Feeling the pinch of the cost of living in Australia? As prices for essential goods and services continue to rise1 (reaching a record high as of March 20232), it can become challenging to keep up with expenses while maintaining a comfortable lifestyle.
Having the right strategies and services in place could empower you to save, budget, and invest for a strong financial future. From shopping strategies to secure banking options, we explore the many ways to help you manage your hard-earned money amidst the economic climate.
Trim the fat from your budget
Assess your expenses and consider eliminating unnecessary items such as unused memberships or subscriptions. You could opt for homemade meals instead of regular takeaways and pursue remote work to cut back on your daily commute.
Electricity prices are projected to increase 56% in the coming year3
You can also actively explore better deals when spending on essentials. For example, compare unit prices at the supermarket, switch to home-brand products, and seek out grocery specials to reduce your weekly spending. With a projected 56% increase in electricity prices for the coming year[3], it might be a good idea to compare energy providers to find the best way to save. If you’re a frequent driver, it may also be worth taking advantage of membership fuel rewards for future petrol discounts.
Make use of our online financial tools and other resources
Plenty of resources are available online that may help you manage and improve your financial wellbeing – many of which are available for free. These include:
- Financial blogs, such as our Money Moments blog, which offer helpful tips to help build your financial future.
- Websites covering the latest financial scams and ways to best avoid them, like scamwatch.gov.au. Our Fraud and Security hub offers a wide range of information on various types of scams, how to identify them, and ways to protect yourself and your earnings.
- Budgeting apps like Frollo, Beem, and Finspo can help you automate payments, track your spending, and monitor your savings goals. We also offer calculators for your budget and savings plans.
- Government websites such as MoneySmart and Energy Made Easy offer advice on managing living costs and seeking the best prices for household utilities.
Assess your eligibility for government programs
You may be able to seek government financial assistance to help with your cost of living
Depending on your situation, you may be eligible for certain government programs, including:
- Financial assistance for those financially affected by COVID-19 or natural disaster.
- Centrelink services, such as JobSeeker payments or Low Income Health Care Cards for those from a lower-income background.
- Government schemes and grants that offer low deposit rates for eligible home buyers, including the Family Home Guarantee (FHG), the First Home Guarantee (FHBG), and the Regional First Home Buyer Guarantee (RFHBG).
- Revenue NSW’s Unclaimed Money – which allows those eligible to claim money rightfully owed to them. This could include money held in a deceased person’s name, money held in a trust, certain kinds of superannuation, and money held in inactive accounts.
Service NSW also offers a Savings Finder tool to help you find any further support programs, rebates, or vouchers relevant to your financial situation.
How we can help
Choose the right home loan for your financial needs
Whether you’re a first-home buyer or looking to refinance your existing home loan, we offer a wide range of services to help you meet your mortgage needs. Our most popular home loans include:
- Low Cost Home Loan: Our award-winning package offers low rates, free offset accounts, instant redraws, and a waived Visa Platinum Credit Card annual fee.
- Fixed Rate Home Loan: Enjoy fixed rates for 1-5 years with $0 bank fees and the option to split your loan at our lowest variable rate.
- No Frills Home Loan: Flexible repayment and split loan options, $0 bank fees, and our lowest interest rate. Multiple award winner for Low Cost and Split Home Loans under the Mozo Experts Choice Awards.
You could also accelerate your mortgage repayment and save in the long run by making additional repayments. Consider using our extra repayments calculator to estimate your potential savings.
Alternatively, if you’re looking to refinance your current home loan rate, you could get in touch with us today to find a product better suited to your needs.
Make your money work better for you with a high-interest paying savings or investment account
Earn high interest rates on our savings accounts
Our wide range of savings and investment accounts could offer simple ways to help you reach your financial goals faster. Choose from various options such as our General Savings Account, Bonus Saver Account, or Cash Management Account for high returns while keeping your funds secure. Additionally, our Term Deposits guarantee steady earnings.
Consolidate your debts
Consolidating your debts allows you to roll all your existing debts into one loan, giving you a single set of repayments over a given term – rather than multiple repayments across various schedules.
If you’re juggling credit card debt, you could also consider a credit card balance transfer. This involves moving your debt from one card to another, potentially reducing interest and fees. Our Visa Platinum Credit Card, for example, offers a competitive interest rate for the first five months^ and a low annual fee.
Earn Qantas Points
Finally, travel enthusiasts can maximise their rewards with our range of Qantas Points^^ products, allowing you to accumulate points for future flights, hotels, and more. Consider a Qantas Points home loan if you’re looking to earn points throughout the life of your loan for your next dream holiday. You could earn 350,000 Qantas Points over the first 5 years of your loan^^^.
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Take charge of your financesWith costs of living on the rise, it could pay to have a proactive and well-informed approach to your finances. Whether you’re seeking loan assistance or simply looking to review our products and services, you could call us on 1300 747 747 today to explore the best offerings for your situation.
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References
- Australian Bureau of Statistics. 2023. “Selected Living Cost Indexes, Australia”. https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/selected-living-cost-indexes-australia/latest-release
- Australian Bureau of Statistics. 2023. “Employees’ annual living costs highest on record”. https://www.abs.gov.au/media-centre/media-releases/employees-annual-living-costs-highest-record
- International Energy Agency. 2023. “Executive Summary - Energy transition towards net zero”. https://www.iea.org/reports/australia-2023/executive-summary
The information in this article is of a general nature and has been prepared without considering your objectives, financial situation or needs. Before acting on the information, consider its appropriateness to your circumstances.
Normal lending criteria, terms and conditions and fees and charges apply. Mortgage insurance is required for home loans over 80% LVR and is subject to approval.
You should read and consider the relevant terms and conditions (available on request) and our Financial Services Guide before deciding whether to obtain any of our financial products or services.
^Intro rate applies to all transactions (including purchases and balance transfers) for the first five months from the first date your account is approved and then reverts to the standard variable interest rate.
^^Qantas Points accrue in accordance with and subject to the Qantas Points Banking Terms and Conditions. You must be a member of the Qantas Frequent Flyer program to earn and redeem Qantas Points. A joining fee may apply, however, Qudos Bank has arranged to provide Qantas Frequent Flyer membership with the joining fee waived to Qudos Bank members who are not already a Qantas Frequent Flyer member and who apply at qantas.com/joinffqudos. Membership and the earning and redemption of Qantas Points are subject to the terms and conditions of the Qantas Frequent Flyer program available online at qantas.com/terms. This offer is non transferable and not available in conjunction with any other offer. Qantas Frequent Flyer membership and each application is subject to approval by Qantas. Qudos Bank recommends that you seek independent tax advice in respect of the tax consequences (including fringe benefits tax, and goods and services tax and income tax) arising from the use of this product or from participating in the Qantas Frequent Flyer program or from using any of the rewards or other available program facilities.
^^^Based on a Qantas Points home loan of $500k, owner-occupied, P&I monthly repayments over 25 years, deposit > 20%
Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557 AFSL/Australian Credit Licence 238 305.
Published July 2023
