Comparable – Page 2

Hold your horses: RBA hikes cash rate again to 2.85%

by Comparable | December 6, 2022 | Leave a Comment

Whoa, Nelly! The Reserve Bank of Australia (RBA) has lifted the official cash rate again, this time by another 25 basis points to 2.85%. How much will this rate rise increase your monthly mortgage repayments, and when are the hikes expected to stop?

Dubbed the “rate that stops the nation”, today’s Melbourne Cup RBA board meeting did not see board members rein in the rate rises.

Back in May the official cash rate was just 0.10%. Today it was increased for the seventh straight month to 2.85%.

RBA Governor Philip Lowe said in a statement that the RBA board expected to increase interest rates further over the period ahead.

“The size and timing of future interest rate increases will continue to be determined by the incoming data and the Board’s assessment of the outlook for inflation and the labour market,” said Governor Lowe.

“The board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that.”

How much extra will your mortgage be each month?

Unless you’re on a fixed-rate mortgage, the banks will likely follow the RBA’s lead and increase the interest rate on your variable home loan soon.

Let’s say you’re an owner-occupier with a 25-year loan of $500,000 paying principal and interest.

This month’s 25 basis point increase means your monthly repayments could increase by almost $75 a month. That’s an extra $760 on your mortgage compared to May 1.

If you have a $750,000 loan, repayments will likely increase by about $110 a month, up $1140 from May 1.

Meanwhile, a $1 million loan will increase almost $150 a month, up almost $1,530 from May 1.

So how many rate hikes have we got left?

The good news is that most economists believe we’re through the bulk of the rate rises, and they could stop as early as next month.

Here’s what economists from the big four banks are predicting:

CommBank – one rate rise to go, peaking at 3.10% in December 2022.
NAB – three rate rises to go, peaking at 3.60% in March 2023.
Westpac – three rate rises to go, peaking at 3.85% in March 2023.
ANZ – three rate rises to go, peaking at 3.85% in May 2023.

Worried about your mortgage? Get in touch

If you’re starting to feel the pinch and are worried about what interest rate rises might mean for your monthly budget, feel free to contact us today.

Some options we can help you explore include refinancing (which could include increasing the length of your loan to decrease monthly repayments), debt consolidation, or building up a bit of a buffer in an offset account ahead of more rate hikes.

So if you’re concerned about how you might meet your repayments in the months ahead, give us a call today. We’d love to sit down with you and help you work out a plan moving forward.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

Credit Checks When Switching Utility Providers – How Does It Affect My Credit Rating?

by Comparable | December 6, 2022 | Leave a Comment

When switching utility providers, your credit rating is checked to ensure you are a good risk for the new provider. This is because utility providers want to make sure you will pay your bill on time.

What is Credit Rating?

A credit rating is a number that shows how likely you are to repay a loan on time. The higher the number, the better your credit rating. A good credit rating means you're a low-risk customer who is more likely to repay a loan on time.

How Credit Rating Affects Utility Service?

You will not have any problems switching utility providers if you have a good credit rating. However, if you have a poor credit rating, the new provider may require you to pay a higher deposit or may refuse to provide service to you altogether.

There are a few things you can do to improve your credit rating, such as:

Registering on the electoral roll
Making all your loan and credit card repayments on time
Keeping your debt levels low
Not applying for too much credit in a short period

If you're considering switching utility providers, checking your credit rating first is a good idea. This will give you an idea of whether the new provider will likely accept you. You can check your credit rating for free with Noddle. Sign up and create an account.

When reviewing your credit report, look for any inaccuracies dragging down your score. If you find any, you can dispute them with the credit reference agency.

If you have a poor credit rating, options are still available. Some utility providers offer basic bank accounts that come with a prepaid card. This means you can't go into debt and can only spend what's on the card. Alternatively, you could consider a guarantor loan, where someone else agrees to repay the loan if you can't.

Do Utility Credit Checks affect My Credit Rating?

When you switch utility providers, your new provider will do a 'soft' credit check. This means they'll look at your public records, such as whether you've been bankrupt or have had any CCJs (county court judgments) against you. They won't be able to see your complete credit history, but this information is enough for them to decide whether you're a good risk.

Utility credit checks will not affect your credit rating. This is because they are known as 'soft searches,' which are only visible to you and don't appear on your credit report.

On the other hand, a 'hard search' is visible to potential lenders and can impact your credit score. Hard searches are usually carried out when you apply for a loan, credit card, or mortgage.

Final Thoughts

When you switch utility providers, your new provider will carry out a 'soft' credit check. This means they'll look at your public records, such as whether you've been bankrupt or have had any CCJs against you. They won't be able to see your complete credit history, but this information is enough for them to decide whether you're a good risk. Utility credit checks will not affect your credit rating.

If you're thinking of switching utility providers, it's better to check your credit rating first. This will give you an idea of whether the new provider will likely accept you.

Hiring Removalists: How to Find the Best Company for Your Needs

by Comparable | December 6, 2022 | Leave a Comment

It's often said that moving is one of the most stressful experiences a person can go through. And while that may be true, it doesn't mean you have to go through it alone. There are professionals who make a living helping people move their belongings from one place to another - removalists.

But with so many removalists, making a choice can be challenging. When you're looking for a removalist company, you'll want to make sure that the company is reputable and has a good track record. You can do this by reading online reviews or asking for recommendations from friends or family who have used a removalist in the past.

How to Find the Right Company for Your Needs?

The most important thing to remember when hiring removalists is that not all companies are created equal. Some are better than others, and you must find the right company for your needs. Here are a few tips to help you find the best company for your move:

Do Your Research

One of the best ways to find a good removalist company is to do your research. Ask friends and family members who have moved recently for recommendations. You can also check online reviews like Yelp or Google Reviews to see what other customers have said about different companies.

Get Quotes from Multiple Companies

Once you've narrowed your options, it's time to get quotes from different companies. Be sure to get quotes from at least three different companies so you can compare prices.

Read The Fine Print

Once you've chosen a company, read the fine print before signing any contracts. This will help you avoid any surprises down the road.

Make Sure They're Insured

Finally, make sure that the company you choose is insured in case of any accidents or damage during the move.

What To Do If Something Goes Wrong During the Move?

Even if you research and choose a reputable company, there's always a chance that something could go wrong during the move. If this happens, you should contact the company and let them know what happened.

If the issue can't be resolved with the company, you may need to file a claim with their insurance company. To do this, you'll need to gather receipts or documentation related to the damage or accident. Once you have all this information, you can contact the insurance company and start the claims process.

Final Thoughts

Moving can be a stressful experience, but it doesn't have to be. By following the tips above, you can make sure that you find the best possible removalist company for your needs. And if something goes wrong during the move, don't hesitate to contact the company or their insurance provider to resolve the issue.

Comparable is an online platform that makes it easy to find the best removalists, energy providers, financing options and NBN plans according to your needs. We work with many retailers but strongly believe in getting you, our client, the best deal because we wouldn't exist without you! If you require any of our services, please get in touch with us at 1300 754 155.

How to Pick the Best NBN Plan for Your Home

by Comparable | December 6, 2022 | Leave a Comment

It's likely that NBN will be at the top of your list of options if you're looking for a home broadband internet plan. For the majority of Australian houses without NBN, home wireless broadband should be considered as an alternative. Regardless of your preference, every package includes unlimited data.

Finding the appropriate NBN package for your house and needs can be difficult, regardless of whether you are new to the NBN or previously connected. While cost is crucial, choosing the cheapest plan doesn't always imply that you'll be getting the most for your money.

Data Requirements

What percentage of your current internet plan's data do you actually use? You will be able to check online with your provider. Remember that if your internet speed drastically improves once you connect to the NBN, you might even start spending more time on the internet. If you don't require unlimited service, don't sign up for one. People frequently misjudge their data requirements for each month. By choosing a more affordable plan that still meets your needs, you may be able to save money.

Check Out Features and Services

There are numerous NBN plans to choose from, and providers will typically offer a bundle that meets your requirements. When evaluating NBN plans, consider all the features and services you want to include, such as download speeds and data caps. Verify that the plan contains all the features you require before making any commitments.

Speed Requirements

You must choose an NBN speed tier in addition to the data on the package. You pay extra each month depending on how much speed you want. Providers now frequently refer to their speed tiers as premium, standard plus, standard, and basic.

Every NBN connection is not capable of supporting all speed tiers. For instance, fixed wifi only offers standard plus, even though standard or basic service is typically the finest you can ask for.

For folks who mostly use the internet for occasional streaming, browsing or emailing, basic speed plans are best. It is roughly as quick as the typical connection, the kind of home broadband that most people had before to committing to the NBN.

Heavy users with less people in the house should stick to standard plus plans. It should be capable of managing several HD video streaming at once, but only one 4K video stream. Even downloading a sizable file, such as a game, is possible.

Families and shared homes that utilize the internet for simultaneous video streaming, gaming, and uploading are the ideal candidates for premium services. However not all locations can reach these speeds. Once you've signed up, your provider should run a line test to determine whether you'll benefit from a premium plan or whether you should switch to standard plus.

Research NBN Providers

When looking for the best NBN plans, you can use many tools for your research, such as Comparable's NBN plan comparison tool. The tool will allow you to compare plans based on speed, data allotment, cost, etc. across all NBN service providers. Research is crucial once you've found an NBN plan that sounds ideal for you.

Final Thoughts

Finding the optimal plan requires determining your speed and data requirements in addition to your monthly spending limit. There are numerous NBN options available, and since most Australian consumers have access to four primary NBN speed tiers, we’re here to assist you navigate through what's available.

Moving Home Checklist – What to Do with Energy and NBN Connection?

by Comparable | December 6, 2022 | Leave a Comment

It can be exciting to move into a new house. But, like most things in life, it's also going to be a bit of a hassle. One thing you don't want to forget is to set up your utilities. Here's a home moving checklist of things you need to ensure you're all set up with energy and NBN at your new home.

Contact your current energy provider and let them know you're moving. They'll be able to give you an idea of when you need to cancel your service and whether there are any final charges or refunds owed.
Research your options for energy providers at your new address. You may be able to get a better deal by shopping around.
Make sure you understand the different pricing structures on offer from different providers. Some charge more for usage during peak times, while others have time-of-use metering, which can save you money if you're flexible with using energy.
Once you've decided on an energy provider, contact them to set up your account.
You'll need to give them your new address and other personal details. They may also require a deposit, depending on your situation.
Make sure you cancel your old energy account once you've moved and set up the new one. This will avoid being charged for the energy you're not using.
Contact your internet service provider and let them know you're moving home. They'll assist you in making your decision to cancel or transfer your service to the new address and whether there are any final charges.
Research your options for internet service providers at your new address. You may be able to get a better deal by shopping around. When researching your options for internet service providers, it's essential to compare the rates and services they offer. Things you'll want to consider include the following:
- The cost of the internet plan
- The contract length
- The length of notice you need to give before cancelling
- Any special features or discounts that are offered
- The company's customer service record
Once you've decided on an internet service provider, contact them to set up your account. You'll need to give them your new address and other personal details. They may also require a deposit, depending on your situation.
You will also need to take care of all those pesky administrative tasks. Make sure you update your address with all relevant organisations, such as banks, insurance companies, and utility providers. You'll also need to notify the electoral commission to continue voting where you currently live.
Then there are the practical matters to attend to. Pack up all your belongings and label them clearly so they're easy to unpack once you get to your new home. If hiring a removalist, make sure you book well in advance - they tend to get very busy during peak moving periods.

Final Thoughts

Moving house can be stressful, but following the above home moving checklist will help ensure that you're all set up with energy and NBN at your new home. Just remember to take care of the administrative tasks, pack up all your belongings and label them clearly, and you'll settle into your new place in no time.

Is NBN the Fastest Internet You Can Get?

by Comparable | December 6, 2022 | Leave a Comment

We live in an era of quick response. We want things done now and we want them done fast. Whether ordering our food, booking a taxi or sending a message to a friend, we expect things to happen instantly. So why should our internet be any different?

Internet service providers constantly compete against each other regarding who can offer the quickest speeds. So, is the National Broadband Network (NBN) the fastest internet you can get?

NBN At a Glance

The NBN is an Australian Government initiative established to provide fast and reliable broadband services to all Australians. It’s a multi-technology mix network, which means it uses different technologies to connect homes and businesses to the internet. These technologies include fibre optic cable, copper wire, satellite and wireless.

The speeds you can expect from the NBN will depend on the technology you are connected to. For example, if you are connected to the network via fibre optic cable, you can experience speeds of up to 1000 Mbps. This is the fastest connection type available on the NBN. On the other hand, if you are connected to the network via satellite, you can now experience speeds of up to 500 Mbps.

Is NBN the Fastest Internet You Can Get?

Well, yes, the NBN can offer some of the quickest broadband speeds in Australia. However, it’s essential to remember that your speed will depend on many factors, including the technology you are connected to and your location.

How Fast is 5G Compared To NBN?

The NBN is not the only option available regarding high-speed internet. Mobile broadband and wireless devices are also capable of offering fast speeds. One of the main competitors to the NBN is 5G. So, how does this newer technology compare when it comes to speed?

The answer to this question isn’t quite simple, as there are a few variables to consider. For example, 5G is still in its early stages and is only available in select areas. It’s also important to remember that different service providers offer different speeds.

That said, 5G could offer speeds of up to 20 Gbps. This means it can be up to 20 times faster than the fastest NBN connection type (fibre optic cable).

However, it’s important to remember that these are only potential speeds. You are unlikely to experience these speeds as they are currently only achievable in laboratory conditions. So, is 5G the fastest internet you can get? It has the potential to be, but it’s still too early to tell.

Benefits of NBN

In general, the NBN tends to be more reliable than mobile broadband. This is because the network is specifically designed to deliver consistent speeds. Mobile broadband can be affected by several factors, including congestion and location.

Another advantage of the NBN is that it offers unlimited data plans. This means you can use as much data as you want without worrying about incurring additional charges. Mobile broadband plans tend to have data limits, meaning you could pay more if you exceed your allowance.

Final Thoughts

So, is the NBN the fastest internet you can get? The answer isn’t quite so simple. The speeds you can expect from the NBN will depend on several factors, including the technology you are connected to and your location. However, the NBN is generally a reliable and fast option for home and business users.

What is ‘Typical Evening Speed’ For Your NBN

by Comparable | December 6, 2022 | Leave a Comment

As Australians, we are fortunate to have access to some of the best internet speeds in the world through the National Broadband Network (NBN), no matter where we live. However, the speeds you experience will vary depending on several factors, including the type of connection you have and the time of day you use the internet.

But what is the 'typical evening speed' for your NBN connection? And how can you make sure you're getting the most out of your service?

What Is Typical Evening Speed?

Typical evening speed is the average download speed you can expect during the busiest period of the day (between 7 pm and 11 pm). It's a good indicator of the overall performance of your NBN connection.

Your ISP must provide a 'typical evening speed' range when you sign up for an NBN plan. This is because the actual speed you experience can vary depending on several factors, including:

The time of day – speeds are generally slower during peak periods (between 7 pm and 11 pm)
The number of people using your connection at the same time – if multiple people are streaming movies or downloading large files, your speed will be lower
The type of NBN connection you have – different types of NBN connections offer different maximum speeds. For example, Fibre To The Node (FTTN) connections typically offer speeds of up to 100Mbps, while Fibre To The Premises (FTTP) connections can offer speeds of up to 1Gbps.

How to Test Your Actual Speed?

You can test your actual speed using an online speed test tool like the one offered by Ookla. o get an accurate result, make sure you:

Test your speed at different times of the day – as speeds can vary depending on the time of day, it's a good idea to test at different times (e.g., during the day and in the evening) to get a better idea of your average speed
Test your speed with multiple devices – if you have multiple devices connected to your NBN connection, it's a good idea to test with each device to see if there are any differences in speeds
Use an Ethernet cable instead of Wi-Fi – for the most accurate results, it's best to connect your computer directly to the router using an Ethernet cable. Wi-Fi connections can be slower and more unreliable than wired ones.

What To Do If You're Not Happy With Your Speed?

If you're not happy with your speed, there are a few things you can do:

Check that your equipment is compatible – if you're using an old modem or router, it might not be able to handle the speeds offered by your NBN connection. Upgrading to a newer model should help improve your speeds
Check for any faults – if there are any faults on your NBN connection, this could affect your speeds. You can check for any known faults in your area on the NBN Co website
Check for any congestion – if there is congestion on your network, this could be affecting your speeds. You can check for any known congestion issues in your area on the NBN Co website

Tips For Improving Your Speed

There are a few things you can do to try and improve your speed:

Upgrade your modem or router – if you're using an old modem or router, it might not be able to handle the speeds offered by your NBN connection. Upgrading to a newer model should help improve your speeds
Change your plan – if you're on a lower-speed NBN plan (e.g., 12Mbps or 25Mbps), upgrading to a higher-speed plan (e.g., 50Mbps or 100Mbps) could help improve your speeds. However, it's important to note that even on the highest-speed NBN plans, your actual speed will still be affected by factors like time of day and number of users

Final Thoughts

Understanding typical evening speed is essential for getting the most out of your NBN connection. By testing your speed at different times of the day and troubleshooting any issues, you can ensure that you're getting the best possible performance from your NBN connection.

What to Look for When Choosing NBN Plans

by Comparable | December 6, 2022 | Leave a Comment

Installing NBN in your home is one of the most exciting events in the modern Australian life. What’s great is that there are numerous package options available to choose from. However, with so many options, the process of choosing the right NBN plan can become quite overwhelming.

When it boils down to picking an NBN plan, people search for value and usefulness. For example, the quantity of features a plan offers, how useful those features are, and of course the overall cost are some of the factors that should be kept in mind.

The value of each of these factors is crucial while calculating the total worth of the NBN plan. You might be uncertain about choosing NBN plans, but with our assistance, you’ll be able to make the right choice. Here, we’ll navigate you and discuss what to look for when choosing NBN plans.

Understand Your Needs

Choosing the appropriate NBN plan requires you to first decide what you will use it for. For instance, do you require quick speed or high data caps? Do you frequently visit any websites that demand quicker connections, such as a streaming site? Do you want access to unrestricted data? When you are aware of your top priorities, it becomes easier to compare NBN providers.

Research NBN Providers

Check Out Features and Services

Look at the Termination Charges

Don't forget to inquire about early termination penalties and set-up costs when comparing NBN plans. If you come across a better offer on your new NBN plan, you might even be qualified for a refund. Before enrolling, always read the terms and conditions to make sure you understand what is covered by your plan.

Final Thoughts

When choosing NBN plans, the first step is to identify your demands. You might be tempted to choose the least expensive plan, but before you do, be sure to ask yourself, ‘is it going to be worth it?’ We advise using Comparable as a tool for NBN providers to make the best choice.
For more information, please contact us.

Buying could be cheaper than renting for a third of properties

by Comparable | December 6, 2022 | Leave a Comment

For many Australians, rate hikes and inflation have made the dream of property ownership feel ever more distant. But a recent analysis shows that meeting mortgage repayments could actually be cheaper than renting for more than a third of Australian properties.

Look, we get it. Often the biggest obstacle in the way of home ownership is saving up for a deposit.

But once you’ve got that sorted – which we’ll help you tackle below – a recent CoreLogic analysis found servicing a mortgage was more affordable than average rent prices in 518 Australian suburbs. In fact, in some areas there were savings of over $900 a month.

Not to mention that with rental prices surging by about 10% across Australia over the past year and vacancy rates at a record low 1.1%, home ownership has possibly never looked more appealing!

So we’ve got some tips to help you switch from renter to homeowner in a timely (and confident) way.

Take advantage of the buyer’s market

Buying now or in the near future could mean less competition for properties, price drops and sellers willing to negotiate.

And recent rate hikes mean that, even during the spring selling season, we’re seeing fewer buyers. In fact data shows the median number of days that properties sit on the market is now 35, compared to 20 days last year.

And in response, property prices are falling. September data showed a 1.4% drop.

So by shopping around in the right areas and putting your negotiator hat on, you may get a price that could make buying cheaper than renting.

And most importantly, buying property and making mortgage repayments can create equity for you … instead of your landlord.

Get in on government schemes

There’s no denying that saving a big enough deposit to buy can be a bit of a slog.

But what if there was a way to sidestep the standard 20% deposit? And possibly avoid stamp duty too?

There are a number of government schemes you may be eligible for that can fast-track house buying by an average of 4 to 4.5 years.

The federal government offers low deposit, no LMI loans for eligible first home buyers, single parents and regional first home buyers.

Also, all state governments (except South Australia) have first home buyer stamp duty concessions for those eligible.

And you can stack these schemes together for more bang for your buck.

But you’ll have to move quickly on the no LMI schemes – they’re allocated on a first-come, first-served basis every financial year.

Give us a bell

Keen to make the leap from renter to home owner? If so, you’ll be busy researching the market and learning the art of the deal – so why not get a helping hand with your finances?

We can help find the right loan for you and provide you with helpful guidance that could increase your chances of mortgage application success.

And while we’re at it, we can assist you in applying for any money-saving government incentives you may be eligible for.

5 surprising reasons for home loan heartbreak

by Comparable | December 6, 2022 | Leave a Comment

Whether it’s your love life or your home loan application, no one likes getting rejected. There are many reasons why it could happen, and some can come as a big shock. So today we’ve outlined five surprising reasons to help you avoid home loan heartbreak. There are few words would-be home buyers dread more than: “your home loan application has been rejected”. It can feel like a real kick in the guts. And some of the reasons can be surprising. A rejected loan application can hold up your home-buying plans and could have a negative effect on your credit score. So it can be important to avoid this scenario. Below we’ve outlined five reasons your next application could be rejected – so you can start heading them off now.

1. Spending too much or too little

Most people know that spending too much is a major red flag for lenders. So limiting your unnecessary expenses is important. But drastically slashing costs and living a very meagre existence can also be a concern. Lenders can see this as unrealistic and unsustainable, and they can remedy it during assessment by applying the household expenditure measure (HEM) instead. HEM is a standardised benchmark used to estimate annual living expenses. And if your standard, reasonable budget is on the super savvy frugal side, there’s a chance HEM may be higher.

2. Credit cards

Having multiple credit cards and performing several balance transfers can affect your application. Every time you apply for credit an inquiry is logged on your credit history. And lenders will likely take notice. Even your “just in case” credit card can have an impact. You may need to prove you have the means to pay off the limit within three years, even if the balance is $0.

3. By now pay later services

‘Tis the season for shopping. And buy now pay later (BNPL) schemes will be rolling out the red carpet. But it might be worth resisting the temptation. The Australian Prudential Regulation Authority (APRA) amended its framework this year to include BNPL debts in the reporting of debt-to-income (DTI) ratios. Lenders will likely include BNPL debt in your DTI ratio to see your total debt in relation to your income. And a high DTI can result in limited borrowing capacity or even rejection.

4. Credit history

Your credit history is a finicky thing. Even a few late payments can cause your credit score to drop. So it’s important to make sure your bills are paid on time. Also, applying for too many credit cards or other loans can impact your credit score, and therefore your home loan application. And with increasing news of scams, data breaches, and identity theft … it’s a good idea to check your credit history health. You can request a free credit report once a year from one of three national credit reporting bodies which are listed on this government website.

5. Your type of income

Your type of income could make or break your application. Lenders typically favour traditionally employed applicants with a steady and reliable income. Many lenders consider self-employment carries a greater risk for less consistent income, and some can reject applications on these grounds. So if you’re self-employed, when applying for a home loan it’s important to target lenders who are more open to lending to small business owners (we can give you the down-low on this). Also, word on the street is that tax debt is increasingly becoming an issue for self-employed applicants. So if you have a large tax debt, it might be worth getting on top of that if you can.

Get in touch

If you’re not the kind of person who likes being rejected, well, the good news is that we’re not the rejecting type. We’d love to have a chat about your home-buying dreams to see if we can match you with the right loan and lender for you. Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.