News Archive for March 2022

Klarna’s mobile shopping report finds that 6 in 10 Aussies make purchases via their mobile phone devices more often than they did two years ago, which is higher than the global average.

Many Australians are focussing on reducing household costs right now, and saving on interest repayments and fees on your home loan, personal loan, credit card or car loan is a great place to start.Borrowers looking for the sharpest rates will need to look beyond the big banks though. Rival lenders have taken the spotlight: wooing borrowers with super competitive rates and low fees. As a result, genuinely big savings are now available for those who shop around.The big banks might be easy targets when it comes to offering better value, but rival lenders are also winning customers over with more efficient approval processes and fast online applications. And with so many challengers to the big banks popping up - from online lenders to rival banks and smart banks - there’s more reason than ever before to spend some time comparing your options to get the best value around.So if you’re over high interest rates and steep fees, check out these killer lenders giving the big banks a run for their money right now.

Treasurer Josh Frydenberg delivered the 2022/23 Commonwealth Budget last night. With a bit over a month before the next federal election, the government will look to cut down on national debt while also providing immediate support for the people that need it.

Treasurer Josh Frydenberg has released the latest federal budget ahead of a looming election. While renewables and real wages will receive little to no help, the budget outlines massive support measures for women and those struggling with mental ill-health.

Differing to the typical home loan, which is designed for the purchase of a property, personal loans are more than a one trick pony. In fact, there are a range of circumstances where different types of personal loans could come in handy, such as a holiday, funding a wedding, doing a home reno or even consolidating debt Personal loans generally come in two types; secured (where you put up an asset as security) or unsecured (where you don’t). Secured loans often come with lower interest rates than unsecured options and like other loans, you’ll need to make regular repayments over the loan term, which is usually one to ten years.   So with that in mind, we’ve put together a personal loan matchmaker with some top options for each scenario.

If you’re a NSW Resident over the age of 18, then you’re eligible for a $50 voucher which you can put towards booking accommodation. The vouchers are valid from February 21 2022, up until October 9 2022.

The government’s home buyer scheme is expected to double to 50,000 places a year with the 2022 Federal Budget.

The federal government is set to give home buyers in rural and regional Australia a leg up with its introduction of its Regional Home Guarantee.

NBN fixed wireless download speeds have greatly improved over the past twelve months, according to the most recent ACCC (Australian Competition and Consumer Commission) Measuring Broadband Australia quarterly report.

The recent spate of floods on Australia’s east coast have presented unique problems for many, with people around the country both directly and indirectly affected.

If you’ve spent some time researching home loans lately, you’ll no doubt be aware that it can be a time-consuming and sometimes downright confusing task. With over 500 home loans from 80 plus lenders in the Mozo comparison database, you’d need more than a coffee break to research them all.

A new government report offers a blueprint to tackle the worsening housing affordability crisis in Australia.

The 2022 Federal Budget will be delivered this week, and with a federal election not too far away, the government is hoping to recover some goodwill among Australians by tackling rising costs of living.

A study of 1,005 Australians commissioned by the online trader and conducted by research agency The Digital Edge found that 32% of millennials are better educated when it comes to finance.

The Commonwealth Bank (CBA) is the latest in the lending pack to make changes on its home loan interest rates, lifting fixed rates by as much as 30bp while lowering variable interest by 10bp.

Dude, 1991 was wild. NASA launched the Hubble space telescope, printed jumpers were king, and houses near Bronte Beach in Sydney only cost $307,729. Them’s were simpler times.

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

New Year seems like a lifetime ago. So it’s only natural that you may have forgotten about the resolutions you made at the beginning of the year. But now is a good time to reset and potentially reevaluate these resolutions.

Only a quarter of Australians think 2022 is a good year to buy a home, according to new research from NAB.

HECK YES! As part of their latest attempt to supercharge the long-suffering tourism industry, the Victorian government launched a $200  travel voucher scheme this week.

After recently hitting the 250,000 customer milestone, Elon Musk has raised the prices on his satellite broadband service Starlink. In an email to customers, Starlink defended the decision to increase charges. Justifying the 10% increase to base costs, the company said: “The sole purpose of these adjustments is to keep pace with rising inflation.”While inflation is affecting the cost of living for many everyday needs, it's not limited to petrol and groceries. Starlink’s owner and founder recently took to twitter to announce that inflation pressures had affected the raw materials needed to produce Tesla’s cars, and SpaceX rocket launches.

It seems like one of the constant battles for Australians is trying to get a good broadband internet connection. Even if your provider advertises a certain peak speed on a plan, the actual speed will often be below that number.

Sometimes you’ve got everything in place: a pre-approved home loan, an agent, and a dream. But given Australia’s ridiculously competitive property prices, it’s easy to feel like young first home buyers have limited opportunities.

If you are a credit cardholder stuck with a deal that isn’t working for you anymore or the card is costing you too much, and you’re just not satisfied, then it could be time to make a stress free switch to a more worthy and valuable piece of plastic.

You may have heard that the Chelsea Football Club is for sale. But if you're interested, you better get your bid in quickly as there's now a rather short shortlist of contenders.

AMP Bank has announced new increases to its term deposit rates.

The Easter long weekend is fast approaching and if you’re anything like me, the idea of a four-day weekend might be the only thing keeping you sane during the hectic work week. A long weekend is the perfect opportunity to book a short holiday or splurge on a big Easter feast with your family.

Online lenders are back with a roar in 2022, taking on the banks with super low rates and responding to consumer demand for faster, more efficient approval and funding processes for home loans, personal loans and even business loans.

Whether your business is just finding its legs or already an established player in your industry, managing cash flow remains an ongoing challenge. This goes doubly so for businesses that invoice other businesses.

2022 is the year to start kicking goals! As we begin to return to some kind of post-COVID normalcy, there are more opportunities to make your goals happen. What are you hoping to achieve?

HECS-HELP loans have empowered many Australians to go to university and achieve higher-paying careers. But can taking on student debt hurt your chances when applying for a home loan?

With interest rates in Australia finally moving up from record lows, finding a decent earnings rate for your savings is becoming an easier task.But with so many different accounts on the market, from bonus rate savings accounts to fixed term deposits and fee-free everyday banking accounts, it can be daunting to decide which one is right for you.

New Data released by Commbank shows that Sydney and Melbourne residents are increasingly spending money on shopping in their CBD areas.

Easter might not typically be known as one of the best times to get your online shopping done, but savvy shoppers with some experience will know that certain online retailers offer great savings at this time of year.Since Easter is still a few weeks away, there’s time to research and prep. But judging from previous years, the following categories and shops could give an indication of where to go.

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

A term deposit with a fixed interest rate could be one of the more reliable ways to ensure that your savings continue to grow over time. The good news for savers in 2024 is that after a period of decline term deposit rates are edging higher.

Looking for a savings account to give your child a leg-up on their financial future? The following savings accounts for kids were winners of a Mozo Experts Choice Award^ in 2024 (view the methodology report here), and are designed specifically with kids and teens in mind.

Keeping track of your expenses and budget progress has advanced beyond spreadsheets, with the right tools being a huge asset to your financial goals.

The current climate of uncertainty in Europe is making international money a bit tricky. But how does the conflict affect us here in Australia?

Worldwide crises have flung Australian supply-chains into chaos, pushing economic inflation to its highest rate since 1991.

While share trading remains a popular option, a growing number of investors are turning to Bitcon and other cryptocurrencies, and younger generations are leading the charge.

Get your wallets out, folks - the second Afterpay Day of 2023 has officially started!

The Australian Bureau of Statistics (ABS) has officially confirmed what we all guessed in 2021: housing prices went kaboom.

We love it when our favourite movie stars floor it in epic high-speed chases. The last thing we’d want is reality to get in the way of all that jaw-dropping action. And absolutely nobody is wondering what kind of car insurance those heroes would need. Nu-uh. Nobody. Not us.

New Zealand PM Jacinda Ardern announced this morning that vaccinated Australians will be able to travel to New Zealand without mandatory quarantine measures from 11.59pm on April 12, 2022.

Neobank Judo Bank has announced new increases to some of its term deposit interest rates.

Digital lender OneTwo recently slashed rates on its variable home loan offer, putting it among the most competitive home loans in the Mozo database.

Tenants and landlords both have rights and responsibilities in the aftermath of disaster. Since floods don’t discriminate, everyone should have a plan in place to protect their valuables – especially the 61% of renters whose valuables are at risk due to climate changes.

We’re back with our housing market crystal ball, deciphering the latest prophecies from Corelogic.

Throughout the pandemic period, Aussie borrowers have had access to some of the lowest fixed rates on record. But in the past few months lenders have been quietly removing those offers from the market.

Over the past three years, Australia has been embattled with the effects of climate change. Droughts, bushfires, and flooding in rapid succession have each endangered millions of lives and cost us billions of dollars, not to mention driven up insurance premiums.

The 2022 NSW and Southeast Queensland floods have caused widespread damage and grief, with the Insurance Council of Australia reporting that 107,844 claims have been lodged in flood-stricken areas, totalling an estimated $1.62 billion from March-April alone.

Drivers around the country are letting out a collective groan, as the average price of petrol in Australia seems higher every day. The simple task of filling up your car has suddenly become a major expense as international tensions begin to hit home.The ACCC’s latest petrol monitoring report reveals that daily average retail petrol prices in all capital cities hit 182.4 cents per litre (cpl) in late-February 2022, which was the highest inflation-adjusted level since 2014. Prices have risen further in the first two weeks of March.Geopolitical manoeuvring over the supply of oil between the US and Russia has upset the global energy economy and the aftershocks are being felt here in Australia, even at the humble servo. At the pump, prices have regularly sat above $1.80/L, as the early-2020 slumps in oil seem like a thing of the distant past. Diesel, Ethanol based and Premium Unleaded petrol have all been feeling the pinch as the latest commodity to feel the pressure of global conflict.Since January 2022, the price of crude oil has remained steadily above $100 USD/barrel, even reaching historic highs of $120/barrel of crude oil. It usually takes about two weeks for major moves in the oil economy to translate to the buyer, so it's unlikely that prices will stabilise in the near future.

Buying a house is very expensive, especially in today's property market where a mere one million dollars won’t get you too far in the big cities!

How much does it cost to live in Australia? It’s not just a high school economics question. In fact, the cost of living has an enormous impact on your personal finances.

It should come to no one’s surprise that the cost of living keeps going up. And headlines left and right don’t want you to forget it.

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

Deciding on a home loan can be almost as stressful as finding the perfect property as there are so many different options and mortgage lenders to choose from. That’s why we’ve decided to make your journey a bit easier by sharing a selection of Australia’s best home loans, as decided by Mozo's home loan experts.

Whether you’re buying a new property or refinancing an existing mortgage, knowing where to find the best value home loans is one of the best things you can do to save more money over the length of your loan.

Throughout 2021 and early 2022, there have been many changes seen in the spending habits of Australian residents.

New research by Toluna shows that 52% of Australians will never invest in crypto, compared with 10% globally. In addition, Toluna’s survey of 9,000 people across 17 countries also found that Australians were on average, more hesitant to invest than all of the other surveyed countries.

Natural gas is used by many Australians around the home for cooking, heating and preparing water. As a major part of your energy bill, it's important to keep an eye on what might be affecting the bottom line, especially as prices could be creeping up. Conflict in Europe has led to further speculation over the future of gas prices in Australia.In Europe and Asia the disruption to normal supply has meant that the price for natural gas has skyrocketed to record-breaking levels. Gas has become increasingly expensive for both domestic and industrial uses.

For many, pets have given us so much during the pandemic. From companionship, to comfort, and both mental and physical wellbeing, 70% of Australians say that being a pet owner has improved their lives during the pandemic, according to Animal Medicines Australia. That’s why choosing a pet insurance policy that will do right by our companions is so important. After all, your best friend deserves the best.

Housing affordability in Australia continued to worsen over the December quarter, with recent research putting the proportion of income required to meet home loan repayments at 37 per cent.

All the single ladies (all the single ladies) are getting into the Australian property market.

New research from online bank ING has found that Aussies can save money by buying their groceries online.

The Omicron variant was the spanner in the works of the Australian airline industry’s hopes for recovery in 2022. With airline staff forced into isolation as close contacts or positive cases, and consumer confidence in travel significantly degraded, January 2022 saw the industry operating at a mere 50% of its pre-COVID-19 capacity.

NAB is the latest bank to make changes across its range of fixed rate home loans, lifting rates by as many as 50 basis points.

There are always uncertainties in the property market, but clear trends are emerging and they point to a very different picture from what we’ve seen in the past year.

Reserve Bank governor Philip Lowe has warned that the unfolding crisis in Ukraine could create inflation shocks that central banks around the world might struggle to keep in check.

Finding a great value insurance policy with all of the coverage and features you need can be a real headache-inducer, with the result that too many Australians spend too little time researching the best options for car, home, life and pet insurance each year.

As the impact of climate change becomes more difficult to ignore, a number of Australian home loan providers have responded by introducing discounted home loans for borrowers with eco-friendly homes.

According to Telstra, their mobile network already reaches 99.5 percent of Australia's population. Now they're setting their sights on the final frontier to go even further.

Today is International Women’s Day and the theme for this year is #BreakTheBias. The aim is to raise awareness to the current inequalities faced by women worldwide, and to strive towards achieving a gender equal world - a world free of bias, stereotypes and discrimination.

Talk of rising interest rates has reached a fever pitch in recent months. While the exact timing is still uncertain, the market seems confident that we’ll see at least one rate hike before the year is through.

New figures released by the Australian Bureau of Statistics (ABS) show that homeowners with mortgages still seem to be making the most of relatively competitive interest rates by switching their loans in considerable numbers.

A new report from online share trading researcher Investment Trends has found that online investor numbers continued to rise in the second half of 2021.

Everyone’s looking for an angle into the ridiculously competitive property market. But for those hoping to avoid the emotional stress and risk of auctions, conducting ‘secret’ deals behind closed doors could be the way to go. In other words: buy off-market.

With International Women’s Day here, new CoreLogic numbers show that women continue to be underrepresented in the property market, contributing further to the current gender pay wealth gap.

The cost-of-living continues to rise and a new NAB research says that many people find saving challenging due to debt repayments, bills and everyday spending.

Summer’s over, and Autumn’s finally here – It’s March, folks! And boy, let me tell you, we are in for a busy month ahead. With that being said, I give you your March 2022 Financial Checklist!

Let’s be honest, when’s the last time anyone actually visited a bank? And it seems we’re unlikely to ever again, according to new research from Roy Morgan.

The art of the Deal-Haiku revolves around a theme of changing seasons. Life is about change, and observing the flux in everyday life.

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

There are a lot of things being predicted for the property market this year. The current climate of uncertainty surrounding interest rates and how this may affect the future of property prices, has caused increased buyer hesitation in the hopes that they will get a better deal in the near future. Other predictions for 2022 include the continued lack of housing stock and increased popularity of moving from city to regional areas.

In positive news for home borrowers, some of Australia’s top mortgage lenders are slashing home loan rates to new lows in a bid to entice home buyers and growing numbers of bargain-hunting refinancers keen to secure a better deal on their mortgage as protection against future Reserve Bank rate rises.

As the property market sizzles and rival lenders slash rates in some of the fiercest mortgage competition we’ve seen in years, borrowers are flocking to comparison sites to hunt out bargain home loan deals.

For the first time in 17 months property values in the nation’s largest and most expensive capital city, Sydney, have fallen according to new figures from CoreLogic.

Are you finally ditching your share-house and setting up your own unit? Or just bought yourself a nice place to upsize and thrive? Before you settle into domestic bliss, one of the final boxes to check is your broadband internet. The kind folks at NBN co want to make this process as smooth as possible, so they’ve put together 5 helpful tips to ensure your new situation is perfect from day 1. Nobody wants to get stranded without the internet, so follow these tips to make the transition as smooth as possible.

Well it's finally happened! The international borders are open, masks and working from home mandates have lifted, sports and outdoor activities are back on–but what does that mean for your finances?

Westpac has become the latest in a string of mortgage lenders to hike interest rates on a number of its fixed home loans - the third time the major bank has lifted fixed rates in 2022.

As we start a new season and look back on how personal loan interest rates have performed over the past few months, we saw several rate cuts.

Mortgage activity in Australia is showing few signs of letting up, with the total value of new home loan commitments rising 2.6 per cent over January to reach a record high of $33.7 billion.

The dangers of climate change could soon overwhelm both humanity and nature, says a new scientific report released Monday by the Intergovernmental Panel on Climate Change (IPCC). Indeed, the effects from climate change could be more severe than originally predicted.

Last year was scarily lucrative for online scammers. According to Scamwatch, Australians lost a record-breaking $323 million in 2021 alone, with more than quarter-million reports filed describing different investment, romance, and shopping scams.

Nowadays, more and more Australians turn to online lenders when taking out a home loan. With amazing perks like convenient applications, fast approval, and lower interest rates, it's not hard to see why!

Credit cards are staging a come-back in 2022, with a wave of fresh new card offers hitting the market that at first glance seem almost too generous to be true. But there’s a bigger story driving this wave of apparent generosity, and it’s one that cardholders are set to benefit from.

Credit cards are staging a come-back in 2022, with a wave of fresh new card offers hitting the market that at first glance seem almost too generous to be true. But there’s a bigger story driving this wave of apparent generosity, and it’s one that cardholders are set to benefit from.

Credit cards are staging a come-back in 2022, with a wave of fresh new card offers hitting the market that at first glance seem almost too generous to be true. But there’s a bigger story driving this wave of apparent generosity, and it’s one that cardholders are set to benefit from.

Interest in low-rate home loans is surging in the wake of the Reserve Bank's rate hikes, and savvy borrowers are refinancing in record numbers to save money on their home loan in 2023. With so many online lenders and rival banks still offering competitive variable rates well below the market average and wooing refinancers with cash backs and discounts, it’s no wonder a growing wave of borrowers are hitting comparison sites like Mozo right now to check the latest rates and secure a great value deal.

How quickly things change.

Great news for Aussies looking to travel in 2022: Qantas has announced that you can now get more for less when booking travel with Qantas Points. The new program sees serious reductions in the number of points needed to redeem benefits such as Qantas Hotel stays and combined flight and accommodation packages. The specifics of this new program include - 30% fewer points required when booking Qantas Hotels, 45% fewer points when combining flights and Qantas Holiday packages, and 20% fewer points when using Points Plus Pay on flight bookings up until the end of April 2022 for travel up until April 2023. The best bit is, Qantas has said that these reductions are here to stay!If you are interested in these deals, now may be a good time to look into getting a rewards credit card that accumulates Qantas Points points as you spend.

The Australian Prudential Regulation Authority (APRA) has released new market insights this week that show changing Australian financial habits over January-February. While the global economy is understandably reeling from recent events, it's important to take stock of what’s going on at home, too, and what this means for the rest of 2022.

The Reserve Bank of Australia left the cash rate at 0.10% at its second policy meeting of the year, while admitting that ongoing developments in Eastern Europe are a new source of uncertainty.

For three years in a row, Australians on the east and north coasts have been deluged with unprecedented rainfall – mostly due to La Niña weather patterns and worsening climate change. This is especially impactful for the nearly one in five Australians at risk of flood damage.

Apple has recently announced plans to launch new “Tap to Pay'' software in the US. This software allows merchants to accept “contactless” payment from the likes of Apple Pay and other digital wallets via smartphone. Tap to Pay makes the payment process easy by just tapping the selected contactless payment method to an iPhone with the new payment app open. This new software will only be available for iPhone XS (2018) and more recent models.