News Archive for February 2022

Here’s an idea: let’s take hundreds of kids, and give them all thousands of dollar’s worth of fragile technology. Surely nothing could go wrong there, right? Teenagers, after all, are renowned for being cool, calm and careful, and never acting impulsively. If that doesn’t sound quite right to you, Mozo’s latest research has unearthed the staggering costs of school tech. Each year, parents are dishing out a colossal $960 million - almost one billion dollars, on replacing and repairing their kid’s technology needs.That's roughly equivalent to 768,000 new iPhones, the GDP of Vanuatu, or about four full tanks of petrol these days.Beyond that net spending on technology, 52% of parents reported that their kid had lost or broken one of their devices in the last year. It seems that Aussie kids are still prone to leaving things on the bus, or treating their school bag like the Olympic hammer-throw.Between laptops, tablets and phones, 37% of parents refuse to purchase ‘top of the line’ devices, wisely imagining that a brand new iPad might not last too long out in the playground. Almost two thirds (63%) of parents felt like they had to spend more on technology every year, as the educational experience continues to be enhanced by tech.

Online lender, loans.com.au has announced a new cut to its Green Home loan, putting it 117 basis points (bp) below the average variable home loan rate for owner occupiers in Mozo’s database.

In recent years we have seen sharp growth in the use of payment apps and online shopping via smart phones.

If you’ve been rethinking your finances lately, you’re not alone. After an eye-watering growth in the cost of living, it seems many Australians are taking the opportunity to improve how they handle their money, whether it’s by tightening their belts to pay off debts or parking their savings in an account with better interest.

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

From holidays to home renos, personal loans can help save the day when you’re short on cash and faced with a big upfront cost.

According to the ACCC’s latest NBN Wholesale Market Indicators Report (December quarter 2021), more and more Aussies are favouring high-speed NBN plans over alternative broadband services.

You’re not alone if isolation has given you a renewed appreciation for your own backyard. According to Wotif CEO Daniel Finch, 88% of Australians are planning on travelling within their own country this year.

Ahh, the escapism of movies. Superheroes aren’t liable for property damage, the laws of physics don’t count, and foreign travel takes as long as a montage.

The billionaire behind tech company Atlassian and part-owner of the South Sydney Rabbitohs has shocked the nation with the news that he would lead a group in bid to acquire AGL energy.The move occurred in the afternoon of Sunday the 20th of February, with AGL announcing to the world that it had rejected the unsolicited offer, worth approximately $8bn in cash. After initially throwing cold water on the idea, spokesmen for the Energy company have since come out and clarified that the offer was seen as a lowball -  offering nearly no premium on the price of shares.The AGL board determined that: “the Unsolicited Proposal materially undervalues the company on a change of control basis and is not in the best interests of AGL Energy shareholders.”Cannon-Brookes is already invested significantly in green electricity, his portfolio includes stake in a solar farm project in the Northern Territory, and renewables enterprise Genex. His ambitious plan to buy AGL would supposedly see Australia’s largest energy company achieve a net-zero carbon rating by 2030, just under eight years from now.

Alongside another unseasonable spate of rainfall, the flash-hot Australian housing sector has experienced a week of cooling off.

The challenges of the last two years have had an enormous impact on businesses, however it seems that they are now starting to bounce back.

Despite still recovering their bearings after a difficult pandemic period, Australian households are as financially comfortable as ever, according to ME Bank’s latest financial comfort report.

Something big has been happening in the world of car insurance. The industry has undergone somewhat of a shake-up that could bring exciting new ways to save money and drive better value out of your insurance policy in 2024.

When was the last time you checked in on your home loan?

The pattern of property price growth in more populated areas and regional areas saw a change towards the end of 2021 after lockdown restrictions eased across Sydney, Melbourne and the ACT.

It’s not a secret that people’s incomes were impacted over the last two years with the months we spent in lockdown, but recent findings show that the pandemic has helped increase Australians’ desire to save.

For the movie lovers - here's two things to consider. Firstly, the Oscars are coming up in about a month's time. No matter how much belief you put into the concept of award shows, their lists of nominations collect a tonne of the best films from the preceding year.If you’re sick of browsing the menus of all your streaming services, this year's list of nominations will set you up with easily a month's worth of good choices.Secondly, finding out what’s actually available to stream in Australia can be a real chore. The majority of websites that explain where and how to watch movies online are usually based in America and can be a little inaccurate. So to save you some hassle ahead of the award night, we’ve compiled a complete list for you.Let's break it down:

Credit bureau Experian reports that since the onset of the COVID-19 pandemic, there has been a steady increase in average credit scores across every demographic in Australia – regardless of age or gender.

On the 17th of February, Australian energy company Origin caused a stir by announcing the scheduled closure of the Eraring Coal power Station - AKA: the largest coal power plant in Australia.

For the second time this month the Commonwealth Bank has announced increases to fixed interest rates on a number of its home loan products - this time by between 15 and 25 basis points.

Online lender loans.com.au has just announced new rate cuts to some of their variable interest rate car loans.

Overseas travel is back on Australia’s agenda, with the demand for flights taking-off in the last month, according to statistics from flight comparison site, Skyscanner.

Queensland-based banking and insurance provider RACQ announced it has introduced 40 year terms on select home loans, joining only a handful of Australian lenders that offer home loan terms of that length.

Interest rate rises are now on the cards for 2022, making it more important than ever to ensure that your home loan stacks up against the competition. An uncompetitive interest rate could translate into hundreds of dollars in extra monthly repayments when rates start to rise in earnest.

Taking aim at two of the biggest gripes amongst home borrowers – slow approvals and uncompetitive rates – digital lender Nano has opened its doors in Australia with super cheap rates and what it claims to be “the world’s fastest home loan”.

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

For most people, paying off a mortgage will be a decades-long task. While the prospect can seem daunting, there are things borrowers can do to shorten the life of their loan — and save on interest in the long run. One of those things is making extra repayments.

While the world tunes into the Winter Olympics, the battle for the podium positions is brewing among the major streaming platforms. With the competition getting tighter every day, the pressure is on for streaming services to offer the best content and hold audiences' attention.

While Aussie spending hit all-time highs, more shoppers have been turning to Buy Now Pay Later (BNPL) services to spread the cost of purchases.

With many banks raising their home loan interest rates, we may hear a cheer on the breeze from savers who’ve suffered through cut after cut to their interest earnings. The recent interest rate rises have seen a boost for savings accounts.

Pulling your hair out trying to plan a kids party? We don’t blame you. Themes, venues, entertainment. There’s so much to consider - and it all adds up.

Whether you’re a hands-on homeowner, or need a little encouragement from the other half, renovating your home can have its benefits. If you’re looking to modernise your kitchen, open up your living room, or update your bedroom; upgrading what you already have can be a great way to add value to your property, whilst enjoying the luxuries of a modernised living space.The reality is; revamping your home doesn’t have to cost a fortune if you think outside the box and do a little research. So where does one begin? Well, some of the team at Mozo have given us their tips on ways they’ve renovated without blowing the budget. Check them out…

There has been a slight increase in the number of fatalities on Australian roads in the twelve months since January 2021.

In the last couple of months interest rates for term deposits have been increasing, in some cases by about 20 basis points. In January alone there were 47 increases recorded on Mozo’s database.

At Mozo, our experts do the hard yards of financial analysis to find you the best deals on energy. For our 2021 awards we compared 842 energy plans, and awarded the providers that could offer environmentally sound electricity without breaking the bank.

Last week the Federal Government finalised the design of a reinsurance pool for cyclone and related flood damage that will dedicate $10 billion towards supporting affected residents and small businesses in northern Australia.

More than two thirds of Australians think the federal government should be doing more to increase electric vehicle (EV) uptake in Australia, according to a 2022 Carmichael Centre report. With a clear message on environment concern, nearly three-quarters of the country believes a reduction in CO2 emissions from internal combustion engine vehicles (ICE) would be effective in the fight against climate change.

Finding the right home loan could mean the difference between tens of thousands of dollars in interest saved over the life of a loan, but Aussie borrowers can be forgiven for finding it hard to pick the best option given the mountain of different lenders and rates available.

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

After record card spend at the end of 2021, The CommBank Household Spending Intentions Index fell 10% in January, with the biggest declines seen in credit card and debit card spending on retail, entertainment and household services.

The maximum amount of superannuation that Australians can dip into to purchase their first home will soon be bumped up by $20,000, following the passage of new legislation last week.

Trying to find a date can be difficult, but making sure that the person you're speaking to on a dating app isn’t a scammer shouldn’t be.

With interest rates on the rise this month and the era of record low rates coming to a close, there's never been a better time to compare your current home loan against the best on market and see how much you could save by switching.

They’re one of the smaller term deposits on the block, but Judo Bank certainly isn’t content with just blending in. This provider has consistently placed among the top five spots among term deposit providers we track.

Interest in rival mortgage lenders is surging after the Reserve Bank's string of back-to-back rate hikes, as Aussie borrowers look to offset the pain of rising rates by securing better value home loans.

So you’re looking to spark some chemistry this February 14th? You’re willing to kick in a few bucks to the flower and chocolate business in the name of love? More Australians may be turning to online shopping for their plans: whether that's for last-minute flower delivery or a long-planned wish list.

We’ve all been told that we should save money, whether it's for a new car, a holiday to Japan or simply to have in case of emergencies. And 60% of Australians have some kind of savings in their budget, says a recent survey from NAB.

For the first time in years, Aussies can jump on a plane and head off to Bali. A go-to pre-pandemic holiday destination, 1.2 million Australians visited Bali in 2019, more than any other nationality in the world. So, undoubtedly, many are champing at the bit to get back to Bali’s beaches.

The deluge of hikes to fixed interest home loan rates show no signs of letting up, with major bank Westpac adding to the swell this morning by increasing rates by 10 to 30 basis points on a number of loans.

The month of January has seen a number of Aussie states set records in renewable energy production, while clean power infrastructure in Western Australia continued to dominate the market.

Charities may be feeling more optimistic this year, with recent data from NAB’s Charitable Giving Index suggesting a reversal of fortunes after philanthropic donations dropped in both 2020 and 2021 by almost $1 billion each year.

The Australian property market will finally undergo a correction this year before falling sharply in 2023, according to analysis by NAB.

As Aussie home borrowers face down the increasingly likely prospect of interest rate rises, one mortgage challenger is bucking the trend and dropping its variable rates to new record lows.Popular online lender Athena has just cut its variable rates for the 9th time in 3 years. Athena now has some of the lowest fee-free variable rates in the Mozo comparison database, starting from just 1.89% p.a. for owner occupier borrowers.“There is a lot of speculation that the cash rate will go up later this year, so we have the opportunity to allow our customers to save more and get ahead on their loan before that happens. That’s what our voluntary rate drop is all about”, said Nathan Walsh, Athena CEO and Co – Founder.Since launching in 2019, Athena has made a name for itself for consistently passing through RBA rate cuts to both new and existing customers.The mortgage challenger estimates it has saved Australians $414 million in interest so far, and customers are loving it. Athena customer Sue from Victoria told Mozo, “The only regret I have is not leaving my previous provider earlier…. Don’t waste your time and money with the big banks”.So if you're looking for a better value mortgage that could save you thousands, read on for our expert rundown of Athena’s lowest new home loans for owner occupiers and investors….

Australia’s fourth largest bank, ANZ, has lifted interest rates on several fixed home loans by between 10 and 40 basis points, becoming the last of the big four banks to do so in recent weeks.

With Australians accruing interest on $17.24 billion in credit card debt each month, according to the RBA, it could be a good idea to take advantage of a balance transfer offer to help pay off your debt.

Aussie borrowers looking for lower rates, faster approval processes and flexible lending terms are deserting the big banks in earnest for more competitive smaller lenders, and in 2023 a handful of rival lenders in particular stand out from the pack.

Last year, national rental prices saw an increase of 7.4%, making it the highest growth year since 2009. And now the average rental property in Australia is at $499 as of December 2021 compared to $465 in December 2020, says Domain's latest Quarterly Rent Report.

Consumer confidence has increased as Aussies say now is a good time to purchase major household items, the latest ANZ-Roy Morgan report has found. Despite the increase in consumer confidence, Aussies are still expecting difficult economic conditions over the next 12 months.

Aussie online payment platform, Beem It, is introducing a new app component which allows shoppers to access rewards and special offers – plus the potential to earn cashback on purchases – when shopping with small businesses.

While the world’s attention has been focussed on COVID-19, something big has been happening in the world of car insurance. The industry is undergoing somewhat of a shake-up that could bring exciting new ways to save money and drive better value out of your insurance policy in 2022.

Digital home loans are on the rise in Australia, and as borrowers seek out faster, easier ways to control their finances, neo-lenders are emerging as real challengers to the banks in 2023.

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

National Australia Bank (NAB) has become the latest major bank to increase interest rates on its fixed rate home loans, bumping up rates by between 10 and 20 basis points this morning.

Aussies looking to save money on their home loan are racing to refinance to a cheaper mortgage in the wake of the Reserve Bank's latest supersized rate hikes.

In positive news for Australian home borrowers and refinancers this month, fierce competition amongst lenders has seen the average variable home loan rate drop to a new low of 3.05%.

Aussie borrowers looking for lower rates, faster approval processes and flexible lending terms are deserting the big banks in earnest for more competitive smaller lenders, and in 2022 a handful of non-bank lenders in particular stand out from the pack.

For the fourth time since November, the Commonwealth Bank has lifted interest rates on a number of its fixed home loans, this time by between five and 20 basis points.

Major weather shifts present a range of risks for homeowners. Some – like bushfires, storms and flooding – can create easily observable turmoil, and could result in damages to your property which may need to be addressed by your home insurance coverage.

Telecommunications giant Telstra will invest $1.6 billion into a pair of fibre projects, one of which will see increased capacity and broadband speeds between capital cities and the other to support a satellite internet network.

Elon Musk’s SpaceX-owned Starlink satellite broadband has quietly launched a premium tier of its internet service, delivering higher speeds for high-demand users including businesses.

In great news for Aussie savers, deposit rates continued to shoot upwards last year after being stuck at gloomily low levels for what seemed like an eternity.

As we kick off 2022 and reflect on how personal loan interest rates have been tracking over the past couple of months, we saw several discounted rates come out.

As Australians continue to fight climate change, many are looking to make their finances greener by choosing the right bank. Why do this? Well, in short, by changing to a green financial provider, you can move your money out of banks that invest in fossil fuels or that impact the environment in other ways.

New loan commitments taken on by Australian property buyers reached new heights over the course of 2021 according to figures released by the Australian Bureau of Statistics (ABS) on Tuesday.

Petrol refiner and retailer Ampol will enter the Australian energy market, eager to tap into its existing customer base of 3 million. Ampol will look to sell both electricity and gas across a number of Australian states and territories and compete against the major retailers.

Finding the best car insurance policy for your needs, at the right price, can be a tricky task. If you’re not a car insurance expert, even finding somewhere to start your research journey can be a challenge.Each year, the Mozo experts assess the car insurance policies offering the best value and best quality for Australian drivers. For the Mozo Experts Choice Car Insurance Awards,^ which cover the period September 2023-2024, we analysed 58 policies from 51 insurance providers to uncover the very best."With the use of motor vehicles changing dramatically since the coronavirus pandemic began, reviewing your car insurance policy is a smart move that could save you a lot of money,” Mozo Expert Judge Peter Marshall said. So, if you’re looking for a new policy or thinking about switching for a better deal in 2024, here are some of the Best Comprehensive Car Insurance policies available to Aussie drivers, along with our Editors Picks for this month….

Online bank ING has announced that it will be lifting interest rates on a number of its fixed and variable home loans by 10-30 basis points effective tomorrow (February 3).

The Mozo Experts Choice Car Insurance Awards^ annually recognise the best in two categories: exceptional value and exceptional quality. This article zeros in on the 2023 policies that offer exceptional value, presenting you with the cheapest car insurance options that don't compromise on essential coverage.

The RBA left the cash rate at 0.1% at its first policy meeting of the year, while finally deciding to retire its $350 billion bond buying program, introduced in 2020 to shore up a struggling economy.

While plenty of Australians have been hitting the beach and putting their feet up for a much deserved rest over the past month, there’s been no pause to rate changes in the mortgage market.

If the sudden influx of roses, hues of pink and heart-shaped everything didn’t tip you off, it’s V-day month, folks. Not to mention, it’s also the last (and possibly the hottest) month of summer.