News Archive for December 2021

In 2022, the Australian property market could see similar growth as 2021 but not as strong, says the newest Bricks and Mortar market forecast.

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.

Simpler energy bills are on the way to customers with the Australian Energy Regulator (AER) releasing its draft Better Bills Guideline for consultation, with more than 14,000 customers to be included in testing along with retailers and consumer groups.

Telstra has been granted licences to sell electricity and gas in Victoria, although the state’s Essential Services Commision (ESC) has imposed strict rules and customer limits on the company due to its past history of non-compliance in the telecommunications sector.

It’s the week before Christmas and it’s time to think about stocking up on booze before the festivities begin. Your local store might have unpredictable hours this time of year or even run out of that particular brand you want, so it can be safer to just do a big online order to be delivered just in time for the jolly season.

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.

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

If there’s one thing that we’re sure you’ve probably noticed lately, it’s that petrol prices are not dropping. In fact, fresh stats from the Australian Competition & Consumer Commission (ACCC) show that at the end of October 2021, daily petrol prices increased by 172.4 cents per litre (cpl),  on a seven-day rolling average basis. The numbers took into account fuel prices from major cities Sydney, Melbourne, Brisbane, Adelaide and Perth. And according to the ACCC, these are the highest prices in seven years (in inflation adjusted terms). The report also showed that drivers across the five major cities paid approximately 48.0 cpl more in November 2021 than they did the same time in 2020.

Home loan interest rates have been a hot topic since the Reserve Bank of Australia (RBA) cut the cash rate to a historic low of 0.10% (where it’s held steady since), leading to a flurry of mortgage rate reductions.

TPG Telecom will replace the existing public Wi-Fi network around Adelaide, providing free broadband around the city. The company will begin to deploy the network early next year and operate it on an initial five year contract.

Carols are playing in shopping centres (soz retail workers), and colourful lights shine everywhere you turn. Which can only mean one thing … the silly season is here!

There's no doubt about it, 2021 has been another year of ups and downs. But one constant has been the enthusiasm with which Australians seem to have embraced the share market.

As we inch closer to the end of the year, it’s time to look back over the most frequently played money topics. From rising property property prices to our online shopping obsession, we’ve seen some major trends take off in 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?

One way to show love for your pet is by having Christmas prezzies waiting under the tree. So don’t skimp this holiday season and give the gift they deserve for all their love and cuddles.

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.

As the world continues to move away from fossil fuels and towards renewable energy, electric vehicles (EVs) continue to grow in popularity. While Tesla may be front of mind for many, Ford’s first electric ute has proven so popular the company has had to close reservations as they have surpassed 200,000.

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.

Property isn’t just something that snags your interest at the family barbeque - it’s served up as vital to our economy!

With Aussies embracing the clean energy transition, the Australian Energy Market Operator (AEMO) is expecting coal closures to occur at three times the expected rate. This would see brown coal phased out by 2032, with black coal usage down a substantial amount.

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.

The Australian property market has shattered all expectations this year, with dwelling prices rising 22.2 per cent over the past 12 months and adding an extra $126,700 to the median value of an Australian home.

Just when we were getting used to home loan rates that start with a '2', Australia's rival lenders are releasing some jaw-dropping new variable home loan rates with a '1' in front, giving savvy borrowers a new opportunity to compare and potentially save thousands on their home loan.

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.

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

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.

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.

La Niña is now firmly established in the tropical Pacific, with climate modelling from the Bureau of Meteorology (BOM) suggesting severe wet weather and cooling temperatures may persist until early autumn 2022.

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

Despite the Australian Competition and Consumer Commission’s (ACCC) asking for more transparency and simplicity in international money transfers (IMTs), a new report by foreign exchange specialists Wise (formerly known as Transfer Wise) says international payments are the most significant barrier to Australian small businesses when it comes to expanding internationally.

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.

As the states and territories hesitantly begin opening borders in Australia, airlines are ramping up their affordable flight options for travellers.

When you think about financing a vehicle, your mind may immediately go to car financing or a car loan. But the truth is, for some these options may not be available … which is where a personal loan may step up to the (number) plate.  According to recent industry datas, the used car market continues to boom as the supply issues around new car microchips drag on. “With some people being forced to consider buying a used car as the microchip shortage puts the brakes on the supply of new cars, the used car loan market is running hot,” says Mozo spokesperson Tom Godfrey.  “If the car you’re trying to purchase has a lot of ks on the clock, you might find some car loan providers unwilling to finance it, which is when a personal loan might come in handy.”In fact, Mozo’s latest research showed that 52% of Aussies that took out a personal loan over the last 10 years, used the funds to purchase a car. It revealed that the average car loan borrowing amount was at $25,000, while for personal loans it sat at a lower $14,000.

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!

The world’s largest private renewable energy retailer has secured its Australian license as it looks to launch down under. The Italian-based Enel Group plans to offer a ‘Green-tailer’ product that will combine renewables, virtual power plants and an electric vehicle charging option for customers.

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.

The lure of low home loan interest rates appears to be continuing to drive Australian property owners to refinance their mortgages in considerable volumes.

We’ve all seen the ads or films where a cute puppy pops out of a gift wrapped box. It’s heartwarming seeing the furry friend see their new owner and give them a hello lick.

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

We’re heading into the final month of 2021, and it’s time to start thinking about Christmas shopping.

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.

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.

With Christmas just around the corner and the frenzy shopping for the festive season usually creates, getting yourself organised sooner rather than later could prove a wise move for both your sanity, and your back pocket.If you loathe the idea of crowds and have gotten accustomed to the conveniences of shopping from the comfort of your living room, then creating a digital Christmas plan can be as easy as pie with our essential tips to help get you ready.

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

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

It’s now been well over a year since the Reserve Bank’s last cash rate cut and the flood of home loan cuts that followed, yet instead of relative rate stability, lenders seem to be making as many changes as ever.

Black Friday and Cyber Monday sales hit an all-time high in Australia, with an analysis from NAB revealing that Aussie shoppers spent more than $8 billion this year.