Tax time for small businesses, 2021 Buy Now Pay Later report & classic car boom: This week’s best banking news

Tax time for small businesses, 2021 Buy Now Pay Later report & classic car boom: This week’s best banking news
  • Navigating tax time as a small business in 2021
  • Tighter home loan lending conditions
  • 2021 BNPL Report: Aussies have a new go-to for their biggest purchases
  • Meet Hiver: New ethically-focused, digital bank for essential workers
  • Aussie classic car market booms
  • Interest rate hike to come sooner than expected

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

How to navigate tax time as a small business in 2021

After the rollercoaster of a financial year we’ve had during the COVID-19 pandemic, small businesses might find completing their 2021 corporate tax returns to be a little trickier than in previous years.

According to CPA Australia’s senior manager of tax policy, Elinor Kasapidis, it’s essential that businesses claim all that they’re entitled to this year.

This includes things like tax write-offs for assets you’ve purchased or tax refunds on any losses or bad debts faced as a result of the pandemic.

Read full article: What to do at tax time: a guide for your small business in 2021 for everything you need to know about prepping your corporate tax return in 2021.

Tighter home loan lending conditions

Applying for a home loan could soon become more of an uphill for borrowers, with regulators currently exploring new policy options to try and stabilise Australia’s unpredictable property market.

APRA is now considering introducing macro-prudential controls, which are set to come with tighter debt-to-income and loan-to-value ratios, plus stricter rules around interest-only and investor lending.

Read the full article: Home loan check: Are tighter lending conditions on the way? to get the full rundown.

Aussies have a new go-to for their biggest purchases

Aussies have a new go-to for their biggest purchases

Aussies have flocked to Buy Now Pay Later (BNPL) services like Afterpay and Zip since their conception a few years ago, but according to our 2021 Buy Now Pay Later Report, BNPL is here to stay.

Through our research, we’ve found that not only have Aussies welcomed BNPL into their digital wallets with open arms but, for many, it’s become their standard payment method for bigger purchases. 

Australians are using BNPL to their fullest advantage and are becoming savvier spenders in the process.

Read the full article: Mozo’s 2021 Buy Now Pay Later Report: Aussies have a new go-to for their biggest purchases to learn about how Australians use BNPL in 2021.

Meet Hiver: New ethically-focused, digital bank for essential workers

On Thursday (June 24th), Teachers Mutual Bank (A.K.A., one of Australia’s biggest mutual banks) launched a brand new ethically-conscious digital bank for essential workers, Hiver.

Initially, the neobank will only be available to Teachers Mutual Bank’s core customer base of essential workers - including members working in the education, emergency services and health sectors. However, it will likely open up to other customers further down the track, though.

Read the full article: Hiver: Australia’s new ethically-focused, digital bank for essential workers to learn more about this new digital bank.

Aussie classic car market booms

Aussie classic car market booms

Always wanted to drive around in a retro 1963 Mercury Comet like the one Peyton Sawyer rocked in One Tree Hill? Well, now might be the time.

With high demand for secondhand cars due to the huge backlog in supply for new vehicles following the COVID-19 pandemic, we’re currently in the midst of a massive classic car market boom in Australia. 

Interestingly we’re seeing that many of the more basic vintage car models are now going for significantly more than their original price.

Read the full article: Aussie classic car market booms to get all the tea on the rise in the value of classic cars across Oz.

Interest rate hike to come sooner than expected says CBA

According to economists from the Commonwealth Bank, we can expect to see the Reserve Bank of Australia raise the cash rate above its current historic lows in November 2022.

CBA’s head of Australian economics, Gareth Aird, predicts a 15-basis-point increase (bringing the cash rate up to 0.25%), followed by an additional 0.25% increase in December 2022 and three more 0.25% increases throughout 2023, bringing the cash rate up to 1.25% by September 2023.

At this point, the current average variable interest rate for P&I owner-occupier home loans sits at 3.27% p.a. If these predictions play out, this will skyrocket up to a whopping 4.42% p.a.

Read the full article: Interest rate hike will come sooner than expected, says CBA to read more about the CBA’s predictions.

After a competitive home loan deal to help get you into your dream house? Use our free home loan comparison tool to 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 compare more home loans here.
Last updated 25 July 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.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • 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.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • 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.

  • Flex Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.38 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 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.

  • 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 $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    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.

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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.