EOFY car sales, pocket money stats & tyre insurance: This week’s best banking news

EOFY car sales, pocket money stats & tyre insurance: This week’s best banking news
  • Snagging a good deal in the EOFY car sales
  • Fewer Aussies on mortgage holidays
  • Gateway Bank offers monthly LMI payment option
  • 63% of Aussie parents currently give their kids pocket money
  • Do personalised plates impact your car insurance policy?
  • What’s the go with tyre & rim insurance

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

How to snag a good EOFY car sale deal

With the new financial year fast approaching, now’s the time to start getting things in order with your personal finances.

Speaking of which, get ready for EOFY car sales to start popping up left, right and centre. Which could be great if you’ve been thinking of splashing some cash on a brand new set of wheels.

And while purchasing your new ride at a good price is a great way to save some money, why not go the extra mile (no pun intended) and get yourself a car loan with a few money-saving features too.

Read full article: 2021 EOFY car sales: 5 car loans to help seal the deal for some value-packed car loan options to help you start your search.

Number of Aussies on mortgage holidays continues to drop

It looks as though the number of Australians that are on mortgage holidays is gradually starting to dwindle.

According to the Australian Banking Association just 3,170 big four banks and Suncorp customers are still yet to resume their repayments.

Quite a low number when considering that at its peak, we saw a whopping 854,606 households with deferred mortgages across Australia.

Read full article: Number of still-deferred mortgages approaches zero to get the full rundown.

Gateway Bank offers monthly LMI option to low deposit home buyers

Gateway Bank offers monthly LMI option to low deposit home buyers

It’s no secret that purchasing a home comes with a lot of associated expenses beyond just the cost of the property itself.

From Lenders Mortgage Insurance to the home loan deposit, they certainly don’t make saving up for a place an easy feat for first home buyers.

However, it appears that there is some light at the end of the tunnel, since Gateway Bank is now giving Aussie first home buyers the option to pay off their Lenders Mortgage Insurance (LMI) in monthly instalments.

Read full article: Gateway Bank introduces monthly LMI option for low deposit home buyers to find out more about this incredible offer.

63% of parents give their kids pocket money

When you were a kid, did mum and dad pay you an allowance for doing chores around the house? Or did they just give you a gold coin each day to use at the school tuckshop?

Whether you realise it or not, the relationship you have with money as an adult would’ve been greatly determined by your parents’ attitude towards money throughout your childhood.

While times might’ve changed since you were a kid, Mozo’s 2021 Piggy Bank Report found that many Aussie parents give their kids pocket money - 63% to be precise.

Read full article: Mozo Piggy Bank Report 2021: Our kids and pocket money for a deeper dive into kids finances.

Personalised plates could impact your policy

Personalised plates could impact your policy

Getting geared up to pimp out your new ride with a set of personalised plates? Well, before you do, did you know that having personalised number plates on your vehicle could potentially impact your car insurance?

Yep. Not to mention, if you don’t tell your car insurance provider that you’ve changed your number plates this could actually void your cover.

When you take out a car insurance policy for your car you’ll receive a car insurance certificate which includes information about not just your vehicle but your number plates, too.

Read full article: Will my car insurance be affected if I get personalised number plates? to find out more so you can check yourself before you wreck yourself.

The go with tyre & rim insurance

Speaking of odd car insurance tingz  … now we know that rev-heads and car lovers will do just about anything for their beloved vehicles, but did you know that you take out an insurance policy specifically for your car tyres? Wild, right! 

Interestingly enough, most car insurance policies don’t actually provide cover for damaged tyres or wheel rims. But when you’ve got people out there spending an arm and a leg on their wheels, it’d make sense to want to insure them. 

Read full article: What is it tyre insurance and how much does it cost? to learn more about tyre and rim insurance.

On the hunt for the ride car loan to help you lock in a new vehicle? Then take a look at the car loans comparison tool below to compare some options:

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