New mortgage rules, Starlink satellite broadband & RBA drops yield curve control: This week’s best banking news

• Will new mortgage rules lead to a drop in house prices?
• Where to bag the best deals this Black Friday
• Take on November with the ultimate secret weapon
• Starlink satellite broadband is ready to go
• Personal Loans Snapshot: November 2021
• RBA drops yield curve control: What does that mean for borrowers?

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

Will new mortgage rules lead to a drop in house prices?

APRA (A.K.A, the Australian Prudential Regulation Authority) has just announced that future property buyers will be required to prove they can afford home loan repayments should their rates increase by as much as 3%. 

“Typically, when you apply for a home loan, your lender stress tests your ability to meet loan repayments (also known as home loan serviceability) at a higher rate. This is to make sure that you don’t default on your loan if interest rates go up,” explains Mozo Money Writer Maria Gil.

APRA’s new rule upped the standard stress test by a whopping 50 basis points - not just that, but lenders will be expected to increase their own tests by the same number of points.

Read full article: As new mortgage rules kick in, will home prices drop? for the full scoop.

Where to bag the best deals this Black Friday

Christmas is just around the corner! Which means that now’s the time to start purchasing gifts for all your friends and family.

Doing this not only means you’ll avoid the last-minute rush - but it also means you can cash in on some killer prices at the upcoming Black Friday sales on Friday the 26th of November 2021.

Read the full article: Black Friday 2021 in Australia: Everything you need to know about the upcoming sales.

Take on November with the ultimate secret weapon

Speaking of which - with summer and the silly season almost here, we’ve got just the companion to help you through the month ahead… Your November 2021 Financial Checklist

In this month’s Financial Checklist:

• Catch the tail-end of the Spring property season
• Bag a bargain on the Xmas shopping this Black Friday
• “Compare, switch, clap” before you “slip, slop, slap” this summer
• Get paid to watch The Simpsons & smash some doughnuts
• Don’t be afraid to save this Scorpio season

Read the full article: November 2021 Financial Checklist for all our top tips and tricks.

Starlink satellite broadband is ready to go

Calling all internet users (that’s you). Elon Musk’s Starlink satellite broadband service has officially completed its beta testing stage and is now ready to go!

But before you get too excited, there might be some long wait times. It looks like those wanting to sign up might not get connected until about 2023.

Read the full article: Starlink satellite broadband is ready but will you have to wait for a connection? to learn more.

Personal Loans Snapshot: November 2021

As we look back on personal loans over the last month, we saw a number of different interest rates and offer changes take place.

Additionally, the latest ABS Lending Indicators release reported a 0.4% increase in fixed-term personal loan commitments (seasonally adjusted) in September 2021. 

“A slight change in direction compared to August’s 2.5% decrease in fixed-term personal loans compared to the month prior,” says Mozo Money Writer Rhianna Dews.

Read the full article: Personal Loans Snapshot: November 2021 to find out more.

RBA drops yield curve control: What does that mean for borrowers?

“The RBA has spent the past year insisting that the conditions for a rate hike won’t be in place until 2024 at the earliest. But that guidance went out the window at yesterday’s monthly policy meeting,” says Mozo Money Writer Niko Iliakis.

“RBA governor Philip Lowe was forced to drop both his usual messaging around a 2024 rate rise, along with a key tool the Bank has leaned on for more than a year to keep interest rates low.”

Read the full article: RBA drops yield curve control: What does that mean for borrowers? for the full scoop.

After a solid home loan deal to help get you into your dream home? Then go check out our free home loan comparison tool below to start comparing options today: