Latest news with #Finder
Sky News AU
11 hours ago
- Business
- Sky News AU
One in eight Australians getting swindled by Chinese manufacturers claiming to sell luxury goods on social media
As many as one in eight Australians have bought counterfeit designer goods from China, new research from Finder has revealed. The data comes as a social media trend has surged on TikTok, where Chinese manufacturers have been using the platform to advertise their products to Aussie consumers. The manufacturers claim to sell items belonging to luxury brands such as Louis Vuitton and Lululemon direct from the factory at much lower price than retail. In Finder's survey of 1005 respondents, 12 per cent admitted to buying counterfeit goods from manufacturers in China such as DHgate and Alibaba - making it an estimated 2.6 million Aussies purchasing these items which range from activewear to luxury handbags among other products. The majority (73 per cent) said they had not and were not considering it, while the other 16 per cent said they had not, but were considering purchasing the knock-off items. Research also found women (15 per cent) were almost twice as likely to have purchased counterfeit designer goods directly from China than men (eight per cent). Chinese manufacturers' move to market cheaper versions of designer goods has come off the back of United States President Donald Trump's decision to impose sweeping taxes on foreign products. Personal finance expert at Finder, Sarah Megginson, said social media users were attracted to the bargain offers which had gone viral. 'Chinese manufacturers claim to be giving consumers the inside scoop on where luxury brands are really made,' she said. 'These Chinese e-commerce sites are trying to convince consumers to buy direct at lower prices." Ms Megginson warned if an offer looks "too good to be true" that "it usually is". 'What might seem like a savvy shopping hack could end up costing consumers more if the goods don't turn up," she said. 'The rise of counterfeit culture on social media is putting Aussies at financial risk — with many losing money to parcels that never arrive or dodgy sellers that disappear overnight.'
News.com.au
a day ago
- Business
- News.com.au
Australian property market: impossible task for single buyers
Single buyers are being priced out of Australia's property market, with the average individual Australian only able to afford a house in a shocking 16 per cent of suburbs. While the financial advantages of being in a relationship is well-documented, being single now has a fresh blow as new research reveals it has become almost impossible to buy property by yourself across Australia. Comparison site Finder's First Home Buyer Report 2025 revealed that in 2017, an average Aussie could afford a mortgage for a median priced house in over half the country's suburbs. Now, that amount has fallen to only 16 per cent of suburbs across the nation. Even the unit market didn't offer much more hope for single buyers, who could now only afford to purchase in less than a third – 28 per cent – of Australian suburbs. This had fallen from two-thirds (66 per cent) in 2017. In NSW, SA and WA, the number of suburbs where the average single could afford mortgage repayments has fallen by around three-quarters. It was the worst in NSW, where single Aussies could afford the average house in 40 per cent of suburbs in 2017, that has fallen to just 11 per cent in 2025. South Australia had experienced a dramatic drop from 2017 where singles were able to afford the average house in 85 per cent of suburbs, dropping down to only 19 per cent in 2025. Housing affordability pressures have triggered a noticeable drop in the amount of single-buyers entering the market. In 2021, 45 per cent of first home buyers were individuals, that's now fallen to 39 per cent in 2025. Finder's personal finance expert Sarah Megginson said that buying a home is harder than it's ever been. 'Especially if you're trying to do it on your own without a partner or family member,' she added. 'First home buyers are not expecting to step into a mansion for their first property, but even those with realistic expectations are shocked that even entry-level homes carry eye-watering price tags. 'Saving a deposit is now a multi-year grind and many first-time buyers rely heavily on the 'bank of mum and dad' to bridge the gap between what they have and what they need. With up to three interest rate cuts predicted before Christmas, she said that will help current mortgage-holders ease some pressure, but could make things worse for those trying to enter the market. 'But demand – especially in affordable markets – is expected to surge, which could potentially push entry-level prices even higher and squeeze first home buyers further,' Ms Megginson said.
Sky News AU
2 days ago
- Business
- Sky News AU
More than nine million Australians struggling with less than $1000 in the bank, new research from Finder reveals
More than nine million Australians are one major bill away from financial ruin, shock new research from comparison site Finder has revealed. A new survey found 43 per cent of Australians have less than $1000 in their bank account, putting them just inches away from breaking point. Of those with less than a grand in savings, the average account balance was $215 which is the average weekly grocery bill for NSW households according to Finder. More than half of respondents admitted they lived month to month and almost one in five - equivalent to 3.8 million people – said they have $0 in savings. Finder's personal finance expert Sarah Megginson said mounting cost of living pressures over the past few years had crippled many families' budgets. 'The nation's savings crisis has hit a breaking point, and it's pushing millions to the edge of financial ruin,' Ms Megginson said. 'For many households, even an unexpected minor expense like a cracked windscreen or an emergency trip to the dentist, it would be enough to cause serious financial stress.' While millions have no savings, there is wide disparity between the haves and have-nots in Australia. Finder's research showed the average Australian holds more than $43,000 in the bank, putting them in a safe financial position if an unexpected expense arrives. Australians with low savings, however, are at higher risk of becoming overwhelmed with crippling debt due to a lack of a financial buffer, Ms Megginson said. 'While tools like credit cards, personal loans, and buy-now-pay-later services can be helpful, using them for everyday expenses can quickly lead to a spiralling financial situation,' she said. Finder's shock revelation comes after the comparison site found many households were desperate for their tax refund. Almost one in four respondents to another Finder survey said a tax refund was very important to their financial health while 41 per cent said the cash was somewhat important. About 47 per cent of taxpayers expect a tax refund after July 1 and the average taxpayer anticipates a $1519 refund. This will deliver a total of $15.3 billion back into the pockets of everyday shoppers across the nation. Finder's head of consumer research Graham Cooke said the cash injection will be critical for Australians with little savings. 'Many households living month-to-month will be particularly keen to access these funds,' Mr Cooke said. 'For those struggling with the rising cost of living, a cash boost will offer some necessary financial reprieve.'
News.com.au
3 days ago
- Business
- News.com.au
Budget mistake puts half of home buyers at risk
Panicked first-home buyers are going for broke in the housing market, blowing their budgets to the point where they are in a dangerous financial position of having almost no savings. A new Finder report revealed almost half (47 per cent) of first-home buyers polled nationally went above their budget, up from 38 per cent in 2022, and many totally drained their savings in the process. It's a position that means they will be vulnerable to even the slightest money hiccup and interest rate change and would be financially devastated if their income were to decrease. 'Having a savings buffer is key to financial security, if these Aussies lose their jobs or are hit with an unexpected cost, they will be extremely vulnerable,' said Richard Whitten, Finder loans expert. He explained that first-home buyers rarely planned to empty their savings accounts and were often exceeding their budgets after facing enormous financial pressure. 'Aussies are being forced to take more financial risks,' Mr Whitten said. 'Most buyers plan to have some savings left over after the keys have changed hands, (but) with prices continuing to rise, this is no longer realistic.' Finder's First Home Buyer Report 2025 revealed the average first-time buyer who went over their budget spent about $63,000 more than they anticipated. One in 10 spent a whopping six figures more than they expected to, while one in five spent $50,000 more they had budgeted. The result of this spending was frightening: one in three of those who had bought their first home said they had less than $10,000 in savings. Half of the buyers in this category had zero savings left. Mr Whitten said first-home buyers who overstretched their finances to get into the market would pay a high price over the long term. 'Stretching beyond your means might get you the keys sooner, but it can lock you into years of financial strain,' he said. Pressure to spend more has coincided with incredible price rises over recent years, particularly during the Covid outbreak. PropTrack data showed house prices increased by about 70 per cent over five years in Brisbane, Adelaide and Perth. The increase in Sydney over the same period was about 50 per cent, while Melbourne had the smallest increase of a major capital at 15 per cent since 2020. 'As house prices surge, first-home buyers are increasingly forced to empty their savings just to enter the market,' Mr Whitten said. 'This leaves them financially stretched – and vulnerable to stress – right at the start of their home ownership journey.' First-home buyer fears may be contributing to their propensity to overspend. When Finder last surveyed first-home buyers in 2022, many cited the 'fear of missing out' as a key driver. A mix of peer pressure and concern that property prices would rise faster than wages prompted some to buy before they were priced out. Since then, property price anxiety has only grown. It was a common concern for 31 per cent of buyers in 2022, compared to 38 per cent today. Mr Whitten said a first-home was a risky target for overspending. 'The early years of the home buying journey are when buyers are most vulnerable. Their savings are gone and their repayments are mostly interest.' Mr Whitten added that Aussies should aim to buy within their means even if it meant delaying home ownership a few more years.
News.com.au
3 days ago
- Business
- News.com.au
How much average first-home buyer has in deposit and where they got the money
Scraping together a deposit has emerged as the biggest challenge for first-home buyers and more than half are not conquering that hurdle without parental help or working a second job. Alarming polling of first-home buyers across the country showed 52 per cent either received money from their parents, lived with them or got them to go guarantor on their loans. This cohort of buyers also included those who received an inheritance. Another 17 per cent of first-home buyers, or about one in six, said they put together a large enough deposit after working a second job. These figures dwarfed the numbers of first-home buyers who were getting into the market after meticulously saving or giving up on certain luxuries. Only 3 per cent of first-home buyer respondents to the nationally representative survey said they cut their gym membership to save money and 5 per cent stopped buying takeaway coffees. Nine per cent said they cut down on their online shopping habits. Sarah Megginson, personal finance expert at Finder, saving for a home deposit has become a marathon, not a sprint. 'Building a deposit is the largest hurdle for any Australian looking to get into the property market and it's only getting harder,' she said. 'Many buyers feel like they are forced to delay big life milestones like starting a family or moving out of home. 'Many need financial help from family, or they're giving up altogether on the idea of owning a home because it just seems so far out of reach.' Finder's First Home Buyer Report 2025 revealed the average first-home buyer deposit was at a record $135,589. This was more than a full year of the average person's wages and a 13 per cent on average deposit figures reported three years ago. It took the average first-time buyer almost five and a half years to put together that amount of cash, Finder revealed. About 11 per cent of first-home buyers took more than 10 years to get a deposit. These deposits were rarely the traditional 20 per cent, despite the lengthy time it took the buyers to pull them together, Ms Megginson said. 'The fear of missing out has driven many first home buyers to put down the smallest possible deposit of 5 per cent, and while it's great those opportunities exist, it can put a lot of pressure on the household budget when the mortgage is so high,' she said. Loans with deposits under 20 per cent usually carry higher interest rates and lenders often charge an extra fee called Lender's Mortgage Insurance (LMI) to cover the added risk. LMI alone adds an estimated $30,000 to the cost of the average house, although there are some government schemes open only to first home buyers, where they can get this cost waived. Close to 90 per cent of buyers polled by Finder said they believed it had become harder to save for a deposit in the last three years. And many regretted the end result 'Prices have been moving so fast and there's so much emotion involved when you're buying a home, which can lead you to make a rushed decision. So it's not surprising that almost half (45 per cent) of first home buyers who purchased a home in the past year, say they regret their decision.' The two most common regrets were paying too much for the home (26 per cent) and not saving a large enough deposit (11 per cent).
