40% of Aussies spend more on pets than self, online lenders & buying a used car: This week’s best banking news

By Rhianna Dews · · 3 min read
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40% of Aussies spend more on pets than self, online lenders & buying a used car: This week’s best banking news
  • 40% of Aussies spend more on their pets than on themselves
  • Is 2021 the year of the online lender?
  • Property prices increase across the board in May
  • What is a good credit score for a low rate car loan?
  • End the financial year with a bang
  • 4 things to remember when buying a used car

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

40% of Aussies spend more on their pets than on themselves

We all love our fur-babies, but just how much? Well, sorry mum and dad, but according to a recent survey conducted by ING, one-third of Aussies said that they adored their pets more than their human family members!

Not just that, but one in four survey respondents said that they’d go as far as to call it quits with their partner if they didn’t get on with their pets, and a significant 40% of owners admit to spending more on their pets than themselves.

Read the full article: 40% of Aussies spend more on their pets than themselves, says ING to learn more about Aussie pet owners and whether or not you should consider taking out pet insurance.

Year of the online lender

With Aussies ditching the big four for record low interest rates from smaller lenders, it appears that as many as six in ten borrowers are considering opting for online lenders instead.

But cheap rates aren’t all that you could get by going for an online lender - many of these competitors come with lower fees, straightforward application processes and speedier loan approvals too.

Read full article: New way to borrow takes Australia by storm to learn more about online lenders, plus intel on some value-packed options that have the Mozo Expert tick of approval.

Property prices rose across the board in May

Property prices rose across the board in May

And just when you thought Aussie property prices couldn't possibly get any higher, they have. According to CoreLogic’s latest Home Value Index, national property prices rose by a whopping 2.2% last month.

This was the second-highest increase of 2021, next to the 2.8% increase we saw in March (A.K.A the ‘fastest rate of appreciation’ recorded in 31 years!). 

Sydney (surprise, surprise) and, interestingly, Hobart are both currently topping the country in terms of property price increases in May.

Hobart:

  • Monthly value increase: 3.2%
  • Annual growth rate: 16.5%

Sydney:

  • Monthly value increase: 3.0%
  • Annual growth rate: 11.2%

Read the full article: Property prices rise across the board in May: Corelogic to get the full rundown on Australia’s property boom.

What is a good credit score for a low rate car loan?

You’re probably well aware that your credit score can dictate what sort of interest rate you get approved for when taking out a car loan - or whether you get approved at all.

But what exactly makes a “good” credit score when it comes to low-rate car loans? Ultimately, it’s up to the discretion of the lender.

Generally, car loans come with tiered interest rates, which means you’ll receive a rate based on your credit score. So, the better your credit score, the lower the interest rate. 

Read the full article: What is a good credit score for a low rate car loan? to find out now.

End the financial year with a bang

End the financial year with a bang

June is here, which means we’ve hit the halfway point of 2021 - crazy, right? With a change of seasons plus a new financial year right around the corner, we’re in for a busy month ahead.

So our June 2021 Financial Checklist really couldn’t have come at a better time.

In this month’s checklist:

  • Learn how to stay warm without getting energy bill-burnt
  • Snag yourself a sweet EOFY car deal
  • Set off on a road trip to break in your new set of wheels
  • Find out how you could be getting paid to nap
  • Get that bread this Gemini season

Read the full article: June 2021 Financial Checklist to help get you through the busy month ahead.

4 things to remember when buying a used car

From car loans to car insurance, there are a number of different things to consider before purchasing a secondhand vehicle.

While you might be thinking that there’s less financial risk involved with opting for a used vehicle over a new one, that’s not always the case.

Read the full article: 4 things to remember when buying a secondhand car to school yourself on all the things you should consider to avoid making the wrong used car purchase.

After a car loan to help fund your new set of wheels? Then use our car loan comparison tool below to shop around and compare options until you find one you’re happy with:

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* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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