2% home deposits to become a reality as Help to Buy passes parliament
Help to Buy passes parliament, Aussie workers shortchanged over $7000 annually, and how to sort a deal from a steal during Black Friday sales. Here are five things you may have missed this week.
Help to Buy gets the green light
Labor's Help to Buy scheme will become a reality after passing both the Senate and the House of Representatives this week.
The shared equity scheme was a key platform of Labor's 2022 election pitch, but its progress through the Senate has been delayed by the Greens, which have been pushing for reforms to negative gearing to assist renters.
Help to Buy aims at helping 40,000 low and middle income families purchase a home of their own.
Home buyers need to stump up a minimum 2% deposit, with the government funding up to 40% of the cost of a new home or 30% of the cost of existing homes.
The government gets its money back plus a stake of any capital gains, when the home is eventually sold.
While eligibility conditions apply, Help to Buy is a way for buyers to get into the market with the happy combination of a very low deposit plus a small home loan.
Even so, it remains to be seen whether Australians are comfortable sharing ownership of their home with the government.
Unpaid overtime leaves workers underpaid by $7700 annually
On the face of it, Aussie workers have it pretty good. After all, our 38-hour working week is enshrined in law.
However, while many of us are taking on a second job to make ends meet, a new study by the Australia Institute shows plenty of workers are putting in time at the coalface that they're not being paid for.
It's a function of 'availability creep', where employees are increasingly expected to complete work outside of regular work hours.
It turns out, the average full-time worker clocks up more than four hours of unpaid overtime each week.
According to the Australia Institute, that adds up to $7713 in unpaid work over the course of a year.
"Our research shows that unpaid overtime is robbing Australian workers of over $91 billion per year," says Fiona Macdonald, the acting director of the Centre for Future Work.
On the plus side, new Right to Disconnect laws may be having a positive effect, with the volume of unpaid overtime already lower compared to previous years.
Sort a deal from a steal this Black Friday weekend
Canny consumers are set to spend a record $6.7 billion during this weekend's Black Friday/Cyber Monday bargain blitz.
It's also a peak period for scammers.
NAB data shows scam reports linked to debit or credit cards are 34% higher in November compared with monthly averages, and 22% higher in December.
The scams aren't just related to dodgy websites.
Michael McNamara, Australia Post's executive general manager of enterprise services, says scammers often send fake parcel notifications via email or SMS to trick people into sharing personal or financial information.
"When in doubt, don't click on links, and never provide personal details unless you're certain of the source," he advises.
McNamara recommends using apps from trusted retailers and service providers like Australia Post as a safe way to track parcels and receive updates on missed deliveries.
Bendigo Bank offers dollars for scholars
One of Australia's largest and longest-running private scholarship programs will open for applications from Monday, December 2, for the 2025 academic year.
For nearly two decades, Bendigo Bank's scholarship program has given thousands of Aussie students financial support, mentorship, and access to life-changing educational opportunities.
The 2025 scholarship options include 12 Bendigo Bank Uni Scholarships for rural and regional students worth $6500 per student annually, for two years, as well as five TAFE Scholarships worth $5000 per student, per year, for two years.
Applications close on Friday, January 31. For details, head to the community section of Bendigo Bank's website.
In more good news for students, legislation was passed this week that will see $3 billion wiped from student debt by changing the way Higher Education debts are indexed, backdated to June 1, 2023.
Velocity points to end for Etihad
Important news for the 11.5 million-plus Australians who are members of Virgin Australia's Velocity rewards program.
Etihad Airways' codesharing and frequent flyer arrangements with Virgin Australia will come to an end on June 1, 2025. After this date, Velocity members will no longer earn points or status credits when booking a flight with Etihad.
Velocity members have until May 31, 2025, to book an Etihad flight using Velocity points for travel up until May 31, 2026.
The move reflects Qatar Airways' plan to buy a 25% stake in Virgin Australia - a step that is subject to regulatory approval.
Virgin Australia says Qatar Airways' minority stake will serve as a cornerstone investment ahead of an anticipated return of Virgin Australia to public ownership.
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