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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Friday, 29 May 2020

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Are the big 4 banks doing enough to support Australians?

By Cameron Micallef · April 06 2020

Reading:

Borrow

Are the big 4 banks doing enough to support Australians?

By Cameron Micallef
April 06 2020

Reading:

Are the big 4 banks doing enough to support Australians?

By Cameron Micallef · April 06 2020

Reading:

The four major banks have passed on a raft of changes to help support Australians doing it tough, but could they be doing more? An industry expert asks.

According to the latest research by Finder, NAB is the latest bank to pass on reduced credit card rates, falling to 12.99 per cent.

However, with the rising credit spending due to unemployment and panic buying, Finder’s money expert, Bessie Hassan, has found that while the cash rate nationally has fallen, credit card rates are rising.

“Since the GFC in 2008, the cash rate has fallen by 6.5 percentage points to 0.25 per cent, while standard credit cards have increased by 1.37 percentage points on average, and low-rate cards have increased by 1.22 percentage points (according to RBA data analysed by Finder).”

While the cash rate has been falling since 2011, standard credit cards have increased on average by 0.25 percentage points, and low rate cards fell by just 0.26 percentage points. This is compared to the cash rate falling by 4.50 percentage points since November 2011.

Ms Hassan highlighted that interest-free packages could be better than the short-term finance options the banks are offering as Australia tries to deal with “a combined $48.7 billion in credit card debt, and this number is expected to rise as millions of Australians are being financially impacted by the coronavirus.

“Finder shows that Australians are spending more money using their credit cards while paying less of the balance off. This is a worrying trend. Short-term relief is a great start, but cardholders need to remember that it’s not free money and they will need to pay it back eventually,” Ms Hassan said.

NAB joins at least six other lenders that have announced support to credit card customers, including the Commonwealth Bank.

Westpac and ANZ have not announced specific measures for credit card customers.

“Despite some lenders announcing credit card support, credit card holders are still the hardest hit as lenders hold onto rate cuts,” Ms Hassan concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.