News Archive for February 2023

With interest rates sitting high, more Aussies are looking to park their savings in a safe place to help their money grow. One way people are achieving this is by taking out a short 6 month term deposit, but is it worth doing?

Plenty of online share trading platforms offer mobile apps these days, meaning it’s now possible to trade, check your positions, and research your next move from virtually anywhere.

Wondering if Australians are taking eco-friendly finance seriously? Wonder no more - reporting from Bendigo and Adelaide Bank shows that demand for green loans has increased by more than 600% from one year ago.

Cost-of-living pressures and inflation concerns continue to challenge consumers, so boosting savings is an important step we can all take. However, with the big four banks taking the lion share of savers, they can afford to not offer the highest savings rates around. So getting an idea of how these rates are doing can help you decide whether or not you need to think about switching between the big four or even to a smaller bank.

So you’ve found out about personal loans and you’re wondering what you can and cannot do with them. While you can take out a loan for different purposes, personal loans can’t be used for everything and we’ll get into that below.

Insurance can seem like a pretty mundane topic, covering the basics of cars, homes, travelling, and health. But, did you know there are specialised types of insurance called niche insurance?

The European Union has announced a ban on petrol cars by 2035, but what does that mean for Aussie drivers?

As interest rate hikes continue to pressure household budgets, more borrowers are beginning to feel the pinch with most doubtful that the pressure is going to let up anytime soon.

The threat of ‘mortgage prison’ has been bearing down on Aussies in the wake of continued interest rate hikes and tightening economic conditions. However, many borrowers still have a chance to avoid this trap.

Telstra announced this morning that all of its mobile phone plans are now certified as 100% carbon neutral, joining the likes of Belong and Felix mobile.

If there’s one home loan lender more and more Aussies are hearing about, it’s the new digital lender Unloan, built by CommBank. And for good reason. Between seriously competitive rates, zero fees , handy features like its loyalty discount, and speedy 10 min online application process, Unloan has become a force to be reckoned with. The Mozo expert judges think so too, as they’ve awarded Unloan two Mozo Experts Choice Awards in 2023^ for Best New Home Loan and Low Cost Home Loan. “Now more than ever, borrowers are looking for ways to reduce their mortgage repayments,” said Mozo expert judge, Peter Marshall. “With the winning combination of low rates, unique features, the scrapping of fees, and big bank backing, Unloan has set the bar for what a leading home loan looks like.”

Since May of 2022, the Reserve Bank of Australia has lifted the cash rate twelve times. While there hasn’t been a rate hike since June 2023, an increase is predicted at November’s meeting.

Knowing how to budget and save money is the best way to build your wealth. However, a lot of people have bad habits, especially when it comes to spending money.

The Australian Taxation Office (ATO) revealed new rules for claiming work from home (WFH) deductions in 2023.

Looking for a new mobile phone, but don’t want to break the bank? These Google phones are on sale right now, including their newest model.

Planning an overseas trip, especially one with legs in multiple countries, can be a trying task. Besides the questions of where to go and what to do, you need to work out whether to get travel insurance, if you need to apply for visas, and so much more.

Australian property sale settlements have almost doubled over the last 4 years according to new information from data research firm, PEXA.

There are now so many different streaming platforms available that it can be hard to choose which one’s right for you.

As inflation and rising interest rates put a strain on finances, it's not surprising that more Australians are turning to credit to help buffer their budgets.  According to credit reporting agency Equifax, applications for new credit cards surged by 21%^ in the December quarter. Yikes!But a credit card can be an extremely useful financial tool to have at your disposal if you are savvy about when you use it, where you use it, and when to stop using it. And while it can be tempting to be drawn towards cards with flashy rewards points offers and extras like airport lounge access, these cards generally have interest rates over 20% p.a.  Fortunately, there are some cards on the market with low interest rates on purchases, and some even come with low fees and perks. With this in mind, here’s our Editors’ round up of low interest credit card deals this month.

After making a splash last year with its cost of living price freeze, Circles Life has a new revolutionary offer for customers, the first of its kind in Australia: Pay What You Want mobile plans, starting at just $5 per month for 5G of data.

Pressure is building on more Australians after yet another hike in the cash rate was announced by the RBA. To make matters worse, according to a report by fintech Otivo , more than 100,000 Australians are set to fall victim to mortgage stress with the wealthiest suburbs set to be hit with the brunt of it.

The Easter holidays are coming up and it's time to start thinking about what you’ll be getting up to. Maybe you’ve had enough of all the Easter shows and egg hunts and are looking to try something new.

Whether you're saving for a deposit on a house, a much needed holiday or simply want to stash some cash for a rainy day, making the most of your coin doesn’t have to be a boring task. There are a myriad of savings challenges to help you reach your goal that can get you there in an exciting way.

As inflation seeps into almost everything we buy these days, you may have noticed that your car insurance or home and contents insurance premiums are getting more expensive.

Reserve Bank of Australia governor Philip Lowe has weighed in on the impact of monetary policy on Australia, while acknowledging the growing unpopularity of the central bank’s decisions among everyday Australians.

As buy now pay later continues to be reviewed by Australian regulators, Westpac has launched a new credit card feature that similarly allows its customers to make credit card purchases in instalments.

Ah, Easter: a lovely holiday for us, but a chocolate-riddled temptation for our pooches. Because accidental poison ingestion is a common claim on pet insurance, here are some tips on avoiding disaster and celebrating the Easter weekend safely with your dog.

With many Aussies bracing for more rises in the cost of living, mobile providers have cottoned onto the desire for a bit of long-term financial security with an exciting suite of offers. That’s right: goodbye monthly bonuses. Hello to the half-year deal!

The Grammys, a Beyoncé world tour announcement and the Brits – all in one week? Talk about a busy month in music!

Not long after its decision to lift interest rates by 0.25 per cent at its February meeting, the Reserve Bank of Australia has confirmed that its war on inflation is far from over.

Retirement approaches quickly for some, which makes the rising cost of living a particular worry for those laying down future plans. Indeed, a new survey from Australian Seniors reveals 9 in 10 participants over fifty expect inflation to continue in 2023 – and are deeply concerned about how it could affect their super.

Gen Z, the pragmatic, financially frugal, and climate-concerned generation, are finally reaching the age where they can purchase cars.

It's time for one of the biggest sporting events of the year: The Super Bowl.

Following the hike in cash rate by the RBA to 3.35%, banks have begun to raise their own interest rates for both savers and home loan borrowers alike.

The length of your mortgage is perhaps something you’ve put on the backburner, along with how much your energy bill will come to after this humid summer and whether you might be overdoing it with too many streaming services.

In any home and contents insurance policy, the terms and conditions will be littered with strange, delightful, and surprising little easter eggs. Like, what do you mean satellite crashes are covered? Why?!

The RBA has dealt many blows for mortgage holders, with rate hikes adding an extra $1,092 to a $600,000^ home loan each year. And with economists now also saying that more hikes are likely in 2023, if you’ve been sitting on the sidelines until now, it’s time to review your home loan rate to see how it compares. According to the Mozo database the average owner occupier rate now sits at 6.60%, and 6.96% for investment loans. But with plenty of potential savings options on offer for borrowers, now is not the time to be complacent. We’ve rounded up some of the latest home loan deals.

While mortgage holders have had a brief rest with the RBA's pausing of their interest rate hikes, banks have been relentless in passing through these rate rises for the past year.But one rival lender has come to the aid of borrowers with a new 5 year fixed rate home loan that is sure to send a stampede of savvy switchers their way.Aussie-owned loans.com.au, who has been taking on the big banks since 2011, now has a competitive 5 year fixed rate of 5.39% (6.05% comparison) available for owner occupier borrowers with up to 90% LVR .With the average Big Four 5 year fixed home loan rate in the Mozo database now sitting at 6.66%, this new loan provides an opportunity to lock in a decent rate and get some stability back with repayments.   Read on for our expert rundown of loans.com.au's new 5 year fixed home loan to find out if this digital dynamo could be your solution to keeping some of the mortgage stress at bay….

When it comes to share trading, having a well diversified portfolio can help to lessen the brunt of short term volatility. One way investors try to diversify is by investing both locally and internationally. So the question is, what brokerage platforms let you trade in both Australia and internationally?

If you’ve got a trusty credit card in your pocket, you’re probably already familiar with most of the features and rewards that come along with it. Depending on which card you have though, you could be sitting on some seriously interesting perks that you don’t even know about.

You’ve likely seen on the news that home prices have been in steady decline over the last year. So, maybe you’ve been thinking to yourself now might be the time to buy your first home. We look at some of the things you’ll want to consider.

In a world of taps and cards, several countries still prefer to operate in cash. So when booking travel and preparing budgets, it’s good to know how much withdrawing cash will cost you.

After the RBA’s cash rate hike this week to 3.35%, pressure is mounting on banks to up their savings accounts interest rates too.

Planning a cosy movie night for Valentine’s Day but not sure what to watch? Mozo has you covered with 30 movie ideas including some you might not have heard of before!

New estimates from the Electric Vehicle Council of Australia have projected that with an estimated 83,000 electric cars on the road, Australia is set to soon pass the major milestone of 100,000 electric vehicles.

Last Updated: 13 February at 11:30am

New research from ING has uncovered that more than half (55%) of Australians surveyed said that they were planning on doing a spring clean of their finances in 2023.

The Reserve Bank of Australia has wasted no time resuming its rate hike cycle, lifting the cash rate by another 0.25% at its February meeting this afternoon. The decision brings official interest rates to 3.35%.

You may be living in an apartment or townhouse and wondering if your insurance is any different to what you get from your free-standing house peers.

Ladies and gentlemen, it’s time for the biggest night in show biz: The Grammys.

We find ourselves in this ongoing state of high inflation in the world, which means everything is more expensive than it previously was.

This summer has been particularly hot and while humans are quite good at taking steps to keep cool, pets aren’t!

Netflix has been threatening to crackdown on account sharing since last year, especially as it believes 100 million people are password sharing.

Are you a new driver? You’re probably thinking about getting your new car and wondering about whether or not car insurance is something you should get. But, what if you don’t know anything about insurance?

The beginning of the year can be a bit of a tough time for our wallets, with plenty of us struggling to find the money to squirrel into our savings accounts. If you’re looking for ways to save, take some inspiration from FebFast and FebFit and put your financial fitness in focus this month.

After months of rumours and hot anticipation, Samsung has now unveiled a new generation to their flagship Galaxy smartphone line: the Galaxy S23 Ultra, Galaxy S23+, and Galaxy S23, for release on 23 February 2023.

As the new year begins, many experts in the Australian real estate market are wondering whether the traditional seasonal upswing in new ‘for sale’ listings will occur in early 2023. According to the latest CoreLogic Property Pulse release, the outlook appears to be uncertain.

If you’re refinancing your home loan, one of the most popular recommendations to check out these days is Unloan.

If you’re looking for a new streaming service to sink your teeth into, look no further than Apple’s very own online TV and movie streaming platform, Apple TV+ .

A pinch and a punch for the first day of the month! February’s here, and so is your favourite monthly financial checklist.

With the cost of living crisis causing prices of everyday items to soar, it’s worth shopping around to find the best deals.

Over the past 12 months, share trading platform Stake compiled a Triple J ‘Hottest 100’ style list of the 100 most-traded Australian stocks of 2022.

Super is a fact of working Australian life, much the same as death and taxes. However, new research from Industry Super Australia (ISA) reveals that a legal loophole has cheated Aussies out of billions in unpaid super – and why it’s critical your super should come with your paycheck.