Aussies rely on bank of Mum & Dad; 26% of Sydney apartments have flaws & how to face your financial fears this Halloween: This week’s best banking news

• 26% of Sydney apartments have flaws, finds UNSW study
• Aussie home buyers rely on the Bank of Mum & Dad
• Face your financial fears this Halloween
• Australians escaping domestic violence can now access $5,000 in government support
• SocietyOne increases its secured personal loan amounts
• House & unit rents rise as lockdown restrictions ease

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

26% of Sydney apartments have flaws, finds UNSW study

As if apartment-hunting wasn’t tough enough, a new report from the City Futures Research Centre at UNSW revealed that over a quarter of Sydney apartments could suffer from building defects.

The report also highlights that a lack of transparency has essentially made it mission impossible for buyers to determine whether their building is among the defective lot.

On top of this, the study found evidence of at least one defect in 26% of strata schemes registered between 2008 and 2017.

Read full article: Why you need to check your apartment before buying: 26% in Sydney have flaws, says study for the full scoop.

Aussie home buyers rely on the Bank of Mum & Dad

It’s not new news that buying a property is typically one of the biggest financial commitments most people will make in their lifetimes.

In fact, according to the latest ABS (Australian Bureau of Statistics) Residential Property Prices index, the average Australian home is now selling for a whopping $835,700.

So it’s no surprise that more and more Aussie home buyers are turning to the Bank of Mum and Dad to lock in a home.

Read the full article: Bank of Mum and Dad report 2021: Property boom puts parents under pressure for the full report.

Face your financial fears this Halloween

“When money monsters rule our life - our pockets grow empty, and we fall into strife. Trick or treat - it’s Halloween! Leave your Nightmares on Elm Street and live out your financial dreams!”

We all have our money monsters. But that doesn’t mean they have to dictate our lives. And with Halloween lurking near, what better time to face your financial fears!

And you can do so in just five simple steps:

• Perform an Exorcism on your current spending habits
• Eradicate any Paranormal Bank-tivity
• Escape the Night of the Living Debt
• Beware of The Grudge (your credit score)
• Save your Sixth Cents

Read the full article: 5 ways to face your financial fears this Halloween for a rundown.

Australians escaping domestic violence can now access $5,000 in government support

This year we saw the government roll out a bunch of new measures in the 2021 Federal Budget aimed at supporting women in different areas of life. One of these measures was the introduction of a $144.8 million fund for the Escaping Violence Payment, which kicked off this week as a two-year trial period.

Although the payment is predominantly for women and children, it is available to people of all genders who are experiencing partner violence and are either planning to leave or have already left abusive relationships. 

Read the full article: Australians escaping domestic violence can now access $5,000 in government support to learn more about this new initiative.

SocietyOne increases its secured personal loan amounts

Aussies will now have access to personal loans of up to $70,000 since online lender SocietyOne recently announced an increased capacity of its newest loan products.

The increase to their fixed secured personal loans and unsecured personal loans comes following the lender’s recent purchase of a $200 million warehouse facility. The purchase has allowed the lender to drop the cost of funding they provide.

“Our newly doubled funding capacity will support these growth initiatives both in the medium and the long-term while helping us to reduce our cost of funding and improve our funding diversity,” said chief executive officer of SocietyOne, Mark Jones.

Read the full article: SocietyOne’s secured personal loan has been increased for more information.

House & unit rents rise as lockdown restrictions ease

With COVID restrictions finally starting to ease around Australia, there’s plenty to celebrate. That is unless of course, you're renting.

According to a Domain’s recent rental report, the majority of capital cities for tenants renting houses have seen year-on-year and quarterly rental increases. Unit prices have also gone up throughout the last quarter following a drop-off during the pandemic.

“Out of the capitals, Darwin saw the most significant yearly increase for renting houses (25.3%) and units (20.5%), with average prices sitting at $620 and $470 per week respectively for the September quarter,” said Mozo Money Writer, Olivia Gee.

Read the full article: House and unit rents rise as lockdown restrictions ease to learn more.

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