Aussies rely on bank of Mum & Dad; 26% of Sydney apartments have flaws & how to face your financial fears this Halloween: This week’s best banking news

Aussies rely on bank of Mum & Dad; 26% of Sydney apartments have flaws & how to face your financial fears this Halloween: This week’s best banking news
  • 26% of Sydney apartments have flaws, finds UNSW study
  • Aussie home buyers rely on the Bank of Mum & Dad
  • Face your financial fears this Halloween
  • Australians escaping domestic violence can now access $5,000 in government support
  • SocietyOne increases its secured personal loan amounts
  • House & unit rents rise as lockdown restrictions ease

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

26% of Sydney apartments have flaws, finds UNSW study

As if apartment-hunting wasn’t tough enough, a new report from the City Futures Research Centre at UNSW revealed that over a quarter of Sydney apartments could suffer from building defects.

The report also highlights that a lack of transparency has essentially made it mission impossible for buyers to determine whether their building is among the defective lot.

On top of this, the study found evidence of at least one defect in 26% of strata schemes registered between 2008 and 2017.

Read full article: Why you need to check your apartment before buying: 26% in Sydney have flaws, says study for the full scoop.

Aussie home buyers rely on the Bank of Mum & Dad

It’s not new news that buying a property is typically one of the biggest financial commitments most people will make in their lifetimes.

In fact, according to the latest ABS (Australian Bureau of Statistics) Residential Property Prices index, the average Australian home is now selling for a whopping $835,700.

So it’s no surprise that more and more Aussie home buyers are turning to the Bank of Mum and Dad to lock in a home.

Read the full article: Bank of Mum and Dad report 2021: Property boom puts parents under pressure for the full report.

Face your financial fears this Halloween

Face your financial fears this Halloween

“When money monsters rule our life - our pockets grow empty, and we fall into strife. Trick or treat - it’s Halloween! Leave your Nightmares on Elm Street and live out your financial dreams!”

We all have our money monsters. But that doesn’t mean they have to dictate our lives. And with Halloween lurking near, what better time to face your financial fears!

And you can do so in just five simple steps:

  • Perform an Exorcism on your current spending habits
  • Eradicate any Paranormal Bank-tivity
  • Escape the Night of the Living Debt
  • Beware of The Grudge (your credit score)
  • Save your Sixth Cents

Read the full article: 5 ways to face your financial fears this Halloween for a rundown.

Australians escaping domestic violence can now access $5,000 in government support

This year we saw the government roll out a bunch of new measures in the 2021 Federal Budget aimed at supporting women in different areas of life. One of these measures was the introduction of a $144.8 million fund for the Escaping Violence Payment, which kicked off this week as a two-year trial period.

Although the payment is predominantly for women and children, it is available to people of all genders who are experiencing partner violence and are either planning to leave or have already left abusive relationships. 

Read the full article: Australians escaping domestic violence can now access $5,000 in government support to learn more about this new initiative.

SocietyOne increases its secured personal loan amounts

SocietyOne increases its secured personal loan amounts

Aussies will now have access to personal loans of up to $70,000 since online lender SocietyOne recently announced an increased capacity of its newest loan products.

The increase to their fixed secured personal loans and unsecured personal loans comes following the lender’s recent purchase of a $200 million warehouse facility. The purchase has allowed the lender to drop the cost of funding they provide.

“Our newly doubled funding capacity will support these growth initiatives both in the medium and the long-term while helping us to reduce our cost of funding and improve our funding diversity,” said chief executive officer of SocietyOne, Mark Jones.

Read the full article: SocietyOne’s secured personal loan has been increased for more information.

House & unit rents rise as lockdown restrictions ease

With COVID restrictions finally starting to ease around Australia, there’s plenty to celebrate. That is unless of course, you're renting.

According to a Domain’s recent rental report, the majority of capital cities for tenants renting houses have seen year-on-year and quarterly rental increases. Unit prices have also gone up throughout the last quarter following a drop-off during the pandemic.

“Out of the capitals, Darwin saw the most significant yearly increase for renting houses (25.3%) and units (20.5%), with average prices sitting at $620 and $470 per week respectively for the September quarter,” said Mozo Money Writer, Olivia Gee.

Read the full article: House and unit rents rise as lockdown restrictions ease to learn more.

Looking for a competitive home loan to help fund the purchase of your dream home? Start comparing options today with our home loan comparison tool:

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 472 home loans.
Last updated 14 June 2024 Important disclosures and comparison rate warning*
  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Discount Variable Home Loan

    • Owner Occupier
    • LVR<70%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.06 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • The Better Home Loan Special Offer

    • Owner Occupier
    • Principal & Interest
    • LVR<80%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a variable rate home loan with a bunch of features from Police Credit Union. Make extra repayments at any time without penalty. No monthly, annual or upfront fees. Free online redraw. Minimum 20% deposit. Qualifying criteria applies. Minimum loan amount is 200K. For new customers only. Mozo Experts Choice Home Lender Credit Union of the Year 2023.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.59 % p.a.
    Fixed 3 years
    Comparison rate
    7.06 % p.a.
    Initial monthly repayment
    $3,190

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

image of houses

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Learn more

* WARNING: 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. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.