News Archive for August 2019

The Reserve Bank of Australia moves interest rates up and down to influence supply and demand. If economic growth is slow, the RBA might decide to cut interest rates to stimulate spending and investment. But is there a chance they could drop to zero? Or even lower?

It’s no secret Aussie shoppers have a love affair with Buy Now, Pay Later (BNPL). Heralded as an interest-free alternative to credit cards, these delayed payment services have only gotten more popular with time.

In this week’s banking recap, we take a look at the latest from the world of neobanks, Aussie property, and more.

A growing number of older Aussies are taking their mortgage into retirement, with new research showing home loan debt among those over 55 has skyrocketed by 600% over the last three decades.

To give energy customers more power over their annual bills, a new initiative has been proposed by the Federal Government, which would allow Aussies to demand their usage data from their retailers.

Haven't bought dad a Father's Day present yet? Well, you might be able to save your pennies! According to a new MyState Bank research study, nine out of ten Aussie Dad's would hands-down pick a 'family experience' over any gift this Father's Day.

For many Aussies, studying abroad is a dream come true - a way to broaden your horizons, see more of the world and perhaps even find a new place to call home.

Mozo has found new homeowners have been slugged a staggering $10.5 billion in repair costs over the past decade as poor construction standards have left them battling leaks, cracks and other problems.^

After months of secrecy, neobank 86 400 has publicly revealed details of their soon-to-be-launched transaction and savings accounts - what they’re calling the Pay Account and Save Account.

If you are a loyal Sydney-sider or Melbournite, or itching to become one, you may have heard that auctions clearances are creeping up and up, and this weekend was no exception.

So your car is out of commission after an accident and you have to find another mode of transport to get to work or pick up your kids from school. That inconvenience is stressful and time-consuming enough - and now your car insurer has refused the repairer you’ve chosen with little or no explanation.

With providers slashing rates left, right and centre since the July RBA rate cut, it’s become trickier than ever for Aussie savers to find a top notch place to stash their savings.

In this week’s banking recap, we take a look at current sentiment among Aussie homebuyers, Citi’s venture into the buy now, pay later market, and more.

Rate cut alert! MOVE Bank has taken the axe to more than half of its home loans. The lender dropped interest rates on a whopping total of nine owner-occupier and investment home loans, some by as much as 0.60% p.a.

Westpac has found more Aussies are now struggling to meet their home loan repayments, despite positives in the air like lower interest rates and a recovering housing market.

From rewatching your favourite television series to putting in the same lunch order, sometimes it’s just tempting to stick to what we know.

Back from an overseas trip, only to find you now have thousands of dollars of debt hanging over your head? Experian’s new research has revealed three in five Aussies who used their credit card during their holiday didn’t pay it off immediately after they returned home.

Do you love the feeling you get when you buy a present for your friends, family members or even furr-kids? Well it turns out you’re not alone, in fact as a nation us Aussies are pretty generous folk, spending a whopping $19.8 billion on gifts every year.

The RBA has been cutting rates for months now, and if you’ve done nothing about it, you could be out of pocket thousands of dollars.

Love to shop but hate credit card debt? Enter Citi Australia, who just introduced a new Buy Now Pay Later service for cardholders.

You know what they say, “a little goes a long way”. It’s true you know. Just think of what you could do if you put aside an extra $100 a week. That’s an extra $5,200 a year! You could put it towards extra home loan repayments, or even spoil yourself with a well-deserved holiday.

It might not be quite hot enough to bring out your two piece and hit the beach, but something that is definitely heating up is the spring property season in the wake of record low home loan interest rates. Just the way nature intended it, spring is all about excitement and new beginnings, so it’s no surprise the property market is roaring as soon as September hits. But, before you get swept up in the glorious weather, open houses and countless auctions, there are a few things you should prepare before diving in head-first for that big purchase.

With Spring property season right around the corner, new Westpac research has found that Aussie house hunters are keen to make 2019 their time.

In this week’s banking recap, we take a look at the state of the average Australian’s finances, check out the latest international money transfer news and revisit the energy default market offer.

For some it’s a convenient way to pay, for others it’s the insurance perks, but for many Australians the major attraction of a rewards credit card is points, points, points.

One of the more unfavourable parts about going on holiday is having to deal with transaction fees and unfavourable exchange rate markups.

Whether you’re just getting started with setting up your banking or you’re doing a financial clean sweep and revamping your current accounts, it’s a good idea to establish better organisational habits right from the get-go.

International home insurance provider, Chubb, found that water damage claims are on the rise here in Australia and many people aren’t doing much to avoid it.

Yesterday, the Victorian government introduced a bill to increase the state’s renewable energy target to 50% by 2030.

Go back a decade, and Australians couldn’t have imagined paying for anything with a tap of their smartphone. But today, you can even use your handy gadget to take out a home loan.

Have you ever wondered what the big banks aren’t telling you? When it comes to your home loan, the big banks don’t want you to look too hard or ask too many questions because you might find out something that will cost them and save you thousands of dollars over your lifetime.

For Aussie businesses that import goods or pay staff and suppliers abroad on a regular basis, transferring money overseas is just regular practice. But if you’ve been relying on one of the big banks to make these transactions, chances are you’re spending a lot of unnecessary dollars to make up for a poor exchange rate.

One thing Aussies hear about more often than they should are family or friends becoming victims of scams. And whether or not you have been or know someone who’s been scammed, it’s a lot more common than you think.

As Buy Now Pay Later becomes more popular, young Aussies are bidding farewell to credit cards and some of the big financial players are taking notice.

If you’ve been pulling the rein on spending or even dipping into your savings account to pay down your mortgage and electricity bills, you’re not alone.

Australian businesses that fail to cooperate with the Australian Tax Office (ATO) in paying back substantial tax debt could have their information shared with credit reporting agencies under new reforms proposed by the Federal Government.

The nationwide debate that's divided Aussies for generations has finally been settled. Ford versus Holden? Well, according to data from Gumtree Cars, neither!

In this week’s banking recap, we revisit the RBA’s August decision, plus turn our attention to travel insurance in light of the latest round of Mozo Experts Choice Awards.

In a world where it’s hard enough to remember your partner or best mate’s mobile number, should Australians be expected to know that their home loan interest rate is?

While Aussies have a love affair with their plastic, new research has found most of us only ever carry around one credit card.

Online lender and Mozo Experts Choice Online Home Lender of the Year^, Tic:Toc, has continued to ride the rate cut wave today, as it dropped home loan rates again for new customers.

So, you’ve finally decided to take the plunge and turn your side hustle into a business, except, now you’re stuck trying to come up with the cash to get the ball rolling. Before you throw in the towel and go running back to your nine to five, have you considered taking out a business loan?

Recent RBA data has revealed that the total value of personal loans Aussies have been borrowing has sunken to their lowest levels since 2015 by $4.8 billion.

It’s been over a month since the RBA reduced the official cash rate to 1.00%, but the rate cuts keep coming.

With the year quickly flying by, now's the time to start planning your 2019 summer holiday. And what better way to escape the hustle and bustle of the city, than a relaxing cruise along the Pacific?

Travel insurance isn’t always so clear cut to begin with, but things get even more complicated when snow sports are on the agenda. That’s why we’re singling out the best travel insurance for those planning on hitting the slopes in this year’s Mozo Experts Choice Travel Insurance Awards.

We get it, you know how important it is to have travel insurance for your upcoming holiday but you just don’t have the time to shop around for policies.

Every year, millions of Aussies gear up to take a trip somewhere in the world. And with looking at flights, packing luggage and organising accommodation being the (let’s be honest) more exciting parts of planning a trip, it’s not uncommon for travellers to overlook the importance of taking out travel insurance or not knowing what makes a top policy.

On Tuesday the Australian Energy Market Commission (AEMC) held a hearing to address a new proposal from energy companies, Engie and Simec Energy about introducing a wholesale demand response mechanism in Australia.

Ever heard of a bank account that gives you money back when you spend?

In a rates dream for Aussie borrowers, the home loan party is showing no signs of stopping as lenders launch new sizzling hot deals to take advantage of the rate cut momentum created by the Reserve Bank and tempt more borrowers to switch and save.

Hold! That was the verdict from the Reserve Bank (RBA) Board which took the decision to maintain the official cash rate at 1.00% at its August meeting in Sydney this afternoon.

ME Bank has made a number of changes to its range of fixed rate home loans, most notably slashing 3-year fixed rates by a massive 0.40%.

In this week’s banking recap, we take a look at the current state of the property market, the latest news in the banking app world, and the things business owners should be doing to give their business the best shot this financial year.

Rates are tumbling!

UBank home loan customers have been sitting patiently since the bank announced variable rate changes back in early July, but the wait is finally over!

For Aussies holidaying, working or doing business in the United Kingdom, it’s time to prepare yourselves for Brexit - whether that’s avoiding bad exchange rates for international money transfers (IMT) or picking up a travel card for your upcoming trip to Britain.

The last few months haven’t been too friendly to savings accounts. Since the back-to-back RBA rate cuts of June and July, we’ve seen a flurry of activity on the deposits front, with the average ongoing special rate for savings accounts dropping from 2.25% p.a. all the way down to 1.82% p.a.

August is here! Which means we’re one month closer to kissing the cold goodbye for another year. We’ve loaded up this month’s financial checklist with some hot tips and tricks to get you through the tail end of winter.

The latest version of the Commonwealth Bank’s popular app - which was recognised as the best banking app in Australia in the Mozo Experts Choice Awards not too long ago - has just gone live.