News Archive for December 2021

Sharing finances is a milestone some relationships decide is right for them. Pooling money can help provide accountability, with many Aussies splitting financial products like bank accounts, credit cards and home loans. So, why not share a joint personal loan?

For a bit of fun - and maybe some helpful insights- we’ve asked members of the Mozo content team to tell us some of their worst and best purchases of 2021. Here are their responses:

After nearly two years of border closures, international travel is back for fully vaccinated Australian citizens and permanent residents, with Canada, Fiji, Italy, Spain, the UK and the US among the countries currently open to Aussie jetsetters. But has enthusiasm for international travel come back yet?

Travel in Australia has re-entered the public imagination following the easing of border restrictions between some states and territories. In response, insurance provider Southern Cross Travel Insurance (SCTI) has recorded a growing number of customers seeking domestic travel insurance to complement their holiday plans.

It can be overwhelming looking at home loans. Tools like our home loan calculator or comparison hub can be very good starting points to give you key numbers, though there’s still more you can do.

Origin Energy is launching a virtual power plant (VPP) for customers in New South Wales, Victoria and Queensland, with spots available for homes to get involved.

Across all personal credit cards on the Mozo database, the average interest rate is 17.06% p.a., which can add up if you’re carrying over a balance. Recently, there has been an influx of an alternative type of card - 0% interest credit cards.

NBN Co has announced a 100% renewable energy target, backed by an emission reduction plan and membership with the RE100 climate group. The company has announced an initial three-year roadmap it will adhere to as it continues to deliver broadband to over 8 million Aussie homes.

Are you a Canberran with an electric vehicle on your Christmas or 2022 list? We’ve got news for you … This month, the ACT Government introduced the Sustainable Household Scheme to residents of the nation’s capital as part of its commitment to net zero emissions by 2045. Under the scheme, the government is offering interest-free loans between $2,000 and $15,000 to eligible homeowners to fund the cost of energy efficient products, including EVs.  The loans can be paid back over a period of up to 10 years and there are also no upfront or ongoing fees attached to it.  “As the impacts of climate change become increasingly evident, it is essential that governments work with the community to not only take meaningful action to limit our contributions to global warming, but to do so in a way that improves our quality of life,” said chief minister, minister for climate action, Andrew Barr in the Sustainable Household Scheme Guidelines for participants. “I am pleased to announce the introduction of the Sustainable Household Scheme (Scheme), to support Canberrans to reduce their energy use and costs and live more comfortably. This in turn will contribute to the ACT’s transition to net zero emissions by 2045. “The Scheme will provide $150 million in zero interest loans over five years to eligible households, individuals and not-for-profit community organisations, and be delivered through a contracted loans provider.” Partnering with home improvement loan provider Brighte, the ACT Government is set to offer the scheme up until 2026 (unless it’s extended). Apart from the scheme and loans, Brighte also offers a specialised interest-free Buy Now Pay Later service for home improvement purchases (including green ones) up to $30,000 and snapped up a 2021 Mozo Experts Choice Award for best specialised service.

With Christmas just a couple of weeks away, many Australians are in full spending mode. According to a NAB analysis, the bank predicts that Aussies are estimated to spend close to $53.6 billion during the holiday season.

UBank has announced a new cut to its UHomeLoan - Discount Offer variable rate, putting it 113 basis points (bp) below the average variable home loan rate for owner occupiers in Mozo’s database.

For both new and established businesses, managing cash flow can be a challenge. And if customers make a habit of delaying payment, you can find yourself stalling as a business, if not running into further trouble down the road.

Westpac announced this week that it would be boosting its digital offerings with money management app, MoneyBrilliant.

New research from the Commonwealth Bank has challenged one of the major misconceptions surrounding millennials: that they are a generation of spenders.

Looking to spread the cost of your Christmas shopping this year? Buy Now Pay Later (BNPL) could be your answer. In fact, if used correctly, BNPL can be a way to reduce how much you spend upfront and allows you to budget as you pay off the rest of what you owe in regular instalments. And there are plenty of platforms to choose from. Whether it’s Afterpay, Zip, Klarna or Humm (to mention a few), there are a whole bunch of retailers that allow you to use these types of services to buy Christmas gifts now and pay for them later. It’s important to note though, these platforms aren’t completely cost-free. The truth is, some come with a monthly fee attached to them and often charge late payment costs if you miss or delay an instalment.

Like the idea of a credit card issued by one of the big four? Well if traditional banking is more your speed, you’ll be pleased to know there’s plenty of options when it comes to low rate and 0% interest credit card offers. In fact, each of the big four (CommBank, NAB, Westpac and ANZ) offer at least one product in each category. With that in mind, we’ve compared top credit cards side by side to help you look for the right product for you!

In the last two years, the Australian property market has defied expectations. The market’s value recently broke the $9.1 trillion mark in September with the prospect of continual growth into 2022.

Despite an increase in inflation, the Reserve Bank of Australia left monetary policy settings unchanged at its final meeting of the year, pointing to lacklustre progress towards other targets such as wages growth.

Like the wacky family in your favourite Christmas movie, it's time to find the perfect Christmas tree!

Despite sky-high prices, enthusiasm for investment properties appears to be continuing to grow, with investors taking out new loans at near-record levels in order to get into the market.

The Australian Competition and Consumer Commission (ACCC) has asked Australian mobile telcos to devise a standard way to determine the ‘predicted coverage’ of their networks in order to make comparisons easier and “improve safety outcomes” for regional and remote residents.

Optus has begun limited trials of its standalone 5G broadband network, ahead of a planned commercial launch in 2022.

“Just hear those sleigh bells jingling, ring tingle tingling too (ring-a-ling-a ding-dong-ding!).”