Money horoscopes, money confessions & ditching debt in 2022: This week’s best banking news

Money horoscopes, money confessions & ditching debt in 2022: This week’s best banking news
Photo by Guillermo Ferla on Unsplash
  • Are low fixed home loan rates dying?
  • How to ditch debt in 2022
  • Your 2022 Money Horoscope: Shake the Mozo magic 8-ball
  • Will buying a new car be easier in 2022?
  • Mozo money confessions revealed
  • How to lower your home loan repayments in 2022

All in this week’s best banking news recap: editor’s pick.

Are low fixed home loan rates dying?

With a year of record lows in 2021, it appears that fixed home loan interest rates are officially on their way up. 

While longer-term fixed rates (4 and 5-year terms) have been increasing for some time now, towards the end of 2021, we saw many lenders start to up their shorter fixed rates (1, 2 and 3-year terms) too.

“We had some amazingly low fixed rates last year, but those rates have largely gone now,” says Mozo Banking Expert Peter Marshall.

Read full article: Is 2022 your last chance to lock in a low fixed home loan rate? to find out.

How to ditch debt in 2022

Who’s ready to become their best self this year? Repeat after me: “In 2022, we’re getting enough sleep, we’re staying hydrated, we’re setting healthy boundaries, AND we’re getting debt-free!”

If your new year’s resolution is to finally rid yourself of any lingering debt, then there are loads of different ways to do just that. Let’s get to work!

Read the full article: Want to ditch debt in 2022? Here are 6 top tricks to get you started.

Your 2022 Money Horoscope: Shake the Mozo magic 8-ball

Your 2022 Money Horoscope: Shake the Mozo magic 8-ball

There’s nothing like the fresh start of a new year. A lot can happen in 365 days. Will you fall in love? Join the circus? Make it on the Forbes billionaires list?

You’ll just have to wait and see. Then again, you could always consult the stars …

Shake the mystical Mozo Magic 8-ball to see what’s up for you and your finances in 2022:

Read the full article: 2022 Money Horoscope: Shake the Mozo magic 8-ball for a glimpse at your financial future.

Will buying a new car be easier in 2022?

If you tried to purchase a brand new set of wheels over the past two years, you might’ve found yourself having to settle for a pre-loved vehicle instead, thanks to the state of the car industry. 

“With some people being forced to consider buying a used car as the microchip shortage puts the brakes on the supply of new cars, the used car loan market is running hot,” says Mozo spokesperson Tom Godfrey.

Which begs the question - will buying a new car be any easier in 2022?

Read the full article: Will it be easier to buy a new car in 2022? to find out.

Mozo money confessions revealed

Mozo money confessions revealed

Confession time! What’s the worst purchase you’ve ever made? Would you dare to tell?

Well, we dared some of our Mozo money writers to sit in the hot seat and spill the tea on their best and worst purchases of 2021.

Find out who had the most scandalous purchases of the year - [Hopefully, you can learn a thing or two from us, so your bank account doesn’t have to suffer.]

Read the full article: The Mozo Team’s best & worst purchases of 2021 to find out which confession took the cake.

How to lower your home loan repayments in 2022

There’s no better way to start the year than with a financial spring clean - am I right? And if you’re looking to save some serious dosh in 2022, a great place to start is with your home loan.

“According to the external refinancing figures released by the Australian Bureau of Statistics (ABS), as of October 2021, more than 498,000 Aussies refinance their loans. There was a total of $16.08 billion worth of home loans being refinanced from one lender to another,” said Mozo Money Writer Maria Gil.

Read the full article: How to lower your home loan repayments in 2022 for the full scoop.

On the hunt for the right home loan to help get you the keys to your dream home? Start comparing home loans today with our free home loan comparison tool below:

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Redraw facility available. Split your home loan into multiple loan accounts.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Redraw facility available. Split your home loan into multiple loan accounts.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

image of houses

Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

* 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.

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.