News Archive for March 2018

The Reserve Bank board may be sitting down for its third meeting of 2018 on Tuesday just two days after April Fools, but there’s likely to be little in the way of surprises when it comes to a change in the official cash rate.

The third month of the year certainly was a busy one when it comes to money matters. The Banking Royal Commission kicked off its first round of public hearings, the big boys moved on home loan rates and we launched the latest edition of our prestigious Experts Choice Awards.

So you’ve got your suitcase packed, travel insurance sorted out and your flights booked - you’re all ready to set out on that once in a lifetime holiday.

Australians trying to get the best return on their money via a high interest savings account could be forgiven for feeling exasperated at the fluctuations among market leading offers in recent years, with AMP the latest bank to announce a bonus rate offer cut.

They say that to win in the property market, you’ll need a few tricks up your sleeve. Or do you?

Could you tell the difference between Cadbury and Kmart chocolate with your eyes closed? It turns out, there might be less of a difference between your favourite (and pricey) Easter treats and the budget-friendly bunnies in the supermarket.

Your favourite Easter treats might stretch your wallet just as much as your belt this year, with Mozo research revealing Aussies could be spending four times as much on their Easter chocolate as they might on a regular block of chocolate, thanks to markups as high as 320%.

Aussie homeowners have a new low rate home loan to consider after major lender, NAB announced a 48 basis point discount on its Base Variable Rate Home Loan.

Isn’t it about time you checked up on your home loan to see if it’s still offering the best value around? If you’re still signed up to an outdated offer, you could be paying way too much.

And breath, Australia. It has been just two weeks but the Banking Royal Commission’s first round of public hearings have served up a slew of horror stories involving some of Australia’s biggest banks.

If you’re currently saving for a house deposit, then you’ve probably been scrimping and saving everywhere you can. But even the most frugal spenders can often find stacking up a 20% deposit almost impossible.

The Commonwealth Bank has today launched a brand new credit card option, the CommBank Essentials Credit Card, and at the same time axed three of its other credit card options.

Given the mountain of different providers and rates available when it comes to choosing a home loan, Aussie borrowers can be forgiven for finding it hard to pick the best option. But finding the right home loan could be the biggest financial decision you make - one that could mean the difference between tens of thousands of dollars in interest saved over the life of a loan.

At Mozo, we’ve got a big reason to celebrate, as we’ve just announced the winners of our 2018 Experts Choice Home Loan Awards.

Australians right across the country face a daunting dilemma when packing for their Easter long weekend away - whether to sacrifice the spare pair of socks for an extra chocolate bunny...

The results of Mozo’s Experts Choice Home Loan Awards are in, revealing the best value mortgages of 2018!

Whether you’re planning a whirlwind weekend getaway to Thailand or a few months traipsing across Europe, having a stash of frequent flyer points to cash in can be super handy for keeping your travel budget in shape.

As steep electricity prices wreak havoc with Aussies’ household budgets, a number of energy providers like AGL and EnergyAustralia are looking at new ways to solve the problem, including offering prepaid or fixed rate energy plans.

Snagging a cheap flight is one of the keys to affordable travel, but there’s often a downside to that rock bottom price tag - an inconvenient stopover in an airport halfway to your destination.

At the end of April, ANZ will suspend its retail asset loans while it determines whether the rising cost of issuing the loans is worth the minor return the bank receives.

The Easter break gives travel-happy Aussies the perfect excuse to get away from the daily grind, but fresh research from Allianz Travel Insurance has revealed that we’re increasingly ditching the old-school road trip in favour of overseas trips.

A balance transfer card is supposed to help Aussies finally conquer long-term credit card debt, but could it actually be compounding it instead?

How long has it been since you’ve done a home loan health check? Five years? Ten? Chances are, it's been way too long.

According to new data from the Australian Bureau of Statistics (ABS), home loan approvals for owner occupiers fell by 1.1% in January - a higher than anticipated figure given a number of economists expected a drop of only 0.2%.

If you’re one of the thousands of Aussies planning an Easter weekend away at the end of the month, you’re probably a little nervous about leaving your precious abode unguarded, even if you’re covered by a comprehensive home insurance policy.

Parents, it’s time. Time to sit your kids down for the talk - the money talk that is. Whether it’s getting to grips with the concepts of goal setting and budgeting, or introducing practical financial products like savings accounts and debit cards, giving children access to financial knowledge and tools early on could prove crucial later in life.

These days, it seems like everyone has a different approach to dating. In fact, a recent survey by Greater Bank found that almost half of Aussie men still insist on paying the bill after a date.

If it’s time you locked your rainy day fund away to grow, you might be on the hunt for an excellent term deposit offer - and the good news is, for those who know where to look, there are still some top spots to stash your savings.

Days of severe rainfall and flooding in North Queensland - particularly in the Cassowary Coast and Hinchinbrook regions - has resulted in millions of dollars of damage as the Insurance Council of Australia (ICA) officially declared the storms a “catastrophe” for the region on Saturday.

Whether it’s maintaining a ‘snap streak’ with your mates or double tapping your way through Instagram, Aussies are addicted to social media. And according to Paypal, pretty soon we’ll be making more payments through social media platforms.

Victorian households may soon notice a difference on their regular energy bills under a new initiative from the State Government which would require retailers to display their best energy offers (as a dollar figure) on each bill.

Commuters travelling on Sydney Ferries and the Inner West Light Rail can now leave their Opal card at home and instead tap on with their credit card, mobile wallet, smartwatch or other contactless payment devices.

According to new data from the PRDnationwide Q1 Key Market Indicators report, New South Wales has recorded the largest increase in first home buyer loans within the September quarter between 2016 and 2017.

Business-only bank, Tyro have today announced the Tap & Save scheme designed to save small businesses processing costs when it comes to contactless payments.

If there’s one annoyance that can truly unite commuters the world over, it’s Friday afternoon traffic. And according to new figures from car insurance giant Suncorp, there may be an even better reason for many Queenslanders to avoid the crawling traffic and endless horns on their drive home at the end of the week.

Despite being enmeshed in a Banking Royal Commission and subject to a string of recent ASIC-enforced refunds, Australia’s big four banks may find some relief in the results of RGI Group’s most recent report which has revealed a customer shift away from digital-only challengers to traditional banking institutions.

Recent figures from the General Insurance Code Governance Committee (GICGC) revealed that denied home insurance claims spiked in the last year.

Raise your hand if you’ve used your credit card’s complimentary travel insurance on an overseas trips. Keep that hand up if you activated that service before leaving. Nope? You’re not alone.

And just like that, within the span of a week, all of the Big 4 banks have moved their fixed rate home loans.

Major bank CommBank will refund $16 million to its credit card and loan customers after it was revealed that they were sold policies they would not be able to claim on, due to their employment status, making them ineligible for a potential payout.

Aussies can’t quite tame the urge to splurge according to recent data from peer to peer lender RateSetter which revealed that 28% of balance transfer credit card holders are nearing the end of their promotional period but haven’t managed to crush their debt.

Whipping out a debit or credit card to pay for an online shopping spree is a familiar move for many Aussies, but it seems that card fraudsters are just as infatuated with the idea, and it’s costing cardholders hundreds of millions of dollars a year.

Held on the 8th of March, International Women’s Day is a day that recognises and celebrates women’s achievement and promotes progress for women’s rights. Throughout history, women have fought against gender discrimination, winning the right to vote, work, drive and much more. One of the things that often comes up when we talk about women’s rights is the gender pay gap and according to Morgan Stanley, we could be 170 years away from equal pay.

After big bank CommBank made cuts to a majority of its fixed rate home loans last Friday, it seems that Westpac is playing hard to get, hiking fixed rates by up to 40 basis points for both owners occupiers and investors.

After surviving the sweltering Australian summer with our air conditioners intact, we’re now becoming rapidly concerned with economic rather than energy issues, according to a recent survey from Roy Morgan Research.

For many Australians hearing the words ‘credit history’ may well elicit a shudder down their spine - especially if they’re looking at taking out a finance option such as a personal loan, credit card or home loan. But in just under four months that could well change, with the impending implementation of mandatory Comprehensive Credit Reporting (CCR).

Shock waves from increased insecurity in the global economy will hit Australian shores soon enough and mean higher interest rates on long term fixed home loans, according to Mozo Data Manager Peter Marshall.

In an idea borrowed from your mobile phone bill, prepaid energy plans just might be the newest solution to rising power bills, designed to help customers better manage their electricity use and budget.

The Reserve Bank board has kept rates steady for a 19th straight month with the official cash rate remaining at 1.50% following today’s meeting in Sydney.

Pessimistic or honest? That’s the question on our minds, thanks to a new survey by the Salvation Army, which found that Aussies are struggling to meet mortgage costs and could feel the heat if the Reserve Bank raises rates this year.

As the Reserve Bank board prepares to sit down for its second meeting of the year next Tuesday, a number of key players and experts have begun to shift their predictions regarding a possible rate rise before the end of 2018.

With yesterday marking the official start to Autumn property season, major bank CommBank have dropped some of their fixed rates home loans in an effort to entice new borrowers.

It’s common knowledge that renewable energy is good for the planet, but energy retailer, Powershop are determined to show you just how healthy it can be for your wallet too by passing on savings to its customers.

Drivers in Perth are paying less than half the amount for comprehensive car insurance than those in Sydney, where transport costs, including insurance prices, are highest, according to the latest Transport Affordability Index from the Australian Automobile Association.

Goodbye summer, hello Autumn. As the leaves begin to fall and temperatures begin to drop, many Australians will begin searching for those thicker socks and warmer jumpers discarded at the beginning of summer - but could the start of Autumn also be the right time to begin your property hunt?

With today marking the official end to summer, many Aussies may have already noticed the slight chill in the air, but here at Mozo we’ve also noticed a change to personal loan discounts - or the lack of them.

Mobile banking is booming down under and it turns out that if you’re one of the ever-increasing number of Aussies to manage their money via a mobile banking app, you’re far more likely to recommend your bank to your best mate.

The saying goes ‘if you want something done right, you’ve got to do it yourself’ and that’s exactly what many Aussies are planning to do when it comes to solar energy.

When it comes to budgeting, keeping tabs on every cent that passes through your bank account can be a real hassle, which is why Australians searching for a simpler solution will be pleased to know that the winner of the 2018 Mozo Experts Choice Award for best Money Management App has just been announced.

You’ve done all of the necessary real estate research, watched the market for months and finally found your ideal home. But which of these five bidding masks should you wear to auction this property season?

Another Aussie summer comes to a close with an outrageous amount of consumer news crammed into just 28 days over the last month.

The 1st of March is also the first day of autumn, which brings with it dropping leaves, chilier weather, and the autumn property season.

If you love rewards points as much as we do, then you’ve probably put some time into thinking about the best ways to squeeze every last drop of value out of your rewards plastic. Well, you don’t have to wrack your brains any longer.