Australia has a new super fund - Boomers need not apply

The new super fund that excludes Boomers, home owners pocket record profits, and Big 4 bank launches low rate offer for refinancers. Here are five things you may have missed this week.

Boomers excluded from new super option

Investment platform Pearler is about to launch a new product - Pearler Super.

Boomers need not apply.

Pearler's website spells out that it's "For people born from 1970, not Boomers".

The idea behind Pearler Super is that your super is invested in exchange traded funds (ETFs).

By letting investors pick their own ETFs, Pearler Super has scrapped investment management fees.

Regular super funds employ fund managers to predict what's going to perform best long term, and this leads to investment fees.

But Pearler Super's website states, "We don't think anyone can predict the future".

While Pearler Super has zero investment fees, an admin fee of 0.438% applies as well as a 0.11% brokerage fee per buy/sell.

Homeowners make record profits on sale

Australians enjoyed record-high profits on homes resold in the December 2024 quarter, according to CoreLogic's latest Pain & Gain report.

Across 95,300 resales, the median profit was $306,000 - the highest since CoreLogic began tracking this data in the mid-1990s.

Barely anyone made a loss on the sale of their home in the final quarter of 2024, with 94.8% of sellers notching up a profit though this was down from 95.1% in the previous quarter.

CoreLogic's Head of Research Eliza Owen says the slight decline coincided with a 0.3% drop in national home values.

Highlighting the value of time in the market, homes that sold for a profit were held for a median of 9.3 years compared to 7.6 years among those that made a loss.

Houses were more likely to sell for a profit than apartments.

Westpac launches new 5.84% rate for refinancers

Westpac reports a 45% jump in people refinancing their home loan to the bank over the past quarter.

In response, Westpac has rolled out a new Online Home Loan offer for owner-occupier refinancers who only need to borrow up to 70% of their home's value.

The Online Home Loan comes with a rate of 5.84%, and the refinancing process can be organised through the Westpac app or website, with less paperwork.

"With cost of living remaining top of mind for many Australians, savvy refinancers are making the most of the competitive mortgage market and shopping around for a better deal," says Westpac managing director of mortgages, James Hutton.

Hutton estimates that switching a $600,000 loan with a rate of 6.30% to Westpac's Online Home Loan offer could see a homeowner save $169 on their monthly repayments, with savings of $50,929 over the life of the loan.

However, when it comes to customer home loan satisfaction, a recent Roy Morgan poll found Bendigo Bank tops the leaderboard.

ING followed in second place, with Macquarie Bank ranked third.

Car finance goes under the microscope 

Money watchdog ASIC is launching a review into the car finance sector with the aim of driving better consumer outcomes.

In particular, the watchdog will be looking for misconduct in used car finance offered to vulnerable consumers.

Already, ASIC has taken action against a number of car finance companies.

This includes Diamond Wheels, trading as Lansvale Motor Group, a well-known dealership in Sydney's south-west.

Not only did Diamond Wheels not have a credit licence, it was charging interest (often at rates of 20%-plus) as a flat rate of the initial loan amount.

This saw borrowers being charged double the interest allowed under the Consumer Credit Code.

ASIC will report on its findings by mid-year.

A 'good' salary is likely to be more than you earn

A Finder survey found Australians, on average, believe a 'good' base salary starts at $152,775 annually.

If your pay packet doesn't hit this sweet spot, you're not alone.

According to the ABS, average weekly earnings are $1975.80 for a full-time worker, equal to about $103,000 annually.

Younger Australians have considerably higher salary expectations than their older colleagues.

Gen Z sees $177,212 as a 'good' salary compared to $126,938 among the baby boomers - a difference of more than $50,000.

However, research by recruitment firm Robert Half found fears of being made redundant are overriding higher pay.

Close to seven in 10 workers are concerned about redundancies occurring at their company in 2025.

To prepare for possible redundancy, almost one in two Aussie workers are undertaking further training to improve their marketability, while 45% are passively looking for a new job

Andrew Brushfield, director at Robert Half, says that in a climate of uncertainty, workers are on the front foot, preparing for employment changes and looking to future-proof their skills.

"Workers are upskilling, networking and exploring side hustles, not just to enhance their pay package but to strengthen their long term career prospects," notes Brushfield

He adds that this kind of proactive approach will stand workers in good stead to secure their next role if they are made redundant.

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