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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2021-07-13 07:55:25" ["slug"]=> string(123) "17060:do-lockdowns-boost-property-prices-are-short-sellers-levelling-the-playing-field-did-you-lodge-your-tax-returns-early" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(136) "/resources/podcast/do-lockdowns-boost-property-prices-are-short-sellers-levelling-the-playing-field-did-you-lodge-your-tax-returns-early" ["image"]=> string(65) "images/podcasts/230221_Angel_Zhong_Steve_Waters_Timothy_Munro.jpg" ["image_alt"]=> string(0) "" } }

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The effect of open banking on your mortgage

By Louise Chan

October 28 2019
Share

Borrow

The effect of open banking on your mortgage

By Louise Chan
October 28 2019

The Australian government introduced the Consumer Data Right in 2017. This legislation aims to make it easier for consumers to access their financial data and share it with trusted third parties.

The effect of open banking on your mortgage

By Louise Chan

October 28 2019
Share

The Australian government introduced the Consumer Data Right in 2017. This legislation aims to make it easier for consumers to access their financial data and share it with trusted third parties.

This would essentially give consumers an easier time to switch to the banking and financial products that best fit their financial circumstances.

Many experts from the Australian fintech sector are excited about the open banking system – they believe it could reduce consumer harm and drive providers to practice responsible lending.

They also believe that open banking will benefit consumers because it will give them more power over how their financial information is used.

How open banking will affect your mortgage

Federal Treasurer Josh Frydenberg previously noted “that the average Australian household could be saving up to $1,000 per year on their home loan if they switched to another lender – but many do not”.

According to most survey results, this “loyalty” to the lender has more to do with convenience rather than getting the best deal. Most borrowers avoid changing lenders due to the hassle of switching to another provider, such as shopping around and the time-consuming paperwork involved.

But with the open banking system, this “hassle” will dramatically lessen.

You can simply approach an agent or broker, provide your financial information and have them determine the most appropriate loan product for you based on your income and payment terms.

Likewise, they can give more appropriate advice with regard to loan features and connected products that you may add on to your new loan.

Since all you need is to give your consent to access your data, the broker will spend less time with the administrative work. This means a faster turnaround for loan applications.

Participation isn’t necessary

Sharing your data isn’t compulsory. Rather, the open banking system will simply allow you to access your complete financial data across all your financial providers.

If you opt to provide this information to a third party, such as a broker or a different provider, it would be easier for them to identify your specific financial needs.

For instance, if you wish to replace your current credit card, you may simply access your data and have the new provider recommend the best card for you based on your spending behaviour.

However, you may also choose to reject access and withhold your sensitive financial information to third parties you don’t fully trust.

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About the author

Louise Chan

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

About the author

Louise Chan

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