News Archive for May 2019

With the official start to winter only days away, many Aussies around the country may be pulling out their knee-length coats and dusting off their portable heaters. But one thing that might not be on the to-do list is to make the switch to a better value energy plan before the winter chill really sets in.

It’s been one of the most talked about rate cuts in Australia and Reserve Bank of Australia watchers have been holding their breath for the past 3 years.

Popular bank and home loan provider ING are set to cut home loan rates for new borrowers by 17 basis points tomorrow, on both their Orange Advantage and Mortgage Simplifier owner occupier, principal and interest home loans.

You’ve undoubtedly heard about the National Broadband Network (NBN). Its rollout commenced in 2009, and in 2020 the government finally declared the project complete. The goal was the complete overhaul of Australia’s existing cable infrastructure. The previous broadband service was replaced by faster, more reliable technology, which hopes to give Aussie homes and businesses access to high-speed internet, no matter where they live. But if you’ve been following the news of its rollout over the past few years, you’ll know it’s laden with jargon and plenty of confusing acronyms. Below, we cut through all the terminology and give you everything you need to know before you make the switch.

Despite the RBA’s decision to hold off on cash rate cuts for this month, banks are still slashing term deposit rates left, right and centre, spelling bad news for long term savers.

People’s Choice Credit Union lives up to its name time and time again, this year picking up a win in the Mozo People’s Choice Awards for Excellent Customer Service.

In a bid to encourage older Aussies to live at home longer, the Federal Government has announced it will launch a revamped Pension Loan Scheme, which accepts the value of your home as security against a loan.

Unless you’ve had to fork out cash for them in the last few years, it may come as a surprise that credit card late fees have been bumped up since 2016, with some now reaching as high as $40. That’s got to hurt!

Lenders are rolling out the red carpet to new home loan customers in a discounting frenzy that is driving huge bargains for savvy borrowers.  Discounted rates, fee waivers, cashback and rewards points are all on offer right now to entice borrowers, and these killer deals could save Aussies save a tonne on their mortgage.

An energy retailer should be three things: honest, helpful and maybe most of all, come highly recommended.

Aussie borrowers hoping to receive a rate cut when the Reserve Bank meets next Tuesday are in for some good news. Dozens of lenders have already started slashing variable and fixed home loan rates ahead of the RBA's decision, and there are some huge savings already on offer.

Afterpay has taken Australian shoppers by storm, with more than one million customers and almost five million transactions being made on the Buy Now Pay Later (BNPL) platform since its launch in 2015. In fact, it took out 3 awards in the 2022 Mozo People's Choice Awards for Buy Now Pay Later - Outstanding Customer Satisfaction, Range of Retailers, and Most Recommended!

With those breezy autumn evenings quickly becoming icy winter nights, you’re probably getting ready to go into hibernation for the next three months. So, if you’re looking to trade those nights out for nights in, then boy have we got the thing for you!

Imagine that Aussie supermarkets were racehorses and the 2019 Mozo People’s Choice Awards were the Melbourne Cup - you can bet that there were some serious frontrunners that stole the show and a few underdogs that earned their way to the top at the end of the day.

Moving house soon? We’ll bet our bottom dollar there’s a long, daunting list of things to do right in front of you.

In this week’s banking recap, we look at some biggest news across the Australian banking landscape, including the 2019 Mozo People’s Choice Awards.

In a world of online shopping, digital payments and growing fintech options, Buy Now Pay Later platforms are multiplying and are leaving today’s consumers really spoilt for choice.

From party pies to hitting up the Karaoke bar on a Friday afternoon, Australia is full of crowd favourites - even when it comes to banking.

When you think of your energy provider do feelings of satisfaction, trust and honestly swirl around your brain? Or are you confronted with fear and uncertainty?

It’s our pleasure to announce we’ve tracked down Australia’s most highly trusted home and car insurers in the 10th annual Mozo People’s Choice Awards, with Youi, NRMA and APIA among the list of winners.

The Mozo People’s Choice Awards are back to shine a spotlight on Australians’ favourite banks and providers. And this year marks the tenth year that they’ve been running - a pretty big milestone if you ask us!

The banking Royal Commission and resulting credit squeeze has made property even harder to come by for young Australians. And according to a new report from MYOB Business Monitor, this has worsened the situation for young business owners trying to secure business financing.

The Australian Prudential Regulation Authority (APRA) has made a proposal to adjust current serviceability assessments banks perform when sorting through prospective home loan borrowers.

Many Aussies around the country may find themselves feeling a little glum following the end of Game of Thrones, but it looks like NAB and UBank customers will be celebrating.

In a survey of over 1,000 people, life insurer Integrity, found that Aussies would prefer talking to their partner about past relationships, rather than life insurance and what to do about finances in the event of death or disability.

It’s a lazy Saturday night and you’ve got no plans. You’ve refreshed your Facebook feed for the third time with no new updates, so you’re forced to stare at the ceiling… until you decide to pull out your laptop and do some online shopping.

Almost every Aussie has one or more prized possessions that they stash at home, but would you ever consider that your household pot plants could be one of your most valuable collections?

The Reserve Bank of Australia may have kept the cash rate on hold, but loans.com.au has gone ahead and announced its own cuts to its fixed rate home loan for the second time in five weeks.

Young Aussies are turning their backs on credit cards in fear of debt, interest rates and extra fees, but is there really cause for them to be scared?

In this week's banking roundup, we look at the latest batch of home loan cuts - which have kept up pace despite the RBA’s decision to keep the cash rate unchanged - plus more news from the world of banking and finance.

In the midst of recent credit card rate hikes, many Aussie may find themselves a little hesitant to pick up a new piece of plastic.

Westpac recently increased the purchase rates on many of its credit card products, but is this rare change the beginning of more rate hikes to come?

Today, ME Bank announced it will be cutting rates across a range of its packaged and non-packaged home loans for fixed and variable rates.

Mozo has found Australians are spending a staggering $25.5 billion to stave off boredom and make themselves feel better when stressed, anxious or just having a bad day at work.

As Aussies bid farewell to their beloved summer weather, the winter chill starts to creep closer which means that ski season is coming.

Online lender, Tic:Toc has announced that it will cut rates on their variable and fixed rate home loan, which according to them, are the lowest rates in the market.

Striving to help Aussie first home buyers enter the market, Prime Minister Scott Morrison has just promised that if his government is re-elected, first home buyers would only need a 5% deposit instead of the standard 20% deposit. Labor has since agreed to match the policy.

Competition in the home loans market is heating up again as a growing wave of online lenders cut rates below 3.00%, forcing the big banks to fight back or risk losing borrowers to cheaper lenders.

Today, ANZ slashed rates across a range of its fixed rate home loans, making it the latest in a long list of lenders to make cuts.

We look at the big news and latest offers to reach our desk in this week’s banking recap.

There are some people that can’t wait to do it and others who’d rather do anything else. I’m talking about grocery shopping. But regardless of how you feel about heading to the supermarket, there’s no denying that it often doesn’t take much for spending to get out of hand.

This just in: international money transfer specialist, WorldFirst just dropped a hot new offer. New customers who sign up to a new WorldFirst account and make their first transfer of AUD $5,000 or more in May 2019 will receive a $50 Myer gift card. Not a bad deal if you still need to buy mum a Mother’s Day present!

For many Aussie travellers, the promise of a new getaway can get the blood pumping and the adrenaline going. And with all the excitement surrounding booking accommodation and organising activities, it’s not uncommon to neglect picking the right travel plastic.

To support the increasing number of electric cars in South-East Queensland, proudly green energy retailer, Powershop, has unveiled their new ‘super off-peak’ tariff for electric vehicle (EV) owners.

If you’re looking to transfer some money overseas in 2019 you’re in luck. We’ve just announced the 2019 International Money Transfer Mozo Expert Choice Award-winners!

Bankwest has yet again triumphed in the 2019 Mozo Experts Choice Travel Money Awards, claiming the title of Travel Credit Card Provider of the Year for the third time in a row.

If you've been thinking about switching your big bank home loan to a better value lender, here's some news that should get you moving pronto. New Mozo research has found that the average big 4 bank mortgage customer could be losing out to the tune of $2,388 a year by not switching to a cheaper lender.

Despite intense speculation surrounding the possibility of a May rate cut, the Reserve Bank Board has once again maintained the status quo by holding the official cash rate at 1.50% at it’s monthly meeting in Sydney this afternoon.

Phew! That was a close one, it looks like the RBA has put rates on hold for at least another month. According to Mozo Data Manager, Peter Marshall, the reason for this is likely due to the upcoming federal election, meaning that a June or July rate drop is more likely.

In news that will excite budget-conscious spenders, Move Bank has just launched a brand spanking new Low Rate Credit Card which joins the ranks of the lowest rate cards around.

It’s no secret, speculation is well and truly building that the RBA could cut the official cash rate at next Tuesday’s May meeting by 25 basis points from 1.50% to 1.25%.

In this week’s banking recap, we discuss wedding budgets, rewards cards, share trading and more.

Of all the challenges that small business owners face, admin overload has to rank among the most frustrating. And when things like responding to emails, handling payroll and navigating red tape start hitting a business’ bank account, it goes from frustrating to a serious problem.

Velocity Frequent Flyer fans, hold onto your wallets because the points transfer promotion is back and rewards lovers have the chance to earn an extra 25% bonus points on top of their stash.

According to the 2019 Clean Energy Australia Report, things just keep getting better for renewable energy.

Phew! The Easter antics are over, and the kids are back at school, so let out a sigh of relief because the April whirlwind has finally passed!

Read Chapter Three Here.

If you’ve been on the hunt for a new rewards credit card, but haven’t quite found the one with an added cherry on top, then now is the time.

To put an end to energy customers being stung with ‘unjustifiably’ high electricity prices, the Australian Energy Regulator (AER) has issued its final determination on Default Market Offer (DMO) prices following recommendations from the Australian Competition and Consumers Commission (ACCC) that will come into effect from July 2019.

In a sneaky move that is likely to anger thousands of Australian credit cardholders, Westpac, St George Bank of Melbourne and BankSA are hiking credit card rates despite the fact that experts are predicting the official cash rate to fall as early as next week.