News archive for November 2017

There are many reasons why people choose to get a credit card, for example to help improve their credit score, help balance their finances between paychecks or to earn rewards points.

Keeping up with Australia’s painful energy prices is nothing short of tough, and struggling households across South Australia may have just found some financial relief.

Aussie first homebuyers are ditching trendy locations in favour of more modern designs when it comes to finding their dream home, according to Westpac’s Home Ownership Report.

Are you going to need a new credit card after the Christmas shopping blitz is through? If so, why not pick up a few killer freebies while you’re at it?

New electricity trading rules will be put to the test in 2021 with the potential to improve price and competition after an announcement from the Australian Energy Market Commission (AEMC) on Tuesday.

You would expect most Aussies to take up even the smallest opportunity to cut costs this festive season, but it turns out that a large chunk of us are passing up savings on our international money transfers, according to The Australian Overseas Money Transfer Index.

Aussies across the country may no longer have to live in fear of blackouts this summer, according to the Australian Energy Market Operator (AEMO) 2017/18 ‘summer readiness’ report.

It’s odd to think that a rewards card and an energy retailer would come together with the goal of helping Aussies save on their energy bill, but NAB’s latest rewards program with Origin is doing just that.

Australia: A nation of tactless tailgaters, poor parkers and rugged adventurists - that sums up the story of Aussie driving habits after data from insurer Allianz revealed the top car insurance claims in each state.

Mozo research has revealed that where you call home can make a massive difference to how much you pay to insure your wheels, with drivers in some states paying 60% more for comprehensive car insurance than others.

With the end of the year just around the corner, now is the time to start thinking about your goals for 2018. For many Aussies, this could mean a new pair of wheels or that pergola you’ve been dreaming of for years.

Every year, the Mozo Experts Choice Awards reveal the best value personal loans on the market, so Aussies can find the most wallet-friendly way to fund their big spending dreams.

Summer just got a whole lot cooler for thousands of Victorians after a new deal was struck between the Andrews State Government and major energy providers - AGL, Origin and EnergyAustralia - promising energy bill savings of up to $720 for customers on standing offers.

A growing number of electricity disconnections across eastern states has prompted the Australian Energy Regulator (AER) to conduct a review of hardship policies.

No matter what you’re insuring it turns out that what you want most, say from your life or car insurance, is a helping hand during the claims process.

When it comes to surveying post-festive season credit card spends, Australians are unanimous on the one item they certainly don’t want to see on their statements, let alone under their trees this Christmas: a ‘ Ride with Trump’ car sticker.

Aussies are increasingly turning to solar solutions to solve their energy woes, with the Essential Services Commission revealing that bigger discounts in the Victorian energy market aren’t necessarily translating to smaller bills.

It’s 7:56pm. You’ve raced down to the corner store to grab some milk before it closes, but a sudden shiver runs down your spine as you grope at your empty pockets for the keys and wallet you know you left back home on the kitchen bench. Uh oh.

It’s been a tough year for interest-only borrowers with APRA’s crackdown on risky lending, but a  recent analysis from Morgan Stanley has found interest-only borrowers guilty of poor money management and a risk to financial institutions.

If you thought the wait for your pay cheque was bad, spare a thought for Australian small business owners who were found to have to wait an average 25 days past the due date to receive payments for services according to data from a recent Inquiry into Payment Times and Practices.

Sydney and Canberra are two of the cities leading the way when it comes to digital banking, according to the Visa Cashless Cities report.

Australian jetsetters flying overseas for a vacation this summer have been urged to avoid the trap of settling for ‘add-on’ travel insurance, following a recent mystery shop which revealed staggering markups of up to 205% between different providers.

As a Director at comparison site Mozo.com.au, I consider myself to be pretty on top of my finances. So you can imagine the shock I got recently when reviewing my home loan rate to find that it had become seriously uncompetitive.

Aussie motoring enthusiasts insuring their wheels with Shannons are more satisfied than others, according to Roy Morgan’s recent customer satisfaction survey across the car insurance industry.

If you’re weighing up whether or not to take the plunge on a new set of wheels, you’re in for some good news. Mozo has today announced the winners of the 2017 Mozo Experts Choice Awards for car loans, revealing some of the best value loan options for car buyers across Australia.

With summer just days away, Australians will be starting to plan their latest holiday project around the house or overseas trip with the family - but oftentimes these larger expenses require a bit of extra help.

‘I swear I just had it.’

Aussie regulatory giant ASIC announced that it would be keeping a close eye on “buy now, pay later” schemes like Afterpay on Friday, which might make you nervous. Fortunately, the good old credit card is always there to fall back on.

A popular way to pay for online shopping at any time of the year, Aussies will have their credit cards at the ready as they look to snag a bargain during the Black Friday and Cyber Monday sales this weekend.

In 2018, Victoria’s third largest energy retailer, EnergyAustralia will be significantly raising their prices that will increase electricity bills by 14.9% and gas bills by 13.5%, according to the Herald Sun .

The festive season is fast approaching, and lenders are certainly getting into the Christmas spirit, with 30 lenders lowering rates on variable rate home loans since the beginning of October, Mozo data shows.

Christmas and peak holiday time is now just a month away and many of us Australians will be turning to our credit cards to help cover the cost of the festive season period. Whether you’re planning on using your credit card this season to buy gifts, enjoy a night out with friends, or to purchase tickets to a great NYE party, the key is being card smart.

As celebrations slowly die down from the result of the marriage postal survey, there may still be a group of Aussies clinking their champagne glasses.

As the old saying goes, you can’t predict the weather. Unfortunately for Australia’s chief weather agency this is exactly what played out this week, with a recent statement from the Bureau of Meteorology reversing its original summer forecast from cool and wet to hot and dry.

It turns out that small businesses aren’t embracing the digital revolution quickly enough after new research from American Express revealed that just 52% have a website, despite it being a major convenience for customers.

The pressure to meet tighter lending criteria is not a worry for many Victorian first homebuyers who now occupy 18.5% of the market first time in four years, according to recent figures by the Housing Industry Association and the Australian Bureau of Statistics.

In a fight to secure themselves a place to call their own, Aussie buyers are now starting from scratch by buying blocks of vacant land with the help of personal loans.

Premier Gladys Berejiklian recently announced reforms to New South Wales’ compulsory third party car insurance scheme that will allow motorists to save as much as $172 a year.

When it comes to the car costs you associate with hitting your wallet the hardest, the price of petrol and tolls are probably the most likely to come to mind, but new figures from the Australian Automobile Association (AAA) have revealed car loan repayments to be the biggest drain on family budgets.

If there’s one thing every Aussie home borrower should do this Spring, it's to make sure you’ve got the best value home loan available. Why? Here's the reason...

With just over a month to Christmas, many Aussies are whipping out their credit card at the checkouts more and more to cover the costs of the festive season.

Aussies are giving their plastic a workout this Christmas, with 38% of people looking to their credit card reward schemes to help with gift shopping, according to research from Citi.

During this time of year, our homes are stuffed with tinsel, wrapping paper and most importantly, lots of food. But while we decorate our homes in anticipation of the festive and warm season, there are many hazards that often go untraced - potentially spoiling the holiday fun. Here a few tips to keep in mind as you get your home summer and holiday ready so you can avoid the real grinch that is, home insurance hazards.

Ready your credit cards and pray for your savings account because at approximately 7pm tonight, they may find themselves in a Frenzy.

Aussies love rewards, with around half of us carrying at least one rewards credit card in our wallet according to a recent survey by Mozo, but many rewards lovers have seen the value of their rewards program drop in 2017.

Aussies are richer than ever on paper, but we’re still feeling the pinch of household expenses, like the weekly grocery shop, mortgage repayments or energy bills, revealed a new Deloitte report commissioned by supermarket giant Aldi.

Australians looking for a safe place to stash their savings could be forgiven for glancing at term deposit rates with a weary eye, especially given the fact that, according to Mozo data, there have been 65 cuts from providers already this month.

The property market is a tough game for many Aussies simply after the Australian dream, however, new research by St.George has revealed that not all Aussies take on the same battle.

Within the next six months, South Australians can expect the cheapest energy bills across the country, according to energy experts.

Custom-owned banks, building societies and credit unions could soon have access to billions of dollars in extra funding, following Wednesday’s announcement from Treasurer Scott Morrison that the Federal Government will wholly support the recommendations of the Hammond Review.

Aussies going abroad have a new travel money match after ING today announced it will be scrapping overseas fees on its Orange Everyday Account.

Early this month Treasurer Scott Morrison announced changes to credit reporting that mean lenders must commit to comprehensive credit reporting by July 1 next year - but what does that mean if you’re in the market for a personal loan?

Gas and shale oil is expected to become the power source of the future, according to the 2017 World Oil Outlook report, distributed by the Organisation of Petroleum Exporting Countries (OPEC).

The season of giving may be fast approaching with Christmas just six weeks away, but that doesn’t mean you need to extend that generosity to forking over excessive interest and fees when you’re paying for presents this year.

Mozo’s supermarket Christmas mystery shop has seen Aldi come in first place as the cheapest supermarket for Christmas shopping.

Adding to its range of car and home insurance, Mozo Experts Choice Award winner Coles is now offering domestic and international travel insurance policies.

Aussies who have their credit card with NAB and Westpac might have noticed a bump in late payment fee costs over the last 12 months, according to a Banking Day review.

As year 12 students around the country enter the last stretch of their final exams, thoughts will soon be turning to celebrating their new found freedom which, for many, means just one thing - Schoolies 2017.

If you bet on the Reserve Bank leaving the cash rate unchanged on Melbourne Cup Day, then come forward to collect your winnings.

Dashing through the store, on a hectic, busy day, savings shrinking quickly, cringing all the way! If this jingle sounds familiar, then you know that Christmas can be a tough time on our finances. And if you think it’s too late to come up with a Christmas savings plan, think again because we have eight money saving hacks to help cut the cost of Christmas.

Rewards lovers took a blow recently when Westpac announced it was canning Amex companion cards with it’s range of rewards credit cards - but there’s no need to panic just yet.

If you're like many other Aussies, you may have acquired a sizeable balance on your credit card throughout the year that you're eager to get on top of.  But where do you start? How about with one of these top balance transfer cards, hand-picked by the Mozo editors to help make this the year you beat credit card debt. Check them out below*.

UPDATE 19/4/18: Westpac has launched a pair of American Express issued rewards cards, available to all new cardholders as part of a bundle with Westpac issued Platinum and Black cards. More information here.

The Bank of England recently raised interest rates in the UK for the first time in ten years, and Mozo Data Manager Peter Marshall has said Australia could be next in line for an increase.

According to a recent post by Lonely Planet, when it comes to travelling, cruises have become the next biggest thing.

Part of your comprehensive car insurance premium is being used by insurers to cover the costs of uninsured drivers, according to a report from the Brotherhood of St Laurence .

Australians busy making their summer travel plans may need to alter their itineraries, with today’s announcement that Air New Zealand has just been named Airline of the Year for 2018 by safety and product rating website AirlineRatings.com.

This November, AMEX cardholders can shop small and earn cashback, while doing their bit to support local small businesses.

Australians may soon be rewarded for their good credit history with cheaper home loan and credit card rates under a new initiative set to be announced by Treasurer Scott Morrison at the Intersekt fintech festival in Melbourne later today.

It’s that time of year again, when you’ve probably spent the past few weeks at your desk dreaming of tropical beaches and poolside daiquiris - or better yet, you might have already booked your end of year getaway.

Providers are upping their game ahead of the Christmas shopping season with the Mozo database seeing a range of inviting changes to existing credit card products over the past few days.

There’s under two months to Christmas and boy can we tell. Headlining this month’s financial news was a couple of big credit card launches as the banks make a play for your business before the festive season, a host of banking innovations to keep the tech heads happy and of course, energy news as we head into our warmest months.

If December is the month of Christmas, November is most certainly the month of rewards points, with both Qantas and Virgin offering shoppers the chance to earn some serious bonus points by converting their rewards points into frequent flyer points.

In an effort to put an end to ‘liar loans’, Westpac have revealed they will now be enforcing a tougher lending process to potential homeowners looking for a home loan with the big bank.

Forget using your credit card, Frequent Flyer members can now earn Qantas Points when booking an Uber via the updated Qantas app for their trips to and from Aussie airports.