News Archive for June 2016

MBA students at The University of Sydney Business School will be working with online provider UBank on capstone projects in 2016, as part of a new partnership aimed at improving innovation and leadership.

All of the big 4 banks in Australia have now restricted lending to foreign property buyers, as NAB announced it has joined CommBank, ANZ and Westpac in curbing the amount of money lent to foreign investors with no income source in Australia, reports the Australian Financial Review.

Aussies are set to enjoy cheaper travel to the UK, as the Pound dropped against every major currency following Britain’s historic vote to leave the EU. But the news is not all good.

Australia is a free country - until you want to leave. The majority of Australians don’t realise it, but their international getaway comes with a hidden ‘People Movement Charge’ of $55 from the government.

Victoria is topping the charts for car theft in Australia, with an average of 42 vehicles stolen from the Melbourne CBD each day, according to statistics from the National Motor Vehicle Theft Reduction Council (NMVTRC).

South Australians may need to prepare for a bill chill at the end of winter as three major power providers - AGL, EnergyAustralia and Origin Energy have revealed their plans to hike electricity prices in the state, which could add up to hundreds of dollars extra to the average household annual power bill.

The ACCC has warned Aussie shoppers to be wary of falling into the ‘subscription trap’ when making discount purchases online.

While cuts to variable rates have slowed over the past few weeks after the Reserve Bank left the official cash rate steady at its June board meeting, the same can't be said for the fixed rate market, as lenders continue to slash rates for borrowers who are willing to fix.

Mozo has found that house hunters opting to borrow from small, non-bank lenders could have the edge on those sticking with the Big 4 banks.

Globetrotters rejoice - ANZ has recently launched its new Rewards Travel Adventures credit card, an option that is set to see frequent travellers enjoy more tangible benefits from their rewards points.

The Reserve Bank’s annual survey of bank fees has recently revealed that in 2015, the income Australian banks earned from fees increased by 3.5%, to around $12.5 billion, with credit cardholders and other borrowers footing most of the bill.

A recent study by Mozo has shown that while on the whole, Aussies are racking up a staggering $144 billion annual bill on life's little luxuries, the older generation is considerably more frugal than their kids and grandkids - except when it comes to a roll of the lucky dice.

Households with existing rooftop solar systems can now install the Tesla Powerall battery using Origin’s new energy solution. Given that over 1.4 million Aussie homes are already using solar panels to control their electricity bills and support renewable energy, the latest technology could help more people access battery storage.

Shoppers with an AMEX credit card will now be able to make contactless payments with their Samsung smartphones, after American Express announced the availability of Samsung Pay in Australia.

Mozo’s first ever Experts Choice Australia’s Best awards have been announced, recognising the banks, credit unions and financial institutions offering Aussies the best value across a range of financial products.

Australian brand Sportscraft has been fined by consumer watchdog, the ACCC for allegedly misleading consumers on their right to exchange or refund sale items.

Aussie savers are feeling the impact of low interest, as the RBA leaves rates on hold at a record low 1.75% for another month, and with further reductions forecast for 2016, term deposit deals are emerging as a strategy for Aussie savers to avoid further rate drops.

The Australian dollar surged by 0.0092USD to a little over US74 cents yesterday in its best AUD exchange rate seen since May. This dollar spike came after the Reserve Bank announced interest rates would remain at 1.75%.

With taxes set to increase by 12.7%, or $1,228 per person over the next five years, the Centre of Independent Studies has recently released a paper that suggests the tax hike will be an unfair burden for regular Aussies.

After last month’s shock interest rate cut to 1.75%, things are calming down again for the Aussie economy, as the Reserve Bank announced rates will remain on hold throughout June.

Aussie car owners are earning thousands of dollars by lending out their under-used vehicles, on car sharing platforms like Car Next Door.

Those affected by the weekend’s torrential rain and storms should report damage to their insurer and stay safe when they return home, GIO has advised.

RBA reforms which recently came into force concerning credit card surcharges and interchange fees may have a positive effect on the cost of travel for Aussie globetrotters.

NAB Bank will soon launch a new unsecured loan capped at $50,000 for small businesses, in response to the large portion of aspiring entrepreneurs in the country.

As interest rates across the home loan market continue their downhill slide, UBank has announced a historic move, slashing its one and three year fixed home loan rates down to 3.69% p.a. (4.15% and 4.00% comparison rates, respectively*) - the lowest rate the lender has ever offered.