Big 4 branch closures, BNPL for home loans & $390m wasted a year on unused streaming services: This week’s best banking news

Big 4 branch closures, BNPL for home loans & $390m wasted a year on unused streaming services: This week’s best banking news
  • Big four cuts 350 branches across Australia during COVID
  • Buy Now Pay Later for home loans
  • Aussies waste $390m a year on unused streaming services
  • Victorian government state inquiry into economic equality for women
  • Electric vehicle drivers score cheaper energy rates with OVO Energy
  • More Aussies taking out personal & car loans since the pandemic

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

Big four cuts 350 branches across Australia during COVID

This just in: the big four banks (Westpac, ANZ, NAB and CommBank) have already or are planning to shut down 350 branches across Australia between January 2020 and Christmas 2021.

This figure came from a parliamentary committee review of the big four, all of which are cutting back branch networks due to a considerable drop in foot traffic following the COVID pandemic.

Read full article: Big 4 banks shut 350 branches across Australia during COVID to learn more.

Buy Now Pay Later for home loans

New non-bank lender TechLend is changing the home loan game with interest-free bridging loans with same day pre-approval for Aussie home-buyers. It’s essentially the Buy Now Pay Later of home loans. 

Bridging loans are short-term loans designed to help cover the cost of purchasing and later selling a home. They tend to come with higher interest rates and 6 to 12-month terms options.

“By providing affordable bridging loans to Australians, we are disrupting traditional lending to bring borrowers better outcomes and take the stress out of buying a new property,” said TechLend co-founder Aaron Bassin.

Read the full article: New non-bank lender offering BNPL for home loans to hear more about this innovative new offering.

Aussies waste $390m a year on unused streaming services

Aussies waste $390m a year on unused streaming services

Tell us, how many streaming services have you signed up for and forgotten to cancel before the free trial ended? Go on, be honest...

According to Mozo research, a whopping 53% of Aussies users don’t cancel a streaming subscription they no longer use just in case they change their mind down the track.

And while $10 a month mightn’t seem like much, Aussies are splurging $291 on average per year on streaming subscriptions. Yikes!

Read the full article: Aussies spending $390 million a year on unused streaming services for more hard-hitting facts on streaming.

Victorian government state inquiry into economic equality for women

The Victorian government have announced a state inquiry into employment inequality for women in Victoria. The inquiry will investigate systemic disadvantages faced by women in the workplace and how these issues have been impacted by the pandemic.

The panel aims to provide their findings and recommendations to the state treasurer and the minister for women in January 2022 for consideration in the new financial year budget.

This follows the various female-focused inclusions featured in May’s 2021/2022 Federal Budget, such as a $354 million funding boost for women's health and childcare subsidy changes.

Read the full article: Victorian government announces state inquiry into economic equality for women to learn more about the initiative.

Electric vehicle drivers score cheaper energy rates with OVO Energy

Electric vehicle drivers score cheaper energy rates with OVO Energy

Aussie electric vehicle owners could be saving up to $300 per year (or the equivalent of 6,700km of driving distance) with OVO Energy’s innovative new OVO Drive offer.

With OVO Drive (available only via the OVO website), eligible customers could score $0.05/kWh off their standard energy rates between 12-5am, seven days a week.

“This is the first step on our EV journey in Australia, as we offer the ever-increasing number of electric vehicle owners a more economical and 100% carbon-neutral energy offer,” said Mark Yemm, chief executive and managing director of OVO Energy Pty Ltd.

Read the full article: OVO Energy offers discount to electric vehicle drivers to find out more about this exciting new offer.

More Aussies taking out personal & car loans since the pandemic

According to the latest ABS lending Indicators release, there’s been a huge spike in Aussies taking out personal loans and car loans since before the pandemic.

In May 2021, the total value of new loan commitments for fixed personal loans was $1.986 billion - a significant rise from $1.397 billion in May 2020 (during the pandemic) and $1.599 billion in May 2019 (before the pandemic).

Read the full article: More Aussies taking out personal and car loans than before the pandemic to get the full lowdown.

Speaking of which, are you looking for a solid car loan deal to help you get behind the wheel of your dream car? Then have a go at our car loan comparison tool to help you compare options:

Compare Car Loans today - last updated 16 June 2024

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  • Used Car Loan

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    Interest rate
    comparison rate
    Monthly repayment
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    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

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  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
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    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

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  • Car Loan

    Up to 7 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.
    6.84% p.a.based on $30,000
    over 5 years

    Purchase or refinance a new or used car, caravan or motorbike, up to 7 years old. Fixed rate with terms from 1 to 7 years. Make additional payments and free redraw. No early payout penalties. No monthly fees. Quick start application in less than 5 minutes online.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,460.64 including fees.

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  • Better Car Loan Special Offer

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    6.65% p.a.based on $30,000
    over 5 years

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    Repayment terms from 1 year to 5 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,295.27 including fees.

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  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details

* 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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