The Chinese New Year: Renewing your financial health in 2024

The Lunar New Year marks the transition of the Chinese zodiac sign from one animal to the next with 2024 seeing in the Year of the Wood Dragon. In Chinese culture, the Dragon is a symbol of natural courage, tenacity, and intelligence, often displaying enthusiasm and confidence.

With the significant time of year being celebrated by Chinese and various other Asian countries, the yearly occasion is celebrated with traditional family feasts and festivities over a two week period. 

Much like the regular New Year, you’ll find resolutions and goals setting common place and a great way to make important changes to your personal and financial life. So if your intentions for the new year have fallen through, here’s your chance to wipe the slate clean for the Chinese New Year and do a “take two” on your intentions.

Need a little help making wiser decisions that could help you create healthier financial habits? See our top picks for creating a more prosperous 2024 for you and your wallet.

1. Get a loyalty discount on your home loan that increases each year

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 471 home loans.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
Unloan Home Loan
  • 5.99% variable rate (5.90% comparison rate*)
  • Enjoy zero upfront or ongoing fees

Unloan is a stellar new digital home loan offering built by CommBank. Owner-occupier refinancers receive a low variable rate along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $3M. Minimum 20% deposit.

2. Cash-in on a high interest savings rate

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 21 July 2024 Important disclosures
Macquarie Savings Account
  • 5.50% p.a. for the first 4 months (4.75% p.a. ongoing)
  • Mozo Experts Choice Award winner for 2023

This award-winning account from Rabobank offers a cracking introductory rate of 5.50% p.a. for the first four months on balances up to $250K, and the ongoing rate is a competitive 4.75% p.a.. There are no pesky minimum balance or minimum deposit requirements, and as there are also no account fees you can enjoy both hassle-free and fee-free saving.

3. Buy car insurance online and get a 15% discount

Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market, but you can see more products by clicking on the ‘See more’ button under the table.
Important information on terms, conditions and sub-limits.
Last updated 21 July 2024 Important disclosures
Budget Direct Gold Comprehensive Car Insurance**
  • 15% online discount on your first year’s premium
  • Mozo Experts Choice Value Insurance Provider of the Year - 2023^

Budget Direct is offering drivers a super easy way to save with a 15% discount on your first year’s premium when you purchase a new policy online. You’ll also get tailor-made cover, new-for-old replacement, 24/7 claims, a highly-rated claims service and a hire car if your car happens to be stolen. It takes 2 minutes to get an online quote and see how much you could be saving.

4. Pay zero interest on balance transfers until 2025

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 201 credit cards.
Last updated 21 July 2024 Important disclosures
NAB Low Rate Credit Card
  • 0% p.a. on purchases and balance transfers for up to 28 months
  • $0 annual card fee for the first year

The award-winning NAB Low Rate Credit Card has a 0% p.a. balance transfer rate for a whopping 28 months (then 21.74% p.a.) and there’s no balance transfer fee either. The annual fee is also waived for the first year (usually $59). The standard purchase rate is a low 12.49% and the card comes with up to 55 days interest free on everyday purchases.

5. Use your excellent credit rating to secure a low rate loan

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 247 personal loans.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
OurMoneyMarket Low Rate Personal Loan
  • Unsecured rates from just 6.57% fixed (7.19% comparison rate*)
  • Free extra repayments and fee-free redraw

OurMoneyMarket offers low rate personal loans for borrowers with excellent credit, with a speedy online application process that guarantees you a decision in just 1 minute. You can borrow between $2,000 and $75,000 at a simple fixed interest rate that can be repaid weekly, fortnightly or monthly over 1 to 7 years. There are no monthly account keeping fees, no exit fees and no early repayment fees.

If you’re looking for more ideas on how to save for the Chinese New Year, check out our guide on making your income go further that could help you on your way to a prosperous 2024.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

*** Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.

**** WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.