News Archive for April 2017

Picture this: you buy your groceries, shop the mid-year sales, pay your bills, buy a round at the pub, and every dollar you spend gets you closer to where you really want to be - which is lying on a beach somewhere in the tropics.

Despite being one of many lenders who lifted variable rates across its home loan products, this week big bank Westpac reduced its short term fixed home loan rate to just 3.99% p.a. (4.77% comparison rate*).

Westpac has today announced it will scale back support for companies who contribute too much to climate change, effectively ruling out funding the Adani Group's controversial coal mine in Queensland.

Jetstar has been left unimpressed at the results of an international customer satisfaction survey  which placed the Australian budget carrier dead last in overall satisfaction with a one star rating in a field of 73 other airlines.

It’s no surprise to hear that land prices in Sydney have risen almost 11% in 2016, but it’s not just homebuying hopefuls being affected - low income renters are also feeling pressures from high property prices as demand for rental properties outstrips supply.

ANZ has announced changes to its fixed home loan products, which saw interest-only loan rates rise by as much as 0.40%, while principal and interest rates were slashed by up to 0.50%, effective today.

Smart meters may be the next step in Australia’s retail energy future, but some security experts think they could be a misstep, reported smh.com.au .

Treasurer Scott Morrison has today indicated that the May 2017 Budget will have Australia’s growing housing affordability problem in mind.

Aussie travellers who fail to shop around for a suitable travel money card could easily wind up paying hundreds of dollars more, according to the latest Mozo research.

It’s common knowledge that Australian car insurance companies reserve the best deals for drivers over 25, so if you’re a young driver looking for some car insurance cover it might be tempting to put your policy under your parent's name - but will you be covered?

A new report by the Property Council of Australia has today pointed to dwelling undersupply as a major hindrance to housing affordability, along with other obstacles such as stamp duty.

When thinking about lost cash the vision of loose change dropped down the back of the couch may spring to mind, so many Aussies may be shocked to hear that as a nation we have a whopping $1.1 billion in unclaimed money from forgotten bank accounts, shares and life insurance just waiting to be collected.

Westpac has raised the fixed rates attached to nearly all of its interest only packaged loans, in a move that will affect new investor and owner occupier customers.

Life insurance companies are rethinking the way people apply for policies, and may someday begin using selfies to determine eligibility, reported abcnews.

Commonwealth Bank has announced another sweeping range of rate increases, hiking its fixed rate home loans by as much as 0.50% across 14 fixed rate mortgages.

In the face of sky high property prices that don’t look like dropping any time soon, Aussies are opting to renovate their home rather than trading in for a newer property, according to Westpac’s Home Ownership Report.

Hotels.com has revealed the top destinations for Aussie travellers who want to experience the champagne lifestyle on a beer budget - and Southeast Asia remains a top contender for cheap luxury getaways.

The millennial generation may want to give up paying for their avocado on toast with plastic, after new research by peer-to-peer lender, SocietyOne, found that they’re the worst offenders when it comes to credit card mismanagement.

You might think that the price of your car insurance premium is determined by things like your age, driving history and address, but according to statements made in a Senate inquiry on the car insurance industry held in Sydney last week, insurers can base their policy prices on random criteria like whether customers are married, the colour of their vehicles, and even the time they submit an application.

Everyone loves to think they’re getting something for nothing, but according to a recent survey conducted by Mozo, Aussie spenders aren’t that happy with the value they’re getting from rewards credit cards - and for good reason.

Australian consumer credit applications have continued their steady rise in the March quarter, with new data showing a 4.6% increase since March 2016 which is largely being fuelled by growth in personal loans.

Aussies who gobble down all their Easter eggs in one sitting are less inclined to have control over their personal finances - at least according to the latest research conducted by ME Bank.

ANZ has quietly scrapped bonus point offers that previously applied to three of its rewards credit cards, according to Mozo data.

As Australian property prices continue to soar in Australia’s major cities and more and more Aussies retire later in life , over the next few years we could see home loan terms increase from the standard 25-30 years, up to 40 years.

Westpac has become the first of Australia’s big four banks to adopt mobile payment system Samsung Pay, with the Korean electronics giant and smartphone manufacturer announcing the partnership earlier today.

Amaysim, Australia’s fourth largest mobile services provider, has announced it will wholly acquire online power company Click Energy to bring new, better options to the energy market.

Thousands of proud parents will be happy to hear that the Westpac kids savings account dubbed “Bump” has finally arrived - the highly anticipated initiative that comes with a $200 incentive.

In a pre-budget speech today, Treasurer Scott Morrison said that restricting negative gearing would worsen housing affordability problems for renters and hurt “mum and dad” investors.

Interest rates are on the rise for Aussie home loan hopefuls, but banks are now offering other incentives to snag borrowers’ business, including the chance to earn rewards points on their home loan balance.

Another weekend in Sydney means one thing - another set of property records have fallen, with the harbour city registering an all time high of over $760 million worth of property sold in weekend auctions.

Planning to hit the beaches of Bali or wander the banks of the Seine this year? Wherever your wanderlust takes you, you’re going to need a cost-effective way to spend when you get there - after all, those coconut cocktails and buttery croissants don’t come for free.

Over 93,000 businesses who bank with NAB will soon have access to funds of up to $2 million, following the launch of a fast-tracked loan application feature.

There are a lot of reasons to love Easter - it’s an excuse to get together with family, go away on holiday and eat all the chocolate you can stomach without guilt. But it also often winds up being an expensive time of year, and one of the easiest ways to spend a tonne of cash in the blink of an eye is a trip to the Royal Easter Show.

After less than three years Coles has withdrawn from the life insurance market, having pulled its policies off the shelf earlier this year.

A spate of recent mortgage rate hikes by lenders has been making news lately, but there’s one set of borrowers who are being hammered worse than any others: investors with interest only loans.

Lucky enough to be heading off on an adventure? You can rest assured that we’re incredibly jealous - but that didn’t stop us heading out to ask experts from the travel industry for their best money saving travel tips to help you out.

Unsurprisingly, the Reserve Bank announced today that interest rates would stay put at 1.50% for April.

The Australian Securities and Investments Commission (ASIC) has announced eight home loan lenders may be required to provide remediation to customers who have experienced financial difficulty as a result of previous lending practices.

The surging popularity of ‘sharing’ services such as Airbnb, Uber and peer-to-peer lender SocietyOne in New South Wales has resulted in a 68% revenue increase in the states’ sharing economy from $1.6 billion in 2014-15 to $2.6 billion in 2015-16.

When the Reserve Bank board meets tomorrow for its April meeting, interest rates are largely expected to stay on hold at 1.50% and the housing market is likely to be a major deciding factor.

Aussies love to travel - but the bill that comes with all those souvenirs, poolside stubbies and French winery tours is not always quite so welcome. That’s why Aussie globetrotters will be glad to hear Mozo’s experts have recently crowned the very best travel credit cards, debit cards and prepaid cards for overseas spending.