News Archive for August 2021

August 2021

Family finances

4 ways to make your finances greener

Has the new most recent Intergovernmental Panel on Climate Change (IPCC) report gotten you thinking about how to fight the climate crisis? Are you stuck and don’t know where to start? You can start by changing your finances to be with institutions that are doing their part to create a more sustainable economic future. Let’s take a look at how:

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How to calculate the value of an investment property

How to calculate the value of an investment property

Property prices have skyrocketed over the last year, but recent lockdowns have caused a ripple of uncertainty in the market which could be a precursor to a brief period of that price growth plateauing. And if you’ve already had your eye on house sale listings for a while, this movement might have you thinking about investing.

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Is a savings account worth it

Is a savings account worth it in 2023?

For high interest rate chasers, savings accounts are pretty appealing right now. Following multiple cash rate hikes in 2022, rates have continued to increase.

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More young aussies support small businesses using buy now pay later finds afterpay

More young Aussies support small businesses using Buy Now Pay Later, finds Afterpay

Gone are the days where Buy Now Pay Later (BNPL) is only associated with big retailers. In fact, according to Afterpay’s Next Gen Index, more Aussies under the age of 40 are shopping with small businesses using BNPL. With a focus on two age groups: Gen Z (9 - 24 years old) and Millennials (25 to 40 years old), Afterpay recorded that 67% of all Afterpay spend in small businesses comes from these age groups. And since last year, the Millennial collective saw a growth in small business spending of 20% year-on-year, while Gen Z’s contribution grew by 45% in the same time period.  “Gen Z and Millennials are driving change at the intersection of culture and commerce, so it's no surprise they have been key adopters of Afterpay and BNPL more generally,” chief strategy officer at Afterpay, Mark Teperson said.  “This demographic is set to account for nearly half of the globe’s retail spend by 2030. Their influence on the economy will only continue to grow, especially as they reach peak earning years.” Afterpay’s latest stats showed that BNPL usage in Australia has skyrocketed since January 2020. Gen Z and Millennials’ usage grew by 174% and 110% respectively, while credit card spending remained static for those over 25 and dropped for those younger.  “Gen Z and Millennials are becoming a powerful force in the economy. Within the next ten years, they’ll represent nearly half of Australia’s total retail spend,” chief executive officer of the Australian Retailers Association, Paul Zahra said. “BNPL has proven to be incredibly popular for young Australians who are embracing new payment options in growing numbers. It’s important that retailers can adapt to the consumer trends that are emerging, and through the Next Gen Index, business owners have access to the data, insights and tools they need to grow and innovate.”

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Articles

3 energy bill myths exposed in 2021

There are a lot of myths floating around about energy and it can often be hard to separate fact from fiction. From deciphering your power bill to which appliances to switch off, these questions have become so common that here at Mozo, we thought it’s best to put some of the myths to bed.

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Meet these 4 non bank personal loan lenders offering hot rates right now

Meet these 4 non-bank personal loan lenders offering hot rates right now

When it comes to finding a top personal loan, you don’t always need to knock on the door of banks. In fact, there are plenty of competitive low-rate loan options offered by non-bank lenders. Right now, the average unsecured personal loan rate sits at 9.45% in the Mozo database. However, many non-bank personal loan lenders offer rates well below that average, particularly for customers with an excellent credit rating. Due to many lenders adopting a risk-based pricing model on their personal loan products, in many cases the healthier your credit history, the lower rate you’ll receive. So which non-bank lenders offer hot rates right now? Check out these top options below …

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Aussies face new power station capacity charge on electricity bills

Aussies face new power station capacity charge on electricity bills

Aussie households could soon spot a new charge on their electricity bills should Energy Ministers agree to a proposal for a new capacity payment to power companies, according to a recent report from the Institute for Energy Economics and Financial Analysis (IEEFA) and Green Energy Markets.

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Car loans your options to fund a top small vehicle in australia right now

Car loans: Your options to fund a top small vehicle in Australia right now

Is a small vehicle on the cards for your next car purchase? If so, you’ve come to the right place. According to Carsales’ Best Small Car 2021 list, Mazda3 was named the best small car option for Australian consumers right now. Based on a number of categories like safety, technology, comfort and convenience, driving performance and ownership costs, there were nine winners in total this year. The 2021 Carsales list is as follows:

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Busted biggest personal loan myths

Busted: Biggest personal loan myths

From buying that new car you’ve been dreaming of, to consolidating your debt or financing your home renovations, personal loans can have a great many uses. But knowing where you stand when it comes to personal loans can be tricky, with a bunch of common misconceptions floating around that need to be busted.

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Fixed rates bonanza has borrowers locking in

Fixed rates bonanza has borrowers locking in

Appetite for fixed home loans is showing no signs of slowing down amongst mortgage customers, and the bonanza of cheap fixed rates and cashback deals on offer from rival lenders is just one of the reasons.

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Articles

3 steps to help you get approved for a personal loan

Loan approvals can seem like a scary thing. Especially when it feels like lenders use a monster-sized magnifying glass to look into every nook and cranny of your finances. But the truth is, when applying for a personal loan, these types of checks are nothing to be afraid of … as long as you’re prepared. So with this in mind, we’ve put together 3 ways of improving your chances of getting approved. Read on and find out!

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New home sales down 20 5 in july across australia

New home sales down 20.5% in July across Australia

The sales of new homes across Australia dropped 20.5% in July compared to the previous month, a report from the Housing Industry Association (HIA) has shown. Despite the drop in July, new home sales still experienced a strong quarter.

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How to team up to buy property with your friends

How to team up to buy property with your friends

With housing prices skyrocketing in all the capital cities in Australia, it’s safe to assume that buying a house by yourself won’t happen. So maybe you could start by daydreaming about teaming up with your friends.

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Don t miss kogan money s credit card 400 cashback offer

Don’t miss Kogan Money’s credit card $400 cashback offer

Getting rewarded for your spending is the key to a killer rewards credit card deal, and that’s why many Aussies are turning their attention to cashback offers. And what’s an example of a hot cashback offer available right now? The Kogan Money Black Credit Card, where customers could score up to $400 credit to spend at Kogan.com.“For customers looking for a credit card cashback deal, and who love to shop online, an offer like Kogan’s Black credit card is worth considering,” Mozo spokesperson, Tom Godfrey said. “Whether it’s on home loans or credit cards, we’re seeing a boom in cashback offers at the moment. So if you’re tempted by the prospect of getting some quick cash on your credit card, considering an offer like this that allows you to spend what you earn could be a great perk.”    Check out Mozo’s expert review of Kogan Money’s deal for all the info you need. But get in quick because this offer is soon to expire on 4 October 2021!

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How do i refinance my mortgage

How do I refinance my mortgage?

Just because you take out a mortgage with a particular lender, it doesn’t mean you have to commit to the company for the entire duration of your loan.

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Commbank launches steppay the latest big bank buy now pay later venture

CommBank launches StepPay, the latest big-bank Buy Now Pay Later venture

Today, CommBank has officially launched StepPay - it’s brand new Buy Now Pay Later (BNPL) service. CommBank introduced StepPay to customers last month and were taking pre-registrations, however it’s only as of right now that the platform is live for them to use. “We’re excited to create the first BNPL from a major bank which can be used anywhere our cards are accepted,” CBA’s executive general manager, Marcos Meneguzzi said. “We know BNPL is a popular choice among customers, but is hampered by its limited use and availability in only selected retailers and businesses. With StepPay, customers have freedom around where they’d like to shop, offering the same accessibility as our other CBA cards. "

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What to watch on netflix during lockdown

What to watch on Netflix during lockdown

So, you’ve already ticked off all the latest TikTok trends, baked more banana bread than you could possibly eat, and now you’re struggling to find a new lockdown hobby.

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Tassie gets 1 5m energy boost for rural and remote areas

Tassie gets $1.5m energy boost for rural and remote areas

Regional Tasmania could soon see a boost in its energy capabilities, with funding announced as part of the Regional and Remote Communities Reliability Fund. The Federal Government announced a grant of more than $1.5 million to TasNetworks to evaluate the suitability of a microgrid energy system for Tasmania’s central highlands.

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Credit card offers to know about this month

Credit card offers to know about this month

Whether you are looking to ramp up your credit card rewards points, receive cashback or take advantage of a 0% purchase or balance transfer rate offer, it can be tricky to navigate what seems like an ocean’s worth of credit card deals available right now. That’s where we can help. For August, we’ve collected some stand-out credit card deals that are worth knowing about. From bonus points and cashback offers and intro and balance transfer rates, here’s what we found:

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Optus vs telstra nbn plans

Optus vs. Telstra NBN plans

With so many different internet service providers around, it can be hard knowing where to start. But that’s what we’re here for - to help you compare options so you can make the right decision for you.

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Best pet insurance

Australia’s Best Pet Insurance for April 2024

We want our beloved dogs and cats to lead healthy and happy lives. So if you've got a special pet in your life, pet insurance is a great one to have in your back pocket in case of emergencies (along with treats).

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How to avoid home buyer s remorse

How to avoid home buyer's remorse

Everyone eventually gets some type of buyer's remorse when shopping. It usually happens when you make an impulsive purchase and then after a few hours or days you find yourself regretting your decision.

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How to compare credit cards in 4 steps

How to compare credit cards in 4 steps

So you’re on the market for a fresh credit card. Whether you’re switching from your current card or are completely new to it all, comparing credit cards can seem a daunting task with all the options out there. But that’s where our four steps come in handy! From finding the right credit card type to snagging the best credit card features for you, with this quick guide you could find your perfect match …

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Citi launches spot buy now pay later

Citi launches Spot. Buy Now Pay Later

Another bank has announced it’s jumping on board the Buy Now Pay Later (BNPL) train! Today, Citi Australia revealed that in October 2021 it’ll be launching a brand new BNPL service called ‘Spot. Buy Now Pay Later.’ And pre-registrations are now open. Traditionally known for its extensive suite of credit card options, Citi says that the service is a separate brand and will be issued by it’s affiliate company, Diners. “We are excited to enter the buy now pay later market with an offering that will be compelling for customers and merchants,” Head of Cards and Loans at Citi Australia Choong Yu Lum said.“This is a global first for Citi, and we’re confident that success in the Australian market could lead to a worldwide rollout of the new payment method.”

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Is it better to pay off my debt or grow my savings we ve asked the experts

Is it better to pay off my debt or grow my savings? We’ve asked the experts!

Got unpaid debt? Whether it’s a personal loan, credit card or even a home loan, chances are you’d prefer to see your debt out of your life than in it.  So the question is: is it always a good idea to prioritise your debt instead of focusing on growing your savings stash? Or can both be done in tandem? We’ve asked the question of Mozo’s banking expert, Peter Marshall as well as Sebastian Paulin, Plenti’s head of direct lending, and Joanne Edwards, Wisr’s chief risk and data officer. And boy we got the answers!

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Online shopping growth with 2021 australian covid lockdown

Online shopping spikes in lockdown - home goods top items

Citibank released data in July that showed, unlike in 2020, Australian consumers were not shaken by the June 2021 lockdowns. Although they could not hit the high street, online shopping with credit and debit cards saw an increase under COVID restrictions.

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Sydney median home value edges above 1 million

Sydney median home value edges above $1 million

Australian residential property prices have continued to rise across the board over the past month, though the rate of growth appears to be losing momentum according to CoreLogic figures released this morning.

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August 2021 financial checklist

August 2021 Financial Checklist

We’ve officially entered the month of August (time flies when in lockdown). For real though, we hope you’re all staying safe and keeping your spirits high if you’re in any lockdown-affected areas. That being said, here’s your favourite financial checklist to help keep you busy:

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