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

By Rhianna Dews · · 4 min read
Fact Checked
Advertiser disclosure
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.

On the lookout for a solid home loan to help make your dream home a reality? Then start comparing home loans today with the help of our free home loan comparison tool below:

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*

Promoted

  • 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.

image of houses

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.