News Archive for March 2023

Ramadan Kareem! Ramadan approaches, which for hundreds of thousands of Australians means a month of reflection, prayer, and fasting. But the cost of living waits for no holiday, so here are eight ways to save on groceries while you celebrate (and live life in general).

If you prefer having your shares registered directly in your name for added security, you’ll want a broker that offers CHESS sponsorship.

With interest rates the highest they've been since 2012, term deposits are back with a roar and proving to be one of the easiest and most secure ways for Aussies to get a decent return on their money.  Yet a large proportion of people (48%) have never heard of them, or if they have, ever considered getting one.A recent Mozo survey* found that only 7% of people are currently a term deposit customer despite the fact that interest rates on term deposits can be almost 4 times higher than the average ongoing non-conditional rate of a savings account, which is currently sitting at a miserly 1.30%^.Peter Marshall, Mozo’s banking expert, says that the idea that term deposits are an outdated savings option is completely false. He points out that many term deposits are less restrictive than high interest savings accounts, are easy to set up and manage 100% online and can be fine-tuned to meet your savings goals.“One of the biggest added benefits of a term deposit is that you are guaranteed a fixed rate of return,” he said. “Savings account rates are variable and while this can work in your favour, there are often a lot of hoops to jump through if you want to get the maximum rate and this isn’t always easy. ” So if you are considering where to park your cash, it might be a good time to reconsider taking out a term deposit. Here are the Mozo money editor’s top picks for this month.

The Reserve Bank Australia has held the cash rate at 4.35%.

In 2023, Apple’s long-awaited addition to the world of Buy Now Pay Later finally arrived for those living in the USA - but today we have news that Apple Pay will soon integrate with BNPL services in Australia later this year.

With international travel back on the agenda, so too is the search for top value travel insurance. The pandemic is still top of mind and finding a policy that has cover for possible hospitalisation as well as cancellations should you contract Covid is crucial. Mozo’s experts analysed 81 policies from 37 insurance companies to uncover the very best for the 2024 Mozo Experts Choice Awards.  Only plans that offered cover for medical expenses resulting from Covid-19 in their cover were considered.“It is so exciting for Australians to be travelling again and when you consider the cost of travel insurance, it really is a small price to pay for peace of mind,” Mozo Expert Judge Peter Marshall says.So, if you’re looking to travel internationally in 2024, check out the major winner in this year’s awards, World2Cover, along with our Editor's Picks for this month….

When it comes to the Aussie banking scene, the Big 4 banks (Westpac, CommBank, NAB, and ANZ) dominate the market. Naturally, some people are more inclined to try smaller players in the hope they’ll get something a bit different. For example, some may seek more personalised services or better rates for savings accounts or home loans.

Rising interest rates have had at least one positive side effect: term deposit rates are looking better and better. And if you are looking for a secure place to stash your money for the short or long term, there’s one bank leading the pack on rates.

A familiar name has stepped in to disrupt the world of business payments and international money transfers. So if you want to save on global business transactions and earn Qantas Points along the way, Qantas Business Money could be the right choice for your business.

The footy’s back! (My thoughts go out to anyone with a footy-obsessed dad or partner that insists on watching every. single. game.).

The Reserve Bank’s continuing push with interest rate hikes has brought into focus the dilemma that borrowers now face in choosing their home loans.

It stands to reason that higher costs of living can impact the costs of doing business, as new survey research from CommBank indicates.

It’s been nearly one year since the Reserve Bank of Australia began raising the cash rate to curb inflation, taking us from 0.10% in May 2022 to 3.60% in March 2023. Many economists agree we’re approaching the end of this tightening cycle, as the economy has shown signs of contraction. But has the RBA gone far enough in its crusade to slow the economy?

After nearly a year of RBA cash rate hikes, some financial institutions have finally increased their savings variable interest rates to a ‘5’.

Domestic and family violence is a difficult topic to talk about. People tend to only think of the physical and emotional trauma. However, many victims also experience economic abuse and it often flies under the radar.

Ever watched a TV show or movie and felt inspired to visit the filming location? You’re not alone.

New customer discounts are nothing new, especially in insurance. It’s part of the way businesses lure people in. If you sign up for a new home insurance policy, particularly one combined with contents or car insurance, you can usually expect between 5% - 20% off your first year’s premium.

A lot can happen when you’re on the road, so car insurance providers must cover all their bases when writing the product disclosure statement (PDS). Fortunately for us, this means PDS is also littered with delightfully strange easter eggs.

With Easter approaching, it’s easy to rack up a pretty major bill while you figure out ways to keep the whole family entertained. The rising cost of living can make your go-to celebrations that little bit more expensive.

Saving up to buy property in today’s market can be an uphill battle. Australian homes are already some of the most expensive in the world, and when you factor in rising interest rates, it can feel like there’s no end to the challenges first home buyers face.

As property prices fall further from their peaks, young Australians looking to take out a home loan have been given a second wind, with data from Domain showing the time required to save a deposit has fallen in almost all capital cities.

Travelling with someone is the ultimate relationship test. Can you split bills, follow an itinerary, and reach your destination – while still liking each other?

Renters, don’t worry! Your landlord may be increasing your rent to record highs, but good news: they’re also not investing in new properties because it’s too expensive, so you have nowhere cheaper to move to!

For most Australians, home ownership is the ultimate symbol of security. But a lot could happen before your mortgage is paid off and your home is officially yours.

We all know that saving for your money goals can be a bit of a chore, but what if there was an easier way to save without even thinking about it?

As more Australians look to take to the skies in 2023, new research from Southern Cross Travel Insurance (SCTI) reveals Aussie travel plans are being impacted by the rising cost of living – including the decision by some to jettison their travel insurance.

The National Australia Bank (NAB) has successfully completed the first intra-bank, international transaction on a public blockchain, using NAB’s own stablecoin, AUDN.

Update: As of Friday 15th March, the following savings rate moves were announced:

With Aussies now more eco-conscious many are looking to make their finances greener.

ING has launched a new round-up tool enabling customers to donate to charity with their everyday purchases.

With tightened economic conditions squeezing budgets, more Aussies are beginning to wonder how they can cut their expenses and start saving more.

Since OpenAI released the current version of ChatGPT to the public, people have been prompting it to generate all sorts of content – I asked ChatGPT to plan my Europe trip.

Contents insurance can be a great investment to financially protect your most valuable items. But what if you don’t own a lot? What if you just want to cover your new smartphone, engagement ring, or laptop? Can you do that?

These days, a lot of media attention revolves around the so-called fixed rate cliff — the thousands of mortgage holders whose repayments will skyrocket once their fixed rate terms expire in the coming months.

Fans have been patiently waiting for the story of Daisy Jones & The Six to be adapted and brought to the screen - and finally the wait is over!

No sugarcoating here - falling into credit card debt is scary. But it happens to the best of us.

With what seems like an endless amount of RBA rate rises, it’s little wonder more Aussies than ever are choosing to refinance their mortgages for a better deal. But when making the educated decision to change lenders, there are a few things borrowers should consider before making the switch.While it’s true; refinancing can be a great way to save money on repayments and reduce the overall cost over the life of your loan, there are still common mistakes borrowers make when navigating the home loan market. So if you think you’re ready to refinance, consider these 6 things, before signing on the dotted line.

Women continue to trail behind men in home ownership by 3%, according to Corelogic’s annual Women and Property Report for 2023.

Which Big Four Banks – CommBank, Westpac, NAB, or ANZ – have correctly called cash rate movements over the past year? And what could this tell us about rising interest rates in 2023?

Households that are already teetering on the brink are set to be squeezed further this month, following the Reserve Bank’s decision to hike interest rates by another 25 basis points.

New data reveals that nearly half (46%) of Australians are experiencing ‘elevated distress’ due to cost of living pressure, particularly those who are “middle-age, middle-wage”. A further 23% report growing distress over housing affordability, up 2% from the December quarter.

Even though many Aussies are reaching for their credit cards more than ever before, there’s still a lot of misinformation flying around.

Westpac has launched Westpac Verify, an alert system to protect customers from potential scams when sending money.

Ladies and gentlemen, start your engines! It’s nearly time for the racing event of the year to begin. Yep, that’s right. The 2023 Formula One season kicks off this weekend with the Bahrain Grand Prix.

From 2024 Australian travellers wishing to enter the Schengen Area in Europe will need to apply for the new European Travel Authorisation and Information System (ETIAS) visa waiver.

Money troubles are a fact of life, but Aussies seem more troubled than ever between rising living costs, interest rates, and unemployment. While creating a budget and watching our spending can be great ways to check in, something often gets overlooked in financial discussions: how we feel about our money.

Some banks are continuing to increase interest rates in the wake of inflationary pressures and RBA cash rate hikes, and Bank of Queensland is the latest to do so.

Often the best car for you isn’t one that comes from a dealership, but one you find via a private sale. Taking out a car loan for a private sale can be complicated, as many lenders will only offer loans on dealer sales for their used car loans, or will require extensive checks to ensure a vehicle is in suitable condition.

This week Heritage Bank and People’s Choice Credit Union merged to create Heritage and People’s Choice Limited.

It’s officially March, folks. And boy, is it a busy one! With a new season, St Patty’s Day, International Women’s Day and more – your face financial checklist is here to prepare you for what’s in store!

Counting out your minutes so you don’t run out, deciding whether it was worth using your very limited internet to look up the name of that actor whose name no one can remember…do you ever find yourself nostalgic for the days of the prepaid mobile phone plan?

The era of rate hikes is far from over. Unusually for the Reserve Bank of Australia, last month’s cash rate announcement and meeting minutes flagged the board’s intentions to announce more rises in the coming months, all to curb runaway inflation that has yet to slow down.

Economic pressures have left many feeling the squeeze on their budgets. As a result, most of us are probably not saving as much as we should be.

International Women’s Day is celebrated on 8 March and is a great chance to celebrate women and their achievements.