Small business on the up, property keeps booming & sustainable banking: This week’s best banking news

By Rhianna Dews · · 3 min read
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Small business on the up, property keeps booming & sustainable banking: This week’s best banking news
  • Small businesses starting to get back on their feet
  • Property prices continue to surge - what’s new?
  • Investor borrowers make waves in the property market
  • Aussies make a valiant return to travel
  • Get a grip on sustainable banking with The Finance Burrito podcast
  • Switch to save on your car loan

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

Small businesses getting back on their feet

The pandemic threw a massive spanner in the works for many small businesses across the globe, but thankfully we’re starting to see more and more Aussie businesses get back up on their feet.

When it comes to successfully managing your cash flow and thriving as a business, having the right banking products can make the world of difference.

Whether you’re after a business loan to help cover some big upcoming expenses or some help finding a solid bank account or credit card, you’ve come to the right place.

Read full article: Top business banking deals to boost your business growth for a round-up of some of the hottest financial products for business around right now.

Property prices continue to surge - what’s new?

Let’s face it folks, it’s getting even more difficult to enter the Aussie property market. Everybody’s talking about it. With property prices rising by the second, saving for a house deposit has become that much harder.

What’s even more mind-boggling is that a $100,000 deposit can’t even secure a median-priced property for first home buyers in Sydney anymore. Wild times to say the least.

But if you do happen to have a 5% deposit saved up, then there might be hope for you yet.

Read full article: Do you have a 5% deposit ready? This home loan might work for you to get the scoop on how to snag a place during the current property boom.

Investor borrowers beat the odds

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Speaking of which … despite all the fuss about how the property boom has impacted prospective owner-occupiers, the future might be a little less grim for investors.

According to new data from the Australian Bureau of Statistics, investors are currently taking centre stage, with seasonally-adjusted investment loan commitments hitting $6.9 billion in February.

But despite being the highest level of new investor borrowing since February 2018 (not to mention, a 70% increase to May 2020’s figures), it appears that owner-occupiers still take the cake, taking out a whopping $21.7 billion of the $28.6 billion worth of new loan commitments made in February.

Read full article: Does a 3-year lending high signal the return of property investors? to get the full run-down.

Aussies make a splash in spending

According to Citi Australia’s March Credit Card index, more and more Aussies are returning to travel - with a 69% month on month increase in airline spend.

Not just that, there’s also reportedly been a 23% increase in consumer spending when comparing March results to February’s.

On top of this, we’ve also seen a 2% spend increase year on year as the economy continues to bounce back from the COVID-19 pandemic.

Read full article: Aussies hit the shops in 2021 & travel spending is up too, says Citi to find out what the future could hold for Aussie spending post-pandemic.

Learn the ins & outs of ethical banking with The Finance Burrito

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If you’re looking for more ways to broaden your financial horizons, then plug into The Finance Burrito podcast today.

Over the past few weeks, your fave hosts Liv and Tom (and special guest host Ceyda Erem) have delved deep into the world of ethical and sustainable banking.

And if you thought last year’s Coachella line-up would’ve been good (thanks COVID) - then you’ll be blown away by the line-up of special guests we’ve had on the pod. We even had an ex-Survivor Australia contestant feature in one of our recent eps!

If you’re not already part of The Finance Burrito fam, then get it in your ears now via Spotify, Apple Podcasts or wherever else you get your podcasts from!

Read full article: The Finance Burrito podcast: Personal finance unwrapped to stay up to date with the most delicious financial podcast around!

Switch & save with a better car loan deal

Gone are the days where you’d sign up for the first car loan you see and stick it out with a bad rate until you’ve paid the thing off.

It’s 2021 - know your worth people! If your toes curl each time a repayment gets taken out of your bank account then do yourself a favour and start comparing refinance car loans.

Car loan interest rates have been dropping like flies for yonks now - so you could potentially save some extra cash by making the switch to a better deal. 

Read full article: Here are 5 refinance car loans to take a look at in 2021 so you can start getting some more bang for your buck.

For more options, check out the car loan comparison tool below!

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    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.

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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.

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