Simple way to save $90,000 off mortgage interest repayments
Mortgage holders who can afford to keep up with their repayments will be significantly better off over the long term if they can resist the lure of an interest rate cut.
According to research by Canstar, the average Australian borrower with a $600,000 mortgage and 25 years remaining on their debt could save $89,143 in interest payments simply by keeping their repayments at the same amount they were paying in February.
The data is based on a total of four interest rate cuts, expected in February, May, August and November.
Canstar insights director, Sally Tindall says the vast majority of Australians are currently holding onto their existing payment, despite a 0.25 per cent rate cut being passed on in full by the banks in February.
'This just illustrates how determined Australians are to get ahead financially, particularly when it relates to their mortgage,' she said.
'Not only will paying extra in your mortgage give you a bigger buffer to fall back on, it also has the potential to release you from the shackles of the mortgage months, if not years, early.'
Not only would the average mortgage holder save thousands in interest, the data shows they would own their house in 21 years instead of 25.
Australians are being reminded of the benefits of paying a higher rate on their monthly repayments ahead of Tuesday's highly predicted rate cut.
At the time of writing, the money market had factored in a near 95 per cent chance of a cut when the central bank announces their cash rate decision at 2.30pm on Tuesday.
The Commonwealth Bank confirmed the majority of their customers were currently holding their repayments at previous levels despite the February rate cut.
Commonwealth Bank's home buying executive general manager, Michael Baumann, said following February's rate cut about 14 per cent of eligible customers took the opportunity to reduce their direct debit to align with the lower minimum repayment – thereby freeing up their current cash flow.
'For those who did not reduce their direct debit repayments, they may now be making additional repayments on their mortgage, which could help them to pay off their loan faster,' Dr Baumann said.
'These additional payments will also increase the available balance of their loan accounts and customers may have the flexibility to redraw the available balance at any time, for example if they experience an unexpected cost.'
February marked the Reserve Bank's first rate cut since November 2020, at the height of the Covid-19 pandemic.
The cash rate is currently 4.10 per cent, with RBA governor Michele Bullock to announce any change following the central bank's two-day board meeting at 2:30pm on Tuesday.
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The Advertiser
an hour ago
- The Advertiser
Toyota says its hybrids have saved nine million EVs worth of CO2
Toyota chairman Akio Toyoda has reinforced his company's commitment to prioritising hybrid vehicles (HEVs) over battery-electric vehicles (EVs or BEVs), outlining that hybrids are its ideal way forward in terms of reducing total CO2 emissions. Speaking through an interpreter in a recent interview with Automotive News, Toyoda-san said Toyota is as committed to reducing the environmental impact of cars as any other brand, but has adopted a cost- and time-effective way to go about reducing its carbon emissions. "When the term 'carbon neutrality' started to become popular and we started to hear about it, we set our target as a company saying that for us, the enemy is carbon," he said. "The way that we thought about it was that we're not going to contribute to achieving carbon neutrality just by building BEVs, but we have to focus on things that we can do now so that, immediately, we can reduce CO2 from the air. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We looked at ourselves [and asked] 'what can we do with the things that we have to contribute to carbon neutrality?' That was the base of how we made our decision in those times, and that has not changed now, and will not change for the future." Toyoda-san is referring to the widespread rollout of hybrid vehicles, which dominate the Japanese brand's current model range. Toyota is credited with creating the first mass-produced hybrid car in the late 1990s, and has continued to develop the technology to the market-leading status it holds today. The company's passenger car lineup is now dominated by hybrids, evidenced by the Japanese brand's Australian axing of all petrol versions of cars that offer hybrid options in 2024. Hybrids continue to play a significant role in Toyota's global efforts too, not least in its home country. Toyoda-san claims that over the past five years, the focus on hybrids played a larger role in reducing Japanese CO2 emissions than EVs. Above: Toyota Hybrid range "If you can check the data for each country about the CO2 emission situation for the past five years, it's going to be very clear," Toyoda-san said. "For Japan, we had this weapon of hybrid vehicles, so with the hybrid vehicles, we were able to reduce 23 per cent of CO2 emissions in the same [time], and it was the only country that was able to achieve that." Toyoda-san added that his company has produced and delivered upwards of 27 million hybrids to date, and claimed that figure was "equivalent to nine million BEVs in terms of the contribution to carbon neutrality". "The hybrids that we made and sold had the same impact as nine million BEVs on the road, but if we were to make nine million BEVs in [Japan] it would have actually increased the CO2 emissions, not reduced, because we are relying on thermal powerplants." Despite that, Toyoda-san reaffirmed that HEVs aren't the only way forward, pointing to Toyota's continued development of internal combustion petrol and diesel engines (ICEs), as well as EVs, plug-in hybrids (PHEVs) and hydrogen fuel-cell electric vehicles (FCEVs). Toyota recently revealed the next-generation RAV4 mid-size SUV (above), which will be the brand's first PHEV in Australia. The Mirai FCEV is currently being used by corporate fleets and government partners locally via very limited leases, too. The Japanese auto giant is also part of an alliance with Subaru and Mazda to develop lower-emission ICEs into the future. "I think we shouldn't just focus on [BEV] … but we should look at all the options that we have and work in all directions," Toyoda-san said. "That will be similar to thinking as a person of the planet, not just from one perspective, but thinking about the whole planet, and then we can think about the various options and take the movements to reduce CO2 as much as possible. "I believe if everyone can support this way of thinking, it will be for the benefit of all the stakeholders too." MORE: Toyota RAV4, Corolla, Camry, Corolla Cross, Kluger go hybrid-only in AustraliaMORE: 2026 Toyota RAV4 gets fresh design, tech plus PHEV power for AustraliaMORE: Toyota, Mazda and Subaru commit to petrol power with new enginesMORE: Everything Toyota Content originally sourced from: Toyota chairman Akio Toyoda has reinforced his company's commitment to prioritising hybrid vehicles (HEVs) over battery-electric vehicles (EVs or BEVs), outlining that hybrids are its ideal way forward in terms of reducing total CO2 emissions. Speaking through an interpreter in a recent interview with Automotive News, Toyoda-san said Toyota is as committed to reducing the environmental impact of cars as any other brand, but has adopted a cost- and time-effective way to go about reducing its carbon emissions. "When the term 'carbon neutrality' started to become popular and we started to hear about it, we set our target as a company saying that for us, the enemy is carbon," he said. "The way that we thought about it was that we're not going to contribute to achieving carbon neutrality just by building BEVs, but we have to focus on things that we can do now so that, immediately, we can reduce CO2 from the air. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We looked at ourselves [and asked] 'what can we do with the things that we have to contribute to carbon neutrality?' That was the base of how we made our decision in those times, and that has not changed now, and will not change for the future." Toyoda-san is referring to the widespread rollout of hybrid vehicles, which dominate the Japanese brand's current model range. Toyota is credited with creating the first mass-produced hybrid car in the late 1990s, and has continued to develop the technology to the market-leading status it holds today. The company's passenger car lineup is now dominated by hybrids, evidenced by the Japanese brand's Australian axing of all petrol versions of cars that offer hybrid options in 2024. Hybrids continue to play a significant role in Toyota's global efforts too, not least in its home country. Toyoda-san claims that over the past five years, the focus on hybrids played a larger role in reducing Japanese CO2 emissions than EVs. Above: Toyota Hybrid range "If you can check the data for each country about the CO2 emission situation for the past five years, it's going to be very clear," Toyoda-san said. "For Japan, we had this weapon of hybrid vehicles, so with the hybrid vehicles, we were able to reduce 23 per cent of CO2 emissions in the same [time], and it was the only country that was able to achieve that." Toyoda-san added that his company has produced and delivered upwards of 27 million hybrids to date, and claimed that figure was "equivalent to nine million BEVs in terms of the contribution to carbon neutrality". "The hybrids that we made and sold had the same impact as nine million BEVs on the road, but if we were to make nine million BEVs in [Japan] it would have actually increased the CO2 emissions, not reduced, because we are relying on thermal powerplants." Despite that, Toyoda-san reaffirmed that HEVs aren't the only way forward, pointing to Toyota's continued development of internal combustion petrol and diesel engines (ICEs), as well as EVs, plug-in hybrids (PHEVs) and hydrogen fuel-cell electric vehicles (FCEVs). Toyota recently revealed the next-generation RAV4 mid-size SUV (above), which will be the brand's first PHEV in Australia. The Mirai FCEV is currently being used by corporate fleets and government partners locally via very limited leases, too. The Japanese auto giant is also part of an alliance with Subaru and Mazda to develop lower-emission ICEs into the future. "I think we shouldn't just focus on [BEV] … but we should look at all the options that we have and work in all directions," Toyoda-san said. "That will be similar to thinking as a person of the planet, not just from one perspective, but thinking about the whole planet, and then we can think about the various options and take the movements to reduce CO2 as much as possible. "I believe if everyone can support this way of thinking, it will be for the benefit of all the stakeholders too." MORE: Toyota RAV4, Corolla, Camry, Corolla Cross, Kluger go hybrid-only in AustraliaMORE: 2026 Toyota RAV4 gets fresh design, tech plus PHEV power for AustraliaMORE: Toyota, Mazda and Subaru commit to petrol power with new enginesMORE: Everything Toyota Content originally sourced from: Toyota chairman Akio Toyoda has reinforced his company's commitment to prioritising hybrid vehicles (HEVs) over battery-electric vehicles (EVs or BEVs), outlining that hybrids are its ideal way forward in terms of reducing total CO2 emissions. Speaking through an interpreter in a recent interview with Automotive News, Toyoda-san said Toyota is as committed to reducing the environmental impact of cars as any other brand, but has adopted a cost- and time-effective way to go about reducing its carbon emissions. "When the term 'carbon neutrality' started to become popular and we started to hear about it, we set our target as a company saying that for us, the enemy is carbon," he said. "The way that we thought about it was that we're not going to contribute to achieving carbon neutrality just by building BEVs, but we have to focus on things that we can do now so that, immediately, we can reduce CO2 from the air. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We looked at ourselves [and asked] 'what can we do with the things that we have to contribute to carbon neutrality?' That was the base of how we made our decision in those times, and that has not changed now, and will not change for the future." Toyoda-san is referring to the widespread rollout of hybrid vehicles, which dominate the Japanese brand's current model range. Toyota is credited with creating the first mass-produced hybrid car in the late 1990s, and has continued to develop the technology to the market-leading status it holds today. The company's passenger car lineup is now dominated by hybrids, evidenced by the Japanese brand's Australian axing of all petrol versions of cars that offer hybrid options in 2024. Hybrids continue to play a significant role in Toyota's global efforts too, not least in its home country. Toyoda-san claims that over the past five years, the focus on hybrids played a larger role in reducing Japanese CO2 emissions than EVs. Above: Toyota Hybrid range "If you can check the data for each country about the CO2 emission situation for the past five years, it's going to be very clear," Toyoda-san said. "For Japan, we had this weapon of hybrid vehicles, so with the hybrid vehicles, we were able to reduce 23 per cent of CO2 emissions in the same [time], and it was the only country that was able to achieve that." Toyoda-san added that his company has produced and delivered upwards of 27 million hybrids to date, and claimed that figure was "equivalent to nine million BEVs in terms of the contribution to carbon neutrality". "The hybrids that we made and sold had the same impact as nine million BEVs on the road, but if we were to make nine million BEVs in [Japan] it would have actually increased the CO2 emissions, not reduced, because we are relying on thermal powerplants." Despite that, Toyoda-san reaffirmed that HEVs aren't the only way forward, pointing to Toyota's continued development of internal combustion petrol and diesel engines (ICEs), as well as EVs, plug-in hybrids (PHEVs) and hydrogen fuel-cell electric vehicles (FCEVs). Toyota recently revealed the next-generation RAV4 mid-size SUV (above), which will be the brand's first PHEV in Australia. The Mirai FCEV is currently being used by corporate fleets and government partners locally via very limited leases, too. The Japanese auto giant is also part of an alliance with Subaru and Mazda to develop lower-emission ICEs into the future. "I think we shouldn't just focus on [BEV] … but we should look at all the options that we have and work in all directions," Toyoda-san said. "That will be similar to thinking as a person of the planet, not just from one perspective, but thinking about the whole planet, and then we can think about the various options and take the movements to reduce CO2 as much as possible. "I believe if everyone can support this way of thinking, it will be for the benefit of all the stakeholders too." MORE: Toyota RAV4, Corolla, Camry, Corolla Cross, Kluger go hybrid-only in AustraliaMORE: 2026 Toyota RAV4 gets fresh design, tech plus PHEV power for AustraliaMORE: Toyota, Mazda and Subaru commit to petrol power with new enginesMORE: Everything Toyota Content originally sourced from: Toyota chairman Akio Toyoda has reinforced his company's commitment to prioritising hybrid vehicles (HEVs) over battery-electric vehicles (EVs or BEVs), outlining that hybrids are its ideal way forward in terms of reducing total CO2 emissions. Speaking through an interpreter in a recent interview with Automotive News, Toyoda-san said Toyota is as committed to reducing the environmental impact of cars as any other brand, but has adopted a cost- and time-effective way to go about reducing its carbon emissions. "When the term 'carbon neutrality' started to become popular and we started to hear about it, we set our target as a company saying that for us, the enemy is carbon," he said. "The way that we thought about it was that we're not going to contribute to achieving carbon neutrality just by building BEVs, but we have to focus on things that we can do now so that, immediately, we can reduce CO2 from the air. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We looked at ourselves [and asked] 'what can we do with the things that we have to contribute to carbon neutrality?' That was the base of how we made our decision in those times, and that has not changed now, and will not change for the future." Toyoda-san is referring to the widespread rollout of hybrid vehicles, which dominate the Japanese brand's current model range. Toyota is credited with creating the first mass-produced hybrid car in the late 1990s, and has continued to develop the technology to the market-leading status it holds today. The company's passenger car lineup is now dominated by hybrids, evidenced by the Japanese brand's Australian axing of all petrol versions of cars that offer hybrid options in 2024. Hybrids continue to play a significant role in Toyota's global efforts too, not least in its home country. Toyoda-san claims that over the past five years, the focus on hybrids played a larger role in reducing Japanese CO2 emissions than EVs. Above: Toyota Hybrid range "If you can check the data for each country about the CO2 emission situation for the past five years, it's going to be very clear," Toyoda-san said. "For Japan, we had this weapon of hybrid vehicles, so with the hybrid vehicles, we were able to reduce 23 per cent of CO2 emissions in the same [time], and it was the only country that was able to achieve that." Toyoda-san added that his company has produced and delivered upwards of 27 million hybrids to date, and claimed that figure was "equivalent to nine million BEVs in terms of the contribution to carbon neutrality". "The hybrids that we made and sold had the same impact as nine million BEVs on the road, but if we were to make nine million BEVs in [Japan] it would have actually increased the CO2 emissions, not reduced, because we are relying on thermal powerplants." Despite that, Toyoda-san reaffirmed that HEVs aren't the only way forward, pointing to Toyota's continued development of internal combustion petrol and diesel engines (ICEs), as well as EVs, plug-in hybrids (PHEVs) and hydrogen fuel-cell electric vehicles (FCEVs). Toyota recently revealed the next-generation RAV4 mid-size SUV (above), which will be the brand's first PHEV in Australia. The Mirai FCEV is currently being used by corporate fleets and government partners locally via very limited leases, too. The Japanese auto giant is also part of an alliance with Subaru and Mazda to develop lower-emission ICEs into the future. "I think we shouldn't just focus on [BEV] … but we should look at all the options that we have and work in all directions," Toyoda-san said. "That will be similar to thinking as a person of the planet, not just from one perspective, but thinking about the whole planet, and then we can think about the various options and take the movements to reduce CO2 as much as possible. "I believe if everyone can support this way of thinking, it will be for the benefit of all the stakeholders too." MORE: Toyota RAV4, Corolla, Camry, Corolla Cross, Kluger go hybrid-only in AustraliaMORE: 2026 Toyota RAV4 gets fresh design, tech plus PHEV power for AustraliaMORE: Toyota, Mazda and Subaru commit to petrol power with new enginesMORE: Everything Toyota Content originally sourced from:
News.com.au
3 hours ago
- News.com.au
Households are being warned their electricity prices are set to spike
Cash-strapped Aussies are being warned the 'cold hard truth' is electricity prices are on the rise this winter in the latest cost-of-living blow. After the Australian Energy Regulator made its final determination for the Default Market Offering back in May, millions of households will now be getting letters or emails about their new energy rates. The offer sets the maximum price caps for bill increases for customers paying for default plans. These prices are meant to protect Australian households who don't shop around as well as provide a consistent benchmark so people can find an alternative retailer. Canstar's analysis shows Sydney electricity prices are going up 8.6 per cent, meaning the average family will now pay $145 more for their power or $1830 a year. Melbourne energy prices spiked 6.2 per cent or $83 for the average household, setting families back $1421, while Brisbane prices are up 3.7 per cent or an average of $72, with the standard household now paying $2019 per year. Canberrans will get the nastiest shock with their electricity prices going up 8.5 per cent and the average household now paying a further $191 to $2436 a year, while Adelaide households will pay on average $70 more a year or $2247 in total. These figures exclude the federal government's $75 subsidy. Under the extension of the Government Energy Bill Relief Fund, every household will get two payments of $75 a quarter automatically applied to their energy bills. Canstar data insights director Sally Tindall said while it was never fun to read about price hikes, Aussies should 'grit their teeth' and see if they could find a better deal. 'The cold hard truth is that electricity price hikes are pretty much inevitable in states such as NSW, Queensland and South Australia this winter after the regulator approved hikes to the reference prices across all networks in these states,' Ms Tindall said. 'The exact costs for your daily supply charge and electricity rates are up to each provider; however, unless you're on an embedded network or in a state where there are limited options, this is one bill you can, and should, take control of.' Ms Tindall urges households to check the 'reference price' they receive in the next two weeks and compare it with other market offers. 'Electricity bills can often be ridiculously confusing, with daily supply charges, tiered electricity rates, time of day pricing and whether you've got a controlled load,' she said. 'However, if you just want to compare your options without getting into the weeds, the reference price is your friend.'
Perth Now
3 hours ago
- Perth Now
$100m Powerball mystery leads to Bondi
One of Australia's biggest ever lottery prizes is still unclaimed, but new details have emerged to help track down the winner. Powerball operators The Lott have revealed that the sole winner of a $100m grand prize bought their ticket at an outlet in Bondi. The winning entry was purchased at Bondi Junction Newsagency and Internet Cafe, inside the local Westfield shopping centre. It has been more than 34 hours since one mystery Australian became the lucky winner, but the ticket has still not been claimed. The winner's ticket for the megadraw was unregistered, which means that lottery officials have no way of contacting them. Instead, ticket holders who tried their luck in Bondi are being encouraged to check their results and make contact with officials. Only six other Australians know what it feels like to win a $100m prize. NewsWire/ David Crosling Credit: News Corp Australia The Lott spokesperson Eliza Wregg said that one New South Wales punter was 'walking around completely oblivious' to their life-changing news. 'There are 100 million reasons why Sydney's eastern suburbs players should check their tickets today,' Ms Wregg said. 'Imagine discovering you're suddenly a multi-millionaire! You could immediately retire, take the trip of your dreams, or spoil those nearest and dearest to you.' The owner of the Bondi Junction Newsagency & Internet Cafe, Manish, said it was 'legendary' to hear that his team had sold the winning ticket. 'This is by far the biggest winning entry we've ever sold. The team are thrilled to hear the winning news. I'll be rewarding the particular staff member who sold the winning ticket too,' he said. 'The staff here are always excited, but they'll be extra excited to hear we've sold the big winning ticket. 'I'm hoping it's one of our regular customers, but you never know it could be a tourist too. We're located right next to closest station to Bondi Beach, so you never know!' The winning entry was bought at Bondi Junction Newsagency & Internet Cafe. NewsWire/ David Crosling Credit: News Corp Australia Powerball draw 1517 was conducted on Thursday and the winning numbers were 28, 10, 3, 16, 31, 14 and 21. The Powerball number was 6. When claimed, the winner of the $100m pot will join an exclusive club of mega lottery winners. Only six Australians have ever claimed a Powerball prize of $100m or more. It is estimated that half of all adults in the country bought tickets to Thursday night's draw. The odds of winning the grand prize are slim, at a margin of one in 134 million.
