News archive for August 2024

Whether you’re updating your kitchen, adding a new bathroom, or creating that dream outdoor living space, renovating can boost both your home’s value and your lifestyle. But when it comes to funding those projects, savvy homeowners may find that opting for a personal loan could be a faster, simpler solution than home loan refinancing.

Aussie borrowers looking to save big on their home loans may find that switching to a leading digital lender could be a financial game-changer. According to Mozo’s latest analysis, mortgage holders sticking with the big four banks- could be paying up to $83,619^ more over the life of their loan compared to those who switch to a digital lender*. That’s right, close to $80,000 just for being loyal.

Spring is here, and while you’re dusting off the cobwebs of winter, don’t forget one important area that could use a refresh: your insurance policies. Just like the rest of your home, your insurance cover could be in need of a tidy-up. No matter what type of cover you currently own, now’s the perfect time to review, compare, and potentially save on your premiums.

As we close out August and head into the spring property season, this week’s money moves reveals ongoing turbulence in the term deposit market with significant shifts in leading rates as inflation shows signs of easing, while mortgage stress continues to escalate for many Australians.

As the winter cool subsides, the property market comes into sharper focus, and much of the interest comes from more selling! The reason for this is typically an uptick in property listings.

New Mozo research reveals a 35% rise in the number of Australians spending half of their income on their home loans since 2023.

Commonwealth Bank has cut interest rates across its fixed and variable rate home loans for new customers by up to 0.70% p.a.

Affordability stress increased by nearly a third (30%) to 1.6 million in the past year, according to the Home Insurance Affordability and Home Loans at Risk report.

Mozo Money Moves is coming to you a day early after a massive week crunching the numbers.

Term deposit interest rates are being cut at a noteworthy level this month and the question for would-be savers surely is, why?

If you’ve ever wondered how to juggle everyday expenses while still building up your savings, the 50/30/20 budget rule could be the simple yet effective answer you’re looking for. It’s not about spreadsheets and number-crunching, it’s all about balance.

Westpac has cut select fixed rate home loans by 0.80% p.a., making it the second Big Four bank to pull back on its fixed interest rates in the past month.

With energy prices constantly in the headlines, it’s easy to get swept up in some common misconceptions. Whether it’s thinking your energy-saving habits are enough or that switching providers is too much of a hassle, we’re here to set the record straight. Using the latest insights from the Mozo Energy Report, we’re busting three of the biggest energy bill myths, so you can save smarter.

This week the Australian Bureau of Statistics (ABS) released some highly anticipated data, including figures on the labour force and wage growth.

Two notable savings moves in the Mozo database should interest savers in August.

The Mozo database recorded some significant cuts to one of Macquarie’s fixed rate home loan offerings.

Total property supply is at its highest level across the combined Australian capitals for the month of July, according to the latest data from Domain.

It was another massive week in finance at Mozo this week.

More and more Australians are turning away from traditional pathways to homeownership in favour of ‘rentvesting’ – buying an investment property as their first home purchase, whilst continuing to rent.

The Reserve Bank of Australia (RBA) has today held the official cash rate at 4.35% after the Consumer Price Index (CPI) recorded a slight drop in trimmed mean inflation over the June quarter of 2024.

As we move into the final stretch of winter, August could be a great time to check in and get better aligned with your finances. Thankfully, your favourite monthly read is here to help you do it! Your August 2024 Financial Checklist awaits:

This week was a bumper week. Not only did our team release the Mozo Banking Roundup for July, but two major global central banks, the Federal Reserve and the Bank of England held their monetary policy meetings, and two core data sets from the Australian Bureau of Statistics (ABS) were released; the June Quarter inflation data and the Lending Indicators for June.

Despite advances in how we send money overseas, there’s still a whopping $200 million in potential savings going untapped, according to the latest report from the Australian Competition and Consumer Commission (ACCC).