News archive for May 2023

The Reserve Bank of Australia (RBA) maintains that its number one enemy is inflation. If inflation stays high, so will home loan interest rates. For households experiencing mortgage stress, a cut to the cash rate may see their variable rates reduced - which, for some, can't come soon enough.

Once you’ve got a credit card (or multiple credit cards, as may be the case) it can become easy to fall into a pattern of bad habits. With potential for bad credit card card habits to have a long-term impact on your credit score and your ability to borrow in the future. To keep your future finances looking sweet, let’s break those bad habits now!

Look, we’ve all had a moment wondering something bonkers, bizarre, random – you name it. And nothing can be more confusing than the wide world of property and home loans.

When it comes to choosing a credit card there are a lot of factors to consider – the interest rate and the credit card rewards are only the beginning. But what about the feel-good factor behind the card?

Tipping is the act of giving money to someone who has provided you with a service, such as serving you at a restaurant or taking your suitcases up to your room at a hotel.

So you’ve just mastered the art of sticking to a budget and now have some money set aside for a rainy day or your next holiday. You might be wondering which savings accounts you should keep your hard earned money in.

Whether you want to live it up on a Euro summer trip or just have some extra cash in the bank for a rainy day, saving in your 20s can be tricky. Everyday expenses can add up and you don’t want to sacrifice your social life - money is made to be spent right?

Interest rates have climbed over the last 12 months and Aussie homeowners have felt the pinch.

Many young Aussies have been doing it tough financially, which can make tax time hard. So with the End of the Financial Year (EOFY) fast creeping up on 1 July, it’s time to run our finances through a necessary checklist. Are we prepared to file our returns and make the most of it?

With US President Joe Biden recently cancelling his visit to Australia to deal with the “debt ceiling crisis”, some people might be wondering what this crisis even is and what it could mean for the world economy.

Australian telco More is offering a 30% discount on their phone and NBN broadband plans to eligible Commonwealth Bank of Australia (CBA) customers.

Australians have been enthusiastic users of Frollo shows that a quarter of Buy Now Pay Later users make their repayments with credit cards, potentially further feeding into a cycle of debt or accruing interest on what were originally interest-free instalments.

Despite 3.75% worth of Reserve Bank rate rises behind us, the housing market seems to have made a remarkable recovery, showing critical signs of life such as lifting auction clearance rates and a rebound in capital values.

Borrowers have been feeling the squeeze since RBA began its rate hike spree and many have been trying to find strategies to keep themselves afloat—and refinancing might just be one of the favourites amongst Aussies.

New data from Openmarkets’ XYZ of Australian equities report reveals that despite the pressures brought forth by inflation and the cost of living crisis, younger investors are bucking the trend towards selling their equities, unlike their older counterparts.

You may have already heard about Netflix’s intention to crackdown on password sharing between people in different households.

With recent rate hikes by the Reserve Bank of Australia causing banks to raise their interest rates, borrowers have increasingly felt squeezed. However, if you’re a saver, now might be your time to shine as high interest savings accounts have been bringing in great returns with some savings accounts as high as 5%.

After years of insider demands for regulation on the BNPL industry, it has today been announced that Buy Now Pay Later services are to be regulated under the National Credit Act.

Good news! If you’re a first home buyer in New South Wales, some new proposed legislation may mean you no longer have to pay stamp duty when purchasing a property, up to a certain value.

With the rising cost of living and interest hikes squeezing more Aussies than ever, it's no wonder that some are struggling to make it from paycheck to paycheck.

The Reserve Bank of Australia surprised the market in May with another 0.25% rate hike, but the market astonishes even more. In the last two days, many online lenders funded by Bendigo and Adelaide Bank have made sweeping changes to their variable offers for new customers, most at or over 0.30% p.a.

Electric vehicles (EVs) and eco-friendly cars are the ‘it girl’ of the automotive world at the moment. They’re sleek, expensive, and on the rise - not to mention they have a great publicist.

Living a financially healthy life is a common goal, but what if the odds aren’t stacked in your favour? Women are subject to less pay, comparatively lower retirement funds and less education in financial matters compared to men.

Small businesses have faced some hurdles this year with the increased cost of living, goods and rent. Coupled with an employee shortage, there is enough on business owners plates without the stress of the upcoming tax season.

The risk of a recession could be as high as 80% over 2023 and potentially 2024, according to internal Reserve Bank of Australia (RBA) research released under a freedom of information request.

Australians are changing their wallet habits. Notably, 40% of Aussues leave their wallets at home and use mobile phones and smartwatches as their primary form of payment.

The National Housing Finance and Investment Corporation (NHFIC) has announced a new housing program for low-income women in ACT.

Telstra will increase the cost of their Upfront phone plans on July 4, citing increased operating costs.

Mobile banking and contactless payments have become the preference of most Australians; there’s something about the simplicity of just having your money all in one place. Now, with inflation pulling everyday prices out of reach, budget apps have climbed to the top of the download list.

Home loan customers will be interested to know that some banks are ending their current cashback offers for refinance home loans.

Kids as young as six years old are showing a remarkable uptick in financial literacy, according to a report by Kit. The study, covering more than 4,000 families, paints a more positive picture of family finance in comparison to the latest HILDA survey—which found each age group experiencing a decline in financial literacy and that adults struggled to answer basic questions about money.

In light of foreign exchange volatility, American Express will decommission its foreign exchange services for business customers outside the US by the end of 2023.

Young renters often forgo the added expense of contents insurance. Common excuses include, “My stuff isn’t worth that much,” or “I’d rather just save the money for a rainy day.” But you’d be surprised how quickly all your worldly possessions add up.

Following another rate hike by the RBA, you’re probably wondering the same thing that I am: when is this cost of living crisis going to end?

It is no secret that Australia is facing a massive energy crisis with the cost of electricity continuing to rise. This has many everyday Aussies also trying to pay for other things like groceries, public transport and schooling.

Australian capital cities have experienced the strongest annual rental increase in history, says CoreLogic.

After a year of economic turmoil and government shake-ups, the Australian Federal Budget has a steep hill to climb. Pressing issues like the rising cost of living and housing affordability crisis understandably took centre-stage, with major wins for energy, superannuation, and JobSeeker included. But has the budget done enough to relieve money stress for Aussies?

We’ve heard for a while now that we’re in a housing affordability crisis, and many Aussies feel like home ownership is increasingly becoming out of reach for them.

A significant increase in the price of all Japan Rail Pass (JR Pass) tickets is expected to take effect from October 2023, according to a JR Group media release .

If you’re considering migrating to Australia and don’t know where to start, you’ve come to the right place.

Get ready. Cause it’s almost time for your favourite reality TV show to return, folks. Yep, that’s right. Season 3 of ‘The Kardashians ’ is set to air on Disney+ at the end of this month!

Not sure what to watch next? Here are 5 recently released TV shows on Netflix that are worth your time!

Savers will find themselves jumping for joy as ING has announced a 0.25% increase to their Savings Maximiser account for new and existing customers up to a whopping 5.25% p.a (effective from 9 May 2023).

There are loads of reasons for wanting to have a healthy stash in your savings account. Whether it's for a rainy day fund or a house deposit, it’s important to grow your savings. One way this can be achieved is by trying to maximise and get the most out of your interest rate.

The Australian Tax Office has confirmed that student loans will be increased and indexed at 7%.

Everyone knows about home loan interest rates, especially since they’re quite high at the moment. But if you’re just starting your property-buying journey, what other features should you consider in a mortgage? What are the pros and cons? And why does your lender offer them in the first place?

After a month of uncertainty, the Reserve Bank of Australia has pumped the brakes once more with a 0.25% hike to the official cash rate, lifting it to a sky-high 3.85% p.a.

Police Bank has announced that its U30 Super Charge savings account will have a 5.00% p.a. interest rate.

The Reserve Bank’s relentless rate hike campaign — which commenced in May last year and has brought the cash rate to its highest level since 2012 — paused last month. Giving homeowners a temporary reprise from watching their monthly mortgage repayments increase.

May is here – which means that winter is near! And Mother’s Day and the new financial year are just around the corner. Here’s your favourite Financial Checklist to help get you through: May 2023 edition.