News archive for October 2023

As we sink our teeth into the spooky season, a spine-tingling cautionary tale about a creature most foul and cunning, confined to the shadowy corners of your finances until it’s time to strike.

Whether you’re sending money overseas for the first time or are on the lookout for a different provider, always be sure to research what’s on offer.

Despite headline inflation experiencing a minor bounce back in the year to August, the Reserve Bank of Australia decided today that interest rates are still high enough to quash the problem. As a result, the RBA board – headed by new governor Michele Bullock – held the official cash rate steady at 4.10% for October 2023.

Last year saw a steep hike in rates, fears of a hard landing, and low consumer confidence. As the cash rate hit a decade-long high, savings accounts and term deposits hit some pretty high rates. In fact, some of the rates on offer are still sitting above 5.00%.

Around 3.5 million Australians are looking to make improvements to their home in the next six months, however only three-quarters are considering sustainable changes.

If you’ve been involved in stocks for any amount of time, it’s likely that you’ve come across market caps. In fact, the market caps of some of the biggest companies on Wall Street are over 1 Trillion, with the largest market cap at over 2 Trillion (for contrast, Australia’s GDP is 1.553 trillion USD).

When we think about retirement, confidence is key. Unfortunately, a recent survey by CoreData published 24 October found many Aussies aged 55 and over are uneasy about their retirement funds.

As consumers of the 21st century, we are used to getting everything the minute we need it. It’s the same with international transfers, especially during an emergency.

No matter where you live or what your age is, there is no escaping the rising cost of living.  It’s everywhere from your essential spends on things like rent and mortgage payments, utility bills, petrol and groceries through to small luxuries like the daily coffee and take-out dinners.

Aussies will spend a whopping $490 million on Halloween celebrations in 2023, says the Australian Retailers Association and Roy Morgan. This figure represents a 14% increase, or $60 million, compared to the previous year.

Great news for homeowners, bad news for home buyers: Domain says house and unit prices in Australia’s capital cities will fully recover value lost in the 2022 downturn by the end of 2023 – in two months.

Bendigo has been labelled the most trusted bank in Australia for the second year in a row in Roy Morgan’s annual awards.

Like many other developed nations, Australia is grappling with a housing crisis. The combination of soaring rental rates, a growing number of single-occupant households, and increasing migration levels have resulted in a severe shortage of affordable housing options, creating a supply-demand imbalance.

Women over the age of 35 who are earning average salaries of $80,000 are the forgotten majority when it comes to superannuation, and tend to retire with $136,000 less than men according to Employment Hero.

The deadline for lodging your tax return this year is 31 October 2023.

Business owners seem eager to reach their financial goals as the number of new loans taken out are rising, recent data from the Australian Bureau of Statistics (ABS) shows.

Usually, the property market leans one way or another. It’s either great for sellers seeking capital gains because there’s lots of competition, or it’s great for buyers because there are a lot of homes for sale and not much demand – meaning you could grab a property with a cheaper home loan.

To sell or not to sell… that is the question. Generally, when it comes to investing in anything, time in the market is advised over timing the market. However, due to the seasonality of the property market, knowing the best time to sell could mean a significant difference in total returns. So have we passed that date, or is it still on the horizon?

The Australian government has opened registration for citizens who are yet to leave Israel and Palestine in the wake of the current conflict.

Fuel prices continue to rise and August was no exception for Aussie drivers.

Despite the Reserve Bank of Australia (RBA) holding the cash rate at 4.10% since June 2023, home loan lenders continue to chop and change their interest rates, meaning new opportunities for borrowers to refinance are always cropping up.

The cost of home insurance is on the rise and Australians in natural-disaster-prone areas are facing the brunt of the pressure, even resorting to canning their policies altogether.

New research from the Australian Bureau of Statistics (ABS) shows there’s been a steady increase in the number of new loan commitments.

ANZ has just announced its collaboration with Qantas to release a new Business Rewards Card.

According to the recent Mozo ‘Pedal to the metal’ car insurance report, the average cost of car insurance in Australia is now over $1400 annually.

Confused about how a home loan works? You’re not alone. Google is full of silly and awkwardly worded questions about mortgages and the property market, so let’s have another look at some of the funniest – and get some serious expert answers.

Australia’s national rental vacancy rate fell 0.6% down to 1.06% in September according to the latest PropTrack Market Insight Report. It also found that vacant properties are now 55% below March 2020 levels.

Saving and spending are two key parts of money management. Right now, we’re in a high-interest-rate environment, meaning home loans, savings accounts, and term deposits are all much loftier than they used to be.

Attention Google lovers, the newest Google Pixel 8 and Google Pixel 8 Pro has just been announced.

So you’ve decided to sell your property. You’ve enlisted the help of an agent, set a price guide, put it on the market…and you’re still waiting. Maybe you’ve had a few interested nibbles, but no one’s buying what you’re selling. What’s going on? And what can you do about it?

CoreLogic's September Home Value Index (HVI) recorded a 2.2% growth in national home prices over the quarter, but zooming in to focus on the nation’s capitals reveals one city is resisting the trend.

First home buyers might have a window of opportunity to get on the property ladder with a smaller home loan. Domain reports that median unit prices have fallen in some of Sydney’s hottest suburbs, such as Glebe, Chippendale, and Redfern, by -10% to -19% in the last five years.

New consumer research from Mozo uncovers that many Australians are seeing large amounts of their monthly income swept away by home loan repayments, in what’s being dubbed a ‘mortgage cyclone’.

New research from Roy Morgan found that a record number of Australians with a home loan were at risk of falling into mortgage stress in August 2023.

Have you ever wondered who among the glitterati are good at investing their money?

Online lender loans.com.au has launched a new construction home loan with a discounted interest rate for those who choose to install solar panels as part of their build.

Cost of living pressures are catching up to Australian homeowners. Roy Morgan reports that customers are becoming more likely to avoid loyalty tax by shopping around instead of automatically renewing their home insurance policy.

Big bank ANZ reduced several term deposit rates last month, with the biggest drop being 60bp (0.60%) on its 4-month term rate, as per Mozo data.

Home buyers and lenders are no longer waiting for the RBA to make moves. Indeed, there were no moves made: the Reserve Bank of Australia has left the official cash rate at 4.10% for October, marking the fifth month in a row of constant interest rates since June 2023.

Ghosts, goblins and ghouls can cause quite the fright. But the scariest creatures of all walk in broad daylight. Budget-sucking vampires and cost-of-living curses – beware. For matters around money aren’t always fair.