News Archive for June 2017

With credit card interchange fees set to be capped at 0.8% come July 1, credit card giant Citi has rethought the rewards on offer for its cardholders, introducing a tiered earn rate for different types of spending.

With household energy price rises as high as 20% or more set to hit New South Wales, Queensland South Australia and the Australian Capital Territory in a couple of days, the Federal Treasurer Scott Morrison has lifted the lid on the gas supply debate in the form of a new threat to State and Territory Governments.

AirBnB is a growing trend in Australia’s major cities, but what is a lucrative business for some could be pricing long-term, private renters out of high demand markets, according to Mozo property expert, Steve Jovcevski.

Twenty per cent more 25 - 34 year olds were shacked up at home on the night of the 2016 Census compared to five years ago, indicating that hipsters are fast becoming a generation that stay in the nest.

Australia could be in for a series of no less than eight RBA rate hikes over the next two years, according to former Reserve Bank board member, John Edwards.

Owning a car these days isn’t cheap, in fact according a recent RACV survey the nearly 14 million registered passenger vehicles on Australian roads are creating a weekly car ownership bill of around $2.8 billion.

Mature Australians are using high interest savings and term deposits for their cash savings but General Manager of St.George Retail, Ross Miller, says this age group need to consider where this ‘at call’ cash is best placed, particularly with the lead up to tax time and the upcoming changing superannuation rules.

Interest rates are likely to remain on hold at 1.5% this month, and probably right through to the end of 2018, given current economic factors.

The Commonwealth Bank has today joined Australia’s other three big banks in raising rates on interest-only loans, while simultaneously cutting rates for borrowers making principal and interest repayments.

Despite Aussies’ love affair with cars, keeping them on the road isn’t cheap. According to a new survey by RACV the average cost of running a car is setting drivers back $207.84 a week, a 1.6% increase from last year. With 13.8 million passenger vehicles registered on our roads this means our nation’s weekly car ownership bill sits at around $2.8 billion.

For many Australians the yearly choice between renewing their car insurance with an existing provider or making the switch to an alternative may not even warrant a second thought, but a recent mystery shop conducted by Mozo suggests it should.

Three out of four big banks have raised rates on interest-only home loans this month, leaving the Commonwealth Bank as the only one yet to make a move.

NAB has raised the standard variable interest rates attached to its interest only mortgages by 35 basis points, a move that will kick in for affected investors and owner occupier customers from June 30.

New research from Officeworks and H&R Block has found that the majority of Australia’s small business owners are confused about the tax breaks available to them.

June 30 is looming, and bringing tax time with it. Whether you’re a small business owner, working for yourself or someone else, your main priority when filling in tax forms is probably to snag yourself the best return possible, right?

Homeowners on the Sydney property ladder may soon see their properties become less valuable, after economists have tipped that median house prices will wind down over the next two years.

Just ahead of the introduction of new RBA credit card interchange fee caps, Treasurer Scott Morrison has come out with a set of four reforms set to tackle mounting credit card debt among Aussie households.

Aussie households looking to switch energy providers in light of the July 1 price hikes have been urged to compare deals carefully, as the various discounts being offered can be misleading to the untrained eye.

How would you fare on a financial exam? If you’re like most Aussies, probably a lot worse than you think.

Aussies are confident that they know what they’re doing when it comes to their finances, but the majority don’t have the financial know-how to back it up, according to a new study from online bank ME.

Westpac has increased rates on interest-only mortgages by 0.34%, following changes from fellow big bank ANZ which hiked interest-only rates by up to 0.30% earlier this month, in what is becoming a growing trend among home loan lenders.

With the RBA’s interchange fee regulations set to come into effect on July 1, the value of credit card rewards schemes may be about to tank.

As Aussies brace for a July 1 energy price hike that could see bills skyrocket by 20% or more, the NSW Council of Social Service has released a report showing that some households have been pushed to breaking point by high electricity bills.

Aussie households are being stung $477 a year just to keep popular financial products such as bank accounts, credit cards and home loans active, according to a new RBA report.

Power prices are fast becoming the central topic of the moment, with Aussie households in deregulated states expected to see electricity charges surge near the 20% mark or higher when July hits the calendar.

Bankwest has announced a number of changes to its home loan interest rates - mainly rate increases across interest-only loans, but with some good news for borrowers making principal and interest repayments.

A recent study from Mozo has revealed that Aussie savings are going backwards, with not a single saving account in Australia now providing an interest rate which keeps savings ahead of the current levels of inflation and tax.

The people have spoken and the results are in - Mozo has crowned the winners of its 2017 People’s Choice Awards in Banking, Electricity, Car and Home Insurance.

The results are in for Mozo’s 2017 Australia’s Best Expert Choice Awards, revealing the financial providers offering customers the best value across a range of products, including home loans, savings accounts and credit cards.

Home loan loyalty is costing Australian mortgage holders a whopping $6 billion a year, according to new research from comparison site Mozo.com.au.

Auction results across the city over the Queen’s Birthday long weekend have provided even more evidence that the Sydney housing market is continuing to cool slightly from the soaring heights experienced at the end of 2016.

ANZ has today announced changes to its variable rate home loans, targeting borrowers on interest only loans with rate increases of 30 basis points. This follows similar rate hikes made by the big bank earlier in the year, which saw interest-only variable rates rise by up to 0.25%.

Australia’s property market may finally be cooling from the record highs seen at the end of 2016, with new figures showing a 4.4% decrease in investment for new housing in the March quarter.

Borrowers in the market for a longer term fixed loan may be pleased to hear that ING Direct has recently reduced rates on two of its fixed rate loans by as much as 20 basis points for three and five year terms.

With the long weekend now just days away the good people of New South Wales will be honouring Queenie’s 91st birthday in the only way they know how - by racing out of work on Friday afternoon, piling into their cars and driving off in every direction to make the most of those precious 72 hours.

The Reserve Bank has opted to keep the official cash rate steady at 1.50% for the ninth month in a row as the 2016/17 financial year wraps up, and economists are expecting it to stay there for a while.

Qantas has today launched its own platinum rewards credit card, focused on bringing bumper rewards value to Qantas Frequent Flyers. The card was launched as part of the Qantas Money Platform, bringing it together with the Qantas Cash Card and the new Qantas Money app.

Those wondering if their last energy bill was a little steep may want to trust their gut, after the story of one man’s extreme case of bill shock has been revealed.

Rewards card value has been in steady decline for a while now, but recently, Mozo has noticed a number of new bonus point offers coming on the market that may entice shoppers to give rewards plastic a second chance.

Online shopping site eBay announced its Hump Month sales yesterday, featuring some of the biggest ever discounts site-wide, as it prepares for what it's expecting to be a bumper EOFY.

The end of financial year is quickly approaching, and savvy shoppers know that this is not just the time of year to get your taxes in order - it’s also the perfect chance to snag some great bargains!

The end of financial year is quickly approaching, and savvy shoppers know that this is not just the time of year to get your taxes in order - it’s also the perfect chance to snag some great bargains!

Rates are likely to remain on hold in June and for a long while to come, but a new record low cash rate isn’t entirely off the cards for the future, according to Mozo Data Manager Peter Marshall.

NSW first home buyers will benefit from new measures announced today, including stamp duty exemptions on new and existing homes worth up to $650,000.

Only nine months ago, the average 2 year term deposit rate offered by the big banks was 3.13%, fast forward to present day and for the same term savers are facing a return of just 2.48%.

The season for cranking the heater and breaking out the electric blanket has hit us, and the average household electricity bill is set to jump by more than 20%. But never fear - according to Mozo research there’s a simple solution to bill shock.