News archive for October 2024

When you hear the name NRMA, you probably think of trusted insurance that Aussies have relied on for decades. But NRMA Insurance has now stepped into the home loan space, aiming to provide Aussie borrowers with the same reliability and value that has kept them a household name for over 90 years.

If you’ve ever sat down with a mortgage broker to discuss home loans, you might think you’re getting access to every great deal out there. But the truth is, not all lenders deal with mortgage brokers and that could leave you missing out on some seriously good deals and savings.

For borrowers looking to lock-in a low home loan rate, Macquarie Bank is shaking things up by dropping its fixed-term rates. This comes just weeks after the Reserve Bank lowered the official cash rate to 4.10% p.a. and just ahead of the next RBA rate decision.

While it may only feel like yesterday since you last reviewed your home loan, personal loan or car insurance, if you’ve been with the same lender or insurer for more than three years, you may be missing out on some of the latest innovations and new players that have emerged that could save you time and money.

It’s race day, and Aussies across the nation are placing bets on the Melbourne Cup hoping to pick a winner and pocket some winnings. But, if you’re after a more odds-on favourite way for your bank balance to gallop ahead, we’ve rounded up the field of some of the nation's best savings and home loans from the Mozo Experts Choice Awards for you to pick from!

Term 1 is just around the corner, and with all the spending you have done over Christmas and the holidays. those back-to-school costs can really sneak up on you. From new school books, stationery and upsizing or buying new uniforms, there is always something to spend money on. But don’t worry, we’ve got your back!

Living in the moment is great - until it leaves your bank account on empty! Here at Mozo we agree that it could be time for us Aussies to take a step back from the YOLO economy and rethink our “you only live once” spending habits.

ANZ has dropped its fixed rate home loans for the second time in just one month, with rates now as low as 5.74% p.a. as the battle heats up between the Big Four for low-risk borrowers.

This week’s bumper edition covers the continuation of cuts to term deposits and home loan fixed rates across the Mozo database, as lenders grow more optimistic about the future of interest rates.

Buyers unable to front-up a 20% deposit for a home loan are paying up to an estimated $33,000 extra on an insurance product designed to protect the bank’s bottom line from mortgage defaults.

A new report from Australian Seniors, titled Inheritance & Retirement Report 2024 , reveals that nearly a third of Aussies over 50 have decided to postpone their retirement due to the rising cost of living, facing the compounding pressures of funding their own retirement while also having enough left over to leave to their kids.This balancing act has led to some interesting developments in the way families are distributing inheritances. The report found that a whopping 69% of older Austrlaians have already given or plan to give their inheritance to their children or grandchildren before they themselves pass away.

Whether you're just getting started on your financial journey or looking ahead to the golden years, there’s always a new goal on the horizon. So, what should you be ticking off your money checklist as you move through life? Let’s break it down.

Welcome back to Mozo Money Moves, your weekly finance fix where we dive into the latest changes in personal finance products. This week CommBank doubled down on its Reserve Bank of Australia rate cut call, the Mozo database tracked more fixed rate home loan cuts, term deposit rates continued to fall, and Macquarie boosted its savings account offer.

Which money matters are most on your mind right now? If you answered with any of the following, you're in good company:

This week the Australian government announced plans to outlaw debit card surcharges as part of a broader crackdown on consumer fees. This move comes in the lead-up to the federal election next year and is aimed at alleviating financial pressures on Aussie families.

Becoming a parent is one of life’s greatest adventures, but with nappies, childcare, and a mountain of baby gear, it can also be a strain on your wallet.

As rising property prices put homeownership out of reach for many Australians, a growing number of Gen Z and Millennial investors are exploring alternative investment opportunities, as outlined in HSBC’s latest Investors Insights Survey.

Welcome back to Mozo Money Moves, your weekly finance fix where we dive into the latest changes in personal finance products. This week saw a number of fixed rate changes from the Big Four, including changes to personal loan fixed rates and home loan fixed rates, as well as a continuation of the  tumbling term deposit rates we have been tracking on the Mozo database, apart from one bank that decided to hike to steal top spot.

ANZ has finally cut interest rates on its fixed rate home loans, with the bank now offering loans for under 6% p.a.

With home loan rates at a steady high, every little bit of extra interest you pay can add up to thousands over the life of your loan. So, if you’re feeling the pinch or just want to get ahead on your repayments, it’s time to think smart about how to save on your mortgage. With a few savvy moves, you can cut down costs and chip away at your home loan faster.

NAB cut the interest rates on its fixed-rate home loan for a second time this year, as we draw closer to the first Reserve Bank of Australia (RBA) cash rate cut.

This week was another bumper week tracking movements in personal finance products, starting with the Mozo Banking Roundup for September 2024 on Monday, which dived into the flurry of cuts across fixed rate home loans and term deposits.

Let’s face it – managing money can often feel like a juggling act. But it doesn’t have to be that way! With a few smart moves, you can streamline your finances and make them work for you instead of against you. So if you’re ready to cut through the clutter? Here are 6 easy ways to simplify your financial life.