Financial stocking stuffers for Christmas 2020

Give yourself the gift of a healthy bank balance this holiday season by properly comparing and shopping around for financial products and services.

Sure, it’s not always the most thrilling present hunt, but finding the right kind of insurance, credit card or loan to suit your needs is pretty darn important. Plus, it can save you a whole lot of cash to spend on more thrilling holiday pursuits.

Luckily, Mozo takes some of the hard yakka out of this tedious task by regularly assessing and comparing financial products and highlighting the best of the bunch in the Mozo Experts Choice Awards.

So if you’re looking to do some responsible self-gifting this Christmas, consider some of the award-winning options below and pop them in your stocking for a very merry Yuletide treat.

Car Insurance

According to our 2020 car insurance report, Australian drivers could be saving as much as $902 a year on car insurance by comparing policies and finding a better deal.

Mozo’s research also found three out of five motorists think their premium should be lower, but most aren’t looking for a discount or a more competitive offer. 

So, instead of sitting in the back seat with a massive bill, steer towards a better value car insurance quote with one of Mozo’s car insurance award winners:

• Budget Direct: Value Insurer of the Year
• NRMA: Quality Insurer of the year

Home Loans

Do you feel like your home loan is holding you hostage? You're not alone. 

According to a recent Mozo study, around 83% of Aussie homeowners would like to switch lenders to reduce the cost of their home loan. However, due to the adverse economic conditions of 2020, almost half of the mortgage holders surveyed are unable to refinance due to limited earnings.

To unlock these home loan shackles and refinance, the report suggests a few strategies for making yourself a more attractive borrower. They include recommencing paused mortgage repayments, paying down other debts and, most importantly, shopping around for the best deal.

The November study found a potential $2,631 yearly savings if borrowers switched from the average to best home loan rate on the market.

Not sure where to start comparing home loans? Head to the Mozo Experts Choice Home Loan Awards and see if an option like our Home Lender Bank of the Year Ubank could help you save.

Credit Cards

The most wonderful (or at least tinsely) time of the year is usually synonymous with a rise in spending. Whether it’s present purchases, Christmas parties or a holiday blowout, we tend to splash cash around a little more frivolously during the festive season. 

If you’re using a credit card to manage some of this cash flow, you want to make sure you won’t get hit with a massive bill in the new year. 

Whether you’re after a low rate credit card, one with no annual fees or a balance transfer option to pay down existing debt, the Mozo Experts Choice Credit Card Awards has an option that may suit you. This includes a wide range of products from Mozo’s Credit Card Provider of the Year, American Express. 

But how much can you actually save by shopping around for top-value plastic? Mozo research found there’s the potential to cut $570 off your annual credit card bill if you switch to the market-leading low rate card. 

The G&C Mutual Low Rate Visa Credit Card currently holds this title in Mozo’s database, with a purchase rate of 7.49%. 

Personal Loans

Personal loans can get pretty complicated. But Mozo’s got all your questions covered with its 2020 personal loans report. It shows by choosing the cheapest loan options Aussies could save:

• $1,066 on a $10,000 unsecured personal loan paid back over three years. 
• $779 on a $10,000 secured personal loan paid back over three years. 
• $3,391 on a $30,000 new car loan

Australian Military Bank is Mozo’s Personal Loan Provider of the Year, and there’s a host of other great options to cut borrowing costs – check them out at the 2021 personal loans awards page.

If you’d like to learn more about managing your money before choosing a perfect finance gift, check out Mozo’s guide to budgeting.