News archive for June 2023

While those new year resolutions you made on 1 January may have fallen by the wayside, guess what? The new financial year is now upon us, and that means it’s the perfect opportunity to reset, refine and/or ramp-up your money goals.

Finding the right insurance policy at a fair price with all the coverage and features you need can be an overwhelming task. That's why, each year, Mozo's team of experts brings their 70 years of combined financial experience to assess and identify the best insurance policies in Australia for the Mozo Experts Choice Insurance Awards.Close to 200 insurance policies have been analysed across car, home, landlord, life, and pet insurance to identify the top value and quality options. According to Mozo's research, Australians could be paying hundreds of dollars extra in premiums for like-for-like insurance policies depending on the insurer they choose.Committed to helping you make an informed decision when choosing an insurance policy that suits your specific needs, our Judges reviewed and identified some of the standout winners that offer competitive pricing and comprehensive coverage. Whether it's car, home, landlord, life, or pet insurance, we have you covered.Our in-depth review of the winning policies are here to help you compare and choose the right coverage to protect your assets and loved ones and assist in navigating the complex world of insurance.Browse our Mozo Experts Choice Insurance Awards winners today and take the first step in securing your financial future.

Inflation is the rate at which prices for goods and services rise, and, consequently, the purchasing power of cash falls. Central banks, like the Reserve Bank of Australia (RBA), attempt to limit inflation by raising the cash rate which, in turn, helps keep the economy running smoothly.

Home insurance is one of the most important investments a homeowner can make to protect themselves from financial loss due to damage or theft. But too often buyers and existing property owners are often confused or misinformed about what they need to do to get the best deal.

Getting started with investing can seem overwhelming, especially when you don’t know where to begin.

Winter is here, and unfortunately along with it higher energy bills. The Australian Energy Regulator recently issued its decision on the default market offers that set the baseline for retailers, and since July electricity prices have risen by up to a quarter in some states. This means that now is the time to check that you’re not spending more than you need to on heating your home. While turning down the heating or forgoing the electric blanket on some nights is bound to save you some money on your household energy bill, the biggest savings could be accessed by switching to a better value plan.How much could you save? Well, our researchers found that on average, households could save $447 per year for residential electricity and $274 per year for residential gas by comparing providers^.If you are dreading the impact power hikes might have on your own electricity and gas bills this winter, it makes sense to do a quick price review. Try our Free energy plan comparison service to compare some options available in your postcode and see if you could save by switching.

Tax time is upon us! But what can you claim? What should you claim? And which common mistakes should you avoid when lodging your tax return?

Every little bit of money counts these days. But working extra hours can be extremely draining, and not every pay rise conversation goes how we hoped. So are there any ways to save or earn money you may not have considered?

Queer travellers, good news: there are many amazing travel destinations around the world ready to welcome and celebrate you with Pride!

If you've been shopping around for a home loan or looking to refinance your existing mortgage, you may be overlooking some of the best options available to you. While the big city banks dominate the market, some homebuyers are turning to regional-based banks and online lenders for their great rates, customer-focused values, and exceptional service.

For all vehicles in Australia, car insurance is a necessary expense. But not every driver is an insurance expert, and not every product disclosure statement is a good read. These vital documents can be riddled with weird T&Cs and jargon, which has led to much confusion (and amusement) online.

Winter school holidays have arrived, and with the cost of living on the rise, Aussie parents are on the lookout for fun activities to keep their little ones entertained without breaking the bank.

The Reserve Bank of Australia hasn’t so much pivoted as reset expectations. Last month’s interest rate decision was expected to hold the line, but the central bank surprised by adding another 25 basis points to the official cash rate.

Many mobile plans come with fancy bells and whistles – and many more include a standard set of features. Gone are the days when call minutes and SMS limits truly matter. Everything comes bundled automatically now!

Property sales rates are at a low by historical standards, according to Westpac’s Housing Pulse May 2023 report. To put it in perspective, the activity within the housing market is operating at about two-thirds of the peak in late 2021.

If purchasing a home outright isn’t something you can do - perhaps because you’re not Jeff Bezos - you’re probably thinking about getting a home loan.

The Australian property market has led a remarkable recovery. After rising interest rates on home loans smothered growth last year, Domain now estimates home values will regain much of their former glory by 2024.

As the end of financial year approaches, money matters are top of mind. Personal budgets might be tightening, spending habits are in focus and borrowing money is surely a consideration for some households.

Electric vehicles (EVs) have been giving us Aussies those electric feels, even if they are synonymous with the Twitter-Tesla-space-guy Elon Musk. The sales growth for EVs in Australia was exponential over the last 12 months, with an increase of 778.3 per cent!

If you’re looking for your next bank account, then you’re in luck—the winners for the 2023 Mozo Experts Choice Awards^ for Australia’s Best Banking have just been announced!

Energy prices are about to get a whole lot more expensive, with new default market offers from the Australian Energy Regulator set to raise bills by up to nearly 25%. If you haven’t considered switching providers, you could be leaving money on the table.

Inner cities have always been property hotbeds, marking impressive spikes in price in the last few years. But the “most mortgaged markets”, according to CoreLogic, now lie in the outskirts of Australia’s capitals – and value growth may make them more attractive for home buyers.

More than one million mortgage holders are expected to be ‘at risk’ this month, with more to come in July, according to Roy Morgan.

Some Australian banks believe that small-to-medium business enterprises, or SMEs, aren’t really keen on taking out a business loan.

If you’re looking to grow your savings while keeping your money easily accessible, then a high-interest saving account might just be what you’ve been looking for.

Consumer fintech Douugh has shone a spotlight on the growing uncertainty and lack of confidence among young Australians, with 9 in 10 worried about their financial situation.

The end of the financial year is speeding towards us, but this year you can expect a major spate of changes to your finances come July 1.

The rising costs of living have been biting Aussies this year, with transportation, along with housing costs and groceries being 2023's biggest expenses.

We’re excited to announce that Flip has been crowned Broadband Provider of the Year for the second year in a row in Mozo Experts Choice Broadband Awards.

Affording your home is important: mortgage stress can drain your finances and mental health, and evidence suggests it’s mounting in Australia.

With many Australians currently wondering how they can enter the housing market, some currently (or previously) serving members of the Australian Defense Force may be wondering if there are any government home loan programs they can participate in.

A new report from the Banking Code Compliance Committee (BCCC) has found mishandling of deceased estates amongst the six banks it investigated.

In a speech at the Morgan Stanley summit, Reserve Bank of Australia governor Philip Lowe explained the thought process behind this week’s unforeseeable hike to official interest rates.

June 2023 has arrived, folks! With a change of seasons, the end of the financial year and *gulp* Gemini season – your favourite monthly read couldn’t have come at a better time!

The passing of a loved one can obviously be very challenging and sometimes comes with the additional strain of handling family personal affairs. One such area of concern can be an inheritance. While it can be emotionally difficult, it’s important to know what you need to keep in mind when you’re looking at property inheritance.

In a call almost no leading economists predicted, the Reserve Bank of Australia doubled down its tightening bias today with another rate rise. The decision adds 25 basis points to official interest rates, pushing the cash rate to a decade-high of 4.10%.

Look, it is satisfying to bank all your annual leave and spend it in one go. After all, living somewhere overseas for a few weeks (or months!) is an experience like no other. But could taking many short holidays instead of one long one be better for you? Absolutely!

Sydney continues to lead what is being called a "recovery trend" in the property market, posting a 1.8% lift in home values in May, according to Corelogic’s latest data.

We’re nearing the end of the tightening cycle – and home loan lenders know it. Last month, the Reserve Bank of Australia’s surprise decision sent shockwaves through an unprepared market. Mortgages jumped far more than the expected 25 basis points, while property prices remained surprisingly buoyant.

Last month, the Reserve Bank defied expectations with an additional 0.25% hike to the official cash rate. Lenders soon jumped at the opportunity to lift their interest offers on variable home loans – with some outrunning even the RBA with 35 - 50 basis point jumps.