News Archive for October 2020

The world of car insurance is speeding into some serious changes, which could bring exciting new ways to save money and drive better value out of your insurance policy in 2024.

It’s no secret that young drivers and men often face higher car insurance rates. And if you’re both young and male? Well, it’s a double whammy.

Your loan-to-value ratio (LVR) refers to the amount you need to borrow compared to the property’s value, expressed as a percentage.

With the holiday season on the horizon, many Australians are eagerly making plans to send money to their loved ones abroad for Christmas. However, the cost of international money transfers can quickly add up, eating into the intended gift budget. That's why finding the cheapest ways to send money overseas has become a top priority for many.

You’ve probably heard the term “write-off” in relation to car insurance before. But unless your car has been awarded that unfortunate title, you might not know exactly what the classification means.

With phase two of the government’s SME Loan Guarantee Scheme in full swing and phase three just released, businesses across Australia now have plenty of opportunity to access cheaper funding to boost their cashflow. Under the first phase, the government guaranteed half of all unsecured three-year business loans of up to $250,000. But under phase two which is set to run until 30 June 2021, the loan terms have been extended to five years, and loan amounts increased to $1 million, with 39 lenders including the Commonwealth Bank and ANZ participating in the scheme. Phase three, known as the SME Recovery Loan Scheme, has also begun as of 1 April 2021, with the caps for loan amounts and loan terms once again raised to $5 million and 10 years. Treasurer Josh Frydenberg said more than 35,000 business loans - over $3 billion of the planned $44 billion - have so far been provided to small to medium-sized enterprises (SMEs) under the scheme.And with over 350,000 businesses now left without JobKeeper payments to cover staff costs, even more may jump on board and apply for a government-backed loan.

Used cars come with character, there’s no doubt about that. And the truth is, if you’re opting to buy through a private seller, it’s often the cheaper (and sometimes more convenient) option.

Aussies love to spend, and a lot of us are using credit to purchase everyday things as well as big ticket items. So, it’s important to find a credit card that suits your needs and budget. The old stigma that credit cards were something that would get you in debt has long changed, and the “smart” use of plastic has helped many Australians, consolidate debt, score rewards and even manage cash flow for their business.For the 2020 Mozo Experts Choice Awards, Mozo judges compared 215 personal credit cards and 45 business credit cards, from over 70 financial providers, proving just how saturated and complex the market can be when trying to choose one that meets your needs.“Credit cards come in all shapes and sizes, and whilst they are a convenient way to pay, many card holders are still getting stung with high rates, annual fees and unnecessary usage charges,” said Mozo Expert and awards judge, Peter Marshall.“Our awards aim to help consumers find the credit card that’s right for them, whether it’s a low rate, great rewards or an appropriate business card for their needs.”With over 16 million credit cards in the Australian market according to the Reserve Bank of Australia, finding the right one has never been more important.Credit Card Provider of the YearFor the fourth year in a row and proving that consistency is key, American Express has taken the crown yet again as Credit Card Provider of the Year!The coveted title comes together with eight individual awards in all three categories assessed; personal, rewards and business cards. So it’s no small feat for American Express to add this award to their outstanding reputation in the industry.

The Reserve Bank of Australia looks poised to cut official interest rates by 0.15% next week, which would leave the cash rate at a record low 0.1%.In recent speeches the RBA has signalled a willingness to take the cash rate below its current setting while keeping it above zero. Speculation reached a fever pitch in the lead up to last month’s meeting but ultimately the Board decided against making a move.For Mozo’s banking expert Peter Marshall, November is almost certainly the month the RBA will opt for further easing.“It’s obvious that things are going to take a very long time to recover, and while the bank stood by to let the government have some clear air for the budget in October, it’s now ready to step in and support the budget measures,” he said.A number of economists have also backed a November cut. CBA chief economist Stephen Halmarick believes the Board will push further into the “conventional unconventional monetary policy space” next week. “This easing is expected to involve a cut in the three key interest rates – the cash rate target, the three-year bond yield target and the term funding facility target from 0.25% to 0.1%,” he said.“Critically, this easing of monetary policy is expected to be implemented at the same time as the RBA looks set to revise upwards their economic forecasts given the run of better economic data.”Westpac chief economist Bill Evans also anticipates a change in the bond purchasing program, though he does not expect the Board to set a specific quantity target.“It is already setting a price target for the three year rate. Fixing both price and quantity targets may lead to unexpected difficulties down the track,” he said. While the RBA's bias against negative interest rates has softened somewhat over the last six months, the possibility the cash rate will dip below zero remains unlikely.“There's no evidence that they have yet given such a move serious consideration, and they are likely to continue to rely on other methods of supporting the economy for some time yet,” said Marshall.

Sending money overseas just got even more competitive, with TransferWise announcing a series of price cuts this week for Australians transferring money to Asia. TransferWise Australia users can now save up to 23% in fees when moving funds to 10 different Asian countries, including China, India and Thailand.The exact savings will depend on the destination and amount sent. For instance, AUD 1,000 transfers to China cost 13% less than before, which means you would pay $13.11 instead of $14.95. Meanwhile, the cost of sending AUD 1,000 to Sri Lanka has fallen by a much larger 23%, reducing the fee from $9.72 to $7.52.Below is a full breakdown of TransferWise’s fee reductions:

All in this week’s best banking news: editor’s pick.

Digital payments platform Azimo has become the latest international money transfer fintech to set up shop in Australia, joining the IMT scene today with a promise to deliver competitive exchange rates and fast speeds to customers. The UK-based service has operated in Europe since 2012, and now eight years on, it's set its sights on Australia as its next large sending market. “We’ve always been more interested in the Asia Pacific than the US,” Azimo’s chief operating officer, Dora Ziambra says. “Australia is also an English speaking country where there’s less localisation needed [than other Asian Pacific countries], and it’s a place where 30% of the population is foreign born and has connections to another country. So it lends itself as a next step of international expansion.”And with AU$28 billion remittances sent abroad from Australia every year, Ziambra says “there’s still room for Azimo to offer a competitive product.”She says Azimo stands out from other digital players in terms of the breadth of its network and its wide range of payout methods. “We cover a lot more countries … and [in addition to bank-to-bank transfers] we offer cash payout, mobile wallet, mobile top-up, sending credit to phone, home delivery in some cases, and bank deposits.” Customers are able to send money to more than 200 countries and territories, including China, Vietnam, the Philippines and Thailand. And while large IMTs with many other providers can take between one to five working days to process, Azimo says most of its transfers arrive in less than 24 hours. Instant transfers are also available for over 50 countries, depending on which payout method you choose. For example, while sending funds to a Thailand bank account would be instant (i.e. complete in a few minutes), for transfers to the Philippines to occur immediately, you may need to opt for a cash pickup instead.Azimo is also expected to appeal to Australia’s Chinese expat community, with instant transfers available thanks to Azimo’s integration with Alipay, a major online payments platform in China. All the customer will need is their recipient’s AliPay ID to send money instantly in yuan. “Delivery speed is something we keep investing in,” Ziambra says. “A lot of our customers - as many as 75% - send money for family support, so getting the money there as quickly as possible at the best price possible is what we aim to offer.”

If you’ve been looking for a sign to downgrade your high interest credit card, this is it. According to the latest Mozo research, if Aussies switched their high rate plastic to the market leading low rate card, we’d collectively have an annual saving of $2.1 billion or or an annual saving of $570* per cardholder! We found that the highest credit card interest rate in the Mozo database clocks in at a whopping 24.99%, 17.50% higher than the lowest credit card rate on the market. Mozo Director Kirsty Lamont believes now has never been a better time to make the switch, as many high rates come with rewards and perks that are out of the question until further notice. “At a time when travel linked rewards on high interest rate credit cards largely grounded due to the pandemic, getting value through this premium card category has become more challenging,” she said.

Online lender Tic:Toc has reduced its Variable Home Loan rate by 20 basis points this morning, placing the offer among the lowest variable home loan rates currently on the market.

There’s a chance you’ve heard murmurings or even read theories online about how car colour affects insurance. A quick Google search on the subject will bring up lots of articles, reports and questions on how a splash of paint could make your wheels more or less likely to be stolen or involved in an accident.

This past weekend Suncorp removed a bunch of fees from its transaction accounts.

Despite COVID-19 slowing down activity in many industries, the business loans market has remained busy throughout 2020. For over 250 days now, Australian banks have approved more than 500 loan applications from small-to-medium enterprises (SMEs) a day. This is according to the latest data from the Australian Banking Association (ABA), which shows a whopping total of $41 billion has been lent out to SMEs and sole traders between 1 February and 7 October. ABA’s chief executive, Anna Bligh said that with the loan approval rate sitting at 70%, it’s clear Australian banks haven’t left struggling small businesses behind. “Australian banks are continuing to provide a lifeline to small and medium businesses across the country. The rate of lending has held up strongly despite the pandemic,” she said. “The banks’ commitment to small business has been supported by a number of Government and regulatory measures, including the RBA’s Term Funding Facility, changes to business lending rules, the instant asset write-off, and the SME loan guarantee.”These figures come after the federal government announced plans last month to scrap ‘responsible lending’ laws in order to further reduce red tape around accessing credit. The proposed shift from the current practice of “lender beware” to a “borrower responsibility” principle would essentially allow lenders to rely on the income and expense information provided by borrowers, helping to speed up the loan approval process. Australian Small Business and Family Enterprise Ombudsman, Kate Carnell said she supported the proposal as a step towards loosening unrealistic serviceability rules for small businesses. “We are aware of small businesses that have been asked for all sorts of documentation by the banks - even for loans that have been 50 percent guaranteed by the Federal Government - including director guarantees, which really means the family home. It’s no wonder small businesses owners are reluctant to borrow,” she said. “Importantly the banks will still be accountable to ASIC [Australian Securities and Information Commission] and the Government has pledged greater protections for vulnerable borrowers.”

If you’re struggling to keep your own bills and day-to-day expenses covered, it might be difficult to include charitable giving in your budget. And as Christmas 2020 approaches after an unprecedented year of global financial instability, you may be tightening your money belt by another notch.A September report by market research company Toluna found a third of Australians plan to cut down spending on gifts this year, with another 35% expecting to reduce their Christmas event budget.Many charities will also be feeling the economic effects of COVID-19 now and into the new year. With social restrictions limiting traditional fundraisers, donations are expected to fall more than 7% by the end of the year, with a further 12% drop forecasted for 2021, according to research from wealth management firm JBWere. So, if you’re running low on Christmas cash but still want to give back this holiday season, you may have to think outside the box. Get cracking with these five ways to contribute to your community without blowing your Xmas budget.

Ever heard of a neo business credit card? Say hello to Melbourne-based fintech Archa.  This week, Archa announced that it has become a principal issuing member of Mastercard, meaning it can access the card providers leading global payment network. The partnership will allow the fintech to launch its new neo business credit card along with an app with innovative tools to help businesses manage their expenses.  “This is a really important strategic milestone for Archa. We’re thrilled to have the support of Mastercard as a critical foundation to our business model,” Archa’s chief executive, Oliver Kidd said. “We look forward to working closely with Mastercard over the coming years to support small businesses throughout the region.”

The momentum for a ban on using credit cards for gambling has been building for quite some time. In July last year, major bank Macquarie announced that customers would no longer be able to use their credit card for gambling. Shortly afterwards the Australian Banking Association (ABA) released a consultation paper asking for community views on the issue and now Bank Australia has followed in Macquarie’s footsteps.

Are you paying the lazy tax? Whether it’s your electricity bill, phone plan or car insurance, it can be so easy to stick with the same provider and plan year after year - especially if you think you’re getting a good deal.

New research shows Christmas this year will be unlike any other, with popular silly season activities like gifts shopping and international travel set to take a backseat.The survey conducted by Pureprofile with 577 Australians found 10% won’t be buying any presents at all in 2020, which is almost double the number last year (6%). Fewer people are also planning to spend over $500 on gifts - 20% compared to 30% in 2019. On the receiving side of things, there’s a similar story of more respondents wanting no gifts (18%, up from 10% in 2019) and far fewer wanting luxury items such as clothing and shoes (down 12%), jewellery (down 11%) and technology (down 8%). Instead, it’s practical gifts like money and gift cards that have topped many people’s wish lists, with 48% and 40% of respondents respectively saying they would prefer to receive those as presents.Pureprofile’s chief executive, Martin Filz says the results aren’t surprising, given how tight finances have been for many families. “We’re a population struggling with the new normal caused by COVID-19 this Christmas. We’re watching our wallets and only spending money that we are absolutely certain we have,” he said. A large number of Australians are also keen to support their local businesses this Christmas, with 39% saying they plan to purchase their gifts from Aussie-based retailers.But that’s not the only thing that Australians are intending to do locally. The report also reveals with international travel still off the table, 82% of Australians are considering intrastate trips or ‘staycations’ instead. Had it not been for COVID-19, this number would have sat at a much lower 24%.

Buy Now, Pay Later (BNPL) service Zip has announced a brand new product feature called ‘Tap & Zip’, which will allow Aussies to bring BNPL almost everywhere, just in time for Christmas shopping. Specifically, Zip customers will be able to use the BNPL service in store wherever Visa is accepted. The product feature is expected to bridge a gap within the retail industry, with only 13% of stores currently accepting BNPL as a payment choice, according to Zip. “BNPL has seen phenomenal growth over the last few years, as customers switched from traditional forms of credit for flexible, digital alternatives. However, until now that growth has been restricted by a clunky instore checkout and limited acceptance,” said Zip co-founder and chief executive officer, Larry Diamond. “Everywhere Australians can pay with a Visa contactless card, they’ll now also be able to Tap & Zip, interest-free.”

Need to send money overseas to loved ones? Or needing to set up regular international payments for your small business? You may already know that the big four banks all offer International Money Transfer services, but it’s not always as simple as walking into a branch.

We’ve all heard of the many negative impacts COVID-19 has had on the lives and financial situations of people all over the world. But one silver lining is that more people have begun paying closer attention to their finances and spending.

Buy now pay later giant Afterpay and major bank Westpac have announced they'll be joining forces. As part of the Westpac Group’s new digital bank-as-a-service platform, Afterpay will introduce savings accounts and cash flow tools to its customers. Back in November of last year, Westpac said it would invest in the digital banking platform as part of its full year results and this appears to have now come to fruition. Chief executive Peter King said fintech innovation is reshaping the way Aussies bank and how the traditional bank needs to keep up. “Our new digital banking platform is part of our long-term strategy to support this trend and better respond to changing customer needs,” he said. “The platform allows us to combine our banking experience with the innovation of our partners to support new customer experiences. We look forward to working with Afterpay to deliver new products and services.”

Many Australians are struggling to afford their car insurance right now, according to Mozo’s 2020 car insurance report.Survey data informing the report shows 32% of motorists consider their car insurance a financial strain, with one in five drivers thinking about cancelling their policy.Another 25% of respondents said they had already cut their cover.

While some have used self-isolation as an excuse to bake copious amounts of banana bread and brush up on their painting skills, millennials have been busy working on their TikTok careers. With 112 million downloads in February alone, TikTok is now the #1 most downloaded app of 2020.

At the end of September this year, a community owned renewable energy hub was unveiled in Narrabri, New South Wales. Partnered with Byron Bay-based energy provider Enova, the new not-for-profit organisation, ‘Geni.Energy’ aims to give support and encourage locals to get involved in a community-owned renewable energy project.

Are you a fast-paced city explorer or a breezy country cruiser? This could have a big impact on the kind of home you choose and plunge you into the age-old debate of if apartments or houses are a better buy.But before you can crack on with the financial rebuttals and then settle on a top-value home loan, you’ll want to figure out which dwelling suits you best. So, we’ve laid out a few key areas to address before you dive into analysing the property spectrum.

After filling its first 10,000 ‘Founder’ spots, fintech Hay is not resting on its laurels. While Aussies have been getting on board with the new Sydney-based start-up, the Hay team have been busily preparing for the launch of a ‘special card’.

A shocking 40% of renters across Australia are struggling to pay for essentials including bills, food, clothing and transport, new research from the Australian Housing and Urban Research Institute has found.

The only thing better than earning rewards is earning them for the things you already do - like your everyday spending.

When it comes to finding the right credit card, there are lots of different factors to consider.

No one likes credit card debt. But it’s not always easy to shake it … especially without the right financial tools to help you.

Whether you love a low rate, minimal fees, rewards or need to clear your debt with a balance transfer, we’ve got you covered for this year’s best credit cards.

While credit cards can help with immediate expenses, they require careful consideration in the bigger picture. This is especially so in uncertain times, like those presented to us in 2020. Recent Mozo research shows that consumers are not unanimous about credit cards right now either. For example, 14% of people we surveyed mid-year said they were getting a new credit card, 12% said they were upping their existing credit limit, while 11% said they were cancelling all lines of credit. A further 19% said they are using buy now pay later services to get by instead.

The Australian dollar (AUD) has been anything but stable over the past few weeks, fluctuating constantly between 70.5 and 72 US cents. While this may not seem like much variation, for a larger international money transfer of AU$100,000, it could mean saving or losing as much as US$1,500.And that volatility is only set to intensify throughout October. According to foreign exchange specialist OFX’s head of treasury, Sebastian Schinkel, the Aussie dollar could be knocked out of its current trading range as major global events like the deadline for Brexit and the US election loom on the horizon.“There are a lot of things brewing in the background that may help the Aussie move away from that range. But it’s hard to tell which way we’re going because there are so many factors at play,” he said. “Firstly a lot of attention is being put on the US election, and depending on what happens there, we should definitely see a move in the Aussie. We also have the same thing happening with Brexit in the next couple of weeks or months, and then whatever happens with COVID-19 and US-China trade tensions [will also have an impact on the Aussie].”Plus, uncertainty lingers around Australia’s economic position going forward - the AUD could go up or down in value, depending on whether or not fiscal support announced in the recent Budget will help the economy recover. “I think the Federal Budget will help cover the reduction in JobKeeper and JobSeeker [payments], but at the end of the day, the main challenge for the government and for the country is confidence. There’s a lot of offer for credit but what we are lacking is people actually demanding that credit because they’re afraid of making investments,” Schinkel said. A negative risk sentiment would typically cause investors to flee toward ‘safe haven’ currencies like the US dollar (USD), Japanese Yen (JYP) and Swiss Franc (CHF), which would then weaken the Aussie dollar. That’s precisely why the AUD crashed to 55 US cents back in March after COVID-19 was declared a pandemic. Meanwhile, a positive risk sentiment would likely do the opposite, boosting the value of ‘risky’ currencies like the Aussie dollar and Canadian dollar (CAD).

Whether it’s because of the opportunities presented by volatile markets or the relatively low rates on banking products such as savings accounts and term deposits, Australians have flocked to share trading during the COVID-19 pandemic.

When it comes to car insurance, Victorians pay on average $229 more than the rest of Australia. That’s according to Mozo’s 2020 Car Insurance Report. The same report also revealed that 74% of drivers in the garden state are using their wheels less than this time last year.

Most drivers will take out car insurance to protect their vehicle and finances in the event of an accident or emergency.So, while you want to make sure you’re getting a good value deal on your premium, you should also know what kind of payout you’ll get if you need to make a claim.The Australian Prudential Regulation Authority’s (APRA) most recent data on car insurance claims shows the average payout in 2019 was $3,362. This excludes claims made under CTP insurance, but covers all voluntary domestic motor vehicle insurance claims, from third party car insurance claims to cover under comprehensive policies.If APRA only assessed comprehensive policies, it’s likely this number would be much higher. This is because third party cover only insures drivers for a limited amount of damage they cause to other people’s cars and property (often only up to $5,000 as standard) and not to their own.

For a lot of us, our credit cards play an important part in our everyday spending. But like any other form of credit there are a few things to keep an eye on, including fees and interest. So whether you’ve decided to pick up your first credit card or are in need of a quick refresher, here are five tips to ensure managing your plastic is fuss-free.

The downward spiral in savings account rates continues to show no signs of letting up with customers of neobanks 86 400 and Xinja set to be the latest rate cut recipients.

Like other banks and financial institutions, online lenders must adhere to certain laws and regulations laid out by regulatory bodies. In particular, they have to take steps to ensure it’s not beyond a borrower’s means to pay off a loan, as well as provide borrowers with relevant information to make informed decisions along the way.Online lenders that are also authorised deposit-taking institutions (ADIs) are regulated by the Australian Prudential Regulation Authority (APRA). Some examples are 86 400, ING, and UBank. Many online lenders don’t have an ADI license however, as they’re not in the business of providing savings accounts or term deposits. These include Athena Home Loans, Homestar, and loans.com.au.While non-bank lenders aren’t regulated by APRA, they’re still subject to strict credit legislation, and can be ruled on by the Australian Securities & Investments Commission (ASIC) if they’re found engaging in misleading or deceptive conduct.

If you like to keep up with the latest in personal finance, then you might know that interest-free credit cards are among some of the latest offers to hit the market. As the name suggests, these are credit cards that feature no interest on an ongoing basis.   In early September, NAB launched its Straight Up credit card and was shortly followed by CommBank’s Neo credit card, both resembling a Buy Now, Pay Later (BNPL) service. But should you be picking one up in the near future or are you better off sticking with a low rate credit card? To help you make a decision, we’ll look at the pros and cons, plus how they stack up to low rate and 0% introductory rates credit cards.

Among the number of notable announcements in the 2020 Federal Budget was the proposed fast-tracking of changes to taxation limits.While the merits of this decision for different socioeconomic groups have already come under scrutiny, it’s important to understand exactly what the changes could mean for you as a taxpayer.So, here’s a quick rundown of the basics when it comes to tax changes in the 2020/2021 financial year.

If you’ve been losing sleep over your finances, you’re not alone. As many as 2.29 million Australians are currently facing financial stress - over eight times more people than pre-COVID times, according to wellbeing program Financial Mindfulness. So what exactly has been troubling Australians? New research from Financial Planning Association of Australia (FPA) shows that worries including job insecurity and loss of super and savings sit top of mind.FPA’s survey with over 2,000 Australians reveals that due to unemployment or paycheck cuts from COVID-19, 11% now struggle to make ends meet while 31% are dipping into savings just to get by. Many respondents also said they carry money regrets, with 70% wishing they did things differently, such as putting aside more cash for a rainy day, avoiding impulse purchases, and prioritising debt repayments. But it’s not too late to take action now. This week is Financial Planning Week, which means it’s an opportunity for you to take a step back and revise your financial plans. “The COVID-19 pandemic has demonstrated the need to prepare for the unexpected,” said FPA’s chief executive, Dante De Gori. “Understanding your current financial situation and short and long-term financial goals - in other words having a financial plan - means you can better manage your finances, allowing you to live your today while making sure your tomorrow is planned.”

On the 27th of June, my boyfriend got down on one knee and asked me to marry him. And like any young woman who grew up watching ‘Say Yes to the Dress’, my mind was already racing with wedding ideas. But in between the overwhelming messages from friends and family was news reports about the COVID-19 pandemic spreading, with cases hitting record numbers. Although I have no plans of getting married this year, I knew I had to move fast to secure a venue, as COVID-19 restrictions were forcing couples to push their weddings until next year. And even though I didn’t like the idea of rushing, I can understand why a couple would choose to delay what’s come to be known as ‘the happiest day of your life’ - coming from a big family myself.According to wedding planning website Easy Weddings, around 60% of couples have already cancelled or postponed their 2020 wedding due to COVID-19.Other couples, however, are choosing to embrace this unusual time and are committed to walking down the aisle. While motivations for doing this can vary between couples, one reason could be the unexpected financial benefit. This report will take a deep dive into what the wedding industry looks like in 2020 and why couples are using COVID-19 as their opportunity to host a refined version of their dream day.

Despite speculation that an October rate cut was in the cards, the Reserve Bank has left official interest rates on hold in its meeting this afternoon. The cash rate remains at the historic low of 0.25%.“A recovery is now under way in most of Australia, although the second-wave outbreak in Victoria has resulted in a further contraction in output there,” said RBA governor Philip Lowe in his post-meeting statement. “Labour market conditions have improved somewhat over the past few months and the unemployment rate is likely to peak at a lower rate than earlier expected. “Even so, unemployment and underemployment are likely to remain high for an extended period. Wage and inflation pressures remain very subdued.”Lowe once again ruled out an increase to the cash rate until the outlook for inflation and employment is in line with the Board’s targets. According to past statements, this isn’t likely to be met for another three years.While the Board has shown a clear bias against negative interest rates, taking the cash rate below its current setting but above zero has been floated as one way to put the economy on a quicker path to recovery.Another option is a more traditional quantitative easing program, which would involve maintaining the current three-year yield target while also conducting purchases further out along the curve.As for the Board’s term funding facility, which received a boost following last month’s policy meeting, Lowe said it continues to support the flow of credit to households and businesses. So far, $81 billion in low-cost funding has been drawn from the facility.

The Australian Prudential Regulation Authority (APRA) has announced it will recommence reforms of individual disability income insurance (IDII).The intervention into IDII, otherwise known as income protection insurance, began in December 2019 but was put on hold in response to the global pandemic.

Over the long weekend Western Australia Premier Mark McGowan announced that every WA household will be receiving a $600 electricity bill credit sometime this week. According to the Premier, the credit is expected to cover around four months worth of electricity expenses and is being provided to encourage WA households to increase their spending in preparation for Christmas. “This will give families the confidence to spend over Christmas and to make sure they support local businesses,” McGowan told reporters on Sunday. “We’re climbing out of COVID very rapidly. Our economy is the strongest in Australia. But we still want to give consumers confidence to spend over the coming months and this allows us to do that.”

Over two million Australian homes are now fitted out with rooftop solar, allowing households to reap the benefits of lower energy bills. But not all energy plans are alike, so how can solar households ensure that they’re getting the cheapest electricity possible?

How much do you pay for electricity every year? $1,200? $1,500? More?

As with most things insurance-related, the answer as to whether rentals are covered under car insurance is not simple. Yes comprehensive car insurance does usually offer some cover for hire car costs. However, only in certain circumstances.

Spring has sprung which means the property market has started to heat up, but so too has the home loan market, with lenders making a series of cuts in recent weeks and more likely to come in the month ahead.

October has officially arrived, but will you make it out alive? For very few make it through the creepy place in which fear lies.

With Australians now spending more time than ever at home, it’s no surprise their energy bills may be higher than usual. But did you know you could save potentially hundreds of dollars just by switching to one of the best electricity companies around?  While searching for the sharpest electricity prices in your state or territory can involve a lot of effort, it doesn’t have to. If you’re confused by all the jargon or feel overwhelmed by choice, Mozo has done the hard work of shopping around for you with our 2020 Mozo Experts Choice Energy Awards.“Energy tariffs can be complicated and there are several factors you have to consider when figuring out which deals are going to give you the best value,” Mozo’s expert judge, Peter Marshall said. “So for the Mozo Experts Choice Awards, we do all those calculations for you and identify the plans that would be the cheapest for the majority of people.” This year, our expert judges took a deep dive into energy markets across the country: NSW, Victoria, South Australia, the ACT and south-east Queensland. They poured hours into comparing 662 products from 43 different residential retailers in order to determine the best of the bunch.And they found that in 2020, the little guys have won out over the big three retailers. Marshall explained that because the smaller providers aren’t able to rely on brand recognition, they compete on pricing instead. “We’ve been talking to a number of [these] retailers and they impress upon us just how few staff they run with, and yet they can offer the same services as the big guys at a much lower cost because of those lower overheads,” he said. Read on to see which electricity companies snatched the spotlight with their award-winning plans:

As a growing number of Australians look for ways to reduce their carbon footprint, the good news is that going green doesn’t have to cost you an arm and a leg. In fact, new research drawn from our 2020 Mozo Experts Choice Energy Awards shows that the cheapest green electricity plan in your state could actually be better value than the average electricity plan. Depending on your distribution zone, a household with average energy usage* could potentially save between $32 (in Northwest Melbourne) to $257 (in Adelaide) per year on the cheapest green plan, as opposed to the average electricity plan.Sydneysiders could snag $166 in potential annual savings, while Queenslanders and ACT residents could also save as much as $105 and $106 a year, respectively.

Energy report quick facts: