Small business COVID support, saving during a pandemic & home loan rate rise: This week’s best banking news
- Government & big bank COVID support for small businesses
- How to save more money during the pandemic
- Getting a home loan as a self-employed or casual worker?
- Home loan rate jump sparks rush to fix rates
- State lockdowns not phasing Aussie spenders
- What not to forget when buying a used car
All in this week’s best banking news recap: editor’s pick.
Government & big bank COVID support for small businesses
With Sydney back in lockdown thanks to a sudden flare-up in COVID cases and the emergence of a new virus strain, small businesses are doing it tough again.
Restaurants, cafes and other venues and businesses that don’t fall under the ‘essential’ category have been left with no choice but to close their doors following the recent stay-at-home orders across Greater Sydney.
During this time, we’ve seen the NSW government announce a package to support businesses during this challenging time.
Read full article: NSW lockdowns: Government and big four bank support for small businesses to see what financial aid is available to small businesses during the current COVID-19 lockdown period.
How to save more money during the pandemic
Despite the challenging situation we’re currently faced with, one silver lining for many Aussies is the ability to save a little extra whilst in lockdown.
According to Mozo spokesperson Tom Godfrey, “using lockdown to get on top of your personal finances could really pay off.”
“Whether you start surfing for a better lender or drive home a better insurance premium, the doom and gloom could be your ticket to a brighter financial future.”
Read the full article: 6 tips and tricks that could save money during challenging times to learn how to save more and get some extra bang for your buck while in lockdown.
Getting a home loan as a self-employed or casual worker?
According to a recent World Bank report, 16.6% of Australians are currently self-employed. But, despite the many freedoms of self-employment, one of its hindrances can be getting approved for a home loan.
When applying for a loan, you’ll need to prove to the lender that you have a stable income. Unfortunately, this can often be hard to do when you’re a freelancer, contractor or involved in any other sort of work within the gig economy.
Read the full article: Can you get a home loan as a self-employed or casual worker? to find out.
Home loan rate jump sparks rush to fix rates
After a year of super-low home loan interest rates, Aussie borrowers are now rushing to lock into fixed rates following recent rate increases from the big four.
Despite the Reserve Bank coming out and saying the cash rate won’t increase until we hit 2-3% inflation, which is “unlikely until 2024 at the earliest”, the big banks are already making moves. So, is now the time to lock in with a fixed rate instead?
Read the full article: Home loan rate jump sparks rush to fix rates to get the full scoop.
State lockdowns not phasing Aussie spenders
CommBank’s household credit and debit card spending update recently revealed that in the last week of June (the week ending on 2 July 2021), credit card spending levels were a whopping 13.9% higher than the week prior - and 16.5% more than the same week in 2019 (before the pandemic).
This goes to show that Aussie shoppers aren’t slowing down their spending on account of the COVID lockdown.
Read the full article: State lockdowns not phasing Aussie spenders, find CBA and Citi to read all about it.
What not to forget when buying a used car
With the current shortage of new vehicles in Australia due to the pandemic, more and more Aussies are starting to buy used cars.
But just because buying secondhand typically comes at less of a cost than buying brand new, it doesn’t mean you should overlook the finer details. In fact, doing so could send you down a rocky road (pun intended) of mechanical or other issues.
Read the full article: Buying a used car: what NOT to forget to get the lowdown on buying a used car the right way.
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