News Archive for November 2023

Aussie investors are eating up ETFs (exchange-traded funds) with more than 2 million currently invested in ETFs for the first time according to fund manager Betashares. And it isn’t likely to stop there, with the fund manager finding that an additional 310,000 can be expected to enter into the market over the coming years.

As we sit on the cusp of summer and the twilight days of 2023, some prospective home buyers might be wondering if now is a good time to get onto the property ladder.

Black Friday is one of the biggest sales events of the year with most major retailers offering big discounts. Black Friday is held at the end of November and because of the close proximity to the Christmas period, lots of people use this opportunity to start their Christmas shopping while things are on sale.

Many households have experienced a decline in discretionary spending over the last year to keep up with the necessities, according to a recent report by ANZ Bank.

Some major banks are now offering competitive interest rates on green loans due to a rising demand for sustainable home upgrades.

With home values on the rise, Australians priced out of the markets where they currently live may have to consider a change of scenery if they want to buy.

Australian travel is on an exciting upturn according to Tourism Research Australia. We're back to pre-pandemic levels in terms of domestic trips and spending, with a 30% and 57% year-on-year increase, respectively. The real story, however, lies in where we’re going.

A home loan that rewards you for your loyalty, does away with pesky fees, and has a low variable rate that’s well below the average home loan in Mozo’s database.^^

Banks may have some favouritism regarding which interest rates they hike, according to the latest analysis from Mozo.

Whether it’s hitting the ski slopes in Switzerland or running along sandy beaches in the Maldives, your plans for the summer holiday will come down to your finances.

People who know about saving money swear by compound interest. They love to call it the 'power' of compound interest.

Seventy-four per cent of Aussies are actively seeking shopping bargains, deals and cashbacks right now, Westpac research shows. This is while they are experiencing financial hardship due to the high cost of living.

According to a new report from Mozo, the average Australian home loan customer now pays over $1,337 more per month than in May 2022, before the Reserve Bank of Australia (RBA) began its rate-hiking cycle to slow inflation.

More and more Australians are starting to plan their shopping around sales events, with 74% saving up to spend on Black Friday, according to Power Retail.

New research from Roy Morgan shows that 1,514,000 mortgage holders (30%) were 'at risk' of 'mortgage stress' in the three months to October 2023.

Younger Australians are spending their money on experiences that matter to them as a way to ease stress during the cost-of-living crisis.

Home loan pain is reaching a fever pitch following the November RBA rate hike. Out of all the mortgage lenders that have increased their interest rates, Mozo has recorded 7 in our database whose standard variable rates (SVRs) are now over 9%. The rest mostly sit between 6% and 8%.

As you probably already know, Black Friday is here, which means lots of retailers are having big sales - and on more things than you think!

The Australian Prudential Regulation Authority (APRA) has released its 2023 September quarterly superannuation performance statistics report, which suggests that the superannuation industry is facing some challenges in the current economic environment but is still relatively well-positioned for the long term.

It can be challenging when a product or service catches your eye but you don’t have the funds to pay for it. As you start to review your options, you’ve come across personal loans and credit cards as a way to front the expense.

Australia’s appetite for travel, while not completely in the black, has recovered impressively after the pandemic, according to the Australian Bureau of Statistics (ABS).

After a lovely dry spell, inflation has driven the Reserve Bank of Australia (RBA) to hike rates again – making variable rate home loans more expensive.

Black Friday sales are right around the corner, with many retailers already offering deals. This is the perfect time to start your Christmas shopping and take advantage of all the discounts!

Sixty-five per cent of Australian consumers would switch to insurers offering greener policies if given the chance, a report by data and software company Solera shows.

In a landmark move, the New South Wales government, led by Premier Chris Minns, has announced a major shift in how emergency services will be funded, promising to replace the levy on home insurance with a wider, state-wide contribution method.

Gen Z are more financially challenged than other generations amidst the cost-of-living crisis, data from Moneysmart shows.

Queensland is doubling its First Home Owner Grant, taking the total to $30,000 for eligible first home purchases.

Home owners across the country are feeling the bite of increased home loan repayments since the RBA began its war on inflation, and we are all looking for ways to save extra cash where we can.

Consumers have taken more than 400,000 disputes to the Australian Financial Complaints Authority (AFCA) over the past five years, securing a total of $1.2 billion in compensation and refunds.

The number of cashback switching incentives for borrowers to refinance their home loan has declined throughout 2023, but in good news for borrowers ANZ Bank is bucking the trend and has a $2,000 cashback offer available to new customers.

Australians could be going all out on their Christmas spending this year, international money transfer service, WorldRemit reports.

It's not just beach days and backyard cricket this year, as the 2023 holiday season has decided to throw us a few curveballs. Rising global tensions, increased volcanic activity, the threat of cyber crime throwing a spanner in our online shopping…this year, the holidays are shaping up to be a mix of traditional Aussie spirit with a splash of 2023 reality.

Investing in shares usually means getting a broker or signing up to a brokerage platform that will make trades on your behalf. When choosing a broker or platform, low fees and commissions can make a big difference in the long run. That’s because the amount you end up paying in fees over time can be quite substantial. It's important to keep this in mind since most growth in shares or dividend reinvestment plans happens over the long term.

October was a slower month for Aussies and their usual car spending habits, with a decrease in motor vehicle spending across the country.

Despite an expected softening in the pre-Christmas spending period, the popularity of Black Friday is set to continue, giving retailers a big boost to the holiday shopping season.

Not only has the NRMA scored numerous Mozo Experts Choice Awards in car insurance, home insurance, and travel insurance, but they’ve just been awarded the title of ‘Most Trusted Insurance Brand’ in 2023.

Over half (57%) of Australia’s drivers report feeling stressed or anxious about parallel parking, with women and younger drivers feeling it most, according to survey data from Budget Direct.

Two-thirds of Aussies are impacted by natural disasters, according to recent analysis from professional services firm, KPMG.

With RBA hiking interest rates once more, a few unfamiliar terms may have reared their head. If you’re finding yourself confused with the alien language that is home loans, don’t worry, we’ve compiled a short glossary of some terms to get you acquainted.

Younger Aussies are spending less on the small stuff and saving up for big ticket items to make up for lost time during the pandemic.

Homeowners are eager to make sustainable upgrades in their home renos, a recent study by Commbank reveals.

The cost of living crisis is causing many people to reevaluate their finances and cut down on unnecessary costs. New research by Deloitte has found that one of the things that Aussies are cutting down on is streaming platform subscriptions.

From a data breach that affected over a third of the Australian population to a nationwide outage just last week, Optus customers have been through the wringer over the past two years.

The thirteenth Reserve Bank of Australia (RBA) cash rate hike has pushed smaller home loan lenders to raise interest rates in November. So, where do the opportunities lie for borrowers searching for a great rate?

In the 2022-2023 financial year, the ATO reclaimed $1.13 billion in Super Guarantee Charges, penalties for companies that fail to pay required super contributions on time.

Home and personal loan interest rates are set to rise following the RBA’s recent decision to raise the cash rate to 4.35%, adding pressure to many loan holders.

The average balanced super fund option fell by 1.6%, marking the third month in a row that super returns have declined.* However, it’s not all doom and gloom considering returns remain positive over 1 through 20 years.*

Australians are becoming spoilt for choice with electric vehicles (EV), now with two new EVs that have just hit the market.

In light of the recent RBA decision to increase the official cash rate to 4.35%, Macquarie Bank is bumping up the rates across its savings products.

In a recent ruling, the Australian Financial Complaints Authority (AFCA) has sided with an insurance company in denying a lost property claim, basing its ruling on the claimant's refusal to submit phone records to the insurer.

Renewable and energy-efficient homes have a number of benefits for owners, chief among them being lower bills. Plus, if you’ve got an electric car, there may be times when you’re charging for free. So, with all that being said, you might wonder if these savings can lead to a higher home valuation.

Optus suffered a nationwide outage Wednesday morning, impacting the internet and mobile service of millions of Aussie customers.

We’re unfortunately seeing the extreme danger of Aussie bushfires again.

The Reserve Bank of Australia has given inflation another astonishing kick with a thirteenth rate hike. The decision lifts the official cash rate by 25 basis points to 4.35%. For mortgage holders, November will offer no relief as the changes ripple across home loans.

With the latest 0.25% rate rise to 4.35%, the Reserve Bank of Australia has taken the official cash rate to its highest point since late 2011.

Word on the street is that the RBA may be planning one more rate hike. However, borrowers who are already feeling stretched can improve their situation by refinancing their home loan to a lower rate.

High inflation persists around the world, a tiring narrative for anyone simply trying to buy groceries or cover the bills. Why is it so hard to get control of this thing?

Australians not seizing the opportunity to grow their super balances might miss out on the benefits of a financially comfortable retirement.

New research shows Australians are keen to get a foot on the property ladder as soon as possible, citing the cost of rent and increasing home prices as the impetus.

Savings account interest rates took a tumble in October, continuing the trend of quiet cuts we saw in September.

Well, the rate hold was nice while it lasted. The latest quarterly inflation data has spooked economists and experts at the Big Four Banks. Now, half the market believes the Reserve Bank of Australia will increase the cash rate in November 2023 for the first time in five months.

Ladies and gentlemen, the biggest night in Aussie music is here. Yep, you guessed it. The 2023 ARIA Awards were on Wednesday, the 15th of November, 2023 (AEST)!

A pinch and a punch for the first day of the month! November’s here, which means the countdown to Christmas is officially on. From Christmas shopping to Black Friday sales and more, here’s everything you need to get you through the month ahead.

Money matters can cause emotional stress but some of us are afraid to confront the issue. This is understandable, though might not help in the long run. Like a good budget, handling such emotions or stresses is best looked at ahead of time.

Another day another big award show to watch – and more celeb red carpet looks to gawk at! This month, it’s none other than the Billboard Music Awards (Monday, the 20th of November, 2023 AEST).

Prospective retirees may be looking to hang up their hats as October showed online searches for retirement planning rose by 50%, according to Aware Super.

October saw a flurry of home loan interest rate adjustments, with variable rates shifting up and down, and longer-term fixed-rate home loans bearing the brunt of rate rises.

With the end of year fast approaching, many young Aussies look forward to the school holidays or a much needed break from university.

In an attempt to highlight the importance of small businesses, credit card provider American Express has announced that it will be holding its 11th annual Shop Small Movement this November.

Economists are placing bets for Cup Day, and odds are home loans may have a shock in November. Inflation and the weather have started to warm again headed into summer, so now there’s a greater than none chance the Reserve Bank of Australia will hike the cash rate another 25 basis points to 4.35% – another decade high.

If you or someone in your household has got their heart set on a fur baby this Christmas, it’s also time to start thinking about Pet Insurance.

Not only can NRMA insure your home, but they can now help you buy one.