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

By Rhianna Dews · · 3 min read
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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 compare more home loans here.
Last updated 27 July 2024 Important disclosures and comparison rate warning*

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  • 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.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • 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.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • 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.

  • Flex Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.38 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • 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 $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    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.

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Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

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.