Mozo launches Australia's most intuitive online financial calculators
Financial comparison website mozo.com.au has launched a range of intuitively designed online financial calculators to help Australians with their money worries.
Covering all areas of personal finance from home loans, credit cards and savings, through to tax and debt management, the free online tools present consumers with a simple-to-use interface that makes understanding complex financial calculations easier.
"Australia is currently in a rate rise environment and every homeowner and credit card holder is paying close attention to interest rates," said Rohan Gamble, managing director of mozo.com.au. "Our range of online financial calculators have been specifically designed to address fundamental consumer concerns like rate rises and how they affect investments and debt levels."
Indeed, mozo.com.au is the first company to develop an exclusive Rate Change Calculator, which enables consumers to view their home loan repayments should rates rise further. For first home buyers and new home buyers, meanwhile, the Mozo Home Loans Borrowing Calculator enables consumers to assess the impact rate rises will have on their borrowing capacity.
Mozo’s new inventions come at an important time, with all of Australia’s major banks increasing their home loan rates by 0.25 per cent this week in line with the Reserve Bank of Australia’s latest rate hike. Taking a $350,000, 25-year mortgage with a current interest rate of 7 per cent, Mozo’s Rate Change Calculator shows this rate rise will mean a $57-a-month increase in repayments for homeowners.
"The numbers really highlight how important it is for consumers to shop around for the best home loan rates and be cautious about extending themselves financially," added Mr Gamble.