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 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

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:
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Smart Booster Home Loan
2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
2.60% p.a.variable for 24 months and then 3.00% p.a. variable2.96% p.a.Smart Booster Home Loan
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
- interest rate
- 2.60% p.a.variable for 24 months and then 3.00% p.a. variable
- comparison rate
- 2.96% p.a.
- Upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - with 0.10% additional interest
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $1,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Smart Booster Home Loan
- Featured Product
Neat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
2.64% p.a. variable2.65% p.a.Neat Home Loan
Low variable rate. Ideal for buyers or investors. No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required.
- interest rate
- 2.64% p.a. variable
- comparison rate
- 2.65% p.a.
- Upfront fees
- $250
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $80,000
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Neat Home Loan
Unloan Variable
Owner Occupier, Refinance Only
interest rate
comparison rate
2.64% p.a. variable2.56% p.a.Unloan Variable
For refinancers only. 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 in as little as 10 minutes.
- interest rate
- 2.64% p.a. variable
- comparison rate
- 2.56% p.a.
- Upfront fees
- $0
- Ongoing fees
- -
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Variable
Variable Rate Home Loan
Owner Occupier, Principal & Interest, LVR <80%
interest rate
comparison rate
2.59% p.a. variable2.49% p.a.Variable Rate Home Loan
$5000 refinance cashback. Owner-occupier refinancers only living in NSW/VIC/SA metro and inner regional areas. Receive up to an additional 0.15% off your rate as you pay off the loan. Receive bonus payments up to $2,500. T&Cs apply. Mozo Experts Choice Award winner for 2022^.
- interest rate
- 2.59% p.a. variable
- comparison rate
- 2.49% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $20,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
- Receive $5000 cashback for Owner Occupier Refinancers only in eligible areas only.
Read our Mozo Review to learn more about the Variable Rate Home Loan
Basic Home Loan
Owner Occupier, LVR<60%, Principal & Interest
interest rate
comparison rate
2.84% p.a. variable2.84% p.a.Basic Home Loan
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. Apply online in as little as 15 minutes.
- interest rate
- 2.84% p.a. variable
- comparison rate
- 2.84% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Basic Home Loan
* 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, loan amount and term entered. 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.
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