News Archive for June 2021

Back in the day, taking out car insurance meant flipping through the yellow pages, circling providers and numbers to call. Now, in 2021 a quick internet search is all that’s required to find the right cover. Insurance companies have moved online and a fair few are even rewriting the rules altogether!

With the major banks announcing support packages for those affected by the latest lockdown, analysis here at Mozo has revealed that some of these hardship options may add thousands of dollars in debt long-term.

National Australia Bank (NAB) has increased the interest rates across a number of its fixed home loan terms this morning by between 5 and 10 basis points.

Yes, the Australian property market is currently experiencing a boom. In June, successful sales increased 18% from the previous year. So, it is not surprising that so many Australian homeowners are considering taking advantage of the high housing prices and putting their homes up for sale.

While the Reserve Bank of Australia has insisted that interest rates won’t rise until 2024 at the earliest, a growing number of economists are beginning to question the Bank’s outlook.

Australians looking to sell their home amid the current property boom may have one key question in mind: will they make a profit or a loss?

While many Australians have had to cancel school holiday plans due to growing community transmission of COVID-19, Amazon CEO Jeff Bezos is preparing to rocket off on a quick trip to space.

Commonwealth Bank has announced it’s partnering up with fintech lending platform Waddle to expand its business banking portfolio to invoice finance.

With Sydney once again in lockdown, small businesses in NSW may be one of the hardest hit groups. Restaurants, bars and cafes closed their doors over the weekend as stay-at-home orders were extended across Greater Sydney - and they may remain shut for at least the next two weeks.

Given that $19.3 billion worth of home loans were refinanced in April, it’s clear many Australian homeowners are jumping at the opportunity to switch to ultra-low rates and save on interest.

Aussies shouldn’t feel bad for paying for chores their grandparents once did on a day-to-day basis because they’re helping the economy.

Buying a new home may sound like a daunting task at first, especially with the Australian home market continually on the rise. Whether you are a first time buyer or a seasoned player there are a few must-dos you should follow to make your buying journey easier.

The number of Australians seeking a sea or tree change by relocating to the regions has reached a new high during the COVID-19 pandemic according to new research released this morning.

As of 1 July 2021, insurance providers subscribed to the Insurance Council of Australia’s Code of Conduct will be providing customers with a year-on-year price comparison in their premium renewal notice.This new change is part of the council’s updated 2020 General Insurance Code of Practice.

Australia’s major banks are offering assistance to customers that have been impacted by the recent COVID-19 lockdown measures in NSW, including short-term deferrals on home loan repayments and fee waivers across a number of products.

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

Buying a house can be an intimidating process. For most Australians, it is one of the most significant financial investments you’ll ever make in your life, and when you picture your family in a new home, it’s hard not to get emotionally invested in the purchase.

The Australian Competition and Consumer Commission (ACCC) predicts that your power bills will be lower this year due to considerable drops in wholesale electricity costs and new laws requiring electricity retailers to pass on those savings.

As part of its 2021/2022 state budget, the NSW government has pledged $200 million to waive stamp duty fees for eligible, new and secondhand zero and low emission cars.

Dreamt of owning a 1963 Mercury Comet ever since you first saw Peyton Sawyer cruise around in one in One Tree Hill? Or maybe a Little Red Corvette’s more your style? Well, now might be the time to turn that dream into reality.

Online brokerage platform Stake has announced its intention to offer investors the chance to trade Australian shares and ETFs from later this year.

The winter months are usually considered the slow period in the Australian property market, with chilly weather usually discouraging people from attending home viewings. This can see a drop in demand but it seems the usual patterns do not apply to 2021.

It’s official, Aussie drivers are hitting the road Toyota style! Last week, market research company Roy Morgan announced that Toyota was Australia’s most popular car brand by volume of sales in 2020. “Australia’s largest car manufacturer Toyota has triumphed in the Major Car Manufacturer of the Year Award after winning 12 straight months during 2020,” Roy Morgan chief executive officer, Michele Levine said. “Toyota had an average customer satisfaction rating of 94% during 2020.” On top of that, car insurance provider Budget Direct painted a similar story for the beginning of this year. In fact, according to its latest Australian car sale statistics, Toyota maintained the lead in new car sales with 16,819 vehicles sold over January 2021. This is almost double the amount of the next most popular car brand Mazda, which recorded 8,508 new car sales for the month.  Of the Toyota fleet, Budget Direct recorded that the Toyota Hilux was the most popular model with 45,176 new car sales over 2020. This is followed by the Toyota RAV4 (38,357), Toyota Corolla (25,882) and Toyota Prado (18,034). Plus, with the second hand car market currently booming, a bunch of second hand Toyotas have been sold around the country - which are not factored into the above statistics.

Two Mozo Expert Choice Award favourites are teaming up to provide revolutionary Open Banking services to their customers.

Aussies aren’t just using Buy Now Pay Later (BNPL) to buy a fresh outfit - the majority of them are using these platforms to buy big necessities like fridges, heaters, new beds and more, according to Mozo’s 2021 Buy Now Pay Later Report.“Shoppers don’t just use Buy Now Pay Later for small purchases like clothing. Mozo research found that 65% of users purchase large necessary items on the platforms, like fridges or other household appliances,” says Mozo spokesperson, Claire Frawley. Just behind large necessary purchases, over half of BNPL users (57%) are spending on luxury items like designer clothing and jewellery, while more than a quarter (28%) are buying essentials like food.

Economists at the Commonwealth Bank have brought forward their rate hike forecasts, tipping the Reserve Bank of Australia will lift the cash rate above its current historic lows in November 2022. “We have pencilled in an increase of 15 [basis points] which would take the cash rate to 0.25%,” said CBA head of Australian economics, Gareth Aird.The major bank sees a further increase of 0.25% in December 2022, followed by another three 0.25% increases in the first, second and third quarters of 2023. That would put the cash rate at 1.25% by September 2023.Among lenders we track, the average variable home loan rate for owner occupiers making P&I repayments currently sits at 3.27% p.a. Assuming lenders hike rates in line with the RBA, this will jump up to 4.42% p.a.For the average borrower paying off a loan of $500,000 over 25 years, that could translate to an extra $315 in monthly repayments each month, or $3,780 over the year.RELATED: Are tighter lending conditions on the way?Local interest rate traders had tipped the RBA would move sooner than planned after the latest round of jobs figures showed unemployment dropped to 5.1% in May.Underemployment also fell to 7.4%, the lowest it has been since January 2014 and only 0.4% below pre-pandemic levels.CommBank is now the third major bank to challenge the RBA’s guidance that interest rates will not rise until 2024. ANZ economists believe the RBA will pull the rate hike trigger in late 2023, while Westpac forecasts a March 2023 move.Despite the momentum in the economy, wages growth remains chronically weak. Aird warns that a swelling of the labour market supply once international borders open could subdue wages further.“We believe that the RBA cannot achieve their objectives of full employment and inflation ‘sustainably in the target’ without the assistance of the Commonwealth,” he said.“More specifically, fiscal settings need to remain stimulatory and net overseas immigration cannot catapult back to strong pre‑COVID levels if wages growth is to remain at 3% per annum or above.”To work out how much you could be paying if rates go up, use our home loan repayments calculator. And for more information on property and lending trends, browse our home loan statistics page.

Borrowers may soon face higher hurdles when applying for a home loan, as regulators explore potential policy options aimed at cooling down Australia’s white hot property market.Macroprudential controls currently being considered by APRA include tighter debt-to-income and loan-to-value ratios, as well as tougher rules around interest-only and investor lending.The Commonwealth Bank has already revised its assessment rate ahead of any prompting from regulators, bumping it up from 5.1% to 5.25%. More lenders are expected to follow suit.The assessment rate is a serviceability buffer banks use to gauge borrowers’ capacity to repay their loan in the event of a rate hike.Not too long ago, lenders were required to use an assessment rate of at least 7%. But this was amended in July 2019 to better reflect the current interest rate environment. Nowadays, it’s recommended that banks add a margin of at least 2.5% to their home loan rates when assessing applicants, or use an assessment rate of their own — whichever is higher.CommBank now has the highest minimum floor rate of the big four banks. ANZ has the second highest at 5.10%, followed by Westpac at 5.05% and NAB at 4.95%.The decision to tighten standards means some borrowers will have to lower their expectations when applying for a loan, but CommBank says the vast majority of customers will be unaffected.

Launched just last week, new insurance provider Honey is giving qualifying customers up to $250 worth of smart home sensors! The insurtech company which provides home and contents cover aims to use its tech offerings to not only keep Aussies safe, but also help reduce costs for its customers.

Record low interest rates and the COVID pandemic have sparked a shift - an investment shift. Young Aussies across the country have been reassessing their investment strategies, with share trading and other forms of investing emerging as some of the hottest ways for many to grow their wealth.

One of Australia’s largest mutual banks, Teachers Mutual Bank, has announced the imminent launch of its new digital banking arm, Hiver.

Buy Now Pay Later (BNPL) has well and truly captured Aussie consumers’ attention and continues to solidify itself as a serious player in the digital payment game. For a number of years, shoppers have been turning to interest-free platforms like Afterpay, Zip and Humm to purchase items, whether online (42%) or in-store (16%), according to the latest Mozo research. This ongoing shift away from more traditional payment options has prompted our focus on this topic in our 2021 Buy Now Pay Later Report.

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

You would think that a speedy, affordable internet connection would be a top priority for many these days. Right? Well actually no. In fact, 61% of Australians* Mozo surveyed recently have never switched internet providers!

For the fourth year in a row, ING has taken home a major win in the Best Bank category of the Mozo Experts Choice Banking Awards. Huzzah!

It’s time to give MOVE Bank another round of applause, as they’ve just taken out the title of Australia’s Best Small Mutual Bank for the second year in a row.

If you’re like the vast majority of Australians, you probably bank with one of the Big Four, i.e. CommBank, NAB, ANZ, or Westpac. But which major bank is the best?

Since its founding in 2008, ubank has made a name for itself with its competitive rates and innovative approach to banking. And it continues to impress, earning the title of Australia’s best essential bank for the 2022 Mozo Expert’s Choice Banking Awards.

Over the years, customer-owned banks have become an increasingly popular alternative to the big banks. For the fourth year in a row, Qudos Bank has proven to be one of the best choices around, winning the title of Australia’s Best Customer Owned Bank in the 2023 Mozo Experts Choice Awards.

Founded nearly 50 years ago, Illawarra Credit Union has learned a thing or two about keeping customers happy. And it's this customer-centred approach to banking that helped it win the title of Australia’s Best Credit Union in our 2021 Best Banking Awards.Our team of judges assessed 89 providers on the basis of value and quality. The winners were determined by the number of Mozo Experts Choice Awards they had won over the last 12 months and how their products compared against competitors.Illawarra Credit Union stood out mainly for its home loans, which were recognised in the offset, first home buyer, and packaged home loan categories in 2021. But it also impressed our judges with its personal loan and car loan offers.Since 1972, Illawarra Credit Union has provided a community-oriented banking alternative to the big banks. As a customer-owned credit union, it’s able to invest its profits into improving its products and services, rather than divvying it out to shareholders. We’ve collected an assortment of Illawarra Credit Union products below, but if you’re looking for more information on its win, be sure to read our 2021 Australia's Best Banking methodology report.

It’s been almost 12 months since the doors to open banking in Australia were first opened with the initial launch of the Consumer Data Right (CDR) in July 2020.

The last 12 months have been a wild ride for many working in the gig economy. Whether you are an established freelancer have recently taken up a side hustle, you’ve likely experienced some major ups and downs over the last year of the increased cost living.

If you’re prepping your bank account or credit card for a big end of financial year shopping expedition, you’re not alone. A new Mozo study has found 81% of Australians are planning to hunt for discounted computers, software, office furniture and cars before the tax doors close on 30 June.

Personal loans are likely to become increasingly popular in 2022 as Australians look to consolidate debt, finance long-planned home projects or finally plan for an overseas holiday. A low rate personal loan from a trusted bank or non-bank lender is a far better option than opting for a payday or fast cash loan, and personal loan rates are now more accessible than ever. But the truth is, there are plenty of things that can go awry in the process of taking out a loan and paying it off.So if you're considering a personal loan, read on for the Mozo expert guide to the top tips and traps of personal loans and check our comparison of low rate personal loans from bank and non-bank lenders in Australia.

In case you missed the news, home loan rates have gone off a cliff in the past two years in the wake of six Reserve Bank interest rate cuts, including one last November. And now that the dust has settled, Aussie homeowners have a real opportunity in 2021 to take advantage of some of the lowest rates on record.Borrowers looking for the sharpest rates will need to look beyond the big banks though. Rival lenders have taken the spotlight: not only dishing up super low variable and fixed rates, but also new features and extra incentives.It’s little wonder that rival lenders are seeing a spike in customers switching their home loans from the major banks, with some genuinely big savings now available for those who are prepared to shop around.So, if you're sick of paying more than you need to on your home loan, you’ll want to get acquainted with these killer lenders taking on the big banks in 2021.

Being at an auction in many capitals right now can feel like a poorly run game of musical chairs. Most players will leave empty-handed and quite possibly bruised.This is what happens when people want and need homes, but for whatever reason, the rules of the game favour just a few at the party.Some numbers can help explain how this all works, not least of which are figures showing us what's available.For example, residential property listings around the country dropped in May of this year by 6% to 245,953, down from 262,617 in April, according to SQM Research. That's more than 15,000 fewer properties available to buyers, at a time when there are clearly many people who want a seat in the game.And in a city like Sydney, which garners most of the property headlines, there was a notable drop this May in the number of homes advertised for at least 180 days (4,248), compared to May of 2020 (6,589). SQM says this represents a 36% fall.Are there any new ads for homes going up then?

$8.29 trillion - it’s a barely conceivable figure, but according to quarterly figures released by the Australian Bureau of Statistics (ABS) yesterday, that number represents the new total value of residential dwellings in Australia.

First home buyers would be able to access grants of up to $25,000 from the state government to assist them with property purchases under a new initiative outlined by New South Wales Treasury.

Aussies looking to save money on their home loan are in for some good news this month. While the big banks have begun to increase some of their fixed rates, the nation's challenger lenders are tempting bargain hunting borrowers with a bunch of jaw-dropping fixed rate home offers.

There is an easy way to potentially save thousands on your home loan, but surprisingly, most Aussies ignore it. Four in five borrowers take out a home loan with a Big 4 bank, instead of shopping around for cheaper loan. This mistake is costing us big time.

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

The past year has seen regional home values grow twice as fast as capital cities, as more and more Australians sought for a sea or tree change, according to CoreLogic. But new figures suggest there may be affordable pockets of Sydney that are even more promising for property investors. According to property developer ALAND, the Greater Western Sydney market could be very profitable for investors, with rental gross yields potentially as high as 4.7% at its Schofield Gardens development in Schofields. For context, rental gross yield refers to your annual rent income divided by the purchase price, so it’s a way to figure out how likely the property will generate a positive cashflow. ALAND said investor returns were lower in popular regional hotspots such as Wollongong, Newcastle and Central Coast. Here are their estimates of rental gross yields in these areas, drawing on data from My Housing Market:

As we look back at May, credit card spending remains at pre-COVID levels for the fourth month in a row. This is according to Citi Australia’s May 2021 Credit Card Index which found that credit card spending last month saw a 30% growth from May last year. On top of that, more Aussies are signing up for credit cards. When compared to the same time last year, Citi’s numbers showed a 25.5% increase in the number of cards being acquired. “At the start of the pandemic, many Australians preemptively cancelled their cards as they feared that their economic circumstances would drastically decline. However, the nation weathered the pandemic better than expected, and the credit card sector has been on a path to recovery since,” head of cards and loans at Citi Australia, Choong Yu Lum said. “May was not only the fourth consecutive month of spend returning to pre-COVID levels, but we also saw a 25.5% increase in new card applications compared to this time last year - a testament to local consumer confidence.”

If you’re one of the thousands of big 4 bank home loan customers who often ask themselves whether it would be worth it to go to the time and effort of switching to a cheaper lender, get ready for some eye-opening news.

Throughout 2020, drivers in Australia’s five largest capitals (Sydney, Melbourne, Brisbane, Perth and Adelaide) could have saved a combined $485 million by switching from the higher-priced petrol stations to lower-priced major retailers.

An excellent internet connection is essential for modern-day work and play. From making endless video calls while working from home to streaming your favourite Netflix series – our broadband plans have become integral to everyday life.

Are you a serial downloader? Do you often stream videos in HD? Or are you just tired of your internet lagging in the evenings?

Internet provider Tangerine Telecom has (virtually) walked away with the biggest prize of all in the latest edition of the Mozo Experts Choice NBN Awards: the award for best NBN Provider of the Year 2021!^

The financial impact of COVID-19 on small businesses may be lessening, but new research shows other pressures including cashflow and utility bills have crept up back to pre-pandemic levels. The report from accounting platform MYOB released this week, found that cashflow and the cost of utilities were top concerns for small to medium-sized enterprises (SMEs) over the past six months, felt by 32% of respondents. The bi-annual MYOB Business Monitor also revealed a growing number of SMEs have concerns around accessing business finance (up 6%) and dealing with late customer payments (up 4%). These two money worries saw the biggest jump in percentage points since December last year. Meanwhile, 35% of SMEs said they still feel pressure from the pandemic, but that figure is down 20% compared to the same time last year. The report is based on a survey with more than 1,000 small business owners and operators. MYOB’s general manager for SME, Emma Fawcett said small business issues that temporarily fell off the radar during the pandemic have now returned. “It’s an unfortunate return to ‘business as usual’ for the country’s 2.29 million SMEs with 14 of the 16 business pressures measured by the MYOB Business Monitor increasing in the last six months. This demonstrates that as COVID-19 pressure subsides, other business pressures increase,” she said. “SME concerns with payment times and old bugbears associated with physical presence - such as utilities like electricity and gas - are back on the table.”

Whether you’re dreaming of an entirely new kitchen or are looking to retile your bathroom to give it a facelift, home renovations can be really exciting. And more Aussies are jumping on board. In fact, according to recent numbers from the Australian Bureau of Statistics (ABS), over the March quarter of 2021 a total of $2,857.7 million worth of home alterations and additions were made. That’s 11.4% more than in over the 2020 December quarter and 18.5% more than the 2020 March quarter. Plus, the ABS also found that in July 2021, $995.7 million worth of residential alterations and additions were approved, a growth of 0.1% on the previous month. The truth is though, home improvements can be pretty costly. So when renovating, it’s all about being savvy. You want a home you can enjoy but one that will also see some returns when it’s time to sell.

You may know PayPal as a digital payment giant, but the company announced its next big step: launching its first-ever rewards credit card in Australia.The move sees PayPal expand its online offering to physical stores, with customers able to take PayPal anywhere worldwide where Visa is accepted. Cardholders can earn points with every eligible purchase and redeem them at any of the 750,000 businesses globally that have PayPal integrated at checkout (including over 300,000 in Australia). The PayPal Rewards Card comes with perks including 50,000 bonus rewards points, uncapped reward points that never expire and zero annual fees. PayPal Australia’s general manager for payments, Andrew Toon, said this flexibility could help credit card users avoid situations where they end up with Frequent Flyer or Velocity points they can’t spend because of COVID-19 border closures. “Customers have said they want a flexible rewards program with points they can redeem however they’d like,” he said.“The pandemic has made the value of flexible rewards even clearer, as many Australians have been left with travel-related points they haven’t been able to use the way they would like to due to safety concerns and border restrictions.”

Online lender loans.com.au, which recently turned 10, today unveiled a new intro rate for purchasers and refinancers on its Smart Booster Home Loan.The loan offers owner occupiers a discounted variable rate of 1.85% p.a. (2.21% p.a. comparison rate*) on loans of up to $1 million. This is available for two years before rolling over to 2.25%.Both the intro rate and the ongoing rate compare favourably to similar home loans. Among providers we track, the average variable rate (OO, P&I) currently sits at 3.25% p.a. That means the average borrower could save around $354 per month in the first two years by switching to the Smart Booster.“This is the lowest variable rate we have ever offered, and we are very excited to help more Australians achieve their dream of owning a home, or to start saving thousands on their existing loan,” said managing director, Marie Mortimer.Mortimer launched loans.com.au in 2011 as a direct-to-retail business for its parent company, Firstmac. It now has approximately $6 billion in loans under management.RELATED: Home lending hits new high as established homes get boost from owner occupiersThe loan is available for owner occupiers making principal and interest repayments and comes with a loan-to-value ratio of 70%. That means borrowers will need to have a deposit of 30% of a property’s value saved up.It also comes with an offset account, which can help reduce the amount of interest you pay on your loan if used correctly. However, the benefits of this feature should be weighed against the cost — an extra 0.10% on your interest rate.We’ve included a brief overview of the Smart Booster offer below. To see how it stacks up against other offers on the market, head over to our home loan comparison page, where you’ll be able to filter your search by rate and type.

While much of the attention has been focused on the owner occupier and, particularly, the first home buyer segments of the Australian property market, investors have been slowly making a comeback.

Scammers duped Aussies out of more money in 2020 than ever previously recorded by the Australian Competition and Consumer Competition (ACCC), with a 23% increase on 2019 figures.

Today, Melbourne-based online personal loan lender Symple announced its partnership with rewards point giant Qantas Frequent Flyer. The new move means that from now Symple customers can earn Qantas Points when they are approved for a personal loan. With a cap of 50,000 Qantas Points, new customers are able to earn 1 Qantas Point per $1 borrowed. This partnership is the first of its kind in Australia, between Qantas and a fintech personal loan lender. “At Symple, we are continuously looking for new and innovative ways to reinvent the personal lending experience and to offer Australians a better, faster, and more rewarding lending experience,” Symple co-founder and chief executive officer, Bob Belan said. “In addition to our market-leading interest rates and easy digital application process, our partnership with Qantas allows us to further differentiate Symple’s proposition and offer even more value to our customer base. We are very pleased to be partnering with Qantas — clearly a premium brand and category leader – and we are excited to be working with them closely going forward.”And according to Qantas, this partnership with Symple Loans gives members a fresh way to earn Qantas Points. “We’re always evolving and innovating to help our 13 million members earn even more points towards their next dream trip, whether it’s on their groceries, buying petrol, paying bills or now, accessing personal loan services,” Qantas Loyalty chief executive officer, Olivia Wirth said.So if you’re in the market for a top notch personal loan and want the bonus of earning Qantas Points for your stash, check out the Symple personal loan below …

Want to dip your toes into the world of share trading but don’t know where to begin?

Buy Now Pay Later (BNPL) provider Afterpay has been named one of the three most popular alternative payment methods in Australia, in a new report from Worldpay. In its report, the global payments processing platform looks at how 2020 and the Covid-19 pandemic have affected the way people all over the world exchange money for goods and services.

Despite skyrocketing house prices, home buyer demand hasn’t faltered at all but the types of Australians joining the market are changing.

Commonwealth Bank has extended support to customers impacted by Victoria’s prolonged lockdown, offering a support package which includes short-term deferrals on mortgage and business loan repayments.CEO Matt Comyn said the bank is aware of the challenges many Victorians are currently facing, and encouraged struggling customers to get in contact with CommBank.“We have been able to provide a lot of support for our Victorian customers over the past year and a half through COVID and we are here to help anyone who needs support during this latest difficult time,” he said.

Whether you’re looking to switch from your current NBN provider or are moving house and need a new broadband connection, there are tonnes of NBN deals up for grabs.

Despite these financially tough times, the majority of small businesses are still choosing to navigate their money matters alone instead of turning to professional advice.

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

It’s hard to believe that the EOFY is almost upon us, but it is! We’re six months into the year and if you dread tax time, round about now you’ve probably got a sinking feeling. The good news is 86 400’s chief financial officer Belinda Hogan has given us some great tips on how to organise your tax return paperwork.

The itch to switch to a lower interest rate appears to be alive and well among Australian property owners, according to new refinance home loan figures released today.

It’s no secret that your credit score can affect the interest rate you might receive on a car loan. And in some cases it might impact your chances of getting a loan at all. But the question is, what exactly is a “good credit score” to get your hands on a low-rate car loan? Well, that’s up to the lender. You may have heard of tiered car loan interest rates. This is where a car loan lender advertises a loan with a range of rates attached to it, the lowest on offer being available to those with an excellent credit rating and the highest for those with a more unhealthy credit rating. Although, for those with bad credit rating this is still within reason, so remember that it’s up to the lender to decide whether or not to offer you a loan at all. When you apply for the loan, the lender will assess your credit history and rating, and may offer you a rate that depends on that assessment - this is also known as risk-based pricing. Generally speaking, your credit score will range between 0 to 1,000 or 1,200 and the higher it is the better. Essentially, if you have a high credit rating it means that your credit history shows you are less of a risk to potential lenders, which means you’re more likely to get a low interest car loan.

Many Aussie personal loan lenders have slashed rates over the last 12 months, with many hitting all-time lows. But the truth is, some rates remain stubbornly high, which means that you could be missing out on a great deal by not shopping around.According to the Mozo database, the lowest unsecured personal loan variable rate for low-risk customers sits at 5.75% p.a. (6.47% p.a. comparison rate*) while the highest rate skyrockets to 16.00% p.a. (16.31% p.a. comparison rate*). That’s a massive 10.25% difference!So if you need a hand to start your search for a killer personal loan to avoid paying too much in interest, we are here to help. Scroll down for some of the top low interest personal loan options right now.

The last few years haven’t been great for savers. After six cash rate cuts in 2019 and 2020, interest rates across the board have fallen, including for home loans, savings accounts and of course term deposits.

If your business has cryptocurrency in its investment portfolio, here’s news that might interest you: Australian-based lender FiFit has launched a business loan that lets companies secure funding against their Bitcoin.

The runaway freight train which is Australian property prices show no signs of losing steam just yet, with another month of considerable increases recorded in May.

Just weeks ago it seemed as if the banks' fixed rate home loan wars were coming to an end, but top online bank UBank has now fired a new salvo with the release of its lowest ever 1-year fixed home loan rate of 1.75% p.a. (2.31% comparison rate*).

With June finally here, we’re now reaching the tail-end of the current financial year. Last month we were kept on our toes in terms of interest rate changes, so we’re quite eager to roll up our sleeves and dive into the latest personal loan happenings with our June 2021 market update:

The Reserve Bank of Australia offered no surprises at its June policy meeting this afternoon, deciding to keep official interest rates on hold at 0.10 per cent.Consumer and business confidence continues to improve, but Victoria’s return to lockdown is a dismal reminder of how vulnerable the economy is — and will be, until the vaccine rollout gathers pace.Despite the setback, RBA governor Philip Lowe said the Board will be sticking to its forecasts for GDP growth, which were revised upwards last month.“The Bank's central scenario is for GDP to grow by 4¾ per cent over this year and 3½ per cent over 2022. This outlook is supported by fiscal measures and very accommodative financial conditions,” he said.“Progress in reducing unemployment has been faster than expected, with the unemployment rate declining to 5.5 per cent in April.”The parameters of the Term Funding Facility and the government bond purchase program will also remain unchanged, though the TFF is due to be terminated at the end of the month.“At the July meeting the Board will also consider future bond purchases following the completion of the second $100 billion of purchases under the government bond purchase program in September,” said Lowe.Since it cut the cash rate in November last year, the RBA has ruled out an increase until the labour market improves and inflation is within 2 to 3 per cent. It doesn’t expect this target to be met until 2024 at the earliest.In stark contrast, the Reserve Bank of New Zealand recently surprised market pundits by announcing its next rate hike could come as early as the second half of 2022.Central bankers in the UK, US and Canada have hinted at similar moves, leading some to believe that inflationary pressures will force the RBA to tighten monetary policy sooner than planned.

New car smell can be enticing, but there’s nothing quite like a bargain secondhand vehicle. But, as always, it’s best to proceed with buyer caution.

Winter’s finally here and so too are the colder days and longer nights. For many of us that means taking life at a slower pace and indulging in the pleasures of food and warmth that come indoors.

The trend of slow and steady interest rate reductions on savings accounts continued last month, with 10 cuts to ongoing bonus rates recorded by Mozo’s data team.

Well, we’ve officially reached the halfway mark of the year. Not to mention, with winter well and truly here and the new financial year right around the corner, we’re in for one jam-packed month ahead.