The six-month moratorium on rental evictions, announced by the Federal Government to be handled on a state-by-state basis in late March, is set to end in most states at the end of September. 

Tenants Queensland wants this deadline extended by another three months, out of fears there will be a surge in homelessness once landlords are able to evict tenants once again. 

Tenants Queensland CEO Penny Carr said a ban on evictions was necessary at least until the end of 2020, with a preferred tapering of protections extended into 2021 for those affected by COVID-related hardship.

“Increasingly Queensland renters have been contacting our service expressing concerns about potential homelessness and anxiety for the debt they have accrued while renting during the pandemic,” Ms Carr said. 

“Many are desperately worried they will lose their homes due to unresolved negotiations on rent reductions and because they cannot rely on the goodwill of their landlord.

“With no end in sight to the pandemic, we believe it is premature of the Government to end the evictions moratorium with unemployment still so high and incomes reduced.”

Looking to compare low-rate, variable home loans? Below are a handful of low-rate loans in the market.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

So far, only Victoria has actually extended its eviction moratorium, announcing in August it would be moving its deadline to the end of the year following the re-introduction of lockdowns. 

"Evictions continue to be banned for both residential and commercial tenancies, except under certain circumstances, until 31 December 2020. Rental increases continue to be banned for the same period," Consumer Affairs Victoria said in its announcement. 

"Nobody should be worried about losing a roof over their head right now, particularly given the circumstances around social distancing," Victorian Treasurer Tim Pallas said.

No other state is yet to make any changes to the existing rules, and Ms Carr believes the current exit from tenancy protections will lead to a significant number of renters facing eviction. 

“We believe a softer exit will be fairer in order to maximise opportunities for renters to remain housed beyond the end of the evictions moratorium," she said. 

Tenants Queensland has also expressed concern over:

[Read: Unit rental prices see largest fall in over 15 years]

Rental affordability to plummet after JobSeeker, JobKeeper 2.0 

After research this week found the reduction in COVID-19 supplement payments in September would push over 700,000 people back into poverty, new research shows the effect changing the rates will have on rental affordability. 

A special mid-year Rental Affordability Snapshot from Anglicare found returning to the old rate of Newstart ($40 per day) would have "a dire effect on rental affordability". 

The Snapshot Update surveyed almost 77,000 rental listings across Australia in August, and discovered that on the new JobSeeker payment (double the previous rate), 1% of rentals across Australia are deemed "affordable".

Cutting the JobSeeker rate by $150 in September would make just 0.2% of rental properties affordable - that's just 168 rentals nationwide. 

By cutting back to the old rate in December, just 13 properties (0%) would be affordable. 

Anglicare Australia Executive Director Kasy Chambers said with many renters out of work, the new JobSeeker rate is the only thing keeping a roof over many Australians' heads. 

“For people on the lowest incomes, rentals are even less affordable than they were back in March,” Ms Chambers said.

“Most of the price drops are at the higher end of the market. At the same time, more and more people are competing for cheap housing.

"That’s squeezing people out of the market. With 1.6 million people locked out of work, the new rate of JobSeeker is the only thing keeping them afloat."

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
$1,044
$0
$250,000
$200
$0
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
$0
$250,000
$1,000
$0
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

In Brisbane, only 258 (4%) properties in Greater Brisbane would be affordable for households on the old Newstart rate, while 6% of Brisbane households on the new rate are finding appropriate rental properties. 

Ms Chambers has joined the growing list of people to say the JobSeeker rate must be increased for good.

“Rent deferrals and eviction moratoriums are ending soon, and some people are in arrears for thousands of dollars. Many are facing cuts to JobSeeker at the same time. This is a ticking time bomb," she said. 

“We must raise the rate of these payments for good.

"If the Government goes ahead with planned cuts – and if age and disability pensioners are left out – renters will be pushed deeper into poverty and homelessness."





Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy