News Archive for July 2021

Being at home this much changes how you spend, doesn't it?

Rent-to-buy (RTB) scheme, also known as rent-to-own scheme, is a leasing agreement that gives renters the chance to buy a home at the end of a fixed rental period (usually three to five years).

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

NBN Co. has offered over $5 million in ‘relief credit’ to internet service providers, but has ignored calls to reinstate measures it implemented earlier in the COVID-19 pandemic. The proposed relief comes after half of Australians re-entered lockdown, causing online traffic to increase by 30-40%.

The Victorian Big Battery has been registered by the Australian Energy Market Operator (AEMO) and can now begin operating at partial capacity. The battery will be capable of storing enough energy in reserve to power over one million Victorian homes for half an hour.

While having bad credit will never work in your favour, it does not necessarily mean you are ineligible for a personal loan. There are plenty of loans available to people with bad credit or marks on their credit history - things might just look a little different.

Revamped renewal notices mean Aussies might now be able to take the wheel on their car insurance and hunt for a more competitive deal!

Hands up if you haven’t shown your superannuation enough love? In the past you probably wouldn’t have been alone, but new research has revealed that a majority of Australians are now actively engaging with their super.

Queensland’s first big battery has received registration from the Australian Energy Market Operator, allowing it to begin charging. Located in Wandoan South, the project will deliver grid services as well as wind and solar power for client AGL Energy.

Mortgage repayments are the biggest household expense for many Australians, and also a prime target for big potential savings, especially now that interest rates are on rise.

Just 12 months ago, mortgage borrowers around Australia were getting excited about home loan rates starting with a '2'' in front. Now, the nation's top challenger lenders are cementing a new benchmark: the variable home loan that starts with a '1', offering even more opportunities for savvy borrowers to compare and save.

After announcing their Green Loan earlier this year, CommBank has made it available to customers nationwide.

Going green is top of mind for many Aussies right now, whether that’s opting for an eco-friendly car to drive or installing solar panels. But reality is, these more sustainable products can come with a hefty price tag. That’s where a green personal loan can really come in handy - especially one with a competitive interest.  “As we live in a world where concerns about climate change and sustainability are only growing, it makes sense that Australian consumers are looking to do their part, whether that’s through environmentally friendly domestic upgrades or choosing an electric vehicle,” Mozo Banking Expert Peter Marshall says. “Both personal and car loan lenders are responding to this trend by offering green loan products, a handful of which come with some of the lowest interest rates available on the Mozo database.” In fact, right now the lowest car loan rate on the Mozo database is attached to loans.com.au’s Clean Green Car Loan at 3.97% p.a. (4.51% p.a. comparison rate*), winner of Best Green Car Loan in the 2021 Mozo Experts Choice Awards for Personal Loans.

A new study from KPMG Economics on the Australian residential property market has revealed the significant impacts COVID-19 is having on home prices across the country, particularly compared to pre-pandemic expectations.

NAB has revised its property market forecast, now expecting dwelling prices to rise by 18.5 per cent this year before slowing to 3.6 per cent in 2022 as affordability constraints become more pronounced.

Spring wedding season is around the corner, and despite tying the knot in 2021 may look a little different than before.  Many Aussies have been forced to change their wedding plans throughout 2020 and this year, with multiple lockdowns and different levels of restrictions.However, for many couples the expense of a wedding was and is still a tricky cost to cover. Whether mum and dad are pitching in, you take out a personal loan or reach into your wallet for your credit card, the truth is that your savings may not be enough.  In fact, according to moneysmart the average cost of a wedding in Australia currently sits at $36,000. Their stats found that while 82% of couples relied on their savings to cover wedding costs, another 60% took out a loan and 18% used their plastic.

Have you heard the news? In the last few years Australian mortgage lenders have sharpened their home loan interest rates to some of the lowest levels they’ve ever been!

Last week, the Commonwealth Bank of Australia (CBA) announced a new partnership with sister telco providers Tangerine and More Telecom that will see the bank offer its customers discounted broadband plans.

While home ownership remains the most surefire - though by no means easy - means of achieving financial security, a new report finds that a number of factors contribute to overall financial satisfaction.

Believe it or not, buying homes virtually is possible. Whether it’s because you’re moving far away for a new job, or simply because you want to live somewhere far away from your current location, or maybe there is a worldwide pandemic that doesn’t let you leave your home.

Through government initiatives like the First Home Super Saver Scheme (FHSS) and the Federal Government Home Loan Deposit Scheme, many Australians are more likely to buy a home than two years ago, new NAB research shows.

Tired of staring at the same four walls? Well, drop that glum expression and get ready to have a great time! We’re about to show you how to have a fabulous overseas trip from the comfort of your own couch. Plus, the best part is that it doesn’t have to cost a cent!

New research has shown Australia has high quality and abundant offshore wind resources near existing transmission grids, not currently being harnessed by the country.

Rental price growth rates have eased in recent months, but figures show that nationwide rental rates have increased by 6.6% over the past year to June.

Macquarie Bank joins a growing number of lenders that have shifted their variable rates in recent months, making cuts of up to 0.10% this morning.

Receiving payment through Centrelink or having a small income can make getting a credit card more difficult, but it does not necessarily disqualify you.

First launched in Brisbane and now available in Sydney and Melbourne, payo is a new app that allows customers to Buy Now Pay Later (BNPL) when dining out.

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

When you apply for a home loan, it is ideal to have at least a 20% deposit saved up. That is 20% of the property purchase price banked and ready to pay up front.

New research has revealed that a combination of government assistance and record low interest rates has helped cut mortgage stress to ‘near record’ low levels, yet a significant number of Australian homeowners remain under pressure.

Banks have begun rolling out renewed support this week for customers facing financial hardship as a result of COVID-19 lockdowns and restrictions.

Renewable energy generation has surged to record highs in Australia thanks to its affordability and cleanliness compared to other power sources, while gas generation has taken another fall.

The Northern Territory currently sits last in WWF’s rankings in how Australian states and territories are embracing renewable energy, with the list taking into consideration how much renewable energy is used throughout the areas as well as sold on.

Property listings on realestate.com.au reached a historic low in June 2021 when they fell by 3.3%, according to the latest REA Insights Listing Report.

Update: Please note that Afterpay Money is no longer in operation.

Right now multiple countries around the world are considering establishing a central bank digital currency (CBDC). This increased interest may have been spurred on by the decline in cash use during the pandemic, as well as the growing popularity of digital payments.

A home loan pre-approval does not mean you are approved for a home loan, but it is a strong indication that your loan may be approved at a later date.

In 2021, we’re seeing that the role of the home is ever-changing. In the blink of an eye, the home has transformed into a workplace by day and a fully-fledged digital entertainment hub by night.

Paying down your car loan early can be a great idea, but it also might not be. The truth is, in some cases clearing car loan debt can be a savvy option and can improve your financial situation. However, in others it can have the opposite effect and impact your ability to afford things or pay off other forms of debt. Essentially, it’s all about you and where you financially stand. So what’s the right choice for you? That’s where our pros and cons list comes in handy! Read on as we weigh up the advantages and disadvantages of paying off a car loan ahead of time…

When shopping with a rewards credit card, you earn points as you spend that can then be exchanged for products or perks, such as free flights, upgrades, cash back or gift cards. The value of a reward point varies but is often in proportion to each dollar you spend, so it’s essential to find a card that suits your lifestyle. Each rewards program comes with its own specific terms and conditions, so be sure to know the details of your card’s policy.

Want to apply for a home loan but don’t know where to start or what to do? No worries, we will walk you through it!

With many Australian cities going into lockdown due to the spread of the new virus strain, the only way to stay connected with friends and family might be to stay connected online.

In these tough financial times, there are a lot of ways to make a personal loan work for you, whether you're looking to consolidate debt, finance long-planned home projects or simply access some extra cash. And in these economically tough times, plenty of Aussies could do with a helping hand.

New financial year, new financial you! The beginning of the new financial year is the ideal time to make positive moves towards your money goals.

Netflix has revealed plans to offer video games to its customers alongside its existing content. With reports suggesting the video games are planned to join Netflix’s other content within a year at no extra cost to subscribers, those planning to take advantage of the added goods might need to take a second look at their broadband plan.

Home loan rates for residential property investors have reached the lowest point they’ve been in years, and Australia’s online mortgage lenders are the providers at the forefront of the push towards sharper rates.

Australians have had more than $7.2 million stolen by scammers who gained access to their home computers, said the Australian Competition and Consumer Commission (ACCC).

New Roy Morgan data shows public transport use surged in the March 2021 quarter, with around 8.9 million Australians aged over 14 (or 42% of that contingent) riding the rails, buses and ferries.

Ever wondered a drawdown means? In simple terms a loan drawdown is the release of funds under an agreement with a lender.

When you think of a rewards credit card, you may think of things like frequent flyer programs or points schemes attached to cards offered by banks and credit unions.But the truth is, that’s not your only option. In fact, a few Aussie retailers offer rewards credit cards, including big names like Kogan, David Jones and Coles.Like other rewards cards, these options allow customers to earn points as they spend, and in some cases offer discounts or vouchers to shop in-store with (when customers meet the spending requirements).Want to know more? Here’s a rundown of what these three big retailers have on offer when it comes to rewards credit cards.

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

Drivers searching for a usage based car insurance policy will soon have another option to add to their list. Set to launch this month, Koba Insurance is designed to offer reduced premium costs to people who clock up less than 7,000km per year on the road.

A proposed renewable energy project on Western Australia’s south coast will have the capacity to produce the equivalent of enough power for the whole country, Curtin University professor of sustainability, Peter Newman said.

Whether you are looking to send money overseas for business or personal reasons getting the best deal on your exchange is essential if you want to keep more money in your pocket than lose it to fees or poor foreign exchange rates.

The saying ‘as safe as houses’ has always appealed to me. Not only does it suggest the relative security of investing in physical bricks and mortar as opposed to say, shares, but also a more fundamental element of comfort. Our homes have become even more valuable of late haven’t they, as we look for safehavens - another comforting term - amid the current uncertainty of the outside world. I suppose in recent years, it’s why people have been putting so much value on securing their very own safehaven - no matter the cost! We know that in large capitals like Sydney, some buyers will not be thwarted and consequently, some final purchase prices exceed the perceived value.

The financial new year is a time to make moves towards your money goals and to action your money resolutions.

Alex Bank, also known as Alex, has become the latest Australian digital banking player to be approved by the Australian Prudential Regulation Authority (APRA) as a restricted authorised deposit-taking institution.

Analysis by property research firm CoreLogic has found it is now cheaper to service a mortgage than pay rent on 36.2 per cent of Australian properties, up from 33.9 per cent pre-pandemic.

A new report from Financial Rights Legal Centre has found many insurance customers aren’t being properly supported when making a claim for property damage due to extreme weather events.

The Australian Energy Market Operator (AEMO) has announced a new goal for itself to be capable of handling 100% renewable energy penetration on the grid by 2025.

The Australian Securities and Investments Commission (ASIC) has announced that it is conducting a review of environmentally focused investment funds. The regulator expressed its concerns over potential ‘greenwashing’, as demand for more ethical and environmentally friendly investments grows.

Telstra has announced a range of new deals on their fast NBN plans, offering credit on your bill and no connection fee for new customers along with a 3-month standard BINGE subscription for new subscribers.

A number of recent cuts from online lenders has highlighted the rate premiums many Australian homeowners, including big bank customers, may be paying on their home loans.

Westpac, ANZ, NAB and CommBank have already or plan to close down 350 bank branches between January 2020 and Christmas 2021.

Mozo has found that 81% of Australians are loaded up with streaming subscriptions to stay entertained, but failing to cancel subscriptions could prove a costly mistake.

Enova Energy and Diamond Energy have announced an expansion of their long-term partnership. The expansion will allow the community-owned Enova Energy to improve its energy sourcing and enhance its distributed renewable energy generation and storage projects.

Everyone knows that you can get a credit card that will earn you frequent flyer miles or reward points, but are there other benefits?

New non-bank lender TechLend is offering home buyers interest free bridging loans with same day pre-approval, which it’s likening to buy now pay, later of home loans.

As the hundreds of thousands of Australians who take out a new home loan or refinance every year will attest to, applying for a loan and getting it approved can often be painful.

OVO Energy has just announced its exciting new OVO Drive offer, which could save Aussie electric vehicle owners as much as $300 per year (or the equivalent of 6,700km of driving distance).

Unequal pay and workplace barriers for women are about to go under the microscope in a new state government inquiry into employment inequality for women in Victoria.

The Australian Securities and Investments Commission (ASIC) is urging 40,000 Australians who bought life insurance through the formerly ANZ-owned OnePath to apply for refunds.

Big four bank CommBank has announced that it will soon be launching its very own buy now pay later service, StepPay.

The NSW government has unveiled a support package for Sydney households and businesses struggling to stay afloat as the state enters its third week of lockdown.

Personal loans are a big commitment, but if you’ve been learning towards a secured personal loan and aren’t really sure how this whole collateral thing works, you’re not alone. This is one of the more frequently asked questions about personal loans - and we want to help clear things up!

Online lender loans.com.au has announced their new green home loans, helping pave the way for more green finance options in Australia.

Finding the right mobile broadband plan to keep you online when you’re away from home can be a difficult search. There are a range of different providers, data limits and price tiers to consider, so we’ve collected some of the cheaper sim-only deals below.

The NSW government has partnered with KPMG to develop a tool that will measure the quality and insurability of homes in the state. The so-called Building Assurance Solution (BAS) tool aims to provide both home buyers and insurance companies with a trustworthy rating for residential buildings in NSW.

Is it possible to lose your home loan deposit after a property deal gone bad? The short answer is yes, you can, but it depends on where you live in Australia and the contract of sale terms.

If you’re on the hunt for a new home or are preparing to farewell your current abode, you’ve probably heard whispers about the best seasons for buying or selling property.

Investors appear to be returning to the property market at a greater rate based on figures put out by the Australian Bureau of Statistics (ABS) last week.

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

The numbers are in - Aussie personal loan and car loan customers have borrowed more now than before the pandemic began. This is according to the Australian Bureau of Statistic’s latest lending indicators data, which tracks the total value of new loan commitments month on month. Over the month of May 2021, the total value of new loan commitments for personal fixed term loans came to $1.986 billion, a growth from $1.397 billion in May 2020 (during the pandemic) and $1.599 billion in May 2019 (pre-pandemic). The ABS also broke down the data into purchase types, with things like road vehicles, other vehicles and equipment and household and personal goods all jumping over pre-pandemic levels. As to be expected however, the total value of travel and holiday loans continues to be well below 2019 figures. While there was a small rise from 2020, these figures are historically closer in line with the numbers of the other vehicle and equipment, and household and personal goods categories, as indicated by 2019. Here’s what some of the numbers look like:

Australians have had a good run with ultra-low home loan rates this year. But now’s not the time to get complacent. Recent home loan rate increases across the Big Four banks are leaving Aussie borrowers wondering if now is the time to lock in their rates.

Understanding life insurance is certainly not for the faint of heart. There are so many different terms to wrap your head around, not to mention the choice between superannuation life insurance and standalone cover.

Online lender Tic:Toc has surged ahead of competitors to offer the lowest variable home loan rate in the Mozo database after a 15 basis point cut this morning.

International money transfer provider WorldFirst has announced that they will be closing their personal money transfer services to focus on business and ecommerce transactions.

Comfort spending is all too tempting during the cold winter months, especially when you’re stuck at home during a lockdown. You may not be allowed to go outside, but you can still access the internet right? Before you know it harmless browsing turns into five things in your cart and a big dent in your savings stash. If only there were somewhere to keep your rainy day fund out of reach.

If you’re looking for an NBN plan this month, Dodo has announced a range of deals that will save you money in the first six months if you’re a new customer, depending on the network capabilities of your home.

For those searching for an NBN plan this month, home internet provider Superloop has announced deals on its NBN 250 and NBN 1000 plans for new customers with eligible connection types.

Telstra has failed to notify almost 50,000 customers that the maximum speeds advertised in their internet plan were not attainable with the NBN infrastructure available to them, the Australian Communications and Media Authority (ACMA) has found. Telstra will pay $25 million in refunds in connection to the issues, with Telstra reporting regularly to the ACMA on the refunding process.

A recent World Bank report found that 16.6% of Australians were making a living outside the typical full-time work arrangement. But while freelancing and contract-based work might suit you, you're likely to run into some problems when trying to get a home loan approved.

Fresh stats have shown that state lockdowns aren’t stopping Aussie shoppers from spending on their debit or credit cards. According to CommBank’s household credit and debit card spending update, card spending levels over the week ending on 2 July 2021 was a solid 13.9% above the week before and 16.5% higher than the same week in 2019 (pre-pandemic). Because card spending was so heavily impacted in 2020 as a result of the pandemic, CommBank compared 2021 to 2019 in this report, as 2019 is a reflection of a more ‘normal’ spending year.Interestingly, this increase in spending happened despite NSW, QLD, NT and WA all entering a form of lockdown at the end of June. In fact, Citi Australia’s head of cards and loans, Choong Yu Lum revealed that in the final week of June, Australia saw the biggest spend of the month despite lockdowns in various states. “Last year, lockdown anxieties triggered a drop in consumer spending. However, the data for June indicated consumers are no longer spooked by lockdowns, with heightened government restrictions appearing to bear no impact on volumes of monthly spend,” he said. As to be expected, CommBank found that for credit and debit card users in-store spending slowed by 5.8% when compared to the same period in 2019. Meanwhile online spending lifted by a significant 38.6%.

The Reserve Bank of Australia handed down its latest monetary policy decision this afternoon, keeping official interest rates steady at 0.1 per cent while announcing key changes to the rest of its support program.

A modem and router are two essential bits of home technology that help you connect with your broadband service and provide internet access. While signing up to an internet service provider gives you access to the internet, without a modem and router you won’t actually be able to connect your home and your devices, and you’ll be stuck paying for an internet service you can’t use.

A new report by NAB found that more Australians are intending to buy a new home in 2021 compared to the last quarter of 2020.

Frollo has announced that with the activation of its thirteenth data holder, it has achieved open banking coverage representing approximately 90% of Australia's banking customers.

The value of home loans refinanced by Australian mortgage holders has reached its highest level in years according to new figures from the Australian Bureau of Statistics (ABS).

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

Share trading can seem intimidating if you’re a new investor. Lots of charts and numbers can make you feel like you need to be a maths whiz to even get started. But share trading can be a good (albeit volatile) way to build your wealth over a long time.

After a year of global border closure, Australia saw a sharp rise of consumer goods purchased, particularly international goods, keeping international money transfers (IMT) from plummeting.

If buying a used car is on the cards this new financial year, it’s crucial you avoid making inspection mistakes and driving home a lemon.. because who wants that? Whether it’s your fifth or your first set of wheels, there are a bunch of things to remember when checking out a used vehicle.According to fresh numbers from Australia-wide car repairer, mycar Tyre & Auto, 64% of Aussies are planning on buying a car in the next year or two, with 53% opting for pre-loved. But while over half of car buyers are turning to used cars instead of new, 83% are worried that the car they want will have a mechanical fault. And it all comes down to the inspections. Mycar Tyre & Auto found that over a third of car buyers (38%) feel inexperienced when looking at a used vehicle, while 33% feel anxious and 20% feel stressed.

New research has found the average Australian driver faces a repair bill of $1,524 if their car is damaged in a road collision.

Online share trading app Superhero has expanded its offering beyond Australian securities with this morning’s announcement of its launch into US shares.

With Aussies around the country still feeling the effects of the ongoing COVID-19 pandemic, many of us will be spending these cold winter months at least partially working from home. We’ve already discussed here at Mozo how working from home can add more than $500 to your energy bill every six months, and with heating a necessity during the coldest period of the year it’s important to find ways to keep your house warm without breaking the bank.

New figures from CoreLogic have confirmed what many Australians already knew: property prices have surged in the past year.

If you have a home loan, odds are it’s with one of the Big Four: ANZ, Commonwealth Bank, NAB, or Westpac.

New research conducted by payment solutions group Openpay has revealed many Australians are turning to alternative finance options to broaden their approach to money management.

Online mortgage lender ING has launched a new cashback scheme for borrowers looking to refinance their home loans.

Countless studies and research have suggested that women are more careful with money than men. The latest of these from Kiwi bank ASB finds that women in NZ are more likely to have a savings account and typically hold around 600 NZ dollars more in savings than men.

Residential buildings are responsible for nearly a quarter of overall energy use and more than 10% of total carbon emissions in Australia, as reported by the Australian Government. With the increasing concern about the climate crisis, it’s no wonder people are looking for greener options when it comes to building and owning homes.

Mozo has crunched the numbers and come up with six ways you can set yourself up to save thousands when the world returns to normal.

Savings account interest rates held steady over the last month, with the rapid reductions of 2020 slowly petering off as we shift into a new financial year.

Over the last year we’ve seen some pretty massive changes to the way we live, work and socialise. Luckily for Australian drivers trying to manage car insurance premiums as the cost of living climbs, there’s an insurance provider who’s been offering simple, flexible service from the get-go.

Whether you regularly do your grocery shopping online or just on occasion, you might be interested to hear which online supermarkets are ranked best by your fellow Australians.

As the new 2021/22 financial year begins, the outlook for term deposits is a little rosier.

Figures from a study conducted by Members Equity (ME) Bank has highlighted a number of trends in the still very busy property market. The data shows over two-thirds of first home buyers are accepting the need to compromise on certain requirements to buy a property, as well as the rise in solo applicants.

Australia is ahead of other countries when it comes to using Buy Now Pay Later (BNPL) apps.

In an effort to combat the effects of climate change, Firstmac is offering discounted home loans to borrowers who are buying or building green homes with a Nationwide House Energy Rating Scheme (NatHERS) rating of 7 or higher.

When local Coronavirus transmissions are up and restrictions are put into place, people begin to rethink how they buy things. As seen during 2020, COVID impacts Australian consumer habits.

It’s been another busy month in the world of home loans with plenty of lenders adjusting interest rates up and down.

Howdy folks! It’s July 1st, which brings us to a new financial year. It goes without saying that the past twelve months have been one wild ride.

Welcome to a new financial year, folks. Let's dive straight into our first personal loans market update of the new financial year: