News Archive for March 2017

ING Direct is the latest in a long line of lenders to follow the big four banks in hiking rates across owner-occupier and investment mortgages, putting the squeeze on homeowners and property hopefuls across the country.

It’s been two years since changes to the Privacy Act were made in 2014, which meant that banks and credit reporting companies could begin collecting greater information about a customer's financial situation. However, the majority of banks are still yet to adopt this new positive credit reporting model and are instead sticking to negative reporting.

Aussie jetsetters concerned over the US and UK’s device ban now have one less thing to worry about, when it comes to the risk of their tech goods getting damaged in checked baggage.

You may have heard that this week is Global Money Week, which is all about inspiring kids to learn about money, saving and setting themselves up for a ship-shape financial future.

As Queenslanders wake up to a big clean up following the destructive path left by Cyclone Debbie up and down the state’s North coast, the Big Four banks have been quick to release emergency relief packages for local customers affected by the tropical storm.

Westpac has hiked the interest rate attached to one of its short term deposits by 60 basis points, after the same special rate offer only expired around two weeks ago.

A number of consumer advocacy groups have called upon the Federal Government to make good on its promise to crack down on ‘toxic’ payday lenders, with the industry often accused of charging exorbitant fees and interest rates.

Over the last few weeks the home loan world sure has had a shake up, with all four of the big banks - NAB, Westpac, ANZ and CommBank - lifting variable rates for Aussie borrowers.

The ongoing saga over the Australian energy sector has been sparked into life again this morning with the Prime Minister Malcolm Turnbull’s announcement of a national review into electricity prices.

In an increasingly global society, Aussies are sending money overseas for many different reasons and searching for cost-effective ways to do it. But finding a budget friendly international money transfer option is not always easy - luckily, Mozo has today revealed the winners of our Expert Choice IMT Awards.

All four of Australia’s big banks have now made increases to their variable home loan interest rates, ranging from as low as a 0.03% increase for owner-occupiers, to a hefty 0.25% hike for investors. And as the dust settles, Mozo data has revealed that each bank stands to make millions of extra dollars from the hikes.

Australia’s largest financial institution, the Commonwealth Bank, has today announced that current Chief Financial Officer (CFO) David Craig will step down from his role to be replaced by current Group Executive for International Financial Services, Rob Jesudason.

Commonwealth Bank has just announced increases to its variable rate home loans, effective from 8 May 2017.

Major bank ANZ has become the latest bank to increase home loan interest rates, today announcing a 0.25% increase to its variable investor home loan rate from 5.60% to 5.85%.

Getting kids excited about saving can be wonderful. It teaches them money skills, responsibility, and how to think ahead. “Delayed gratification” isn’t just a million-dollar word for Cookie Monster, after all. (Though who wouldn’t love Tom Hiddleston as a babysitter?)

After Sydney was hit with another severe storm yesterday evening, residents are being urged to stay safe and Central Tablelands residents in particular should brace for further inclement conditions.

With an RBA rate rise looming in the future, Mozo data has shown that borrowers thinking about fixing their home loan rate in order to lock in a great deal may need to act fast - that is, if they haven’t already missed the boat.

Social media aficionados who bank with Westpac will soon have access to payment features within their favourite messaging apps such as Snapchat and Facebook.

Much has been made of the fact that big banks - and more than a few smaller lenders - have been raising interest rates on home loans in recent weeks. But now Mozo’s Data Manager Peter Marshall has weighed in on the reason behind these rate hikes.

With the Easter holiday period fast approaching and winter steadily on its way, now’s the time to get your holiday plans in order for the rest of 2017! Unfortunately as Australians we’re at a bit of a disadvantage given our distance from basically everywhere (sigh), and the cost it takes us to get there (also sigh).

In the market for a new credit card? It can be hard to find the piece of plastic that perfectly suits you - especially considering there are currently a whopping 205 cards to choose from in Mozo’s database.

Greater Bank has raised the interest rates on its longer term deposits by up to 50 basis points, in a move set to give eligible Aussie savers the highest TD returns in the market.

In confirmation that the old adage ‘money can’t buy you happiness’ might well be true (to a degree), a new report from RaboDirect has found that the happiest Australians are not the ultra-rich, but rather those who make a bit more than average.

Major bank Westpac has hiked rates on its variable rate home loans by as much as 0.28% today.

In bad news for borrowers, the National Australia Bank has lifted both its variable owner occupier and residential investment home loan rates by as much as 25 basis points, with Mozo data estimating the move will earn the bank an extra $28 million in interest each month.

St.George have announced a new balance transfer offer, which will allow Aussie spenders to pay off their credit card debt at rock bottom rates over a lengthy period of 36 months.

Retail payment platform Afterpay, which allows shoppers to buy now and pay later, has recently announced an exciting new partnership that will see it introduced at Myer, Australia’s largest department store.

Self-managed super fund (SMSF) investors have been urged to shop around when it comes to SMSF savings and term deposit accounts, with new research showing a difference of up to 1.40% in interest rates between accounts.

The Commonwealth Bank has made further changes to its lending criteria for property investors, this time reducing the maximum Loan-to-Value on investment loans.

Energy provider Lumo Energy has today announced that its residential Queensland customers will be transitioned over to sister company Red Energy.

Although many experts are now predicting the Reserve Bank will leave interest rates on hold for the rest of the year, Mozo Data Manager Peter Marshall says a rate hike in late 2017 is still a strong possibility.

Energy innovator Tesla has claimed that its solar batteries could provide the answer to Australia’s energy problems and avoid another occurrence like the major blackouts in South Australia.

A predicted 20% drop in annual gas production between 2017 and 2021 could have a considerable impact on the energy sector and consumer supply, a new report has revealed.

Aussie spenders have collectively forked out $3.49 billion more to their credit card

RateSetter, Australia’s second largest peer-to-peer-lender, has announced the appointment of former ING Direct CEO Vaughn Richtor to its Board of Directors as a non-executive director.

Credit card giant American Express has rethought its rewards scheme for spenders with a Qantas card, and it’s good news for some cardholders - but not all of them.

It’s official Sydneysiders, not that we weren’t already aware of it, but the 2016/17 summer was the hottest on record for the city with a mean temperature 2.8°C above the average.

This International Women’s Day, single ladies might like to take a look at their financial savvy, after new research from State Custodians Home Loans has revealed that single women - and single mothers in particular - are in danger of falling victim to serious money troubles, thanks to a lack of financial knowledge.

For the first time, Qantas Frequent Flyers will now be able to earn Bonus Status Credits by signing up for an eligible credit card from either AMEX or ANZ.

The Reserve Bank has opted to keep the official cash rate steady at 1.5% in its March meeting, an outcome expected by the vast majority of economists.

Uber-loving banking customers across Australia are in for a pleasant surprise, with the ride-sharing giant teaming up with Westpac in an exclusive deal which will give select customers every 4th ride they take with Uber free (well free-ish).

A long-overdue price war has broken out amongst Australia’s major banks, as competition to offer Aussies the lowest credit card interest rate heats up.

According to recent research from St.George, many older Australians are sticking with their banks for a decade or more - but that loyalty could be costing them.

First home buyers in Victoria can start clinking their champagne flutes over a new tax exemption which will save them as much as $10,995 when purchasing their first property.

In a move aimed at making it easier for young, regional Victorians to remain in their communities, the Victorian state government has today announced a doubling of the first home owners grant from $10,000 to $20,000.

Victorian homeowners with solar panels will be in for a pleasant surprise come July 1, with the state electricity regulator The Essential Services Commission’s decision to more than double the minimum feed-in tariff.

Challenger bank, ME has renewed its calls for greater regulation and clarity in the credit card industry to make choosing, switching and paying off a credit card more consumer-friendly.

Interest rates have been at rock bottom for some time now, but it seems that the RBA will be playing a waiting game as far as any further moves are concerned.

Major bank ANZ announced today that it would no longer be offering customers American Express companion cards with its range of Rewards and Frequent Flyer credit cards.