News Archive for June 2023

June 2023

Insurance expert answers your silliest car insurance questions

Insurance expert answers your silliest car insurance questions

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.

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Create your mid year budget

A quick guide to a mid-year family budget refresh

Creating a budget can challenge most of us, especially as we try to break the cycle of living paycheck to paycheck. It’s not easy! We all have everyday costs but then many of us also want to cover a holiday or repayments on a new car. These things add up.

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Three essential features of a mobile plan

3 important things your mobile plan should do

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!

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New evs on the aussie scene polestar 2 and byd dolphin

New EVs on the Aussie scene: Polestar 2 and BYD Dolphin

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!

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Eofy amazon deals you dont want to miss

21 EOFY Amazon deals you don’t want to miss

It's almost the end of the financial year and there's no better time to grab a deal on Amazon. With only days left, there are incredible discounts to be had on some handy items that you don't want to miss out on.

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The myths your energy provider wants you to believe

The myths your energy provider wants you to believe

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.

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Home insurance myths busted what you need to know

These home insurance switching myths could be costing you money

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.

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As costs weigh up buy now pay later and credit cards spike

As costs weigh up, buy now pay later and credit cards spike

If you don’t live under a rock, you might have heard a thing or two about the Reserve Bank and its frontman Phillip Lowe. Since early 2022, Aussie borrowers have experienced 12 interest rate raises at the hands of the RBA, impacting all sorts of loans across the nation.

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Australians paying more in home loan interest than last year

Australians paying $11.5 billion more in home loan interest than last year

To say mortgages have crept up is an understatement. With 12 rate hikes behind us and masses of inflation, the Australian Bureau of Statistics estimates that in March 2023, Australians paid $22.2 billion in ‘pure’ home loan interest to lenders. This is a 106.8% year-on-year increase from March 2022, when borrowers only paid $10.7 billion.

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Is $500 enough to get started when investing in shares?

Getting started with investing can seem a bit overwhelming, especially when you don’t even know where to begin. Not only that, but it can sometimes feel like you need to have loads of money to even think about starting—but is that true?

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Renter protections could make it easier to save for a home loan

Renter protections could make it easier to save for a home loan

Saving enough for a home loan deposit can be a significant challenge if you’re a renter. According to CoreLogic, rents surged more than 10% last year, recording an average $52 weekly increase, or an extra $2,727 yearly. That’s a huge drain on your cash flow if you want to become a homeowner, especially with average rents soaring to sky-high levels.

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The regional banks winning over big city customers on their home loans

The regional banks winning over big city customers on their home loans

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.

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What does the rba s june hike mean for savers

What does the RBA’s June hike mean for savers?

Despite many thinking there would be a pause, the RBA has once again hiked the cash rate, raising it up to 4.10% at the June meeting. For borrowers, that means more pain. However, if you’re only a saver, now may be a particularly advantageous time.

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Most important tax tips tricks and mistakes to know for eofy

Most important tax tips, tricks, and mistakes to know for the EOFY

Let’s face it: this year has been brutal for the cost of living. For this reason alone, it’s worth going into the EOFY tax season feeling armed and dangerous with Maximum Deduction Knowledge. But the problem? Too many Australians aren’t ‘tax literate’, according to CPA Australia resident tax expert Elinor Kasapidis.

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Australia s best insurance

Australia’s best insurance: car, pet, life, home and travel

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.

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How does property inheritance work

How does property inheritance work?

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.

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Online shopping

10 travel essentials for your European summer trip

Just like so many Aussies, I’m escaping the cold weather and seeking refuge in Europe this summer. After multiple trips there, I’ve picked up a lot of handy travel tips and tricks, including what to bring!

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June 2023 financial checklist

June 2023 Financial Checklist

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!

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June home loan snapshot has the home loan rate war ended

June home loan snapshot: Has the home loan rate war ended?

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.

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Check in on your energy spend and avoid energy bill shock

Check in on your energy spend and avoid bill shock

Winter is coming, 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 from July electricity prices will rise 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 $464 per year for residential electricity and $204 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.

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