Navigate the banking maze with ease. We compare interest rates, fees and product details of hundreds of retail banking products from Australia’s big banks, mutual banks, neobanks and credit unions. Brush up on financial lingo via our guides, crunch numbers with our suite of financial calculators and comparison tools, we’re here to help you get a more competitive banking deal.
We’ve crunched the numbers, read the fine print and researched hundreds of products. Penned by Mozo’s team of money experts, our banking guides help you uncover smart ways to save and get a better deal on your finances.
Over time, property investment has become a popular financial goal for Aussies of all ages. And according to research from ING, many ‘Gen Z’ investors are ditching city suburbs for holiday hot spots for their portfolios. The research found that 41% of Gen Zers (Aussies born between 1997 and 2015) would prefer to invest in a holiday location, while 37% of all investors in the survey said they would consider purchasing a property in outer city suburbs. Just over a third (31%) of Gen Zers also said they’d prefer to have flexibility with working and renting in the city while owning property in a holiday town. Unsurprisingly, investors cited value for money and the desire for a quieter lifestyle as the top two reasons for wanting to invest in property within a holiday area, at 50% and 35%, respectively. “Despite the increase in house prices, it’s clear from these findings that Gen Zers are financially savvy and looking at alternative ways to get on the property ladder,” said ING’s head of home loans, Julie-Anne Bosich.
It’s been almost two weeks since the Trans-Tasman travel bubble opened up between Australia and New Zealand. With the option now available for quarantine-free travel for Aussies, many are looking to bungee jump, hit the slopes, or just soak in the scenery our neighbours to the south have to offer. So if you’re one of the ones that has the New Zealand travel itch, you may be asking yourself: what are my travel money options? (Bet you haven’t asked that question in a while!) So to give you a bit of a refresh, a travel credit card may be a good way to go. Whether it’s a card with no foreign exchange rate or a card that could earn you a tonne of points as you fly and spend, or both, it’s all about making sure you get the most out of your travel money option.
Residents of the NT and Tasmania are the least optimistic about the next five years of work, according to a new survey from ADP Research Institute. The survey of more than 7,000 people living in the Asia Pacific region shows that around 30% of Tasmanians and Territorians are worried about the future of work.
Teachers Mutual Bank has reported a dramatic increase in interest in just 18 months. Between 2019 and 2020 the mutual bank (formerly a credit union) says its product portfolio increased a staggering $4.3 billion, from $2 billion to $6.4 billion.
As we enter the month of May, not only do we begin to creep closer to the end of the financial year, but we’ve also started to see a number of significant rate changes in the personal loans sphere, which we’ll touch on more below.
Another month gone, another round of term deposit interest rate changes to report on. In April, Mozo's research team counted at least one cut from 18 different term deposit providers. The average interest rate for a $25,000, 1-year term deposit didn't change much, dropping slightly from 0.53% p.a. to 0.52% p.a.*
Yes you can! … if you’re the right type of borrower. According to the Mozo database, three car loan providers are offering fixed and variable rate options that start with a 3 right now. This is extremely competitive, as the current average variable car loan rate on our database is 6.68% across new and used vehicles. Here’s what’s on offer:
The past year has seen currencies and foreign exchange (FX) rates in a real state of flux as COVID-19 rocked the global economy. The Australian dollar was a perfect example of this, plunging to just 55 US cents back in March 2020 when the pandemic was declared before rebounding to highs of 70 US cents in June. Today the AUD is trading at around 77 US cents - a slight decline from its multi-year peak of 79 US cents two months ago. According to international money transfer (IMT) provider TorFX’s managing director, Nigel Fox, exchange rates will likely remain volatile for the rest of 2021. “While the world looks to be in far better shape now than it was 12 months ago thanks to the rollout of vaccination programs … there can be no doubt that some of last year’s uncertainty has bled through to 2021,” he said. “This is even before we consider the ongoing uncertainty surrounding Brexit in the UK, a new administration in the US, and the risks posed by an increasingly aggressive approach to foreign policy by China.” Fox said that for Australian businesses with international interests, whether it’s staff or suppliers overseas, this volatility could have a real impact on profit margin. “Businesses will need to tread carefully and take steps to ensure they aren’t caught out by sudden shifts in the currency market,” he said.
Despite Buy Now Pay Later (BNPL) slowly becoming the trendiest way to pay for everyday purchases, there is still a good deal of confusion around what it means for a user’s credit health. In fact, according to new research from BNPL company Openpay, 44% of BNPL users don’t understand how the service impacts their credit score. However, the research also found that Aussies are generally savvy with understanding why BNPL companies perform credit checks before approving users for an account. Openpay found that 76% of users know that BNPL companies can conduct a credit check to assess a customer’s affordability, while 77% understand that applications for BNPL will appear on their credit report. Interestingly, more than half (62%) of respondents believe that every BNPL company uses the same affordability assessment, which is untrue. "Credit checks and credit scores are a confusing element of the financial system for everyone, particularly when you add cash flow management solutions such as buy now pay later to the mix alongside traditional forms of credit," said chief operating officer at Openpay, Theresa Abela. When it comes to building a healthy credit score with BNPL, it seems we still have ways to go. A massive 85% of Aussies believe missing a payment can negatively impact their credit score, while 62% think paying on time via their credit card will help boost their score.
Mozo, Australia's money saving zone, helps you to start saving money by comparing retail banking products like home loans, insurance, savings accounts, credit cards and much more. If you want excellent money saving ideas, we have you covered.
Find out which financial products and services are the best for your situation. Whether you are a student looking for financial advice or a new home owner trying to choose the best loan - there is advice and tips on saving money on the Mozo that will make life easier for you.
Managing your money with Mozo
Money saving deals are everywhere but you need to know where to find them. Rather than trawling through all of the financial institutions' website, turn to Mozo, where you can find the right deals for you - that's the best way to save money when organising a new loan or term deposit. You could also join the Mozo community,
Need to know how much pocket money is a good amount for child? Or do you need advice on a particular loan decision? No matter how big or small your question Mozo's team of money experts will be able to answer your query.
Need some tips?
Saving money always sounds like a plausible plan, until that unexpected bill comes along! Good money management is a skill that everyone wants, but in reality they may find it hard to actually put into action.
Mozo offers an extensive catalogue of banking and financial reviews, blogs and feature money articles to help you learn how to manage your money. Our articles cover everything from getting a cash management account to exchanging foreign currency for your next big holiday. If you are after up-to-date money saving ideas, then check out these articles - they offer expert advice at the click of a mouse.
Use our banking tools to get your money sorted
If you need ways to help you manage your money you've come to the right place. The first step is to create a budget - our budget calculator can help you work out where you could trim back your expenses to bring your debts under control. Once you feel like you're in charge of your financing, use our savings calculator to start saving for the things you really want - or, if you're ready to make that next big step, use the home loan calculator to see if you're able to buy a house.
Doing things the easy way
These are easy ways to save money - getting advice from the experts and taking advantages of online calculators and searches to work out what the best way for you to save money is - and which financial institutions can provide the best product for you!
Rate and review
See which banking customers are rating and hating or join in on the conversation.