Small business COVID support, saving during a pandemic & home loan rate rise: This week’s best banking news

By Rhianna Dews · · 3 min read
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Small business COVID support, saving during a pandemic & home loan rate rise: This week’s best banking news
  • Government & big bank COVID support for small businesses
  • How to save more money during the pandemic
  • Getting a home loan as a self-employed or casual worker?
  • Home loan rate jump sparks rush to fix rates
  • State lockdowns not phasing Aussie spenders
  • What not to forget when buying a used car

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

Government & big bank COVID support for small businesses

With Sydney back in lockdown thanks to a sudden flare-up in COVID cases and the emergence of a new virus strain, small businesses are doing it tough again.

Restaurants, cafes and other venues and businesses that don’t fall under the ‘essential’ category have been left with no choice but to close their doors following the recent stay-at-home orders across Greater Sydney.

During this time, we’ve seen the NSW government announce a package to support businesses during this challenging time.

Read full article: NSW lockdowns: Government and big four bank support for small businesses to see what financial aid is available to small businesses during the current COVID-19 lockdown period.

How to save more money during the pandemic

Despite the challenging situation we’re currently faced with, one silver lining for many Aussies is the ability to save a little extra whilst in lockdown.

According to Mozo spokesperson Tom Godfrey, “using lockdown to get on top of your personal finances could really pay off.”

“Whether you start surfing for a better lender or drive home a better insurance premium, the doom and gloom could be your ticket to a brighter financial future.”

Read the full article: 6 tips and tricks that could save money during challenging times to learn how to save more and get some extra bang for your buck while in lockdown.

Getting a home loan as a self-employed or casual worker?

Getting a home loan as a self-employed or casual worker?

According to a recent World Bank report, 16.6% of Australians are currently self-employed. But, despite the many freedoms of self-employment, one of its hindrances can be getting approved for a home loan.

When applying for a loan, you’ll need to prove to the lender that you have a stable income. Unfortunately, this can often be hard to do when you’re a freelancer, contractor or involved in any other sort of work within the gig economy.

Read the full article: Can you get a home loan as a self-employed or casual worker? to find out.

Home loan rate jump sparks rush to fix rates

After a year of super-low home loan interest rates, Aussie borrowers are now rushing to lock into fixed rates following recent rate increases from the big four.

Despite the Reserve Bank coming out and saying the cash rate won’t increase until we hit 2-3% inflation, which is “unlikely until 2024 at the earliest”, the big banks are already making moves. So, is now the time to lock in with a fixed rate instead?

Read the full article: Home loan rate jump sparks rush to fix rates to get the full scoop.

State lockdowns not phasing Aussie spenders

State lockdowns not phasing Aussie spenders

CommBank’s household credit and debit card spending update recently revealed that in the last week of June (the week ending on 2 July 2021), credit card spending levels were a whopping 13.9% higher than the week prior - and 16.5% more than the same week in 2019 (before the pandemic).

This goes to show that Aussie shoppers aren’t slowing down their spending on account of the COVID lockdown.

Read the full article: State lockdowns not phasing Aussie spenders, find CBA and Citi to read all about it.

What not to forget when buying a used car

With the current shortage of new vehicles in Australia due to the pandemic, more and more Aussies are starting to buy used cars. 

But just because buying secondhand typically comes at less of a cost than buying brand new, it doesn’t mean you should overlook the finer details. In fact, doing so could send you down a rocky road (pun intended) of mechanical or other issues.

Read the full article: Buying a used car: what NOT to forget to get the lowdown on buying a used car the right way.

Looking for a competitive car loan to help you score a sweet new set of wheels? Then check out our handy car loan comparison tool so you can compare your options:

Compare Car Loans today - last updated 2 December 2023

Search promoted car loans below or do a full Mozo database search . Advertiser disclosure
  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    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.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

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  • Used Car Loan

    Fixed, Secured, No vehicle age limit

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

    Get a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. 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.

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  • Car Loan

    Up to 10 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.69% p.a.
    7.04% p.a.based on $30,000
    over 5 years

    Purchase or refinance a new or used vehicle, up to five years old. Choose a loan term from one to seven years. To be eligible you must be over 18, receiving a regular income and an Australian resident.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.69% would cost $35,629.48 including fees.

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  • New Car Loan

    Fixed, Secured, Excellent Credit Score [832+]

    Interest rate
    comparison rate
    Monthly repayment
    7.29% p.a.to 7.79% p.a.
    8.00% p.a.to 8.50% p.a.based on $30,000
    over 5 years

    Enjoy a quick application process and no monthly fees on NRMA new car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 7.29% would cost $36,387.95 including fees.

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  • New Car Loan - Special

    Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.74% p.a.
    8.85% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Extra low rate for qualifying homeowners. 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.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.74% would cost $37,153.94 including fees.

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* 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.

^See information about the Mozo Experts Choice Personal Loan Awards

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