News Archive for September 2018

Both the Commonwealth Bank and ANZ have announced interest rate hikes on their variable home loan ranges today, in a trend that sees the big banks cave to funding pressures and pass added costs onto customers.

As the cost of your morning coffee goes up, your boss announces there’ll be no christmas bonus and big banks hike up their home loan rates, it’s no wonder Aussie’s are feeling the strain on their purse strings.

Whether you’re sending money to loved ones or are keeping your business running, every Aussie will have a different reason to send money overseas.

Ever since the introduction of Comprehensive Credit Reporting (CCR), it’s safe to say that Aussies are talking about their credit scores a lot more than they used to.

If you’ve still got a home loan with a big bank despite the recent rate hikes, it might be time to reconsider. New research from Mozo reveals that the big bank mortgage loyalty trap is costing Aussie borrowers $19 million a day in missed interest savings.*

Christmas is just around the corner! Well, ok, so it’s a little early to start thinking about carols, gift wrapping and Christmas lunch, but if the idea of Christmas Day abroad appeals to you, then it’s time to start planning your trip.

Summer holiday travel season is fast approaching, but while you may be fixated on getting the best price on your flights and accommodation for that trip to Europe or South America, have you ever seriously thought about the fees you’re likely to fork out while overseas?

With Christmas now officially less than three months away, Aussies across the nation are gearing up for the busiest time of the year and that means making room in the budget for extra spending.

A new Aussie first offer from loans.com.au combining a low rate home loan and interest-free credit facility, aims to have Aussies cutting up their credit cards.

The thrill of chasing rewards points still appeals to Aussie spenders, despite plummeting returns and high annual fees. But the good news is, Mozo research has revealed that there is a way to earn hundreds of dollars of rewards value each year - and it’s all about choosing the right rewards credit card.

With school holidays kicking off on Friday afternoon and the 2018 NRL Grand Final doing the same on Sunday evening, travellers will be flocking in and out of Sydney and New South Wales.

There are many reasons for switching to solar, but if anything’s for sure, it’s that Aussies want to see their energy bill decrease. The upfront cost of solar panels and storage can be daunting, but with new kid on the block Solahart PowerStore, you could be set to save on both the upfront investment and your quarterly power bills.

Although the weather’s not quite hot enough to give your budgie smugglers another run, there is one thing that’s heating up, and that’s spring property season. After a lengthy housing boom, first home buyers could be in the prime position to purchase as the property market loosens its grip.

From the humble hills hoist to the indispensable wifi, Australia is both a nation of technological innovators and keen adopters. After all, if you can think of a better way to sun-dry your clothes we’d like to hear it.

Earlier this week, stricter new rules around using mobile phones while driving came into effect in NSW, which mean that drivers in the state could lose 5 demerit points and cop a $337 fine if they’re caught using their phones behind the wheel.

One of the big questions yet to be answered when it comes to fintech is: how do we effectively regulate the industry?

Everyday it feels like someone, somewhere has coined a new banking term. But as Australia continues to take big steps towards innovation, the average Aussie might feel left in the dark when it comes to understanding what’s in store for the future of banking. So to keep you in the loop with all the latest in fintech, we thought it might be worth getting the basics down first.

Aussies sticking with the big four after their recent rate hikes run the risk of missing out on over $2,000 a year in savings, according to Mozo research. This means that as a whole, Australians could lose a combined $7.02 billion^ in interest savings a year, or $19 million a day.

Australians can withdraw cash with their phones, make payments with their smartwatches and now they’ll be able to transfer funds and check their bank account balances with a simple, “Hey Siri.”

Alright, alright, you’re sick of hearing it: women aren’t as engaged with their personal finances as men, surveys show that on average, women’s financial literacy is lower than men’s and the gender pay gap starts as early as six years old.

f you’ve still got a mortgage with a big bank despite the recent rate hikes, it might be time to reconsider. New research from Mozo reveals that the big bank loyalty trap is costing Aussie borrowers $19 million a day in missed interest savings.*

From busted heating to an ancient stereo system, it’s not uncommon for many Aussies to be at their wits end with their car.

Whether it’s paying for a morning coffee or withdrawing cash from an ATM, Australians are increasingly choosing to whip out their smartphones or smartwatches for their everyday banking and financial transactions.

Between insurance jargon, the risk of underinsurance and all the fine print, finding the best value insurance for your home and car isn’t always easy.

There are some things that make the good old days hard to forget - big hair, how far $2 got you at the school canteen, or apparently, being able to afford your first home.

As Aussies across the nation avoid strawberries at their next grocery shop, many could be adding a personal loan to their shopping basket instead.

Finding simple ways to save on a home loan can be tough enough, but NAB has made that task a little easier for Aussie home buyers and refinancers with it's new limited time $1,250 bonus offer.

New Mozo research has shown that newborn babies are putting their parents under financial strain, with 70% of families reporting feeling the pinch during their baby’s first year.

Whether you’ve just started your ascent up the property ladder, or you’re a certified home investor, navigating life as a landlord can have its trials and tribulations. If you’ve spent your hard earned bucks to secure another set of keys, passing them over to strangers can feel like the ultimate trust-fall.

We get it- your car is your baby. If anything happens to it, you’re not going to be happy about coughing up your hard earned bucks to repair it. That’s where Mozo’s Experts Choice Car Insurance Awards come into play, revealing the best policies on the market so you can stress less knowing you’ve got great cover in case of an accident.

If you’re in the market to buy a new home or refinance this Spring, you’ll want to ensure that your home loan approval process is as fast and hassle free as possible.

If you’re like most Aussies, your home is your greatest asset - yet as many as 4 in 5 Australians are underinsured. If you’re worried about having to cough up money to replace things if your home is robbed, or to cover fire damage if you leave the stove on, you’ll need to find a home insurance policy that provides great cover.

How does paying wholesale prices for your electricity for the next two years sound? That’s exactly what’s on offer with Energy Locals' new power promise.

In order to enforce responsible lending, ASIC has asked that banks and credit card providers to employ a three-year period when determining appropriate credit limits for customers.

It’s an exciting time of the year- the Mozo 2018 Experts Choice Insurance Award winners have been announced and Suncorp has been named Insurer of the Year by the Mozo judges.

When it comes to haggling, there are those who are born to do and those who’d rather sit through a root canal at the dentist.

What ticks you off when it comes dealing with your bank? That’s the question from the latest survey, commissioned by Gateway Bank.

The Australian winter may have been many things - a winter of cold, a winter of drought and a winter rife with political machinations. But it was also a winter of home loan rate rises.

Spring may have sprung but there was no seasonal change for the official cash rate as the RBA board left interest rates at a record low 1.50% following today’s meeting in Sydney.

If your credit score isn’t something you think about over your morning coffee or jog, you’re not alone. 65% of Aussies have never once checked their credit report and big four customers are the worst culprits, Experian research has found. But with recent changes in credit reporting now starting to take effect, it’s more important than ever that Australians understand how valuable a good credit score can be.

Do you take your rewards point stash seriously? Plan your spending to maximise your points earn? Then we’ve got good news for you.

It’s a fact: haggling doesn’t come naturally to everyone. There might be a hundred reasons why you don’t haggle on big purchases, or on things like your credit cards, home loan or insurance or NBN  plan - you may think it’s embarrassing, or not worth the time, or maybe you just don’t know where to start.

Who wants to take their wallet on a trip to the beach, a morning jog or on a hike through a national park? Not many people, judging by how spenders are taking to wearable payment technology like fish to water.

Icy temperatures may say otherwise, but spring is finally here. And in Australia that means three things - footy finals are on the horizon, magpies are in peak swooping mode and spring property season is upon us.

Let us have a moment’s silence for the departure of winter...great now that that’s over with, let’s move onto something that really matters - spring! We all know that spring is the perfect time of year to start afresh, but it may also be an opportunity to try something new. So regardless of how you’re preparing to take on September, here are five places to start…