News Archive for March 2019

With so many easy ways to shop online and instore with digital technologies like Afterpay, tap and go and credit cards, it can be pretty easy to thoughtlessly spend money.

There’s plenty that goes on in Australian banking each week, so we don't blame you if you've fallen behind. Here’s our latest banking recap to get you all up to speed.

There was plenty happening in the world of Australian banking this week, including some exciting new players in the home loan market it’ll pay to keep a close eye on. Here are the latest changes you should know about.

Missed out on all that’s been happening in Australian banking lately? We’ve got you covered. Read on for all the biggest news items and rate changes we recorded in the past week.

As a business owner, there are a number of reasons why you might want to take out a loan. Not only can it help you ride out periods where cash flow is low, it can propel your business to greater heights by providing funding for new equipment, renovations, and extra staff.

With National DIY Day coming up on the 6 April, eBay has revealed that online shopping for home improvements is set to skyrocket in 2019, predicting that Aussies will spend a whopping $621 million just this year alone.

Think about the last time you interacted with your bank. Was it a monthly statement you received in the mail? Perhaps it was a call you made to query a transfer? Well for a growing number of Australians, that last interaction was logging in to their mobile banking app.

In an endeavour to win over Aussie refinancers coming off interest-only home loans, lenders big and small are attaching all the bells and whistles to their mortgages. With the nation's second-largest mortgage lender, Westpac now offering $2,000 cashback for borrowers refinancing mortgages.

Love it or hate it, our smartphones are slowly changing the way we do nearly everything and pretty soon we may be able to pay our energy bills with a simple text.

Whether you’re buying your first home or your next investment, having the right home loan is essential.

Leaders and executives from the big four banks, Bank Australia, and a number of financial, civic and educational institutions have recently come together to help steer the finance sector down a more socially responsible path.

Just when you thought tech mogul, Apple, couldn’t possibly trump their own innovative products...they announce their first ever credit card.

The Mozo office is buzzing amidst the announcements of the 2019 Mozo Experts Choice Award winners, with one particular online lender taking out one of the major gongs with a loan feature being touted as a “credit card killer.”

What makes a winner?

The race for Best New Home Loan was more competitive than ever this year. For months our team of experts has been hard at work, tirelessly poring over our database in search of the best new deals, and we’re excited to finally announce the winner is none other than Well Home Loans.

Receiving a whopping 5 awards in the 2019 Mozo Experts Choice Awards for Home Loans, Tic:Toc is officially the Online Home Lender of the Year.

If you’re a parent, chances are financial literacy is pretty high on the list of things you want to teach your children. Learning how to save your money and spot a good deal are both pretty important milestones on the road to financial independence.

Veteran fintech loans.com.au, known for driving competition in the home loans industry with innovative and low-rate offers, has announced it will be offering loans with Loan-to-Value ratios (LVR) up to 90% at reduced rates, in a bid to help hoist first home buyers up onto the property ladder.

There was plenty going on in the world of Australian banking. Here are our top headlines from the past week, plus a look at key rate changes across home loans and term deposits.

Australian banking is changing rapidly and a new wave of neobanks are hitting our shores, with companies like Volt Bank, Xinja and 86 400 set to launch this year, but there is another player coming to town soon that may be worth your attention.

The downturn in Australian housing has given people plenty of reason to worry. But is the situation as bad as many make it out to be? Well, the latest figures from the Australian Bureau of Statistics don’t give us much to be optimistic about.

While you might recognise the name when grabbing petrol, oil and gas giant Shell have expressed a clear interest in the residential energy market.

If there was ever any doubt as to the growing popularity of online business loans in Australia, Prospa’s most recent announcement may have put it to rest.

ME Bank’s recent report revealed an astonishing 94% of Aussies don’t trust their banks in the wake of the Banking Royal Commission’s release of its final report earlier this year.

Fixed rate home loans can be an enticing option for borrowers. They provide security against rate hikes and certainty about fitting monthly repayments into the family budget. But some borrowers may be unprepared for the potentially high revert rates that await them at the end of their fixed term.Fixed rate home loans usually come with a fixed term from one to five years long, or on some options, as long as seven or even ten years. While the rate is locked in for this period, it then reverts back to a variable rate option. These revert rates automatically kick in unless you negotiate an alternative with your lender, and they can make a huge difference to your monthly repayments.If this is all news to you, you might be in for a shock. Research from Mozo has shed some light on just how steep revert rates can be for borrowers caught unaware.

As many Australians know, putting together a modest saving stash can be harder than it sounds.

There are many reasons people travel alone - to explore a new career, discover a different culture or even pursue a foreign love - and it seems the trend is becoming increasingly popular for the older generation of Aussies.

If you’re planning a flight on a Boeing, you’ll want to know exactly what’s going on, who’s affected and whether your travel insurance covers a cancelled flight. Here’s our quick guide.

The financially-savvy and environmentally-minded among us have reason to be happy this week. UBank has just introduced its new Green Term Deposit, giving Australians a chance to grow their savings while making a positive impact on the environment at the same time.

After your 21st, the next real birthday milestone isn't until the big dirty-thirty, and a lot can happen in between the two. Aside from a few physical changes, like your first grey hairs and being struck by the dreaded 2-day hangover curse (enjoy it while it last kids!), the most significant difference you'll face when turning 30 is a switch in your priorities, particularly when it comes to your finances.

A date is still yet to be announced, but the looming federal election - likely to be in May - is already having an impact on the decisions of Australian small businesses new research from Westpac has revealed.

Traditionally, Australian small businesses have turned to banks to help fund their everyday operations and help them grow, but a wave of new challengers have hit the business loans scene in recent years, including online lender Moula.

Your banking recap is back for a rundown of the biggest news and most significant changes in Australian banking from the past week.

Since the start of the year, many Aussie homeowners have felt the pinch from variable home loan rate rises, especially from the major banks. But the trend toward hiking rates could be about to change thanks to moves by challenger lenders and smaller banks.

With so many new home loan lenders emerging, traditional banks are feeling the heat when it comes to staying up to date with the latest in banking trends.

Every year on the 8th of March people from around the globe come together to celebrate the social, economic, cultural and political achievements of women, for International Women’s Day. This year, the International Women’s Day campaign theme is ‘BalanceforBetter,’ which encompasses the idea of striving for a gender-balanced world. So, in light of this year’s theme, we thought we’d take a look at how women fare in finance.

Everyone loves free stuff. But, we bet you didn’t know just how free you next trip to the U.S could be with credit card bonus Qantas Frequent Flyer points. And, it’s not only about a free ticket abroad: you can also use your points to travel in luxury... did someone say first class? There’s even accommodation, shopping, car hire and more you can splurge on with these nifty little Qantas points.

There’s no denying it’s quite normal to binge a little every now and then. Whether it be eating out, a big night on the town or that new outfit you just had to have, we’ve all become the victim of the dreaded plastic! But, credit cards aren’t always the arch enemy they’re made out to be. Yes, they can get you in a bit trouble without a little self-discipline, but knowing which ones could benefit you, is knowledge every spender should have up their sleeve.

If you’ve been following term deposits rates lately, you might think their gradual descent spells doom and gloom. After all, February marked the fifth month in a row that we saw more cuts to term deposit rates than we did increases.

If there’s one thing many Aussies tend to not dwell on, it’s their car insurance. But now for the first time, South Australian drivers will be offered a choice of which insurer they’d prefer to provide their compulsory third party insurance (CTP).

As the saying goes, ‘work smarter, not harder’, and paying off your home loan is no exception.

The official cash rate has once again remained fixed at a record low 1.50% following the latest Reserve Bank Board meeting this afternoon in Sydney.

South Australia is about to get a whole lot greener, as energy retailer, Powershop has officially become the new kid on the block.

As February suddenly becomes March, we wave goodbye to the sticky summer nights and say hello to chilly Autumn evenings. Aside from a drop in temperature, we can expect to keep busy this March with International Women's Day, St Patrick's day, and getting things in order for the upcoming Easter holidays. Not to mention a potential need for some personal finance housekeeping with Pisces season in full swing. So, without further ado, here’s your March 2019 financial checklist, to get you through the month!

Virgin Money has announced a new offer which gives Aussie first home buyers the chance to earn double Velocity Frequent Flyer Points on their home loans.

There are two things that can make a rewards lover’s heart stop: bonus points and cash back.

There are banks and credit unions out there for teachers, police, firefighters, you name it, but did you know that there’s a Mozo Experts Choice Award-winning bank designed especially for medical practitioners? If you are an ambitious medical, dental or veterinary professional, then you deserve nothing less than an award-winning bank account to suit your lifestyle.

When making a big purchase or financial commitment, the most common advice you’ll hear is to always “shop around” before deciding. However, when it comes to applying for a personal loan, if you go about this the wrong way, “shopping around” could be detrimental to your credit score, and potentially prevent you from being approved for the loan.

Raising money-smart kids is a goal for many Aussie families, but the classic method of weekly pocket money may not be the answer to prepare them for the financial challenges of adulthood.