News Archive for January 2019

A 2018 Mozo Experts Choice Award winner, with no annual fee and a low 14.99% purchase rate, you might think the American Express Essential Credit Card couldn’t get any better.

If you’re planning to break into the property market for the first time this year, you probably already know that saving up a lump sum deposit can be a case of “easier said than done.”

Part of life for uni students is learning to live on a budget. But given that the costs of textbooks and tuition continue to skyrocket, not to mention the fact that most students won’t be able to work full time, it can often be difficult to save money.

Could the future of Aussie home loans be online? With the average rates for online home loans being a significant 0.22% lower than the Big Four banks, more Aussies than ever are starting to make the switch to the online home loan market. At this stage the Big Four banks have still maintained their hold on 80% of the residential loan market, with current online lender trends starting to peak, this is likely to change.

Christmas presents, food, overseas travel - the summer holidays are without a doubt one of the best times of the year for many Aussies. But at the end of the day all that fun needs to be paid for, so it’s hardly a surprise that many let their credit card spending balloon out more than it should over the period.

Whether it’s time to consolidate high interest debt, tick off that bucket list holiday, pay for your wedding or give your home the facelift it needs, a personal loan is a great option for those looking to borrow a lump sum of money.

Term deposits, home loans and rewards credit cards. It’s certainly been another busy week in the world of Australian banking. Here's a run-down of the latest ups and downs across the financial landscape.

If you’re looking to refinance your home loan this year, the odds are stacked against you. There are a few factors at play making loan approval tricky. Firstly, in the wake of the banking royal commission, banks have cut back on their lending and are subjecting customers to greater levels of scrutiny, affecting new and refinancing borrowers.

So you’ve got your holiday countdown app ready and you’re eagerly awaiting the day you jet off to your destination abroad.

We know that picking an overseas destination can be a difficult choice. From world class sporting events, annual cultural experiences, art exhibits and music festivals, the opportunities are endless if you know where to find them. Start planning now and check out our list of fulfilling events plus handy travel money tips in 2019 that you can find on both a global and domestic scale.

Bank account fees have traditionally been the bane of Aussie banking customers, but new figures have revealed that Australians don’t necessarily have be paying them. According to an analysis of 107 bank accounts in the Mozo database, 41 accounts have a $0 monthly fee with no strings attached. As well as this, there are 36 accounts that waive their monthly fees for account holders who are able to make regular deposits.

If you were to ask the average Australian what they’d most like out of their banking products, it’s safe to say that lower rates, or rates which better reflect their own great financial habits would be near the top of the list.

Whether you’re a frequent traveller or a lover of online shopping, you may or may not have heard of a sneaky tactic called ‘dynamic currency conversion’.

After being the only big 4 bank to resist a rate hike in September, NAB has today announced a home loan rate rise for both owner occupiers and investor home loans on the Tailored Home Loan.

It’s awkward, intense and downright debilitating, but asking for a pay rise is something we all need to do one day.

Buy now, pay later (BNPL) service Zip has described the current credit card model as ‘outdated’ compared to BNPL products such as their own, which they argue offer a ‘fairer’ payment alternative for Australian consumers.

2019 is in full swing, so what better time to take on a new hobby than the start of the year? Whether you’re trying to save money or you’re searching for downtime inspiration, there are many ways to shake up your routine and to expand your creative comfort zone without breaking the bank. With over 300 days left of 2019, here’s a list of six activities (that aren’t just binge watching Netflix) to test and try!

While you might disagree with its assessment - or balk at the idea of being reduced to a number - your credit score is one of the main things banks and lenders rely on when determining whether or not to give you a loan.

A number of trends from last year have continued into January, including several changes which gesture towards an upcoming decision by the RBA.

Getting rewarded for your shopping sprees could seem like an amazing dream. But when you have the right rewards card in your wallet, scoring masses of points and freebies while you spend could become your new reality.

Are you preparing to see the inside of a plane more than your own loungeroom this new year? Well then, chances are you’re a frequent flyer.

To fix or not to fix that is the question - or at least it’s the question on the mind of both current and prospective Aussie homeowners.

The reality of travel is a disappearing bank balance. When planning an overseas trip, you discover that some destinations are more expensive than others, and all the costs start adding up - food, accomodation, internal travel and attractions. However, budget travel does not have to mean budget enjoyment. Because budget travel opens doors to more authentic money-can’t-buy travel experiences with the local communities.

Between managing staff, keeping on top of operating costs, and enduring times of unpredictable turnover, running a small business can feel like one big, protracted headache. So for small business owners looking for a leg up, taking out a business loan could be a great idea.

The tree’s been taken down, the decorations are now packed away, and so, life goes on until next Christmas. All of Santa’s little helpers out there who went a little overboard on the Christmas shopping probably wish that packing up that lingering credit card balance was just as simple. Not to worry, because it can be!

Offset accounts are a popular option when it comes to picking out a home loan, and it’s no mystery why. If used correctly, they can shave years off your mortgage and save you thousands on interest.

It’s never too early to start teaching your kids about the importance of earning, saving and spending money. After all, according to ASIC’s MoneySmart website, the significance of developing positive financial skills from an early age will set them up for the financial challenges of adulthood and establish good money habits for life.

From burgers and fries to peanut butter and jam, there seems to be something comforting about bundling things together.

As any small business which has needed extra funding in the form of a loan may already know, wading through the jargon and costs associated with a small business loan can be seriously headache-inducing.

New year’s resolutions come in all shapes and sizes - from getting fit to quitting smoking or even spending less time on your phone. But if your resolution is to say goodbye to debt then you might be thinking about taking out a debt consolidation loan.

Is 2019 the year you get hitched? Well we won’t need to remind you about how much there is to prepare, and with the average wedding costing around $36,000 according to ASIC MoneySmart, the sooner you get a plan in place the more you’ll be able to save - in money and stress.

Is buying lunch every day breaking your bank account? Even if you’re spending just $10 a day on lunch, that could add up to well over $2000 a year. By bringing your lunch to work you could be saving yourself some serious coin, and the New Year is the perfect time to set your finances straight.

Bank of Queensland and Virgin Money have both announced home loan rate rises this week, a move that may signal a new round of out of cycle home loan rate rises. Mozo Data Manager Peter Marshall said rising rates could lead to an RBA rate cut - or two - in the first half of the year.

In the midst of Australia’s current hot summer, 2018 Mozo People’s Choice Award winner Origin Energy has shed some light on how to survive the heat without breaking the bank.

Last year has been a bit of a bumpy ride, and economically we’re not out of the woods just yet. What you can do is make sure you’ve got the financial tools that are built for your lifestyle.

We can’t be the only ones who live for those new diary feels at the start of each year, right? There’s just something about putting pen to paper in a fresh new (and usually over-priced) diary on January 1st that triggers that excitement for a new beginning, symbolic or not. For those embracing the “new year, new me” phenomena, check out Mozo’s Financial Checklist for January 2019.

Putting a smile on someone’s face at Christmas is priceless - until you take a look at your credit card bill. But don’t worry, you’re not the only Aussie who dropped a bundle in December.

After a tumultuous few years which saw housing prices skyrocket to the highest they’ve ever been, the Australian property market looks set to settle down - at least a tiny bit - in 2019.

I’m sure all the sceptics out there will be first to roll their eyes at the idea of ‘calling upon the stars’ for some insight into our financial destinies. But you’ve got to admit, aren’t you the least bit curious about what the future holds for your bank accounts in 2019? Have a read of your 2019 Money Horoscope to find out if this is the year you break the bank!

Are you looking to save some extra money in 2019? Home loan refinancing is one of the clever tactics that money savvy borrowers utilise to their advantage to save money on their monthly repayments or get mortgage free sooner.

Whether you’re coming out of holiday mode or looking for new year motivation, it’s the perfect time of the year to ditch old habits and set you and your bank account up for a prosperous year ahead.

With only a couple of weeks until school’s back, a new report from Big W has found Australian parents are set to fork out a total of $3.8 billion on back to school items.

New year, new you, new credit card! The right piece of plastic can be a super handy way to squeeze extra value out of your spend, or to manage your month-to-month costs a little better. So if one of your resolutions was to “spend smarter” this year, a new card might be part of that.

The rapid change of the financial world has presented a range of processes that challenge the way we once thought about traditional banking, and it can be easy to fall behind the times.

The new year is a great time to assess your finances and to come up with ideas to save money.