News Archive for July 2019

Saving up for something special?

In its latest meeting, the Reserve Bank has decided it will be cutting the cash rate by 0.25%, bringing it to a record low 1.00%.

A recent MyState Bank report found that 6 in 10 Australians say their mood negatively impacts their savings habits, with boredom, 'bad days', peer pressure and buy now, pay later services being the top savings hindrances.

With the market ‘bottomed out’ and interest rates at a record-low, first home buyers have gotten the green light to take out a home loan and snatch up their dream property.

From rewards cards to black cards to everyday spending cards, when it comes to credit cards, the options are endless. Which means it’s super important to find the right one for you that will get you the best value from your spending.

Life’s too precious to take shortcuts when it comes to life insurance, so taking the time to find the right policy is an absolute must. Finding the right policy for you and your family can be daunting, which is why we’re pleased to announce the 2019 Mozo Experts Choice Awards for Life Insurance.

Home borrowers are walking away from the big 4 banks in favour of challenger and customer owned banks, according to the latest statistics from the banking regulator.

From next month, commuters across NSW will be able to tap on and off using their credit card and debit card on Sydney buses, which according to NSW Transport Minister, Andrew Constanceto is completing the “final piece in the contactless payments puzzle.”

As any small business owner will know, finding the time to manage day-to-day operations, let alone grow their business, can be difficult.

It’s true, the property market isn’t in the best shape. But expectations for house prices have shifted, so now may be the time for buyers to take out a home loan and lock down a property purchase.

In this week’s banking recap, we examine the state of the property market, retirees’ finances, and the latest moves from the world of banking.

If you’ve been keeping up with the latest property news, you’ll know that the property market has seen better days. But with prices expected to ‘bottom out’ in the coming months, many potential buyers across the country could be tossing up about whether now is the right time to make their move.

Today, consumer finance app, Finch, has released FinchPay as part of the new FinchXP platform for businesses.

International social share trading platform, eToro, have a new portfolio on offer that combines both stocks and cryptoassets, the FuturePayments portfolio.

With no job to tie you down, retirement promises more opportunities to wind down and relax, whether it’s learning new hobbies or finally taking that dream holiday overseas. But for a growing number of senior Aussies, that may no longer be possible with their credit card trapping them in debt they can’t pay off.

For many Aussies, stepping away from the norm proves to be a tad difficult from time to time. But it looks like Queensland-based mutual bank, Heritage Bank has no problem defying trends.

Dragging your heels to work this morning with a severe case of Mondayitis? It sounds like you need a bit of Monday motivation. Lucky for you, we’ve got just the thing to switch you into gear!

A lower company tax rate and an increase in the instant asset write-off - the new financial year has brought with it some seriously good news for Australian businesses big and small.

Major bank Westpac has today slashed interest rates on one of its popular packaged home loan deals, applying a larger 1.29% discount across all new Premier Advantage Package home loans.

This morning, Bank Australia made big changes to its range of fixed and variable home loans, cutting rates for both owner occupiers and investors to stay in line with dropping market interest rates.

Record-high mortgage debts are stopping Aussies from spending their money, new research has revealed. A Reserve Bank analysis has found home loans are the biggest culprit behind why we’re pulling back on our expenditure, despite the government’s efforts this month to kickstart our slowing economy with a $158 billion tax cut package.

In this week’s banking recap, we take a look at the latest moves from the world of banking, plus revisit the latest round of Mozo Experts Choice Awards.

Looking to get into the investment property game and on the hunt for the right home loan to do it?

Three fintechs have recently been welcomed to the Apple Pay family, and for Aussies who love all things banking tech, we think they are worth knowing about.

As of today, neobank, 86 400 has officially been granted a full Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (APRA).

With July well and truly upon us, now’s the chance to take a step back and look at your finances and focus on some new financial year’s resolutions. Whether that goal be starting a new savings plan, paying-off existing debt or taking the big step of buying your first home, now is a great time to take the plunge.

Last Sunday, the Federal Government announced it would be cutting ‘deeming rates’ from 1.75% to 1.00% for small assets for the first time since 2015.

Finding the right income protection insurance policy can be a hassle, especially with so many different insurers and policies on offer.

The UBank USaver with Ultra Transaction Account, a favourite among serious savers, will see reductions today as UBank takes the axe to its range of savings accounts and term deposits.

Online lender UBank has made a host of changes, effective today, to its suite of fixed home loan offerings, cutting rates by up to 0.25% for owner occupiers and a whopping 0.50% for investors.

Forget 2.99%, say hello to Greater Bank’s new and improved 1 year fixed home loan rates that’ve been slashed following the RBA decision earlier in the month.

If you’ve been using an Australia Post Load & Go travel card for a while now, this is news you’ll need to hear: Australia Post has announced it is replacing its Load & Go card with a multi-currency Travel Platinum Mastercard.

No matter the time of year, if there’s one thing most Aussies are down for, it’s a trip to somewhere around the globe.

The Australian Financial Complaints Authority (AFCA) recently released its six month report, and it doesn’t paint a particularly flattering picture of the Aussie banking sector.

Just over two weeks ago, Aussies were introduced to a new set of energy prices, regulations and changes that would impact prices for many households.

Today, Aussie parents welcome a new low-cost prepaid card and app combo for kids and teens, ZAAP.

Organising your tax return is probably the last thing you want to do on a Monday, especially when you’re suffering from the post-weekend blues. But, as we all know, our motivation usually starts to dwindle as the week unfolds, which means Monday’s are when we’re at our productivity peak.

No, not really.

In this week’s banking recap, we review what’s been happening on the home loan and savings front since the RBA cut official interest rates, plus take a look at some helpful tax and energy tips.

If having debt on your credit card makes you anxious, you’re not alone. New research from credit bureau Experian found a whooping 84% of Australians would worry if they skipped a credit card repayment, but nearly half don’t make their repayments on time.

If you’re looking to secure a home loan for your first property, you’re in luck.

It’s been nine days since the RBA decided to drop the official cash rate to a record low 1.00% and since then a large number of home loan providers have signalled their intention to reduce rates on their respective variable mortgage offers.

With the financial year well and truly here, many small business owners may be gearing up for the next 12 months by jotting down a new set of financial goals and targets.

To fix or not to fix? That’s the question on the minds of many Aussies across the country.

Today, popular digital bank, ING slashed interest rates by 0.25% across most of its savings accounts products following the RBA decision last week.

UBank customers who logged onto the UBank app over the weekend were greeted by some pleasant news: the online bank has opted to pass on the RBA’s cut in full to its variable home loan customers.

With a new financial year upon us and interest rates sitting at new record lows, now is the perfect time to resolve to crush your home loan. Borrowers around Australia are celebrating back to back RBA cuts, but did you know that you can use the record low rates environment to your advantage to pay down your mortgage even faster?

Aussie borrowers are revelling in a rates bonanza, as home loan interest rates continue to plunge to unheard of new levels. Lenders are now offering jaw dropping deals in the 2 per cent and low 3 per cent range, enabling borrowers to pay down their debt faster than ever before and build up record buffers.

In this week’s banking recap, we revisit Tuesday’s RBA rate cut, and take a look at all the moves that have been made in the home loan market since.

If you’ve got a holiday in the works, the last thing you want is to be told your trip has been cancelled, or worse yet, you run into a medical emergency once you’ve reached your destination. Aside from being downright heartbreaking, these situations could also put a not so nice looking hole in your travel budget.

When it comes to natural disasters, no matter how prepared you feel, the damage is inevitable. And with a new report by the Sigma revealing Aussie’s are ‘heavily exposed’ to secondary natural perils, such as bush fires and flash floods, it’s crucial to find out whether your home insurance policy will cover natural disasters.

Australians may love spending money, but as it turns out, we’re also a nation of big savers. A new ME Bank survey reveals 48% of Aussies intend to stash their tax refund away for the long term, whether as an investment or inside a savings account.

It’s been three days since the RBA announced another cut to the official cash rate, but so far most lenders who’ve made a move have decided against passing on the full 0.25% cut.

The Australian Banking Association (ABA), together with a number of Australia’s largest banks, has launched a new set of guidelines aimed at restoring faith among banking customers following the Banking Royal Commission.

A major investigation into the travel industry by the Victorian Equal Opportunity and Human Rights Commission has exposed ‘widespread’ unlawful discrimination when it comes to covering mental health in travel insurance policies.

On Tuesday, the Reserve Bank decided to decrease the cash rate once more, bringing it down to a record low 1.00%. Since then, attention has turned to banks and lenders to see how much of the cut will flow through to home loan customers.

On Tuesday the Reserve Bank Board made the decision to cut the official cash rate by 25 basis points to 1.00% - a new record low and the first time we’ve witnessed back-to-back cuts since 2012.

With interest rates on savings accounts continuing to nose dive, a couple of the big 4 have decided to spare savers by not passing on the full rate cut.

This afternoon, we learned that ING will be reducing rates for its variable home loan products by 0.20%. And while that’s five basis points shy of the full 0.25% cut, it still sees several ING home loans among the more competitive in the market.

With the RBA cutting the cash rate to a historical low of 1.00%, there’s never been a better time to get picky about your home loan, especially with some lenders slashing rates to below 3.00%!

ANZ, Athena, Homestar and State Custodians are leading the RBA rate cut nice list this month, being first out of the blocks to announce they are passing through the Reserve Bank's July rate cut in full.

Following the RBA’s decision to cut official interest rates - the second month in a row they’ve done so - all eyes were on the big banks. But if you were holding out hope that they would pass on the cut in full, we’ve got bad news.

All four major Australian banks - ANZ, Commonwealth Bank, NAB and Westpac - have made cuts to their respective variable rate home loans following the Reserve Bank Board’s interest rate decision yesterday afternoon.

Qantas Frequent Flyer and ANZ have joined forces to offer the chance for customers to earn Qantas points on new eligible ANZ home loans.

ANZ dropped its variable home loan rates by 0.25% p.a. following today’s RBA cash rate cut, making it the first big bank to pass on the full cut. Considering the backlash ANZ copped from the RBA after not passing on last month’s cash rate cut to customers, it was really only a matter of time before it did.

It wasn’t too long ago that cryptocurrency took the world by storm and became an internet sensation. But while you can be forgiven for thinking the hype has passed, Facebook have recently announced a plan to launch its own cryptocurrency, Libra.

Home loan rates are hitting jaw dropping new lows as Australia's challenger lenders waste no time in passing through the Reserve Bank's second rate cut in as many months.

Only a few short minutes after the RBA announced it will be reducing official interest rates by 0.25%, online lenders Homestar andAthena Home Loans have jumped on the opportunity to pass on the full cut to their customers.

It’s hard to believe, but just like that we’re already halfway through 2019 and at the start of a brand new financial year! But why should Australians give a hoot about July 1?

Read Chapter Five.

Last week, electronic payment giant Visa announced they will release a new Buy Now Pay Later option for their credit card customers.

HAPPY NEW YEAR! …Well, happy financial new year, that is. Wow, is it July, already? Firstly, welcome to any new readers here today, and welcome back to all of our financial checklist regulars! Now, get ready, because, from dry July to travel money to award-winning energy providers, our July 2019 financial checklist is filled to the brim with tonnes of tips and tricks to get you through the month!

While it can be tempting for business owners to sweep certain tasks under the rug over the financial year, like bookkeeping or organising tax receipts, scrambling to get everything sorted when June hits isn’t fun - it’s usually just extra stress!

Codes, reports and guidelines - the three words that have hoped to shift the energy market from complicated to transparent.

Experts are urging Aussie savers to rescue their rainy day funds by switching to a top paying account, as rates on some of the nation's most popular accounts race towards 0%. Alarm bells are ringing after the average savings rate dropped by 22 basis points in June, and is now sitting at a dismally low 1.39%.