News archive for February 2024

If there’s one home loan lender more and more Aussies are hearing about, it’s the new digital lender Unloan, built by CommBank.

Home loan repayments are likely your biggest regular expense, so every cent that you can save on your home loan is more money for you. If you are looking to purchase property this year, or refinance an existing home loan, you’ll want to be in the know where you can get low home loan rates and secure a great value deal.

Savings account rates remained relatively steady in April, with only a handful of providers making adjustments to interest rates according to Mozo data, while the RBA cash rate remained unchanged.

Knowing what kind of savings vehicle to park your cash in can be overwhelming , especially for those who are just getting started. However, term deposits are one kind of savings vehicle that should be on your radar.

Interest rates had some of their steepest growth in the past two years, with term deposits ending up with some pretty high rates. However, with the RBA holding rates for the past few months and CPI inflation slowing, many economists are predicting rate cuts for later in the year.

This article was updated on 1 March 2024 to reflect the Up Home Variable Rate dropping from 6.15% p.a. to 5.95% p.a.

Below are a few highlights from the latest Westpac Housing Pulse report, which offers a quick view of the property market, prices, interest rates and general trends.

Despite rising expenses and a cost of living crisis, many Australian drivers surprisingly think it will cost them nearly 28% less to run their cars in 2023 than it did the year prior.

Businesswomen? More like business-weapons. These ladies have been hitting goals left, right, and centre in the last year, from making scarily successful movies and running a drag queen empire to inheriting the literal title of Queen. What can we learn from their success?

The power of the mind is an amazing thing, and whether you believe in manifestation or not, there is impressive power behind your thoughts. Have you ever stopped to think how your thoughts influence the way you feel and act? The reality is; the way we think about something has a massive impact on our emotions and actions.

Mortgage stress among Aussies increased in January to a record high of more than 1.6 million, says Roy Morgan.

It’s not often we see a new trend in bank accounts, but this could be one to watch. Ubank, Australia’s first homegrown digital bank, has just launched its new Bills Account.

It’s true that in the big cities, median property prices are very high and the home loan required for such properties is a sizable ask.

Under a new partnership, major industry super funds are stepping up to invest in affordable housing, aiming to tackle Australia's housing shortage.

Amid the soaring cost of living, a new survey commissioned by bill splitting app KttiPay shows that borrowing money among friends and family is rampant, with one-third of Aussies saying that someone they know currently owes them money.

Macquarie's introductory savings rate has been adjusted from 5.50% p.a. to 5.35% p.a. for the first four months.

With Taylor Swift taking to the Sydney stage this weekend, we thought it might be useful to better understand how a global superstar runs her concert day budget.

Finding the right home loan takes time. And so it should. It’s a big commitment to buy a home.

If you're overseeing a self-managed super fund (SMSF), remember that the deadline for your annual returns is the 28th of February - leap year or not, this date doesn't budge. But, there's an easy solution to buy more time: enlist the help of an accountant.

Owning a home in Australia remains an aspiration for many - the Great Australian Dream is still a dream.

A low-deposit home loan with no LMI? In the words of Darryl Kerrigan from The Castle, “Tell him he’s dreaming”.

Asbestos has unexpectedly reared its ugly head in Sydney, with parks around the city being fenced off due to the discovery of asbestos-contaminated mulch. This situation, while primarily a public safety issue, offers a timely opportunity to exploring how home insurance deals with asbestos in various contexts.

Insurance often finds itself at the centre of frustration when it comes to finances. In fact, a recent report by the Australian Financial Complaints Authority (AFCA) shows that comprehensive car insurance and home insurance are high on the list of consumer grievances, only surpassed by credit cards and personal transaction accounts.

Look, it’s no secret that renters are doing it tough. The average rent in Australia has catapulted to just shy of $600 a week. (In cities like Sydney, it’s more like $750).

Signing your kids up to a high interest savings account can be a great way of getting them started on their saving journey. Not only do they get a good idea about how to manage their money but they also discover the rewards from a high interest rate savings account.

Generating a steady income stream is a priority for a lot of us, especially for those looking to supplement their earnings or secure a stable cash flow in retirement. Term deposits offer a reliable and predictable way to earn income.

On most homes in Australia you’re required to put down a deposit, typically around 20% of the property’s value.

In February, fixed-rate home loans are coming down across the board, thanks to the shifting tides of inflation and the increasing likelihood of a Reserve Bank interest rate cut later in the year.

Spending among Aussies has risen of late, led by spending on travel and gyms during the summer break, says CommBank.

Around 1 in 5 diligent Australians (20%) successfully save between $101 and $500 per month, according to a new survey by digital subscription service, Readly.

While digital bank Up is probably better known by Australians for its innovative banking app, everyday and savings accounts, behind the scenes, it’s also been making headways in the home loan space.

During the depths of the pandemic, when interest rates hit an all-time low, locking your cash up with a term deposit for a long time wasn’t the most advantageous move. However, with a rapid increase in interest rates over 2023 and following holds in the past few months, term deposits may be in a position to earn some good interest for a while.

Australians borrowed $301 billion to fund property purchases in the 2023 calendar year, with the aggregate value of new home loans declining 13% from the previous year, according to research by online property settlement firm PEXA.

The Australian Prudential Regulation Authority (APRA) has just released its Quarterly Superannuation Product Statistics for the quarter ending September 2023, providing essential data on the performance of thousands of individual superannuation products across hundreds of funds.

We’re already in the second month of 2024, but that doesn’t mean it's too late to set resolutions. In fact, setting or reviewing your financial goals can be a helpful exercise, whether you're looking to save more, invest wisely, or simply manage your finances better.

Property values tend to ebb and flow with market conditions. Home loan interest rates, average incomes, and buyer confidence can all change prices.

Just as we predicted, March 2024 is big news for EV owners in Australia, with KOBA set to launch the country's first dedicated EV insurance policy next month. This is a game-changer, because it means that EV owners will no longer be shoehorned into car insurance policies that weren’t necessarily designed with their specific needs in mind.

Let’s be real: time with a special someone is excellent. And spending smart so you can spend more time with said loved one? Priceless.

Chocolates and flowers are great, but nothing says “I love you” like the gift of good financial health.

When you think of your bank account, you likely think of three key things. Has my pay gone into the account, what’s the current balance, and wow, do I really spend that much on sushi?

We live in a high price world in 2024. Everything seems to be more expensive the past couple of years - be it milk, bread, meat, furniture, clothing, shoes, household energy, and yes, housing.

Financial stress has been bearing down on everyday Aussies since the start of the cost-of-living crisis began. In fact, recently released data from Industry super fund Aware Super has found that 86% of Australians have gone into 2024 worried about the effect of the cost-of-living crisis.

After the Reserve Bank of Australia's (RBA) recent decision to hold rates amidst slowing inflation, NAB and ANZ have adjusted a few of their term deposit rates. This also comes when most economists (including those at the big banks) think that rate cuts are likely later this year.

We’ve heard it all before - money can’t buy you happiness, and while that saying may ring true in many cases,  in this day and age, money can help you achieve your goals, whether they be personal or financial.

Many of us have savings accounts where our cash earns interest. Over the long term, the impact of time and compound interest can be substantial. However, as savings accounts have variable rates, it's difficult to get an accurate number (unless you have a crystal ball).

It’s that time of year again when love and affection take centre stage and your wallet looks a little worse for wear with the inevitable spending that the cliched Valentine’s Day pressies like flowers, chocolates and jewellery bring.

In a surprising turn of events, South Australia (SA) has topped Commsec's state-based economic report, a first in its 15-year history. Victoria, the previous leader, now ties with NSW in second place.

In its first decision of 2024, the Reserve Bank of Australia (RBA) opted to keep the official cash rate on hold at 4.35% for February.

The Australian Bureau of Statistics is set to release new wage data later this month, and it's believed that shortly thereafter, this data could trigger an increase in the superannuation concessional contribution cap from $27,500 to $30,000.

Finding a top home loan has never been more important, as the 'asking prices' for houses in major cities such as Sydney appear to be rising.

The final month of summer is upon us! Which means there’s a lot to cover in this month’s checklist. From budget Valentine’s Day date ideas to back-to-school shopping tips, here’s everything you’ll need to get through the month ahead.

This week, Mozo released its bumper first edition of the Mozo Banking Roundup for 2024, which looked at the trends and rate moves across key personal finance products in December 2023 and January 2024.

2024 is the Year of the Dragon in Chinese culture, which is said to represent good luck, justice, prosperity and strength.

Reading the property market is like reading tea leaves. But perhaps the leaves are onto something this month. Things seem to have shifted.

Insurance prices have seen their sharpest rise since March 2001, as indicated by the latest ABS Consumer Price Index (CPI). The 16.2% surge in insurance prices in the year leading up to December 2023 is almost four times greater than the overall rate of inflation, which stands at 4.1% for the same period.