What to expect from the RBA meeting in August 2024

Economists from the big four banks are in consensus that the Reserve Bank of Australia (RBA) Board will keep the cash rate on hold at its August 2024 meeting, with the most recent quarterly inflation data falling in line with the RBA’s forecasts. And while the big four banks are also forecasting that the Board’s next cash rate move will be a cut, the risk remains that the rate could rise if economic events don’t proceed as planned.

How easily can you access your savings? Some of the top-rated term deposits in August 2024

New figures show that Australians saved less money at the end of the financial year, though we may soon be putting more cash back in the bank. When it comes to term deposits, it’s important to consider how easily you’ll be able to access your money if you need it.

Saving or spending? Some of the top-rated savings accounts in August 2024

If you recently dipped into your savings to splurge on end of financial year sales, you may not be alone. But new data indicates that Australians could soon be putting more money back into the bank again to help manage the high cost of living.

Money in the bank drops for the first time in a year

Money in the bank from households has fallen for the first time in a year, recording a sizable $11.5 billion drop in just one month. 

Rates to remain on hold as CPI provides the RBA with a temporary leave pass

The stage is set for the RBA to leave the cash rate on hold next week, despite a rise to Australia’s annual inflation rate from 3.6 per cent to 3.8 per cent.

Can you make an offer without pre-approval?

You can make an offer to buy a property by private treaty without having pre-approval from a mortgage lender. However, nothing is final until the contracts are exchanged and signed, so you could miss out on your dream property if you can’t get your home loan organised and approved fast enough.

NAB cuts fixed rates for the first time in 2024

Australia’s third largest home loan lender, National Australia Bank, has today slashed its 3-year fixed rate by 0.60 percentage points – the first fixed rate change from a big four bank this year.

How does your energy bill get worked out?

The cost of electricity can directly affect our household budgets. But how exactly is the amount you fork over to a power company each quarter determined? And what can you do to cut some of your costs?

What are the tax deductions available for homeowners?

If you’re buying a house to live in or already own an owner-occupied home, you may not be eligible for any tax deductions. However, if you’re earning an income by renting out your investment property, or are using part of your home for running a business, you may be able to claim a tax deduction for some of the costs you incur.

Does your insurance cover other cars you drive?

Most car insurance policies in Australia are associated with a car, not a driver. Even if you’ve insured your own car, this policy usually won’t apply if you’re driving another vehicle, such as a friend’s car or a rental car. It’s important to check what’s covered before you get behind the wheel, just in case.