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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

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) "2021-07-27 06:38:13" ["slug"]=> string(94) "17126:the-olympic-effect-on-property-and-equity-investors-covid-19-disaster-payments-and-super" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(107) "/resources/podcast/the-olympic-effect-on-property-and-equity-investors-covid-19-disaster-payments-and-super" ["image"]=> string(65) "images/podcasts/090321_Angel_Zhong_Steve_Waters_Timothy_Munro.jpg" ["image_alt"]=> string(0) "" } }

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Aussies wasting $4bn per year on bad mortgages

By Grace Ormsby

July 24 2019
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Borrow

Aussies wasting $4bn per year on bad mortgages

By Grace Ormsby
July 24 2019

Australian home owners are wasting more than $4 billion every year on inefficient or unhelpful mortgage repayments, according to a report.

Aussies wasting $4bn per year on bad mortgages

By Grace Ormsby

July 24 2019
Share

Australian home owners are wasting more than $4 billion every year on inefficient or unhelpful mortgage repayments, according to a report.

According to research by uno, a home loan broker and management service, home loans are one of the key drivers of financial waste for Australians, with an estimated $4.2 billion lost annually to unnecessary mortgage interest costs.

The uno household financial waste report dug deeper into a 2018 ACCC finding that “existing borrowers who do not actively shop around for a better deal on a regular basis are the main losers from opaque discretionary pricing”.

According to the report, unnecessary mortgage interest costs are “possibly the most insidious” driver of Australian financial waste as mortgage expenses are usually thought of as “seeming unavoidable expenses”.

Uno CEO Anthony Justice said there are a number of factors that explain why consumers aren’t taking action on sub-par home loans, since “most home owners purchase or refinance their home feeling confident they’re on a good rate – and they usually are”.

He said cracks only begin to show a few years down the track, “by which time consumers no longer think about their home loan as something they should be fighting to get a good deal on”.

According to uno, external factors like interest rates, the changing value of property, shifting personal financial situations and new lending products entering the market can all impact how well a loan is performing.

So, after a couple of years, a “good deal” may become a source of significant household financial waste, it was explained.

Of concern to the report writers was uno’s finding and flagging of the fact that more than half (53 per cent) of home owners don’t even know what their current interest rate is, while 59 per cent of people have never asked their bank or broker for a better rate on their home loan.

An even higher proportion of mortgagees (78 per cent) have also never had a conversation about strategies for paying off a home loan faster, the report also said.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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