Cheaper petrol, bigger property investment returns in Western Sydney & freelance tax return must-knows: This week’s best banking news

 Cheaper petrol, bigger property investment returns in Western Sydney & freelance tax return must-knows: This week’s best banking news
  • Independent petrol chains offer lower prices, says ACCC
  • 81% of Aussies will take advantage of EOFY sales
  • EOFY tax return must-knows for freelancers
  • What to expect when non-major banks join open banking from July 1st
  • Why buying a home is like musical chairs
  • Property investors urged to turn to Western Sydney for bigger returns

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

Independent petrol chains offer lower prices, says ACCC

Did you know that throughout 2020, Aussie drivers in Sydney, Melbourne, Brisbane, Perth and Adelaide could’ve saved an unbelievable $485 million on fuel by opting for lower-priced major retailers instead of higher-priced petrol stations.

According to research from the Australian Competition and Consumer Commission (ACCC) last year, the average price-difference between these retailers was a whopping 11.4 cents per-litre - an 8.4 cent increase from the year before.

The ACCC said that on average, making the switch could bring drivers’ annual petrol bills down by:

  • $445 in Sydney
  • $330 in Adelaide
  • $317 in Melbourne
  • $216 in Perth
  • $200 in Canberra
  • $174 in Brisbane
  • $78 in Hobart
  • $55 in Darwin

Read the full article: Independent petrol chains offer lower prices, ACCC research finds for the full scoop.

81% of Aussies will take advantage of EOFY sales

“Happy EOFYS!” If you’ve had that iconic Foxtel ad ingrained in your head since 2010 then you’re not alone.

According to new Mozo research, a whopping 81% of Aussies will be taking advantage of the upcoming end of financial year sales to snag cheaper computers, software, office furniture and cars.

In fact, it appears that 45% of the 2,000+ Aussie shoppers we surveyed have been stuffing their savings accounts in prep for the EOFY, a quarter of which have set aside between $1,500 and $6,000 for the occasion.

Read the full article: 81% of Aussies will take advantage of EOFY sales, according to Mozo research to find out more about this study, plus all the deets on how Aussies plan on paying for their EOFYS purchases.

EOFY tax return must-knows for freelancers

EOFY tax return must-knows for freelancers

Speaking of which, this time of year isn’t just about the sales - it’s also time to start thinking about your taxes.

With the online tax returns and all the auto-fill technology we have available to us nowadays, doing your tax return has become a little more straightforward than it used to be. 

However, after the crazy year we’ve had thanks to COVID-19, it wouldn’t hurt to brush up on the do’s and don’ts of submitting your tax return - particularly if you’re working in the gig economy as a freelancer or started up a lockdown inspired side hustle.

Read full article: EOFY for freelancers: Tax return must-knows for a full rundown so you can be locked and loaded by the time July 1st rolls around.

What to expect when non-major banks join open banking from July 1

It’s nearly one year on since open banking first came about in Australia, with the initial launch of the Consumer Data Right (CDR) taking place back in July 2020.

Coinciding with this anniversary is another important milestone. From the 1st of July 2021, authorised deposit-taking institutions (ADIs), A.K.A. all banks and credit unions beyond the big four (ANZ, Commonwealth Bank, NAB and Westpac) must be capable of sharing customer data under CDR.

Read the full article: What can we expect as non-major banks join the open banking party from July 1? for the 411.

Why buying a home is like musical chairs

Why buying a home is like musical chairs

With the current state of property auctions in capital cities, buying a home is starting to feel like a game of musical chairs where only one person leaves the party smiling.

When looking for who - or what, to point the finger at to blame for this outcome, multiple factors seem to be at play.

One contributing factor would be the significant decline in available properties across this country. In May this year we saw a 6% drop in property listings, bringing it down to 245,953 - from 262,617 in April, found SQM Research.

In Sydney alone there were just 4,248 homes advertised for at least 180 days in May 2021, a 36% fall from May 2020 which saw 6,589 properties advertised.

Read the full article: Why buying a home is like musical chairs: Let's look at the numbers for an in-depth look at the current property market climate in Australia.

Property investors urged to turn to Western Sydney for bigger returns

Over the past year we’ve seen property prices go through the roof, with regional home values growing at double the speed of those in capital cities.

According to CoreLogic, this was the result of more and more Aussies looking for a change of scenery by ditching the city.

However, new data has revealed that property investors could score even bigger returns by buying in Western Sydney.

Read the full article: Property investors urged to turn to Western Sydney for bigger returns for insight on which affordable Sydney suburbs could bring bigger returns for property investors.

Looking for a competitive home loan to help seal the deal on your dream house? Use our free home loan comparison tool to have a look at what’s around so you can compare your options:

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 473 home loans.
Last updated 20 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.

  • 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.

  • 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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* 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.