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New Year, New You!

Each year we make New Year's resolutions that focus on our health and wellbeing. But how often do we think about improving our finances? Here are five financial New Year's resolutions that could help you start 2019 with a bang! You might have missed it over the silly season, but the good news for mortgage…

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l1st

APRA to remove restrictions on interest-only home loans

Here's some good news to kick off 2019: APRA is removing its restrictions on interest-only residential mortgage lending from January 1. The restrictions were put in place as a temporary measure by the Australian Prudential Regulation Authority (APRA) back in March 2017 to encourage lenders to adopt sound lending practices. So why are they being…

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l1st

Season's Greetings! Wishing you a prosperous 2019!

Didn't 2018 just fly by? And what a year it was too! The RBA left the official cash rate on hold at 1.5% throughout the entire year – but that didn't stop the banks sneaking in the odd rate rise of their own. APRA cracked down on the banks to tighten their lending standards –…

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Ensure your travel insurance isn't voided these holidays

Tipsy topples, scooter smashes, sporting sprains and medical mishaps – before you go jet-setting overseas these holidays we'll explore the most common ways travel insurance policies are voided. Travel insurance is a critical consideration for any overseas holiday. But all too often we forget to read the fine print of our travel insurance product disclosure…

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l1st

Banks' unclear pricing costing frustrated borrowers thousands

Borrowers who don't shop around due to the banks' unclear pricing tactics are losing out on an average of $850 a year, an ACCC report has found. Get a load of this: there's this tactic that the big four banks (ANZ, CBA, NAB and Westpac) use that makes it “difficult” and “frustrating” for borrowers to…

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l1st

Don't dive into credit card debt this Christmas

Every Christmas almost half of the Australian population decides to go swimming in credit card debt to get through the festive season. But there's two big reasons why you shouldn't do that this year. Bad news: new data from St George bank shows that 46% of Australians haven't saved up for Christmas gifts and need…

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Bank wanted mortgage broking fees transferred to customers

A big four bank almost overhauled its broker remuneration model so that the cost of mortgage broking services would be transferred to the customer, the royal commission heard. Here's how to prevent that from happening. The Royal Commission recently revealed that back in 2017 the Commonwealth Bank planned to replace commissions paid to mortgage brokers…

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Stress tested your home loan recently? Don't stress

Seven in 10 Australian mortgage holders have not stress tested their home loan. But don't stress, it's much easier to do than you think. Deloitte Access Economics' latest report makes for pretty interesting reading. It turns out the average Australian has a “wide-ranging hesitancy to make any sort of change” when it comes to their mortgages and…

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Buy now, pay later schemes putting young shoppers at debt risk

One in six customers who use payment methods such as Afterpay and Zip Pay run into financial strife – and ASIC is putting the 'buy now, pay later' industry under the spotlight. ASIC's first review of this evolving market finds that buy now pay later arrangements are having a negative impact on spending habits, especially…

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How much does it cost to own a pet?

We thought we'd have a little fun this week and look at how much it costs the average Aussie family to own a pet. After all, two in three households have one and very few budget for them! Let's be honest, owning a pet goes hand-in-hand with the great Australian dream of property ownership. So…

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