News Archive for October 2021

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

Have you seen Apple's digital credit card?

It appears regional lifestyles are still drawing Australians away from capital cities, even with lockdowns across Greater Sydney and Melbourne making logistics difficult.

The New South Wales government wants to help make housing more affordable for first time homebuyers by reviewing its capital gains tax discount.

Unlike home loans, you don’t always need to have a deposit for a car loan. However, if you do put down a deposit it may help your approval process and lower your repayments.

The results of the 2021 Mozo Experts Choice Awards for Credit Cards^ are in and they show customer owned banks excelling when it comes to low rate credit cards. Mutual banks and credit unions made up seven of the ten winners in the best Low Rate Credit Card award category.

Australians are increasingly turning away from traditional banking and payment methods in favour of digital alternatives according to a new analysis from the Australian Banking Association (ABA).

The September quarter figures for the Consumer Price Index (CPI) have been announced this week, with more increases to common household costs.

After long being criticised on the world stage for a lack of appropriate climate planning, Australia has finally unveiled a plan to reach net-zero emissions by 2050. The government insists that the roadmap to net-zero will not focus on taxes, but rather large investments in renewable energy and clean technologies.

All Australian states have now been released from COVID lockdown, but have consumer habits bounced back to normal? According to Citi data, although we are technically living in a post-lockdown world, our spending patterns may have been permanently changed.

While many Australians have been dedicating more funds to their savings accounts during lockdowns, there have been notable shopping splurges as restrictions ease in New South Wales and Victoria.

As electric vehicles and home battery systems are becoming more popular around Australia, the recycling industry finds itself facing a new challenge dealing with renewable energy waste.

Gateway Bank announced new rate cuts to some of their variable interest rate home loans.

Buying a car typically means time in your diary to visit a dealership or two and have to deal with pushy salespeople. If this sounds like a nightmare, rest assured it’s a common fear.

The Australian Energy Market Commission (AEMC) has released a consultation paper to review what changes to gas and energy retails rules are required to include hydrogen and renewable gasses in the domestic gas market.

Insurance is all about risk. When taking out car insurance, your risk as a customer is assessed based on factors including the kind of car you drive, your driving record, insurance claims history, and a number of statistical demographic details.

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

Community First has become the first credit union to launch an interest-free credit card, joining a growing list of banks who are shifting away from traditional fees and extras towards a buy now pay later approach.

Telstra and Optus have seen 5G broadband speeds reaching upwards of 5Gbps in testing of millimitre-wave (mmWave) portions of their networks. The mmWave 5G, which relies on a different spectrum of frequency bands than traditional 5G, has begun to roll out in certain areas around Australia.

Are you thinking about doing some much-needed home renovation? It’s an exciting process, but one that you need to prepare for.

Orange Credit Union's newest variable home loan product is 156 basis points (bp) below the average variable home loan rate for owner occupiers, according to Mozo’s database.

People - gather ‘round, gather ‘round. Your money monsters are in town. No need to scream. Instead, let’s cheer! For it’s time to face your financial fears.

A new report from the Climate Council has seen Australia ranked worst in the developed world for climate action and fossil fuel use. Despite a shift towards cleaner energy, Australia has left things until too late to make a difference, the report finds.

Do you sometimes feel overwhelmed by all the complicated fees and extras associated with your credit card? Well, there’s a new card that has streamlined everything.

For the 2021 Federal Budget, the government introduced a range of measures intended to support women in various facets of society. This included a $144.8 million fund for the Escaping Violence Payment, which has just been rolled out this week to begin a two-year trial period.

Archa, the consumer neobank turned business expense management platform, is touting its new smart business credit card as the solution to Aussie business’s financial admin needs.

Westpac has become the latest lender to lift interest rates on a number of its fixed home loans after announcing a 10 basis point increase yesterday.

The tree’s been packed away, the holidays are officially over, and now you’re back at work wondering how on earth it’s mid-January already?

Feeling stressed about news of postal delays ahead of Christmas?

While the gradual easing of Covid restrictions is welcome news for many, it might pose a problem for renters’ budgets.

NBN Co are urging Aussies to prepare for disaster season in the country, with $6 million worth of temporary infrastructure added to communities to help them communicate following an emergency.

Two of Australia’s largest lenders, Commonwealth Bank and ING, have joined the growing list of lenders which have recently reduced variable home loan rates after announcing cuts last Friday.

The Australian dollar is expected to rebound to 75 US cents even though it’s gone through a steady decline these past few months.

Some of the largest life insurance companies in the country have teamed up to encourage Australians to get vaccinated against Covid-19.

Australia’s Electric Vehicle Council (EVC) has called on the government to enact emissions policies in line with calls from the United Nations to slash carbon output by 2030. The EVC claims a “dramatic shift” to electric vehicles will be necessary for Australia to meet the 2030 emissions target.

So you finally got your driver's license and you’re ready to buy your own car. But before you start your journey of being a proud owner of your very own vehicle there are a few things you should tick off first.

As anyone who has recently walked around their neighbourhood will be able to attest to, there seems to be no shortage of home renovations going on at the moment. At least, the number of utes parked in streets and scaffolding on houses would point towards that.

Buying an apartment seems straightforward enough, until you check below the surface. Not all apartments are created equal.

Key report facts:

Foxtel has launched their latest streaming offering into the market, with the news-focused ‘Flash’ offering around the clock live and on demand coverage to more than 20 local and international outlets.

Accidental flood water damage is covered with most comprehensive car insurance policies, or at least is offered as an optional extra. That said, some insurance providers may deem driving into flood water a reckless act and as such may refuse a claim for flood water damage in some cases.

Around 24% of young people (aged 18-24) don’t know how their super fund is investing their retirement savings, according to research by online share trading platform Superhero.

Once a bit of a novelty, QR codes have become part of everyday life for Australians over the course of the pandemic, and they may be here to stay for good if eftpos has a say in the matter.

Support for teams in Australia’s A-League soccer competition has seen an increase, research from Roy Morgan has shown, which, given recent trends, could further the growth of sports streaming services. The increase in supporters over the last year has partly been attributed to Aussies being in front of the TV during lockdowns.

The environment is a major concern to a growing number of Australians. In fact, last year’s annual Ipsos Climate Change Report 2022 revealed that 83% of Aussies are concerned about climate change. With rising concern for the climate has come an international movement aiming for net carbon zero emissions, including the European Union’s roadmap to zero emissions by 2030.

With Australia facing a major energy crisis, it’s more important than ever that as a country we continue to make the switch to renewable energy sources.

In 2023, we’ve seen the energy crisis continue. Late last year, chief executive of Alinta Energy, Jeff Dimery, warned that tariffs (the charges you pay for energy use) will increase by a minimum of 35% this year. To help combat these rising energy prices and make our energy sourcing more sustainable, the government is trying to hurry up renewable energy infrastructure.

The New South Wales government has announced a new green hydrogen plan that will offer $3 billion in incentives and look to attract over $80 billion in investments, as the state continues the push towards more renewable energy and reduced emissions.

The publicity of a large-scale film production can do wonders for the wallets of those involved, but it seems auto stars (or the humans who own them) can also accumulate wealth from a Hollywood appearance.

For a year-and-a-half overseas travel has been little more than a pipe dream for most Australians, but that dream might soon become a reality in the coming months as our borders reopen for fully vaccinated travellers.

With more and more extreme weather events happening in Australia, there is a worry that some homes will become uninsurable. In light of this, a number of insurance companies are advocating for actions including disaster mitigation and resilience measures.

Internet retailer Exetel is offering the first month free for new customers across its NBN broadband lineup. The deal starts with the retailer’s NBN 25 plan and is available on all speed tiers up to their NBN 500 maximum.

The Northern Territory has announced a new plan that will help it achieve 50% renewable energy share and a 50% reduction in emissions by 2030. The new plan follows similar emissions reduction targets implemented in NSW and the ACT in recent weeks.

These days, Aussies have more choice than ever before when it comes to borrowing money, and as everyone searches for faster, easier ways to control their finances, digital lenders are emerging as real challengers to the big banks.

Customer reviews can be helpful when shopping online. In fact, a recent Reviews.org survey found that a staggering 96% of Australians read reviews before buying something online and a further 86% want to know what experience other people have had at a restaurant or business, before they consider visiting.

Commonwealth Bank has unveiled a new digital invoice financing service called Stream Working Capital, which will let businesses access funds using outstanding invoices as loan security.

Low cost online mortgage lender Athena has rolled out fixed rate home loans to compliment its existing variable rate offers.

The last two years of housing price rises and home loan interest rate reductions would make any prospective homeowner’s head spin. All the ups and downs – coupled with the financial uncertainty which a global pandemic brings – may have left you wondering if now is really the best time to buy or not.

A recent surge in switching among Australian property investors has helped lift the amount of mortgage refinancing being undertaken to record levels.

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

Today, ANZ Bank announced that it will add a buy now pay later (BNPL) service, supported by Visa, to its offerings.

There's so much chatter around the property market right now, it's hard to get a good take on it.

Just five months after surpassing the $8 trillion mark, the total value of the Australian residential property market reached $9.1 trillion in September, according to property research firm CoreLogic.

Despite the prospect of international travel in 2022, it would seem that many Australians are more focused on achieving savings goals over the next 12 months than planning getaways.

Online lender homeloans.com.au announced a new initiative that may give their existing customers a surprise out-of-cycle rate drop to as little as 1.89% p.a. (1.89% p.a. comparison rate).

Temperatures may be dipping outside, but the thermostat on Australia’s home loan market continues to rise as lenders slash rates and hand out generous cashback offers in a winter bonanza for borrowers.

The 2021 Australian Energy Statistics have been released by the government, revealing trends in power sourced, used and produced across the country throughout 2019-2020. While renewable energy sources continue to increase, coal has continued to provide most of Australia’s energy.

With news of Australian borders soon opening for international travel, you might be looking at how to fund your next trip. With so many possibilities after more than a year of no international travel, it’s easy to get caught up in dream destinations and plans.

It’s been a busy week in the world of home loan and property news. We’ve seen record-breaking rises in property prices, with an annual increase that has outpaced the last three decades of growth.

Nations around the world are suffering energy shortages, which has caused power rationing, blackouts, increased electricity prices and petrol shortages. While China, Europe and the UK are currently experiencing the worst of the issues, could the energy shortages make their way to Australian shores?

It’s a commonly held belief that it pays to be loyal, but when it comes to your home loan it seems loyalty actually has us paying more. Billions of dollars more, if new analysis by online lender Athena is correct.

While you may always endeavour to obey road rules, mistakes can and do happen when driving – that’s part of the reason all drivers require some level of car insurance in Australia.

Insurance is a vital product, but despite its importance it is an area many people put-off properly investigating. This could be because choosing the right insurance products can often be a complicated process. It's also not the most enjoyable topic to think about. Once you've trawled through the fine print of multiple insurance options and finally picked the best insurance policy to suit you, it involves forking out cash just in case you find yourself, your belongings or your loved ones in an emergency situation. This year, close to 200 policies spanning car, home, landlord, life and pet insurance were analysed by the Mozo judges to identify the best value and best quality insurance policies on the market. We've jotted down the details of a few standout policies which have won awards in 2021 for you to compare and consider here.

Sending money overseas may not be a common thing for everyone, however for immigrants it can be integral to their family finances.

Amid rising concerns around risks in the housing market, the Australian Prudential Regulation Authority (APRA) has announced it will be tightening serviceability requirements, effectively making it more difficult for some borrowers to get a home loan.

The Australian Capital Territory has announced a $63 million investment over four years in emission reduction, as part of the 2021-22 state budget. While the country continues the clean energy transition, a number of states and territories have begun to announce their own slew of schemes and programs to support further emission reductions.

The Reserve Bank of Australia has left policy settings unchanged at its October meeting, while also calling on banks to maintain sound lending practices in light of growing risks in the housing market.

It’s the start of October, which means we’ve officially entered the spooky season! Not to fear, your favourite Financial Checklist is here to help get you through.

EnergyAustralia is offering eligible New South Wales homeowners a solar and battery energy system installed with no upfront costs, with the expense to be paid off as part of a seven-year plan.

As we begin to reach the tail-end of the year, it’s now time to dive into our October 2021 personal loans market update.

Australian property prices are experiencing the fastest annual rate of growth since June 1989, but gains have slowed in recent months and there are signs the market will continue to lose steam.

As we head into October, the jolly road to Christmas is drawing into focus. And what goes hand in hand with the holidays? Gift shopping. Whether you get your Christmas shopping in early with sales like Black Friday and Cyber Monday, or you leave it to later on, now might be the time to sort out what payment method you’ll use. The key of course is making sure you don’t end up knee deep in Christmas debt, so planning early and setting a budget is always a good idea. With that in mind, one popular payment method to consider might be Buy Now Pay Later (BNPL). Mozo's 2021 Buy Now Pay Later Report found that over half of BNPL users are turning away from traditional banking options and 42% have been using BNPL for three or more years.So the question is… why might you opt for BNPL this Christmas? We’ve broken it down into three key reasons:

Aussies are well-known globetrotters. Now that international travel is back open, we're back in full flight, ready to see new corners of the planet in a big way.

The issue of housing affordability and concerns over household debt are once again dominating headlines in the property sphere, but if you’re interested in the latest from the world of home loans then you've come to the right place.

As we head into October, the news for Australia’s savers is that term deposit interest rates continue to remain steady, though we are starting to see some movement and competition for some shorter terms.

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

Over the last month, savings account interest rates have taken a tumble. Mozo’s analysts recorded 26 cuts across the database which, despite one increase, brought the average ongoing savings rate down to 0.39% p.a.