Western Australians are being offered a $700 cash rebate this month to help reduce the impact of rising living costs, particularly energy bills. This rebate is part of a more comprehensive government initiative aimed at helping residents manage escalating utility costs and other daily expenses. Below is a detailed guide on how to access this rebate, as well as tips on maximizing your savings through intelligent financial strategies.
Australia $700 cost-of-living cash claim
As inflation and the cost of living continue to rise, the Western Australian government has introduced a $700 cash rebate as part of a $492 million relief package. This initiative is designed to ease the burden of soaring electricity bills and other household expenses. Households and small businesses across WA are eligible for this rebate, which aims to help with essential costs such as energy, housing, and groceries. By understanding how to claim this rebate and implementing smart money-saving tactics, residents can further enhance their financial savings each month.
Breakdown of the $700 Rebate
The $700 rebate is a necessary financial aid for Western Australian households, especially during a time of rising costs. While the rebate helps alleviate short-term financial pressure, pairing it with savvy financial decisions—such as loan refinancing or redeeming loyalty points—can significantly increase overall savings. Below is a detailed breakdown of the rebate and how it works:
| Item | Details |
|---|---|
| Rebate Amount | $700 electricity credit (split into two payments) |
| Eligibility | All WA households with Synergy or Horizon Power |
| Claim Process | Automatic for Synergy/Horizon customers; others apply via Revenue WA |
| Additional Benefit | $725 credit for small businesses using under 50 MWh annually |
| Other State Rebates | Queensland: $1,000 rebate; South Australia: $243.90 for low-income households |
| Ways to Increase Savings | Refinancing loans, canceling unused services, using loyalty points |
Understanding the $700 Cost-of-Living Rebate
The $700 rebate is designed to provide relief during peak energy usage periods, such as the winter and summer months. The rebate is applied as two separate credits: the first $350 instalment will be credited in the July-August billing cycle, with the second $350 instalment following in December-January.
Households with Synergy or Horizon Power do not need to take any action, as the credit will be automatically applied. Small businesses using less than 50 megawatt hours (MWh) of electricity annually will also receive a $725 rebate over the same billing cycles.
How to Claim the Rebate
For most Western Australian households, claiming the rebate is automatic if you are a customer of Synergy or Horizon Power. The credit will be applied directly to your electricity bill, requiring no further action on your part. However, customers of other electricity providers will need to apply through Revenue WA to receive the rebate. Small businesses must follow a similar process and apply through the Small Business Development Corporation.
Additional Cost-of-Living Assistance in Other States
Western Australia isn’t the only state offering financial relief. Other Australian states have implemented similar programs to help residents manage rising costs:
- Queensland: Eligible households can receive a $1,000 electricity rebate.
- South Australia: Pensioners and low-income households will receive a $243.90 cost-of-living payment.
These state-wide initiatives aim to provide targeted relief for families struggling with increasing energy and utility bills.
Extra Strategies to Save $700 (or More) Each Month
In addition to the $700 rebate, other practical strategies can help you save even more each month. By making small changes to your financial habits, you could potentially save well over $1,000 a month.
1. Refinance Your Mortgage or Loans
Refinancing your mortgage can provide immediate savings on interest. For instance, reducing the interest rate on a $500,000 mortgage by just 0.3% could save around $97 per month. Additionally, consolidating high-interest debts like car loans into your mortgage may yield further savings.
2. Switch to Fortnightly Mortgage Payments
Switching your mortgage payments from monthly to fortnightly allows you to make 26 smaller payments throughout the year instead of 12 larger ones. This can help you reduce the principal faster and lower the interest paid over time. For a $500,000 loan, this strategy could save you up to $510 per month.
3. Cancel Unused Subscriptions
Households often spend money on subscriptions they rarely use, such as gym memberships or streaming services. By reviewing and eliminating these unnecessary subscriptions, you could save anywhere from $7 to $70 monthly.
4. Use Loyalty Points and Gift Cards
Australians collectively have an estimated $1.4 billion in unredeemed gift cards and loyalty points, which could be used to offset household expenses. Redeeming these rewards can help you reduce out-of-pocket spending on everyday purchases.
5. Shop Online to Avoid Impulse Purchases
Shopping online not only offers convenience but also helps you avoid impulse buying. With many retailers offering free shipping and special online deals, it’s possible to save up to $58.50 per month on groceries and other essentials.
Potential Savings Breakdown
By using both the $700 rebate and these financial strategies, you could dramatically increase your monthly savings. Here’s how it could break down:
| Strategy | Potential Monthly Savings |
|---|---|
| Refinance Mortgage | $97 |
| Switch to Fortnightly Payments | $510 |
| Cancel Unused Subscriptions | $7 – $70 |
| Redeem Loyalty Points/Gift Cards | Varies |
| Online Shopping Savings | $58.50 |
Implementing these strategies, in addition to receiving the government rebate, can result in substantial savings, potentially exceeding the value of the refund itself.
Conclusion
The $700 cost-of-living rebate provides timely relief for Western Australians facing rising living expenses, especially energy bills. By taking advantage of this government assistance and adopting innovative financial practices like loan refinancing, reducing unnecessary subscriptions, and leveraging loyalty points, you can stretch your savings even further. Combining these approaches will help you not only reduce monthly costs but also improve your long-term financial health and stability.
Click the link to know more
Sailza is a passionate writer known for her commitment to originality and quality. She crafts engaging, plagiarism-free content that captivates and informs. With a talent for storytelling and attention to detail, her work reflects her dedication to delivering insightful, creative, and authentic writing.