ANZ Bank asks for larger home deposits in areas expecting a drop: reports

ANZ Bank is asking some new customers to increase their home deposits to hedge the risks of a downturn before they approve a mortgage in some Australian suburbs, an executive has said.

Half of all mortgage deferrals come up for review: ABA

About half of all people who deferred their mortgage will be contacted by their bank to evaluate their ability to resume repayments, a banking industry association has said.

Car sales tumble as select banks cut car loan rates

Australia’s love for the 4WD could not slow down the car industry’s two year sales slump, new data reveals, but more than a dozen banks have made buying a car a little easier by cutting interest rates.

Investment rentals face vacancies, lower rent and mortgage defaults due to border closures: Corelogic

Investors face empty properties, lower rents and a tougher time servicing their mortgage due to overseas migration falling to its lowest level in more than a century, analysts warn.

As Australia records its largest recession, households savings jump threefold: ABS

Australian households have met the largest recession since records began 61 years ago by creating a savings bunker three times greater than usual, according to the ABS.

House, apartment and townhouse developments recover after COVID-19 dip: ABS

The number of houses, townhouses and apartments given the green light to be developed sharply rose recently, turning the tide against a downturn exacerbated by the coronavirus pandemic.

RBA holds mortgage interest rates at 30 year low, saving rates tumble

The Reserve Bank of Australia has decided to make no changes to the cash rate, a key metric used to corral the interest rate charged on home loans and savings accounts.

Government’s first home buyers were able to buy four years quicker: report

A $400 million government scheme helped one-in-eight people buy their first property four years quicker, a report has found, leading to calls from an industry association for its expansion.

Tax returns to offer savings bump in uncertain times: ME Bank

A majority of people plan on banking this year’s tax return as they brace for the economic uncertainty brought about by the COVID-19 pandemic, a survey has found.

Three ways to tighten your budget during COVID-19

COVID-19 has torn through people’s work, social and home lives, creating a need for frugal spending. Here’s three ways you may be able to save money and push the dollars you're spending a little further.