News Archive for December 2016

Now more than ever is the perfect time to purchase some new wheels, with car dealerships across the country slashing price tags on stock they are trying to clear before 2016 winds up.

With Christmas just days away and Santa busily refuelling his reindeer at the North Pole, many Australians are getting ready to make equally long trips of their own.

For homeowners flirting with the idea of locking their interest rates in now before the next round of rate hikes, December data from Mozo's Banking Roundup suggests the Christmas break may be their last chance.

A nationwide study by Southern Cross Travel Insurance has revealed 75% of Aussies travelling overseas for a hens or bucks party were left short-changed by up to $2,000, and some even had bills of over $200,000, from unexpected expenses including missed flights and expensive bar tabs.

Dealerships across the country rejoice! According to the latest research car owners are the most satisfied consumer group in Australia, with an average 92% satisfaction rating.

With Christmas fast approaching, Mozo has crunched the numbers and found that giving some of the most popular pets as presents - including the cost of basic needs such as food, toys, bedding and vaccinations - could cost Aussies hundreds, if not thousands of dollars.

In a miserly move reminiscent of Scrooge himself, banks have cut the value of 55% of rewards cards in 2016 according to new research.

Peer to peer lender SocietyOne has finished a record-breaking year on a high thanks to massive investment and borrowing growth, with November registering $15.3 million worth of lending alone.

ME Bank has made a range of interest rate changes on its mortgages, though this time the news is positive for borrowers looking to secure a one year fixed rate. Owner occupiers and investors can now access ME one year fixed rates 10 basis points lower at 3.89% and 3.99% respectively.

Summer is officially here, with Sydney set for a scorching two-day heat wave that will see temperatures hit 40 degrees in the city’s west according to the Bureau of Meteorology.

The banks certainly have been busy over the last month, aggressively raising interest rates on fixed rate loans, in addition to some variable rate loans.

Energy providers Powershop and Red Energy expanded into south-east Queensland last week, offering homeowners more options to choose from when shopping for a competitive electricity plan.

Mozo’s national survey into the stupidest gifts that can be given at Christmas has revealed the ‘smiling poo emoji’ pillow as the most undesirable present.

The home insurance industry has received a huge vote of confidence from Australian consumers according to a new study, with 80.7% of policyholders feeling satisfied with their insurance.

The Reserve Bank board has opted to keep interest rates on hold at 1.50% for the festive season in its last meeting of 2016.

Aussies are a globetrotting bunch, but we all know travel doesn’t always come cheap. And even if you bag discounted flights and watch your pennies, having a cost-effective way to spend while you’re overseas is key to a frugal holiday plan.

For homeowners considering the option of locking in their interest rate on a fixed rate loan, now could be the time to do so, as Mozo's banking data expert is predicting more out of cycle rate increases in the new year.

The Australian Competition and Consumer Commission has welcomed a move by Virgin Australia to abolish its practice of pre-selected online travel insurance for customers booking flights with the airline.

The afterglow of the competitive term deposit deals that were introduced after August’s RBA cash rate cut has well and truly faded, after providers reduced rates 137 times in November while increasing them on only 31 occasions, Mozo data revealed.

In an increasingly competitive property market where even getting a foot in the door can be a struggle, young Aussies looking to buy their first home may find an opportunity with family guarantee home loans, like Greater Bank’s new family pledge loan.

Small business ombudsman Kate Carnell has probed into “arbitrary, confusing and unfair conduct” in the small business lending practices of big banks during a banking inquiry this week.