News Archive for March 2024

As the Easter long weekend draws near, we’re back with an early edition of Mozo Money Moves, your weekly personal finance wrap that looks at changes to rates, fees and conditions across key personal finance products.

Inflation ‘expectations’ are at 5.0% for the month of February, the lowest monthly inflation figure since January 2022 (4.9%), as per data from Roy Morgan.

Interest rates in Australia have finally moved up from the record lows of recent years, and so there is now more choice when it comes to finding a decent earnings rate for your savings.But with so many different accounts on the market, from bonus rate savings accounts to fixed term deposits and fee-free everyday banking accounts, it can be daunting to decide which savings option is right for you.

In an effort to reduce emissions and fuel consumption, Australia is set to introduce the New Vehicle Efficiency Standard (NVES) from 1 January 2025. This move aims to lower the nation’s carbon footprint and make driving more cost-effective by ensuring that the mix of new vehicles sold in Australia meets specific, increasingly stringent CO2 emissions targets.

With the Reserve Bank holding interest rates at 4.35% this March, how should home buyers now consider their home loan interest rate?

Since the RBA started holding rates at the end of last year, term deposit providers have made small downward revisions to rates. As rate cuts are on the cards for later this year, longer term rates have seen the biggest cuts. However, there are still some great short term rates that might be worth parking your cash for.

Customer-owned banks and digital home loan lenders dominated the Mozo Experts Choice Awards^ in 2024, according to the 2024 Mozo Home Loan Report.

Welcome back to Mozo Money Moves, your weekly personal finance wrap that looks at changes to rates, fees and conditions in the Australian banking industry.

Westpac has just announced that it will be increasing the interest rates on several of its credit card products from the 20th of June 2024. The changes will impact both new and existing customers, with increases to both purchase and cash advance rates on several Westpac credit card products.

A new Domain report shows that house and unit prices per square metre in capital cities have been trending upward over the past five years.

Australians are in the midst of the most aggressive rate hiking cycle since the early 1990s, but Mozo’s research has found it’s possible to save over $100,000 on your mortgage using six home loan hacks.

One in four properties bought in Australia’s eastern states was paid for completely with cash in 2023, suggesting there is a pocket of buyers who aren’t feeling the pinch of interest rate rises over the past year.

Here at Mozo, we make it our mission to help you make your money count for more, and that’s why we want to draw your attention to some of the newer home loan providers that have entered the market in recent years and how they are helping customers to save in ways that other banks currently don’t.

Easter is the perfect time to hit those Aussie roads. It’s that sweet spot where the temperature cools, but summer hasn't quite left, giving you a bit more daylight before the clocks roll back.

Getting the best interest rate for your cash often means shopping around for providers who are offering the best rates. While it can be tempting to lock in the longest rate possible with a term deposit, right now the shorter term is generally offering the highest rates. This is because many banks are anticipating rate cuts on the cards for later this year.

The Reserve Bank of Australia (RBA) again held the cash rate at 4.35% in March 2024, marking the fourth consecutive Monetary Policy Decision to leave the central bank’s rate unchanged.

Welcome back to your weekly personal finance wrap Mozo Money Moves, which looks at the key changes to rates, fees, offers and conditions in personal finance.

Electric vehicle (EV) adoption is on the rise in Australia.

With the cash rate currently standing at 4.35%, some savings account providers have brought rates on offer up to and even over 5.00% p.a. This means that, while rates remain high, savers can see their cash earn them a fair amount if they get the highest rates possible.

Australia's rental scene just got a bit more dire according to PropTrack, whose Market Insight Report released today unveiled that the national rental vacancy rate dropped to a record low of 1.07% in February*.

Got a short-term home reno project in the works? Whether you’re redoing the tiles in the bathroom or upgrading your kitchen benchtop, a personal loan can be useful for a quick and relatively simple finance option to fund tweaks around the house.

The April school holidays are right around the corner which means your kids will be home for two whole weeks. If you’re out of ideas on how to keep them occupied during the holiday period, fear not! We have some creative, low budget (or free) activities that will keep the kids pumped with excitement and help you create some great memories along the way.

Last month the Reserve Bank of Australia (RBA) held the cash rate at 4.35% for the third consecutive Monetary Policy Decision.

NAB did some research on financial literacy last year and found that while many people were confident of their money know-how, one-quarter of Aussies didn’t have enough for an emergency.

Easter, much like many other holidays, is a time for travel and exploration. But with travel comes the essential addition of travel insurance, particularly when you’re heading abroad. But just what should you consider when it comes to travel insurance?

New data from the Australian Prudential Regulation Authority (APRA) has found that home loan borrowers are generally staying on top of their mortgage payments, but there are some early warning signs of growing mortgage stress.

The latest data from the Insurance Council of Australia (ICA) sheds light on just how much extreme weather has been hitting our wallets.

A new home loan package from loans.com.au targets property investors juggling both an investment home loan and their own mortgage.

Looking for a better deal on your internet? Keen to change providers?

February brought a win for super funds and their members, with SuperRatings reporting a solid 1.8% increase for the median balanced option. This boost isn't just for the month; it's part of a bigger trend that's seen a 6.7% rise over the first eight months of the financial year.

Reading the property and home loan market can be difficult without considering what’s already happened.

Gender equality in superannuation is currently in the spotlight, and the Albanese Government is stepping up by planning to include superannuation payments in the Paid Parental Leave (PPL) scheme from 1 July 2025.

Property experts expect housing values to rise nationally by at least 5% this year, but hearing it from ordinary Australians, too, just hits differently.

Every year at Easter I think about which hot cross buns to get - and how much they might cost.

If you are an aspiring first time home buyer, here’s some good news for a change. There’s a new lender in the home loan space and they are hoping to help you break into home ownership faster, easier, and cheaper.

Term deposits are a simple and easy way of earning interest on cash. However, knowing the right amount to first lock up can be a bit difficult. Part of this, is that you generally can’t withdraw money from term deposits the way you can with a savings account.

After a short hiatus, Mozo Money Moves is back to wrap up the latest in personal finance, looking at the key changes made to rates, fees, offers and conditions.

Domain’s latest home auction report suggests there’s positive momentum before the usually busy autumn selling season, driven by growing seller confidence.

With Easter on the horizon, it’s all too simple to start spending mindlessly when it comes to prepping food, gifts and entertainment for the big day. On top of that, the rising cost of living can make your usual celebrations that tad bit more expensive.

Most of the highest rate savings accounts are bonus rates, meaning that you must fulfil certain conditions to get the highest rate possible. One of the common requirements is to contribute a certain amount of cash monthly. While this amount isn’t the same across all accounts, there are some commonly offered monthly deposit conditions.

Key points:

Aussie borrowers looking for lower home loan rates, faster approval processes and flexible lending terms could find that looking beyond the big banks has its benefits.

A new report from the Centre for Women’s Economic Safety (CWES) is tackling domestic violence from an unexpected angle: the insurance industry. The report suggests that by redesigning insurance products, we can provide a new layer of protection for women against financial abuse, a subtle yet damaging aspect of domestic violence.

Australia's rental market is tighter than ever, with a new report from Domain showing the vacancy rate hitting an all-time low of just 0.7% in February 2024. What does this mean? Simply put, finding a place to rent is getting harder, with fewer available properties than we've seen in a long time.

Have you found your savings pool exhausted? Building up your cash pile fast can be a bit difficult when economic times are tough. But what strategies can you take beyond just getting a promotion?

CoreLogic's latest figures signal a continued upward trajectory for house prices, with the national Home Value Index climbing by 0.6% in February, marking the most significant leap since last October.

Internal migration to regional Australia increased by 4.6 per cent over the last three months —  its highest level since the September 2022 quarter and 14 percent above the pre-Covid average.

So long summer – hello autumn! From International Women's Day to Easter and everything in between, March is set to be a busy month. Luckily for you, your fave financial checklist is here to help get you through!

The 2024 version of the Tesla Model 3 Performance is expected to hit Aussie showrooms soon, with a lot of buzz already circulating on car sites and among auto reviewers.