News archive for August 2023

With a staggering 98.9 percent of all bank transactions now being undertaken digitally in Australia according to the Australian Banking Association, it’s no surprise that banks are shifting their focus towards the next generation of borrowers and homeowners and developing new brands and products that best suit their digital native users.

As the RBA held the cash rate at 4.10% for two months in a row, banks have made their own calls on which of their home loan products should be raised or cut.

The world of personal finance can feel daunting, but a new wave of providers are putting it within reach for savvy Gen Z spenders (and their millennial counterparts, who still appreciate simplicity).

“I want my MTVVVVV!” Yep, you guessed it. The MTV Video Music Awards (A.K.A., one of the biggest award shows of the year) are this September.

The Reserve Bank of Australia (RBA) has hit a lull in the rate hiking cycle. Between May 2022 and June 2023, the central bank raised official interest rates by 4.00% – a Herculean leap to combat Herculean inflation. Each hit to the cash rate brought more home loan pain to variable-rate borrowers and tightened the expanding economy with a vice.

There is a mountain of information out there about how to prepare for retirement and what ways you can boost your superannuation savings. However, it all comes down to the age old question, how much money do you really need to have saved up for you to enjoy retirement?

In good news for Australian superannuation members, the median return generated for growth funds for the financial year 2022/2023 was 9.2% according to a report by Chant West.

The gender pay gap has been a hurdle for women’s income for decades, with a lot of organisational work being put in to help close it. While the gap is not as stark as it was when our parents were growing up, according to the Workplace Gender Equality Agency , women who work full time are still earning $319.20 less a week than their male counterparts based on seasonally adjusted average weekly earnings.

Superannuation is doing super at the moment according to Chant West, despite the current state of the economy. Super funds have ended the financial year on a high, especially with regards to the growth investment option.

Australian Treasurer Jim Chalmers has released the Intergenerational Report (IGR) today, giving Aussies an insight into how current policies might impact the economy in the long-term.

Prospective homebuyers might expect a rise in new property listings, as auctions in the major capitals this week bloom ahead of spring.

Aussies may need to review their superannuation investments as the Australian Securities and Investments Commission (ASIC) takes action against ethical super funds that have possibly engaged in misleading conduct.

In today's increasingly expensive world, every dollar saved counts. As the cost of living seems to climb higher every year, it becomes essential to find ways to cut back on unnecessary expenses. One area where money-savvy Aussies could save is insurance.

The fixed rate mortgage cliff was one of the scarier predictions made about this year. However, new data from CoreLogic reveals that our worst fears about the fixed mortgage cliff may not have happened – nor are they likely to.

One of the interesting trends arising from the Reserve Bank rate hikes has been lenders pulling their cashback offers for refinancers. In May 2023, Mozo recorded 25 lenders with refinancing cashback offers in its database. Today in August, it’s just 13.

Having an emergency financial backup plan for your home and valuables just got more expensive, at a time when the cost of living already bites hard.

A new Actuaries Institute report reveals just how catastrophic natural disasters have been to the cost of living. Home insurance premiums in Australia surged 46% in the last year, primarily due to frequent, dangerous, and costly floods and cyclones.

Recent analysis from Mozo has found that owner-occupiers and investors could save big bucks by refinancing to a lower rate loan. Based on the most recent Core Logic Home Value Index (HVI) release, Mozo’s team of data experts found how much borrowers can save per year in each of the capital cities.

Pets are a man’s best friend, sneaking their way into our hearts and becoming a part of the family. However, along with their companionship, comes the cost of keeping them healthy and safe. Pet insurance can help give pet owners peace of mind, but recent research from Mozo shows that Aussies are paying a whopping $1,030 more than they have to in premiums each year!

We have all heard the saying, “Travel is the best investment you will ever make.” And it can be absolutely true, as travel lets you experience life on so many different levels. But what if all your special travel plans get ambushed by a huge crowd, because you made a mistake of travelling during the peak season? It can ruin a perfect holiday.

In a unique twist to savings, customer-owned NICU has just debuted its new Capped Home Loan, a variable interest rate home loan designed with rate hikes in mind. The loan has a built-in rate ceiling of 6.04% p.a. (6.39% p.a. comparison rate*) for three years, meaning no matter how much further rates rise, they won’t go beyond that for the capped term.

Refinancing a home loan can feel increasingly like a gambit. You’ll need to avoid the home loan hostage trap, compare mortgages until you find the deal, and face some incredibly steep serviceability tests.

You may not have heard of broadband provider Swoop, but if you’re after a better internet deal, you’ll want to get acquainted pretty quickly.

Refinancing a home loan has both become harder and more necessary for many Australian borrowers, thanks to recent Reserve Bank rate hikes. But if you’ve asked yourself whether you should refinance and decided, “Absolutely, let’s do this,” then it’s essential to get your finances in order.

“This is the Voiceee!!” That’s right, folks! Australia’s fave chair-turning talent show is returning to your screens in August 2023.

The newly released State of Electric Vehicles Report for July 2023 is promising for EV enthusiasts, showing electric cars as making up 8.4% of new car sales so far in 2023, up 120% compared to 2022.

New listings in capital cities rose 3.7% higher than the 5 year average last month, according to a report released by CoreLogic today. The report looked at the number of new listings over four weeks ending on July 30 and, although new listings were higher than usual for the season, it was 4.6% lower than the same time last year.

Following Samsung’s announcement of the new Galaxy Z Flip 5 and the Galaxy Z Fold 5 phones last week, Optus and Vodafone have announced deals on plans for these phones. These deals are only available until 17 August so be sure to get in quick!

Relief for home loans continues this month with another rate hold from the Reserve Bank of Australia (RBA). For now, the cash rate will remain at 4.10% – its highest level since 2012.

A pinch and a punch for the first day of the month! August has arrived. Here’s everything you’ll need to get through. Your August 2023 Financial Checklist awaits!

So much for the bust! Property prices have regained much of their former value, according to Domain’s latest House Price Report. After five consecutive quarters of decline, the combined capital unit and house prices have surged at the fastest pace since 2021.

It’s been an unusually warm winter indeed. Despite the Reserve Bank of Australia holding official interest rates steady last month, many lenders cast fresh sparks on their home loans. The ensuing fire has blazed through fixed-rate and variable-rate offers alike and pushed up the averages in Mozo’s database.