Why Aussies with HECS debts could find it easier to buy a house

The big change coming to home loans, beauty dupe sells for $1 billion, and Aussie women to save hundreds on contraception. Here are five things you may have missed this week.

Major change coming to home loan rules

Federal Treasurer Jim Chalmers has called on bank regulator APRA to loosen its lending rules to make it easier for the 3 million Australians with a student debt to take out a home loan.

As it stands, responsible lending rules require lenders to take a home buyer's HECS-HELP debt into account when their borrowing power is determined.

This is despite the student debt being repaid in a very different way to traditional types of credit such as a car loan or credit card.

HECS repayments only kick in when graduates earn over $54,435, with a starting repayment rate of just 1% annually.

Chalmers says the changes are "commonsense", and explains, "People with a HELP debt should be treated fairly when they want to buy a house and we're working with the regulators to make sure they are."

Beauty dupe delivers $1 billion payday

MCoBeauty's motto may be 'luxe for less' but the company's Aussie founder - Shelley Sullivan, has reportedly just enjoyed a $1 billion pay day.

Sullivan has just cashed in her remaining 50% stake in the business, selling to Melbourne-based DBG Health (which already owns the other 50% share in MCoBeauty) for around $1 billion.

Sullivan started MCoBeauty five years ago with only six products.

Today, the business, which sells affordable dupes of big brand cosmetics, has over 500 products and claims to be the best-selling cosmetic brand in Woolworths and Big W.

MCoBeauty went global in 2024, launching in the US through grocery chain Kroger.

Australian women to pocket big savings on contraception

Raising a child doesn't come cheap.

In its July 2024 survey, Canstar Blue found that, on average, parents spend $1,073 each month on child-related costs including schooling.

But avoiding pregnancy isn't cheap either.

However, Australian women can now get some hip pocket relief, thanks to new subsidies for contraceptive pills.

The federal government is making the first pharmaceutical benefits scheme (PBS) listing for new oral contraceptive pills (Yaz® and Yasmin®) in more than 30 years.

It's expected to see around 50,000 women save hundreds of dollars annually.

Larger Medicare payments and more bulk billing for IUDs and birth control implants will save around 300,000 women up to $400 each year.

At the other end of the spectrum, around 150,000 women will save with the first PBS listing for new menopausal hormone therapies in over 20 years.

Minister for Women, Katy Gallagher, says, "These changes could save women and their families thousands of dollars across their lifetimes."

$8000 budget blowout for couples getting hitched

If 2025 is anything like previous years, around 120,000 Aussie couples will tie the knot this year.

But along with flowers, tulle and great memories, a wedding can also leave couples with a hefty bill.

The latest Easy Weddings' industry report shows weddings are getting more expensive.

While most couples start with a budget of around $27,000, they typically end up paying $35,315 for their wedding - almost $8,000 more than planned.

Not surprisingly, the number one stressor for couples tying the knot is sticking to their budget.

One way to manage the cost is tucking funds into a dedicated wedding savings account.

According to Mozo, some of the top rates on offer right now include 5.6% with Rabobank and 5.5% with ING (conditions apply).

If you've accumulated savings already, and the wedding is still a way off, a term deposit can lock in a high rate - including 4.90% with the likes of Bank of Sydney or even 5.10% with Defence Bank.

Better act soon though. If the Reserve Bank cuts rates next week, returns on savings accounts will be among the first things to get the chop.

The number one home buyer regret

Home buyers often feel pressure to buy a place, and that can mean cutting corners - a potentially costly mistake.

A survey by Compare the Market (CTM) shows two in five home owners have experienced buyer's remorse.

The biggest regret was not being vigilant enough when looking for faults in the home, with almost a third of regretful homeowners listing this as an issue.

A pre-purchase building inspection can set you back around $500 for an average-sized house. For an extra $150, a pest inspection may be thrown in.

Sure, it's an added cost for home buyers. But it can save a lot of hassle and expense if the property has hidden problems.

CTM's Stephen Zeller says, "Usually inspectors are really good at finding issues with a building, particularly ones that could cause a lot of grief later on."

Taking a bit more time to check a property isn't a bad idea either.

Research by ME Bank found the majority of home owners (55%) spent less than 60 minutes checking out the property they eventually purchased, despite it being one of the biggest purchases of their life.

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