trends in consumer spending, with ATM use dropping and Paypal use increasing.

After months of restrictions across Australia, people are spending more on travel and entertainment. There was 6.6% more spending in October compared to the month prior, said CBA.

Emerging from our Covid lockdown cocoons has been a joyful affair for many. Far flung friends and family have been reunited, we’ve tamed unruly locks at the hairdressers, and even begun booking holidays.

Right now the second hand car market is booming.

Mozo Experts Choice Awards 2021 Credit Card Provider of the Year, American Express has partnered with PayPal to launch PayPal with Points, allowing Amex customers to shop online and pay using Membership Points via Paypal.

Since the RBA confirmed that the cash rate could rise sooner than initially planned at its November meeting, many borrowers have turned their sights to fixed rates to protect their finances against rising rates.

With the Australian government announcing its $250 million investment in car charging infrastructure, you may be thinking about buying an electric vehicle (EV).

Anyone looking to refinance or move up the property ladder has a smorgasbord of options available to them nowadays, but one major bank lender is going out of its way to stand out from the pack. HSBC has cut the variable rate on its popular Home Value Loan to an ultra-low 1.97% (1.98% comparison rate*) for borrowers with 30% deposit or equity.

With more Aussies making the jump to electric vehicles, emissions will fall as our reliance on petrol cars diminishes. The energy market may face a struggle to adapt, however, with electricity demand set to double by 2030, according to a new report.

More Australians are turning to online mortgage lenders when taking out a home loan, and it’s proving to be a pretty savvy financial decision for many. Speedy online applications, super-efficient approval processes, and best of all, low interest rates — these are just some of the advantages that online mortgage lenders have over the major banks.

ANZ has become the latest big four bank to reduce a variable mortgage rate in recent weeks, announcing a 23 basis point cut to one of its basic home loans this morning.

Telecommunications giant Telstra is set to join the Australian energy market, after being granted a license to offer power services to its 13 million phone and broadband customers.

Business lender ScotPac will waive the first three months of interest on loans to small and medium-sized businesses as part of its new Bounce Back Fund.

The New South Wales government announced further reductions to compulsory third party (CTP) car insurance premiums at the weekend, highlighting the impact of 2017 CTP reforms.

Click Frenzy is a sales event that runs multiple times a year. The biggest event, titled Click Frenzy, The Main Event takes place in early November. This year, it starts at from 7pm on Tuesday 8 November and runs for a total of 53 and a half hours.

The Australian Prudential Regulation Authority (APRA) has announced that future property buyers will have to prove that they can repay their mortgage if rates rise by 3%.

One of the world’s largest solar initiatives is on its way to South Australia, with the project potentially bringing renewable energy into more Aussie homes.

All in this week’s best banking news recap: editor’s pick.

Hearing the words ‘interest-free’ is enough to grab the attention of many business owners across the country. And business lender, Moula will do just that with the announcement of its new payment platform, Moula Pay.

Westpac has made a number of changes across its fixed rate home loan suite, raising 3-year rates (OO, P&I) by 21 basis points and 4 and 5-year rates (OO, P&I) by 10 basis points.

More Australians are turning their eyes to electric vehicles, and car loan lenders are joining in.

Quick facts and figures:

Earlier this week the Insurance Council of Australia (ICA) extended its declaration of an ‘insurance catastrophe’ in South Australia to include areas impacted by the same storm cell in Victoria and Tasmania.

New research from think tank Per Capita estimates that the National Disability Insurance Scheme (NDIS) has contributed more than $52 billion to the Australian economy in 2020 and 2021 alone.

Telstra will open its 5G fixed wireless broadband service to more customers as it finishes trials, though the company announced it will set a limit on the number of services it offers per postcode to avoid congestion on the network.

More first time home buyers are purchasing in outer suburbs, particularly in NSW and Victoria, new NAB data shows.

The cost of living crisis has impacted many, particularly over the last few years. So it’s not entirely surprising that some Australians might be feeling a lot of pressure on their finances this December. If you’re concerned about meeting holiday commitments, you’re not alone.

Black Friday and Cyber Monday might be over, but some retailers are still offering sales! Find out what's still on sale below!

Black Friday sales are a great chance to get ahead on your Christmas shopping - especially if you use a buy now pay later service like Afterpay.

The RBA has spent the past year insisting that the conditions for a rate hike won’t be in place until 2024 at the earliest. But that guidance went out the window at yesterday’s monthly policy meeting.

With Black Friday and Cyber Monday sales just around the corner, it’s the perfect time to start planning your Christmas shop.

The sustained growth of solar energy within Australia has seen the country rank first in the world in capacity per person. Australia has seen an increase greater than ten-fold in the amount of rooftop solar systems installed since 2011.

While in the US Black Friday has been a long enjoyed part of Thanksgiving, the shopping extravaganza is fairly new in Australia.

Commonwealth Bank is to become the first Australian bank to offer cryptocurrency services to its customers. The big four bank announced today that CBA customers will soon be able to buy, sell and hold crypto assets through the CommBank app.

Getting rewarded for your spending is a money hack that savvy credit card users swear by,  and for many of us there’s nothing better than getting rewarded with cold hard cashback.

With the cost of living continuing to rise you may find yourself needing to break out your credit card more frequently. Many credit card providers have spent the past months reducing their offers for bonus rewards points or shrinking their balance transfer options, so if these things are important to you, it's now more important than ever to find the card that suits you best.

The number of Australian first home buyers taking out new home loans is continuing to fall according to new figures released by the Australian Bureau of Statistics (ABS) yesterday.

As of this November NRMA Insurance is expanding its insurance offerings to both South Australia and Western Australia.

As we enter the final month of Spring, it’s time to take a look at our November 2021 personal loans market update.

Supply side shocks have pushed inflation within the Reserve Bank’s target range for the first time in six years, forcing RBA governor Philip Lowe to abandon a key element of his pandemic response plan.

The Australian Banking Association (ABA) has recorded a decline in the number of Australians requesting assistance from their banks on the basis of financial hardship.

Interest in low-rate home loans is surging as the post-pandemic property market heats up, lenders cut rates to jaw-dropping new lows and savvy borrowers looking to save money on their home loan refinance in record numbers.

A pinch and a punch for the first day of the month - it’s November, folks! And lucky for you, we’ve got just the thing to help you get prepped for the Silly Season, which is just right around the corner.

The savings account interest rate cuts continued to rain down last month, with 38 rate reductions recorded in the Mozo database.

Over the last few months, more than a few term deposit providers have been increasing rates. In October alone Mozo’s research team counted 51 interest rate increases from 10 term deposit providers tracked in our database.**

Are we about to see a widespread shift in home loan interest rates? Speculation is certainly starting to grow that the Reserve Bank may be forced to bring forward an increase to the official cash rate ahead of its 2024 forecast.

In good news for those interested in Elon Musk’s Starlink satellite broadband, the service has completed its beta testing stage and is now fully operational.