Fixed mortgage rates, stamp duty, Out & About vouchers: this week’s best banking news

By Polly Fleeting ·
  • Fixed rate front of mind for lender post RBA cut 
  • NSW to phase out stamp duty 
  • Out & About scheme: NSW citizens to be given $100 to spend at venues 
  • Wholesale electricity prices dropping to record lows 
  • Victorians to receive $250 in energy credit 
  • Gen Y & Z’s Great Australian Dream slipping through their fingers 

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

Aussie lenders focus on fixed rates post November RBA cut 

At the beginning of the month, the Reserve Bank of Australia (RBA) cut its official cash rate to a record low of 0.10%. 

And the majority of home loan lenders on the Mozo database that made adjustments to rates did so to fixed rates over their variable offerings. 

In fact, since March the average 2-year fixed rate has dropped from 3.13% to 2.48%. Plus, the RBA has indicated in recent statements that economic targets are unlikely to be met for at least three years, meaning low mortgage rates could be around for a while.

Read full article:
Switching from a variable rate to a fixed rate: What should you know? for all your answered questions on changing to a fixed rate loan. 

Stamp duty to be phased out says NSW Government

As part of the NSW 2020/21 budget, the State Government has announced plans to phase out stamp duty. 

The initiative is part of a proposed overhaul that will drive up to $11 billion into the economy in four years. 

Ultimately, the change allows home buyers to choose whether they pay stamp duty or a lower annual property tax.  

“It is holding our economy back at a time we need to be going full throttle,” NSW Treasurer Dominic Perrottet told parliament on Tuesday.

“That’s why we believe that reform is the best way forward. Our proposal would give more people the opportunity to own their own home, and more freedom to live in the home that’s right for them.”

Read full article:
NSW government announces plans to phase out stamp duty for more details on the announcement. 

NSW Government encouraging citizens to get Out & About with $100 voucher

On Tuesday, the NSW Government also announced the Out & About voucher scheme to encourage spending in the hospitality sector.

Totalling at $100, the Government will issue four $25 vouchers to NSW residents that are over 18. 

There are a few rules though. Two vouchers are to be spent at restaurants, cafes and clubs, while the other two are for entertainment like cinemas and art galleries. 

It’s also important to note that the vouchers are for single-use only. This means they will expire even if you spend less than $25 when you use it. 

Read full article:
NSW Government to distribute $100 vouchers to get Aussies Out & About to read more on this new initiative. 

Wholesale electricity at lowest price in years 

The price of wholesale electricity has continued to fall to record lows, announced the Australian Energy Regulator (AER) back in August.  

And according to the newest AER Wholesale Markets Quarterly Report, the story is the same in November. 

The report revealed that prices continued to drop with the average price falling below $55 per MWh in all regions. More closely, it was $34 per MWh in Queensland, $54 per MWh in Victoria (down from $56 and $84 respectively in August). 

Read full article:
Wholesale electricity prices continue to fall at record numbers, says AER for more stats.

Households in Victoria to receive $250 in energy credit

This week the Victorian Government has announced that it will give one million residents a one-off $250 payment towards their energy bills

The scheme is part of a $797 million energy package to improve energy efficiency for the state and help households get on top of their energy costs. 

To be eligible, you must currently be holding a concession card, be on JobSeeker, youth allowance or the pension. 

Read full article:
VIC households to get $250 energy credit, appliance upgrades and more to see what Energy Minister, Lily D’Ambrosio said about the Government’s decision.

Are Gen Y & Z kissing goodbye the Great Australian Dream?

According to a study conducted by ME Bank, 70% of Gen Y and Z view the ‘Great Australian Dream’ as nothing more than a pipe dream for them. 

Out of the 1,000 surveyed, the stats showed that 82% of young Australians believe that owning their dream house, having their dream job and retiring at 65 was more obtainable by older generations.

On top of that 62% feel their future children’s generation will be faced with a similar struggle, too. 

Read full article:
The Great Australian Dream: now a Gen Y & Z pipe dream for a full rundown of all the stats. 

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Polly Fleeting
Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney.