Aussies spend $350 a week on transport, 49% of shoppers break Christmas budget & property prices to drop: This week’s best banking news

Aussies spend $350 a week on transport, 49% of shoppers break Christmas budget & property prices to drop: This week’s best banking news
  • Investor borrowing hits highest level since 2015
  • New lender OneTwo rewards customers with ongoing discounts on home loans
  • End the year with a bang with your December Financial Checklist
  • Cost of owning a car rises as Aussies spend $350+ a week on transportation
  • 49% of Aussie shoppers break their Christmas budget, says Afterpay
  • When will Australian property prices fall?

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

Investor borrowing hits highest level since 2015

It appears that not all investors are being scared off by through-the-roof property prices, with investors taking out new home loans at near-record levels to get a foot into the market.

The latest ABS (Australian Bureau of Statistics) lending indicators revealed that new home loan commitments taken on by investors went up by 1.1% to a whopping $9.73 billion in October. 

“The latest figure is the largest recorded by the ABS in over six years, and it’s more than double the recent low point of $4.23 billion recorded by the Bureau towards the start of the pandemic in May 2020,” said Mozo Money Writer, Tom Watson.

Read full article: Investor borrowing hits highest level since 2015 while first home buyers drop out for all the deets.

New lender OneTwo rewards customers with ongoing discounts on home loans

New Aussie lender OneTwo launches its automatic rate-reducing home loan, which rewards borrowers with discounts the more they pay off their mortgage.

The company says it wants to make the process of applying for a home loan as easy as ‘one-two’ by starting a conversation rather than an application. To assist with this, customers can get face to face help from the OneTwo customer service team via interactive videos.

“We are hell-bent on doing something different in the market,” said OneTwo’s chief marketing officer, Liz McCarthy.

Read the full article: New lender OneTwo rewards customers with ongoing discounts on home loans for the whole story.

End the year on a bang with your December Financial Checklist

End the year on a bang with your December Financial Checklist

“Just hear those sleigh bells jingling, ring tingle tingling too (ring-a-ling-a ding-dong-ding!).” That’s right, folks - the silly season is officially here!

And boy, have we got just the thing to help you survive a month full of festivities. Ladies and gents, our Christmas gift to you: your December 2021 Financial Checklist!

In this month’s Financial Checklist:

Read the full article: December 2021 Financial Checklist for everything you need to get through the silly season.

Cost of owning a car rises as Aussies spend $350+ per week on transport

From petrol prices and car loan repayments to rego and maintenance costs, there’s no denying that owning a car can cost a pretty penny. However, according to recent stats from the Australian Automobile Association, that penny just got a whole prettier.

The report found that over the third quarter (Q3) of 2021, the average total transport cost for Aussies was $367.63 per week. That’s a $6.99 increase from the second quarter (Q2) of this year and equates to 15% of Australians’ total income on average. 

Read the full article: Average cost of owning a car continues to go up as Aussies spend over $350 a week on their transportation for a full rundown.

49% of Aussie shoppers break their Christmas budget, says Afterpay

49% of Aussie shoppers break their Christmas budget, says Afterpay

“It's the most wonderful (and expensive) time of the year!” We all know Christmas can be a real pain in the wallet. But did you know that nearly half (49%) of Aussies shoppers break their budget during the silly season?

Yep! This figure came from a new Afterpay report which surveyed over 1,700 shoppers. The report also revealed that 38% of Aussies find buying presents the most stressful part of Christmas.

But this doesn’t have to be the case - especially with the help of Mozo’s handy gift-giving guide to help you save money this festive season.

Read the full article: Almost half of Australian shoppers break their Christmas budget, says Afterpay for all the tea.

When will Australian property prices fall?

The Aussie property market has seen a massive boom throughout the COVID-19 pandemic. However, Commonwealth Bank economists say its growth rate should dip to 7% next year before dropping even further in 2023.

“Economists at Commonwealth Bank expect a combination of affordability constraints, rising interest rates and tighter lending rules will cause property prices to dip by 10 per cent in two years’ time, finally putting a halt to the market’s meteoric rise,” explained Mozo Money Writer, Niko Iliakis.

Read the full article: When will Australian property prices fall? for the full scoop.

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