News Archive for July 2021

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

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.

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.

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.

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.

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.

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.

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.

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.

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

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!

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.

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

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.

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

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

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).

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%.

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.

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

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.

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!

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.

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.

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.

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.

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.

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…

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.

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.

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.

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).

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.

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.

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.

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.

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.

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

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.

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.

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

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.

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.

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).

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.

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

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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