How to buy a home without selling your Bitcoin
How to buy a home with Bitcoin, the catch with super-cheap houses selling for $347, and the latest twist on the Bank of Mum and Dad. Here are five things you may have missed this week.
Bitcoin-backed home loans launch in Australia
Crypto platform Block Earner is launching an Australian-first - a crypto-backed home loan.
It's a chance for crypto investors to leverage the value of their Ethereum or Bitcoin (which is currently hitting record highs) as security for deposit finance.
A cash loan is issued against the crypto, covering up to 50% of the property's value. From there, a traditional mortgage lender finances the remainder through a standard home loan.
The Bitcoin-backed deposit loan can be interest-only for up to four years, with the principal repayable in crypto, cash or both.
Loans are available for up to $5 million, with interest rates of around 9.5% fixed for 12 months or 11.5% fixed for five years.
Those rates may sound steep but Bitcoin has surged in value 90% over the past 12 months.
Block Earner's crypto-backed loan is currently in waitlist mode, but the first 500 approved loans will receive a $1000 Ikea voucher.
Super-cheap homes for sale - with a catch
Here's a rare opportunity to pick up a super-cheap house.
The NSW Reconstruction Authority is auctioning off houses purchased as part of a flood buyback program in the state's Northern Rivers region.
It turns out buyers are nabbing some serious bargains.
One buyback house in Kyogle recently sold for just $347.
But there is a twist.
Buyers only get the house, not the land.
Successful bidders have 12 months to move the building to a new site.
That's when the big bucks can start to kick in.
It can cost upwards of $80,000 to relocate a house and get it set up in a new location. This doesn't include the cost of fixing any structural damage from flooding.
If you're interested, head to the NSW Reconstruction Authority website for links to agents handing the sales.
Still with your parents' bank? It could be costing you
If you picked your bank based on advice from mum and dad, you're not alone.
Over one in two Aussies selected their current bank based on their parents' advice.
According to a survey by the Customer Owned Banking Association (COBA), one in five simply go with the same financial institution their parents use.
It puts a new twist on the 'Bank of Mum and Dad'.
The scary part is that as a result of parental influence, 61% of Australians have never switched banks.
COBA's chief operating officer, Stephanie Elliott, says, "It's a common story: your parents opened your first account, and many simply stayed with that bank."
COBA is encouraging Australians to consider if their bank truly reflects who they are and what they care about.
"By not making a proactive choice on which institution you bank with, you could be overlooking competitive rates and fees, market-leading customer service, or the chance to bank with an institution that truly aligns with your specific needs and values," adds Elliott.
COBA has developed a Findabank website that lets you sort through customer-owned banks and credit unions depending on your needs.
Aussies spending tax refunds before they've arrived
It's not long now until those tax refunds start rolling in.
But some of us can't wait.
ING research shows around 2.4 million people have already spent all or part of their anticipated refund.
And we're not talking nickel and dime stuff.
Aussies have already spent an average of $1529 in anticipation of their tax refund, adding up to around $1.8 billion in pre-emptive spending nationally.
Matt Bowen, head of consumer and market insights at ING Australia, says, "It's clear many Aussies are counting on their tax refund as a financial boost - but what's surprising is just how many are spending it before it even hits their bank account."
ING recommends waiting for a refund before celebrating. That way, there's no risk of spending more than you get back.
MySuper rocks high returns
Good news for the 15 million Australians with their super invested in a MySuper account.
The Rainmaker Information MySuper index shows MySuper is set to return 10.3% for the 2024/25 financial year.
It's not as good as the 18.8% return seen in 2020/21, but still, it's a 0.9% increase on the 9.4% gains in the 2023/24 year.
The strong result for MySuper was driven by positive returns across all asset classes, but a lot of the heavy lifting was done by equities.
Aussie shares delivered gains of 13.8% for the financial year, while international equities did even better, rounding off 2024/25 with returns of 19.1%.
It goes to show the value of investing at least part of our super in equities.
The vast majority of Australians are doing just that, with APRA data showing Aussie and global shares account for more than half (54%) our superannuation savings.
Get stories like this in our newsletters.
