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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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Borrow

Why mortgage-holders ‘are their own worst enemy’

By Cameron Micallef

July 06 2020
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Borrow

Why mortgage-holders ‘are their own worst enemy’

By Cameron Micallef
July 06 2020

Australians are paying more for their home loan due to complacency, at a time when mortgage-holders need the savings the most, new research has shown.

Why mortgage-holders ‘are their own worst enemy’

By Cameron Micallef

July 06 2020
Share

Australians are paying more for their home loan due to complacency, at a time when mortgage-holders need the savings the most, new research has shown.

Survey data released by Canstar has shown that a quarter of mortgage-holders believe they are paying too much for their mortgage.

A further 58 per cent believe their rates could be lower but they are OK, leaving just 18 per cent of mortgage-holders with the lowest rate on the market.

Despite this, mortgage-holders are refusing to switch to a better rate, leaving many paying more during a time when they should be looking to save.

Commenting on the new findings, Canstar finance expert Steve Mickenbecker said, “Mortgage-holders are their own worst enemy. Four in five people know they are paying too much on their loan, and almost two-thirds say that it’s OK. You can’t settle for OK when it comes to your biggest bill each month.”

Mr Mickenbecker explained that mortgage-holders who are paying 3.46 per cent compared with lower 2.17 per cent rates are giving the banks $3,288 a year.

“Today’s average variable home loan interest rate of 3.46 per cent might sound OK when you remember repaying your loan at an interest rate of 8.00 per cent, but it doesn’t compare to the record-low rates of today,” he said.

The finance expert advised anyone who thinks they are paying too much for their home loan to speak with their bank about changing their rate.

“If you know your home loan interest rate is too high, now is the time to put the knowledge into action. We’ve never seen a home loan market like we have now where lenders are so keen to undercut their competitors’ rates,” Mr Mickenbecker said.

June Home Loan Insights:

In June, there were 23 cuts to variable interest rates for home owners, and 24 for investors.

For home owners, variable rates were cut by an average of -0.18 per cent for those paying principal and interest and -0.31 per cent for those paying interest only.

For investors, the average cut was -0.39 per cent for those principal and interest and -0.29 per cent for anyone paying interest only.

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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.

About the author

Cameron Micallef

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