News Archive for October 2019

Owning a car doesn’t come cheap, with thousands of dollars leaving your hip pocket every year to pay for car insurance and maintenance, but Qantas is now rewarding its customers for making those purchases.

Westpac is now opening its doors to property investors with smaller deposits. In the latest move to loosen its credit policy, the big bank has increased its loan-to-value ratio (LVR) cap for interest-only investment loans from 80% to 90%.

With the days getting longer and the weather getting hotter, summer’s almost here. But, from school holidays and family trips to work parties and office Kris Kringle, the silly season can certainly set you back financially. And let’s not forget the biggest budget-crusher of them all… Christmas.

For Australians planning a Christmas trip to Japan or sending money there, you’re in luck. With the Japanese yen continuing to drop in value, Aussies making an international money transfer (IMT) or taking out a travel card for their upcoming trip to Tokyo can look forward to more competitive exchange rates right now.

Forget fixed rate home loans with rates above 3%, the new competitive rate you should know about starts with the number 2.

According to analysis from the St Vincent De Pauls Society’s annual Tariff-Tracking report, regulation changes, like the Default Market Offer (DMO) and Victorian Default Offer (VDO) have made a drastic difference to energy prices across the country.

From 9 December 2019, customers with a Bankwest credit card will now have a different set of conditions to meet if they want to activate their complimentary travel insurance.

It’s quite likely that you’ve noticed a number of bank branches quietly closing down over the past few years in your area, town or even city. Or if banks aren’t on your radar much because you do all your banking online, you may have found it harder and harder lately to find an ATM, for that once in a blue moon time you want to get hold of some actual cash.

One of the biggest perks of having a rewards card or travel credit card in your pocket is the potential for complimentary travel insurance.

Just a few short weeks after the Reserve Bank of Australia cut the official cash rate by 0.25%, new research gathered by Mozo has revealed that a huge 70% of Aussies no longer trust the big four banks.

The RBA’s next meeting is only a few short weeks away, but recent comments by RBA Governor, Philip Lowe have sharply downgraded the chances of a November cut.

All in this week's banking recap.

Chances are we all know someone who keeps driving around despite a near-empty tank, or only fills up petrol to the halfway mark. New research from ME Bank reveals that these bad fuel habits are a sign of bad money management - and 1 in 4 Aussie drivers are guilty of them.

Interest in low rate home loans is surging in the wake of the Reserve Bank’s cash rate cuts, as Aussie borrowers hit comparison sites in search of cheaper mortgage deals. The New Daily reports that tens of thousands of Australians have taken up the Treasurer’s advice to “shop around and get the best possible deal”.

From ordering a new pair of jeans to picking up groceries, there are just some things in life that should be hassle fee, and your credit card is no exception.

For a lot of Aussies, Paypal is a lifesaver when it comes to shopping internationally, thanks to its security and simple, but smart technology.

Splitting the bill with your friends, paying for a babysitter or building your fund for next year’s Europe trip? Payments app Beem It has just launched two new features that could make sending money instantly to yourself and others even easier.

The big banks are being challenged in the international money transfer sphere by new IMT services that are popping up left, right and centre. On a mission to take down the big banks, these new IMT providers are entering the market armed with low prices and super competitive service features.

The results of the 2019 Mozo Experts Choice Awards for Credit Cards are in, and Virgin Money’s Virgin Australia Velocity High Flyer credit card is jetting off with an award for the best Velocity Frequent Flyer Premium Credit Card.

To give low income households in New South Wales the chance to cut their energy bills, the Berejiklian government has revealed a new Solar For Low Income Households trial.

It wouldn’t be an Australian summer without a string of heatwaves and bushfires, and this year is set to be no exception.

It official. A new wave of online business lenders has hit Australian shores, bringing with them a range of low cost, flexible funding options for Aussie businesses big and small.

After meticulously sifting through stacks and stacks of data in search of the cream of the credit card crop, our Mozo experts have revealed the winners of the 2019 Mozo Experts Choice Awards for Credit Cards.

When it comes to credit cards, there are two types of spenders: those that forget it’s there and those that love whip it out at any opportunity.

If you’ve been searching for that extra bit of cash to fund your dream wedding or your next holiday overseas, chances are you’ve come across a whole range of personal loans. But with so many lenders out there, which one should you choose?

From rewards lovers to frugal spenders, it’s safe to say there’s a credit card for every type of Aussie.

For many Aussies, a credit card should be more than just a shopping companion, and if this sounds like you then you may have already considered applying for a rewards credit card.

Despite their love for brunch on a Sunday - and getting the perfect picture of it - millenials are more focused on home ownership than ever.

Chewbacca, Dr. Watson, Robin, Samwise Gangee - the list of loyal sidekicks is endless, but when it comes to choosing the right financial sidekick for your business, finding a great match can be difficult.

Honestly you’d be forgiven for not keeping up to date with the whole Brexit saga. It really has been a long drawn out affair and it sometimes feels like it will never be resolved.

New research has found more Australian drivers are taking precautions on the road beyond picking out a car insurance policy - they’re also keeping a dash cam inside their car.

In this week’s banking recap, we take a look at the continued effects of the Reserve Bank of Australia’s (RBA) October cut, changes to superfunds and TransferWise and Up Bank’s new partnership.

St. George Bank’s recent Spring-time Housing Survey has revealed that 56% of Aussie first-home buyers know exactly what they want in a new home, with 72% feeling confident to lock in a new home in the current low-interest-rate environment.

For a lot of us, the thought of being disconnected from our electricity is one that’s almost hard to imagine. But according to new research from the St Vincent de Paul Society and Alviss Consulting, it’s not too difficult for certain Aussie households.

Does anything say platinum credit card more than access to an exclusive airport lounge?

There’s no doubt about it - an increasingly globalised world provides a range of benefits for Australian businesses small and large, but it comes with a darker side.

Buy Now Pay Later is big business in Australia, and growing. As many as 30% of Australian adults now have one or more Buy Now Pay Later accounts, which makes for roughly 5.8 million users nationally.

What do you get when you cross an international money transfer (IMT) provider with a neobank?

It’s one simple word, but for the hundreds of thousands of homeowners with mortgages across Australia it could make a huge difference to their wallets: refinancing.

Let’s be honest, as rewarding as running a small business can be it can also be a real time sink, so when new digital innovations emerge designed specially to make running a small business that little bit easier, they’re going to create some interest.

Recently launched neobank 86 400, has become the latest in a whole host of banks to cut the interest rate on its bonus savings account.

This morning, online lender ME Bank announced it would be cutting fixed home loan rates across many of its owner occupier and investor options by as much as 60 basis points, coming into effect today.

As any Australian who regularly checks their savings account balance will know, interest rates have been trending in one direction for the past year: down.

On Tuesday, energy retailer Powershop announced that it would be partnering with Chargefox, Australia’s largest electric vehicle (EV) charging network, to offer Chargefox customers who sign up to Powershop $100 off their energy bills.

More and more Aussie property investors aren’t settling for the big banks when shopping around for a mortgage, new research has revealed.

The USaver with Ultra Transaction Account will lose a little bit of its glimmer today, as UBank joins a growing list of banks that have reduced savings account rates following last week’s RBA cut.

With so much at stake when getting behind the wheel of a car, you’d think that picking the right car insurance policy would be as much of a priority, if not more than picking out a car. Disagree? Trust us, the consequences of not having car insurance when you need it, far outweigh the pitfalls of having a policy that you never need to use.

The RBA has cut official interest rates for the third time this year, and already a handful of lenders have responded by slashing rates across their range of variable rate home loans. Right now, if your home loan doesn’t have a ‘2’ in front of it, you’re missing out.

If you’ve ever sent a hefty amount of money overseas via one of the big four banks, then chances are you’ve also been hit with hefty fees. But if you look beyond the big four, it is possible to get a better deal with specialist international money transfer services.

Following last Tuesday's RBA rate cut, home loan interest rates have been dropping like dancers in a limbo contest, but as one of the perennial members of the low rate home loan club, it wouldn't be much of a rate cut party without loans.com.au.

Starting from today, American Express is offering new customers the chance to earn 120,000 bonus Qantas Points when they sign up for the Qantas Ultimate credit card. So if you are new to AMEX and you sign up before the offer ends on Wednesday 6th November, you might just be able to bag a whole load of Qantas Points to put towards your next holiday.

ING has become the latest bank to announce a substantial cut to one of its savings account products in the fallout from last week's RBA interest rate decision, with the online bank reducing rates on its Savings Maximiser account.

With the Reserve Bank slashing official interest rates for the third time this year, we’ve seen rates of all sorts tumble down to record lows - home loan rates, term deposit rates, you name it.

It’s been one week since the RBA cut official interest rates, and we’ve received word of most major lenders’ plans. Now that the dust has settled a little, let’s take a look at some more big names, including ING and Bendigo Bank, that have announced cuts.

Tic:Toc has become the latest lender to drop interest rates following last Tuesday’s Reserve Bank official cash rate cut, with the online lender now offering some of the most competitive home loan rates around.

Behind every Reserve Bank interest rate cut is a tale of two sides.

Shopping around for the right energy plan isn’t easy - especially when you’re wading through tons of jargon and you’ve got too many options to pick from. That’s why, at the end of the day, it can be reassuring to know the biggest brands have your back with competitive prices.

The Reserve Bank has been particularly busy this year, having cut official interest rates three times since June. But have any banks or lenders passed on the full 0.25% cut on all three occasions?

Major banks have historically played a bigger role in supporting small businesses, but for the first time Aussie business owners are turning away in search of something different.

Has the Spring property season inspired you to add a new investment property under your belt? Or perhaps you’re looking to refinance your current investment home loan to a better deal?

In this week’s banking recap, we look at the fallout from the Reserve Bank of Australia’s (RBA) cut on Tuesday, the launch of Kogan’s new credit cards, changes to ME Bank’s savings accounts and Qantas perks for small business owners.

It’s been two days since the Reserve Bank board made the call to lower the official cash rate from 1.00% to 0.75% - an historically low rate in Australia.

Online lenders UBank, Athena, Homestar and FreedomLend are on top of the rate cut nice list this month, moving with lightning speed to announce they are passing through the Reserve Bank's October rate cut in full.

Here at Mozo, we believe that no Aussie should be paying more than they have to on their energy bill. That’s why every year, our expert judges dive head first into hundreds of energy plans to find the ones that could help households save big on their bills.

In a market that’s filled to the brim with jargon and confusing plans, finding an energy provider that’s right for you can be downright stressful.

From switching your lights on in the morning to baking up a storm on a Saturday afternoon, Aussies rely on their electricity provider more than they think, so it makes sense to want to have the best in business on your side.

Listen up, Aussie shoppers! A new rewards card is in town, and it’s offering customers a range of perks, from no annual fee to uncapped points.

Buying that first car used to every teenager’s rite of passage to independence, but these days, a growing number of younger Aussies aren’t rushing to get behind the wheel. Fewer and fewer people in their 20s now have a driver’s licence, while the 30s have become a prime time to hop onto your Ls and pass your RMS test with flying colours.

The RBA has cut rates for the third time this year and once again the big banks are failing to pass the full cut through to mortgage holders. What's more, the big 4 banks’ rate cut tactics have seen them pocket a $4.7 billion windfall since 2016, research by Mozo reveals.

The Commonwealth Bank became the first of Australia’s big four banks to respond to Tuesday’s RBA rate cut after making an announcement last night that it would cut 0.13% off variable home loan interest rates for its owner occupier borrowers.

UBank home loan customers were treated to some good news last night. Not too long after the RBA cut official interest rates by 0.25%, the online bank announced it will be doing the same across its range of variable rate home loans.

It’s official - Australia’s big four banks have now weighed in on the October RBA decision by announcing their respective cuts to variable home loan rate offers.

You’d insure your car without giving it a second thought, so why question home insurance? Unless you own something extravagant like an island, then your house is probably the biggest purchase you’ll ever make, so it’s definitely something worth protecting.

The RBA has shaved another 0.25% off the cash rate - the third time this year it’s done so - and all attention has turned to home loan lenders to see how they’ll respond. Among the big four banks, CommBank and NAB have already announced cuts of 0.13% and 0.15%, respectively.

October’s officially here, which means it’s time for another financial checklist! But, we should warn you, this one’s not for the faint-hearted, so enter at your own risk…

You may have noticed that everyone has had a little bit more of a spring in their step over the last couple of weeks, warmer weather is coming… but so is the debt of winters past.

Australia has a new record low cash rate of 0.75% following the Reserve Bank of Australia’s (RBA) decision to shave 25 basis points off the official rate at its October meeting in Sydney this afternoon.

If you’re a small business owner, dreaming of an end of year holiday, you may not know it, but there are more ways than one to get you to where you want to go.

If we had to pick a home loan provider MVP, Homestar would be a pretty strong contender. Not too long after the RBA cut official interest rates by 0.25%, the online lender announced it would be cutting home loan rates in kind — the third time this year it’s passed on the full cut.

It’s spring property season and if you are one of the many Aussies trying to get a foothold on the property ladder, then right now you might be scrutinising your finances and weighing up your options. Of course, in the current housing market you might not be able to bag your dream house straightaway, especially if you’re a Sydney-sider or a Melbournian.

Calling all keen savers! If you love keeping a padlock on your pennies, and watching your savings stash grow, then you’ll be pleased to hear that ME bank just made saving even more effortless.