How Australians can easily boost their bank accounts ahead of Christmas

Savvy Australians can unlock hundreds, if not thousands of dollars ahead of Christmas by tapping into these easy hacks. See how you can boost your savings.

Savvy Australians can boost their bank balances by adopting some nifty tricks that could unlock hundreds, if not thousands of dollars ahead of Christmas.

With a bit of homework, Aussies can free up some money by switching their home loan, energy or internet providers, as well as looking at unclaimed Medicare reimbursements or superannuation.

Here are the top ways to improve your cash flow this holiday season.

MORTGAGES

Sydney father of three Steve Elliott, freed up some extra cash by switching lenders for the mortgage on his Melrose Park home.

He said the homework was worth it, saving him about $500-$600 a month or up to $7200 over the next 12 months.

Mr Elliott said when they bought the home earlier this year, the interest rate was 6.4 per cent but he has been able to get that down to 5.2 per cent by switching lenders.

“(Revisiting the home loan) is something you should be regularly doing. It can be a bit of work but if it’s going to save you $200 a month – how many hours do you have to work for that benefit?,” he said.

“Investing that bit of time could be a big reward.”

Steve and Ali Elliott recently refinanced the mortgage on their Melrose Park home to save them thousands of dollars a year. They are pictured here with children Sophia, 13, Zach, 10, and Rosie, 7. Picture: Supplied

He said spending the time to do an annual financial health check on all major bills including private health insurance, car insurance and utilities can save heaps of money.

“It allows your to either have more savings or more that we can now do something extra as a family,” Mr Elliott said.

Mortgage Choice broker Richard Brown agreed, saying he encourages his clients to revisit their mortgage situation at least every two years if not more frequently because rates and products changed often. He said as people paid down their loan and unlocked more equity they could be eligible for better deals.

“If you’ve got a mortgage, speak to your bank and see if they can give you a better deal. You’d be amazed at the number of times when you call and ask for a better rate that you actually can get it from your current institution,” Mr Brown said.

“However, when you make that call it’s going to be better if you can actually show some comparisons of what other lenders are offering.

Mortgage Choice broker Richard Brown.

“I’ve had clients come to me in the last six months that are on 2 to 3 percentage points higher than what they should have been, so that’s over 7 or 8 per cent from their lender. That’s crazy,” Mr Brown said.

“The average Sydney mortgage is $750,000. Each per cent (of rates) is $450 a month, so that’s $5000 a year saving for one percentage point (reduction). So double it for two – that’s $10,000 a year.”

Mr Brown said Aussies were “paying too much” if people were not on home loan interest rates of 5.5 per cent or more.

He said refinancing away from your current lender may result in a better deal but he warned homeowners to look out for leaving and establishing fees that mean any benefit would get swallowed up.

He also added that there were only a few lenders offering cash back deals for switching and there were strict criteria for them, compared to two years ago.

UNCLAIMED SUPER

Millions of Australians are owed almost $19 billion dollars in lost or unclaimed superannuation, the Australia Australian Taxation Office (ATO) revealed in October.

“Checking for lost or unclaimed super is like reaching into your pocket and finding a $50 note, it’s your money, you just didn’t know it was there,” ATO Deputy Commissioner Ben Kelly said.

“Your super can become lost if your account is inactive, and your fund can’t contact you. If you’ve changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super.

“This super is not lost forever. The ATO wants to get this lost and unclaimed money back into your account.”

The average amount owed to seven million Aussies is about $2500.

There are several ways Aussies can check if they have any lost or unclaimed super, such as logging in to the ATO online services through their myGov portal or using the ATO app.

Since 2022, the ATO has reunited or paid out almost $5.5 billion.

UNCLAIMED MEDICARE REIMBURSEMENTS

An estimated one million Australians are missing out on a share of $271 million worth of unclaimed Medicare benefits or reimbursements.

The benefits are owed to people whose current bank account details do not match those held on file by Medicare.

An estimated one million Australians are missing out on a share of $271 million worth of unclaimed Medicare benefits.

“There are people in every state and territory and every age group who are owed money,” Medicare general manager Hank Jongen told this masthead.

“The average amount owed is around $275 but more than 50,000 people are owed over $1000,” he said.

“Young people are owed the most, with more than $63 million owed to over 252,000 people aged between 18-24.”

For more information, go to servicesaustralia.gov.au/getmedicarebenefits

DENTAL CARE

Australians can claim up to $1132 on dental care for each eligible child over two consecutive years.

Australians can claim up to $1132 on dental care for each eligible child over two consecutive years.

The Child Dental Benefits Schedule can be used for check-ups, X-rays, fillings, root canals and extractions.

Orthodontic dental work, cosmetic dental work and any dental services carried out in a hospital are not covered by the scheme.

CASHBACK SCHEMES & DISCOUNT CODES

Some retailers offer cash back incentives if you shop with them or through partnership platforms such as Shop Back.

While the initial kick back might only be a small portion of the purchase price, as those rewards tally up Aussies can use that stored value to buy something else.

Internet browser plugins such as Honey can also help find valid discount codes for online shopping outlets, that can save you a few dollars.

REWARDS POINTS

Flybuys, Everyday Rewards, Qantas Frequent Flyer and Velocity Frequent Flyer are rewards programs that can result in savings of Aussies – not just on travel but on everyday goods.

Some shoppers can bank their rewards points to spend on groceries or transfer them to frequent flyer programs to save money.

Some paid tiers of rewards programs, such as Woolworths’ Everyday Xtra or OnePass include free delivery and other bonuses including better rates for earning points.

PRICE MATCH, PRICE BEAT

Many retailers will match and sometimes even beat a competitor’s price – sometimes as much as 10 per cent.

Bunnings Warehouse – 10 per cent price beat

Officeworks – 5 per cent price beat

The Good Guys – price beat within 30 days of purchase

JB Hi-Fi – price match

Harvey Norman – price match or refund the difference within 7 days of purchase

Kmart – price match

Aussies can save money with Kmart’s price match offer. Picture: NCA NewsWire / Dean Martin

Dan Murphy’s – price beat

Chemist Warehouse – 10 per cent price beat

Anaconda – 10 per cent price beat

BabyBunting – price beat by 5 per cent

Jetstar – 10 per cent price beat

Myer – price match

Rebel Sport – price match

eBay Australia – 5 per cent price beat and a voucher for the difference within 48 hours of purchase

REBATES/GRANTS

There are range of State and Federal grants and rebates to help with cost of living, from utilities to healthcare needs, child education and sport, transport and housing: VIC, QLD, NSW, SA, TAS, NT.

Conditions apply but depending on where you live in, accessing these rebates could help add hundreds, if not thousands of dollars to your wallet.

Energy

The Energy Bill Relief Fund provides eligible households and small businesses with some credit towards their power expenses. From the federal government, that is $150 but some states have added to the amount. For example, $250 per eligible Victorian household and $325 for eligible Victorian small businesses.

People with concession cards in most states can also get other benefits for energy related costs, such as gas or to run medical appliances.

Aussies can save money on their power bills by shopping around.

Transport

Drivers may be eligible for discounts on the cost of licence fees, vehicle registrations and stamp duty.

Discounted taxi-type programs are available for those who live remotely or are medically unable to drive.

Fuel

There are websites such as Petrol Spy, Servo Saver and Motor Mouth that track petrol and diesel prices across the country.

7-Eleven offers customers a “lock” in price for local advertised fuel, allowing drivers to use the deal at a time that best suits them.

You can also get discounts on fuel with affiliated membership programs or shopping docket discounts from affiliated supermarkets, such as Coles or Woolworths.

Housing

The federal government has several initiatives in place, such as the First Home Super Saver Scheme, to help Aussies buy their first home. These can be combined with state-based initiatives that offer about $10,000 towards the cost of a new build and in some states stamp duty is discounted or wiped, depending on the value of the purchase.

Education

There are several education-related benefits available, such as Victoria’s free kindergarten or the camps and sports fund. Eligibility criteria apply.

The Centre for Adult Education (CAE) can help Victorians concessions of fees for full-time study or short courses.

Originally published as How Australians can easily boost their bank accounts ahead of Christmas