News Archive for October 2021

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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

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.

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.

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.

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?

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.

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.

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.

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.

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

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.

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.

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.

Key report facts:

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.

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.

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.

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.

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.

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

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.

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

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.

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: