News Archive for June 2022

Buyers, brace yourselves. Commonwealth Bank, Westpac, NAB, and ANZ have all sharply escalated their fixed rate home loan offers in the last two weeks alone, suggesting the big banks expect a significant move from the Reserve Bank of Australia (RBA) this July.

Volt Bank announced it is closing shop, telling customers they need to clear out their funds by July 5, 2022.

Results are out for the 2021 Census and Millennials now make up 21.5% of the Aussie population, set to overtake the similar proportion of Baby Boomers. Long teased for their penchant for avocado toast and ‘killing’ industries, millennials are now aged 25-39 and how they spend their money is no laughing matter.

Interest rates keep on rising, petrol is at an all time high and let’s not talk about the price of buying a head of iceberg lettuce, and of course to follow suit;  the rising price of energy.With inflation hitting its highest level since the 80s, more and more Aussies are needing to buckle down this winter and make wiser choices when it comes to their home heating, considering that heating and hot water costs tend to make up about half of your energy bill.To help you out, here are some money-saving tips and tricks to help your budget go further whilst keeping your family and abode cosy this season.

We all thought we’d seen the end of flip phones about ten years ago, but in the last couple of years the new and improved “folding phone” has hit the market and become very popular.

Whenever the Reserve Bank of Australia (RBA) lifts the official cash rate, lenders and banks take it as a cue to hike their variable interest home loans, too. But while they’re normally a little slower to do the same with savings accounts, we’re finally beginning to see some welcome rises.

The Reserve Bank of Australia (RBA) has responded swiftly to soaring economic inflation, hiking the official cash rate 0.75% in the last two months alone. The movements brought interest rates back up to pre-pandemic levels and spelled much anxiety for home loan borrowers, many of whom were already feeling the squeeze from the rising cost of living.

If you’re living in Australia on a student or working visa, getting your finances set up can be confusing. Credit cards can be overwhelming at the best of times, whether you were born here or abroad.

With tax time just around the corner, it’s time to start getting prepared!

The RBA’s rush to normalise monetary policy has seen banks scrambling to revise their home loan rates, with some lenders pushing rates well above their pre-pandemic levels and past 7% p.a.

With a new financial year fast approaching, many Australian businesses and government bodies have announced changes to their laws, taxes, fees, and benefits, many of which could affect you personally. Here’s the good and bad news of everything you need to know for your household budget.

The pandemic’s influence on the property market is being felt in more ways than one, shows a new report from Domain on the NSW housing market.

Aussies are still renovating their homes despite rising costs, as having a comfortable living space takes priority.

The end of the financial year sale is upon us. It’s at this time of the year that we start to see plenty of cracking deals emerge across all sorts of products, like NBN50 and mobile phone plans.

Already leading the charge in electric vehicle sales in Europe, new research from Bloomberg Intelligence suggests that Volkswagen is set to take over worldwide by 2024.

NSW Premier Dominic Perrottet has confirmed that eligible first-time borrowers will have the option of paying stamp duty or an annual land tax, starting 16 January, 2023.

Maybe you’re a green witch or humble plant guardian. Either way, your prized collection of blooms, succulents, and ferns deserves utmost protection and care. But are they covered by home and contents insurance?

With the world finally moving back to the err… “old normal” (?) after the pandemic, we’re now seeing the music industry make up for lost time with loads of live music events popping up around Australia.

Since overseas borders opened in February 2022, Australians have embraced international travel with a renewed enthusiasm.

Live in NSW and feel like you’ve forgotten about something? Head on to the Service NSW app (remember? The one you used to check into every venue with?) because there might be some Dine & Discover vouchers sitting there, unused.

Deloitte’s latest quarterly Retail Forecasts report finds that Australian retail sales have come out of the pandemic better off than if it had never happened.

Ever feel like everywhere you look is a tempting new streaming service?

Though the cost of living may bite at the moment, these smart budgeting and savings apps could help you bite back.

Last week, the Australian Prudential Regulation Authority APRA announced that banks and lenders must now consider Buy Now Pay Later (BNPL) debt, as well as any outstanding HECS-HELP debts, when offering loans, stating that:

We’ve all noticed or heard about the increase in price of everyday items, such as basic food, veggies, coffee and petrol.

Changes in how credit reporting is done are set to take effect on 1 July, 2022. But how will they impact you?

ALDImobile has launched a limited-time offer for a prepaid mobile phone plan that includes 1,000GB of data for $499. It’s the largest data inclusion in ALDI’s ‘1 Year Super Pack’ range, which starts at 15GB for $99. The offer is available from 15 June to 28 June 2022.

With more and more Aussies living longer and healthier lives, the way we think of retirement is changing.

After a long period of COVID restrictions, Aussies are having to find a new normal in an economy hit by rising consumer prices, supply chain issues and inflation. So, it’s not surprising that many people are tightening their budgets and looking for new ways to save.

After two years of sweeping floods and bushfires, Australians have woken up to the crisis of rapid climate change. For better or worse, so have insurance providers.

The end of the financial year is around the corner and could be the perfect time to review your superannuation. With upcoming legislation changes on horizon, you might be wondering if you are getting the most out of your super?

Since the start of the year, Australians have lost over $205 million to investment scams. That’s a 116% increase on the same period last year, says the Australian Competition and Consumer Commission’s (ACCC) Scamwatch.

Feel like it’s time to refresh your ride? Expert advice says think twice.

With Australia currently undergoing an energy crisis, the NSW Government has just announced that it is going to invest $1.2 billion in renewable energy infrastructure to deliver cheaper and more reliable power.

The past few years have been quite challenging to say the least. Many of us have come to understand how important it is to have a ‘Financial Plan B’.

When it comes to investing, especially if you’re a newbie investor, there can be a lot to take in. From investing in stocks and exchange-traded funds (ETFs), to government bonds, fixed interest investments like term deposits, and even property, there are loads of different ways you can invest your money. So, where (and how) do you start investing?

Over the years, we’ve seen a rise in mutual banks as an alternative to big banks. And now Gateway Bank has been recognised as one of the best choices, winning the Best Small Mutual Bank award.

If you have been keeping up with news and current events, you’ll have heard about the energy crisis occurring in Australia.

Winter is well and truly here in Australia, which explains why it’s been that little bit harder to roll out of our cosy beds in the mornings. If that’s the case, then I’ve got a little something which might help to warm you up – or at least reheat your sense of adventure.

What's the point of a term deposit? Despite my role as a finance journalist, I was recently stumped in answering this question.

After being founded over 60 years ago, Credit Union SA knows something about keeping customers happy. And it’s earned them the title of Australia’s Best Credit Union in our 2022 Mozo Experts Choice Best Banking Awards.

It’s that time of year again, where our expert team of judges analyse data to find the top Australian banking providers. And Macquarie Bank has been crowned Australia’s Best Bank in the 2022 Mozo Experts Choice Best Banking Awards.

We are already midway through June, meaning it’s close to the end of the financial year. As usual, many of the big brands and retailers are having massive sales to celebrate EOFY.

Attention Amazon Prime members, Amazon Prime Day 2 (officially known as Amazon Big Deal Days) has started! So, let's have a look at the details and the best deals on offer.

Coming to the close of the financial year, spending sure can be tempting and credit cards often get a workout. A 2021 Mozo study found that 81% of Aussie shoppers surveyed were prepared to shop big come tax time, ready to drop money on big ticket work expenses at EOFY discounted prices.

You may want to withdraw cash from an ATM (after exchanging your currency on a banking app)

Tax time is here again, and it's important to be on top of what you can claim as a tax deduction in Australia.

Off the back of relentless rate rises last year, 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 home loans in 2024.

In light of the Reserve Bank’s aggressive unwinding of its pandemic-era policy settings, economists at Commonwealth Bank have tipped a major drop in property prices, with falls as large as 18 per cent expected in the major east coast markets.

Here at Mozo, we give a lot of airtime to explaining decisions from the Reserve Bank of Australia (RBA). This is because the primary responsibility of the RBA is to steer Australia’s monetary policy, which influences every part of our economy.

There is nothing worse than your TV show or movie constantly buffering or your important work video call dropping out. This is why you always need a strong and reliable internet connection.

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

As more and more Australians reach for Buy Now Pay Later (BNPL) accounts to facilitate their spending, concern grows around the lack of regulation over the market.

Last Updated: 7 May at 2:30pm

Fintechs Superhero and Swyftx have announced their intention to merge into a $1.5 billion digital and traditional finance giant.

Chances are, you've used a Buy Now Pay Later platform. Whether it was Afterpay, Zip Pay, Paypal Pay in 4, or another BNPL provider, Aussies love the ability to split their payments and pay back their purchases over time.

According to the Australian Taxation Office (ATO), 2.85 million Australians had an outstanding HELP debt in the 2020 financial year. That’s a lot of people and a whole lot of debt.

Does it surprise you to learn that 66% of Australians now say they can’t live without their banking apps. In fact, a recent study by the Commonwealth Bank also reported that Australians are more likely to delete their social media apps than their banking ones.

Pet ownership in Australia is booming, with Animal Medicines Australia estimating roughly 69% of households are home to a domesticated pet. With this figure growing from 61% in just two years, that’s a lot of new pets to look after - and a lot of pets to keep healthy!

Not long after the Reserve Bank of Australia's decision to lift official interest rates by half a percentage point, Westpac announced it will be passing on the full hike to its variable rate customers.

Coming off the warmest Autumn since 2016, Australians are set to feel the chill over the coming winter months. For those of us in southerly states, it’s tempting to curl up beneath the heater and switch on the electric blanket. If the influx of talk about rising energy costs and soaring bills has you switching off at the source, we’re here to help you make sense of what’s going on.

With the cost of living on the rise, new Mozo research has found that many Australians are stressed and anxious about their financial future–64% to be exact.

With the Reserve Bank of Australia’s (RBA) interest rate hike looming this month–and several more times expected through the year—a large number of borrowers are taking steps to build up their saving buffers.

If you’ve ever thought about switching to a green energy source but have been put off by the large upfront cost, now might be the time to reconsider.

Last Updated: 10:20 am 14 June 2022

Feeling the sting of higher prices? You’re not alone! The cost of living has hit a new high, and it turns out we’re paying for a lot more than just a more expensive world. With the latest statistics from the ABS revealing that the Consumer Price Index (CPI) is now higher than it was during the 2008 financial crisis, we took a look at why exactly your dollar is struggling to stretch.

We all know that debt happens, but getting debt under control is a whole different ball game. New information from the Commonwealth Bank and Melbourne Institute: Applied Economic & Social Research shows that financial wellbeing scores are substantially higher than they were prior to the COVID-19 pandemic.

As we emerge from years of COVID restrictions into an economy hit by rising consumer prices, supply chain issues and inflation, it seems that many Aussies are turning to personal loans to fund their return to normality.

After experiencing a mind-blowing boom last year, Australian property prices have finally started to pace themselves.

Brrr! It’s time to whip out those winter coats and electric blankets. Winter is officially here, and it’s making sure everyone knows it!

One month after it began unwinding its pandemic-era interest rate cuts, the Reserve Bank of Australia is flooring the accelerator, this time lifting rates by 50 basis points to 0.85%.

Designed to ‘undo’ your mortgage, it’s got a stellar variable rate of 5.99% p.a.  (5.90% p.a. comparison rate*) and a loyalty incentive that gives borrowers an extra 0.01% p.a. discount, every single year, for a maximum of 30 years. It also does away with pesky fees, charging zero application fees, account fees, change fees or exit fees.

On the heels of NAB and Westpac’s rate hike announcements only last week, the rest of the Big Four banks have joined in the frenzy. Today, Commonwealth Bank and ANZ escalated interest for their fixed rate owner-occupied home loans by as much as 0.80%.

After the Reserve Bank of Australia’s cash rate hike this May, many experts are bracing for another potential move in June. So how likely is another rise? How high will it climb? And how may banks respond?

Saving the world requires sacrifices, for sure. And let’s face it: maximum damage in comic book movies is fun to watch. But did Superman have to sacrifice that poor bystander’s car?

If you’re feeling stress over the upcoming Reserve Bank rate increase, you’re far from alone. New findings from CommBank show 90 per cent of Australian homeowners are feeling something similar, taking steps to prepare for the upcoming rate hike.

With the rising cost of living, everyone is looking for ways to save money and broadband internet is a good place to start.

ReAmped Energy describe themselves as “not your typical power company” and their recent decision to encourage their customers to take their business elsewhere proves just this.

The last few years have seen record house prices, as well as lots of global uncertainty. This has made a lot of young people question and prioritise their finances.

Telstra’s monthly sale - Telstra Day is almost here! This month’s sale takes place on the 2nd of June and features discounts on three different smartphones, meaning that you can save between $100-$300 on these selected devices.

It finally happened. The Reserve Bank of Australia (RBA) lifted the cash rate from 0.10% to 0.35% last month, and the majority of banks have spent the weeks since scrambling to revise their variable rates.