News Archive for June 2019

In this week's banking recap, we take a look at Aussies’ saving and spending habits, an exciting newcomer to the energy market, and the possibility that the Reserve Bank will cut rates again.

Mozo has found travellers who are planning to head overseas to beat the winter blues could end up forking out $385 in unnecessary bank fees by choosing the wrong travel money option - enough for a return flight to Phuket, Bali or Singapore.

It looks like the 2.99% fixed rate party just keeps getting bigger and bigger, as Bank of Queensland and Virgin Money have both cut their three year fixed rate to a rock bottom 2.99% (4.19% comparison rate and 3.53% comparison rate respectively*), effective today.

If you’ve been holding out for the right variable rate home loan, then today is your lucky day. Coming into effect today, UBank has cut variable rates on its UHomeLoan by 0.25%, making it one of the lowest variable rates in the Mozo database.

New research from AMP paints a pretty dire picture of Aussies’ personal finances. According to the study, 1 in 5 Australians have less than $250 in savings. And even more distressing, two thirds of that group have no savings at all.

Today, Macquarie Bank has announced that it will remove international transaction fees on its credit cards at the beginning of next month.

As cash transactions seem to be becoming a thing of the past, the ‘tap and go’ trend on debit and credit cards continues to grow, bringing with it some heavy fees that are hurting small businesses.

With the RBA’s next meeting less than a week away, it's looking more and more likely that we’ll see another reduction to the cash rate. RBA Governor, Philip Lowe said as much a few days ago, stressing that while the economy’s vital signs have remained fairly stable, there’s a lot of room for improvement.

New St. George Bank Home Buying Survey has revealed that 1.1 million Aussies compare the excitement of being approved for a home loan to winning the local meat tray raffle. The application process for first home buyer’s, on the other hand, is stressful (51%) and overwhelming (42%).

On the hunt for a new portable heater as the winter chill sets in? Well pretty soon you’ll be able to add an energy plan to your cart to go along with it.

ME’s recent Love and Money Survey found that a whopping 51% of married couples regret how much they spent on their wedding, with the top three regretted expenses being, the reception (17%), photography/videography (13%) and wedding favours for guests (13%).

The annual Reserve Bank bank fee survey revealed that banks’ income from home loan fees has decreased by 7%, despite an incline over previous years.

Whip out those crumpled receipts (once you figure out where you put them) and get your paperwork ready, because the end of the financial year countdown has officially begun And while the EOFY countdown might not end with fireworks, champagne or a cheeky midnight kiss like the NYE countdown, if you follow our EOFY to-do-list, it’ll be just as monumental!

In this week’s banking recap, we take a look at the latest news in fintech, energy, and rewards cards, plus revisit the latest debacle in Aussie property development.

Today Australia’s biggest airline has invested $25 million into a series of changes to the massively popular Qantas Frequent Flyer program to help its members get more out of their rewards points.

From July 1, energy retailers in South Australia, New South Wales and South East Queensland will be forced to follow the ACCC’s new Electricity Retail Code, potentially saving Aussies on their bill.

UK fintech Revolut, described as ‘the Amazon of banking’ has just touched down in Australia, already creating quite the stir in the banking industry.

Whether you’re itching to travel the globe, be rewarded, or better manage your finances, an American Express card might be just what you’re looking for. Everyone is different, so it makes sense that we choose a card with benefits that best suit our individual needs. From Frequent Flyer points to lounge passes, no annual fees and membership rewards - American Express offers a myriad of benefits you might not have thought of.

With two thirds of small business owners claiming they want to reduce their tax bill, a huge majority of them aren’t taking the steps to do so.

Today marks the first time an Aussie supermarket is joining the banks by offering Apple Pay to its credit card holders.

Since the RBA rate cut two weeks ago, lenders have been slashing their fixed home loan rates like it’s going out of fashion.

In some not so great news for your savings stash, the RBA rate cut could see already low interest rates on savings accounts get even lower. If your bank follows the RBA and cuts interest rates by 0.25%, you could be earning a not so nice looking interest on your savings stash.

Loans.com.au has done it again, folks! Online lender Loans.com.au has slashed its car loan rates, bringing its New Car Loan and Used Car Loan Fixed base rates down to a super low 4.99% p.a. (5.54% comparison rate^^) starting point for both new and used cars.

Just when we thought home loan rates couldn't get any more competitive, popular online lender UBank has slashed its fixed rate UHomeLoan by up to 0.60% and debuted a jaw dropping new sub 3.00% rate.

While savings accounts mostly held strong in the lead up to the RBA rate cut, term deposits rates have been tumbling for months now. In April, we recorded a total of 35 institutions reducing term deposit rates. That number jumped up to 51 in May.

Since the RBA cut official interest rates last Tuesday, mortgage rates have been dropping like flies. So far, 34 providers have made reductions to their range of variable rate home loans, with 21 passing on the full 0.25% cut.

In this week’s banking recap, we look at fintech, energy, and the latest reductions made to home loans in the wake of the RBA rate cut.

The rate cut frenzy continues, with UBank the latest lender to jump on board the trend, slashing it’s fixed rate UHomeLoan by up to 0.60% today and debuting a jaw dropping new rate.

The end of financial year is fast approaching and savvy shoppers know that now is the perfect time to score yourself some killer bargains. But, did you know that it’s also a great opportunity to take advantage of some fabulous financial offers?

New research from the Energy Efficiency Council has found that Australia has made almost no progress in the last three years to reduce energy bills and is dramatically falling behind other countries.

Reduce Home Loans has launched a new Reduce Home Loans Low Rider that features a rock bottom variable rate of 3.09% (3.12% comparison rate*) - the lowest variable rate in the Mozo database (at the time of writing).

Ever asked for recommendations from friends and family before committing to a choice? So have we! And while that might work for things like which pizza place is better or whether you can really pull off that hat, when it comes to decisions about your finances, asking your mates might not cut it.

At Mozo, we like to keep it real. Saving money is tough. Keeping to a budget isn’t easy. And let’s face it, no one wants a home loan, all you want are those four brick walls and a place to park your car.

With so many banking options on the market, consumers have lost track of the fees they pay, on products like bank accounts, which could be costing them hundreds of dollars every year.

Last Tuesday, the RBA reduced official interest rates, setting off a wave of cuts across the variable home loan market.

With the new open banking policy set to take effect July 1, neobanks could soon become the more popular choice for Aussies over the big four.

It’s been a week since the RBA decided to cut official interest rates, but we’ve already seen more than 20 lenders pass on the full 0.25% cut to their variable home loan customers.

It’s nearly the end of the financial year, and we all know what that means… SALES, SALES, SALES! And if a hot new ride is at the top of your wishlist but you’ll need a loan to cover the cost, then check out the car loan deals below to help get you started. Happy EOFYS!

It’s no secret Aussies love  Afterpay, so much so the popular buy now pay later service has united with travel site LayAway Travel to create the ultimate interest free repayment option for travel expenses.

In our weekly banking recap, we look at the biggest news from across the Australian banking landscape.

The RBA cut official interest rates on Tuesday, prompting several banks to take the axe to their range of variable home loan interest rates.

For many Aussies across the country, there’s nothing more confusing and headache inducing than trying to make sense of your energy bill - unless you’re a customer of Momentum Energy.

The people have spoken! Bank Australia has officially won the hearts of Aussies, with a total of four 2019 Mozo People’s Choice Awards to show for it.

They say bigger is better, and for Australia’s biggest customer-owned bank, that rings true. This year, Heritage Bank walked away with not one, not two but five Mozo People’s Choice Awards.

In the 24 hours since the RBA cut the cash rate, we’ve seen a flurry of activity on the home loan front as banks and lenders scramble to revise their interest rates.

After the RBA’s decision to cut their cash rate by 25 basis points yesterday, big bank ANZ responded by dropping its home loan rate by just 0.18%, leaving both customers and the RBA disappointed.

With the RBA dragging the cash rate down to an all-time low of 1.25%, Aussies can inevitably expect to see their already low returns on savings suffer even more. It’s more important now than ever to snatch up a killer term deposit or high-interest savings account to give yourself the best chance of a good return.

After months of speculation, the RBA has finally decided to cut the cash rate, placing it at a record low 1.25%. Of course, the question on everyone’s mind now is, “will this make my mortgage cheaper?”

It’s been a long time coming, but the Reserve Bank Board has finally broken the interest rate deadlock by dropping the official cash rate to a new record low of 1.25% at this afternoon’s meeting in Sydney.

Brrr! Dust off those winter coats and crank up the heat, cause June is here and she brought a friend… winter! But, despite the drop in temperature, with EOFY, a potential RBA rate cut and the Queen’s birthday all on the itinerary, June’s set to be a total scorcher! So, check out our June 2019 financial checklist and get yourself ready for a jam-packed month ahead.

If you haven’t heard the latest news, Greater Bank have made the move to cut fixed rates this morning, with their one year fixed rate hitting a jaw dropping 2.99% (4.42% comparison rate*) - making it the lowest one year fixed rate on the market, according to CEO, Scott Morgan.

In an event that needs to be seen to be believed, Greater Bank have today cut their fixed home loan rates across 1 - 5 year terms for owner occupiers and 1 - 3 year terms for investors to what might be an unprecedented low for the lender.

The thought of your first trip out of Australia can sometimes be as daunting as it is exciting. With the cost of airfares, hotels and travel insurance swirling around your head, the option just to stay at home can seem a bit more headache-free.