Banking

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Latest Banking Guides

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.

Latest Banking News

Lenders launch ultra low rates for refinancers 1

Lenders launch ultra low rates for refinancers 1

Hot off the press: Big-name lenders UBank, Suncorp, Athena and Loans.com.au have just dropped brand new refinance deals - each of which offers killer variable and fixed rates in return for a generous deposit or equity on your property.So if you've built up some decent value in your property, these new offers could be your opportunity to save thousands and take years off your mortgage by refinancing. Home buyers lucky enough to have saved up enough cash to pay for a larger home deposit up front can also take advantage of these stellar new rates.UBank's fixed home loan sits competitively at a crazy-low 1.75% fixed rate for 3 years (2.22% comparison rate*), while Suncorp has dropped its 2 year fixed rate to just 1.89% (2.94% comparison rate*) and Loans.com.au is still making headlines with an introductory 1.99% discounted variable 1 year home loan rate, that rolls over to a low ongoing 2.48%. Meanwhile, online lender Athena has introduced a variable rate home loan worth celebrating with a jaw dropping 2.19% variable and comparison rate*.So, if you’ve been holding out for the right refinance loan, then today could be your lucky day! Now, let’s take a closer look at what these new loans have on offer along with some of the other lowest refinance rates on the market right now...5 new home loan rates refinancers need to know about

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Rewards credit cards in 2021 are they worth it without overseas travel

Rewards credit cards in 2021 are they worth it without overseas travel

Used to consider yourself a bit of a credit card rewards points guru? Dedicated your time to gathering up points with every purchase and then spending them on overseas holidays and flight upgrades?  Boy, doesn’t that seem like a thing of the past. The truth is, when it comes to travel there are a lot of unanswered questions. While vaccines have just hit Aussie shores, it seems like we are still a fair way away from international travel being an option for a trip away. So the question is: are rewards credit cards really worth it in 2021 without overseas travel? Our answer - they can be. 

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Don t get stung by high personal loan rates 2

Don t get stung by high personal loan rates 2

Many Aussie personal loan lenders have slashed rates over the last 12 months, with many hitting all-time lows. But the truth is, some rates remain stubbornly high, which means that you could be missing out on a better deal by not shopping around.According to the Mozo database, the lowest unsecured personal loan variable rate for low-risk customers sits at 3.15% (4.10% comparison rate*) while the highest rate skyrockets to 15.99% (16.29% comparison rate*). That’s a massive 12.84% difference!  You may be asking yourself, with the curveball of COVID-19 is it still possible to get your hands on one of these low interest personal loans? If you have a solid credit history and a steady income, then the answer is yes! So if you need a hand to start your search for a killer personal loan to avoid paying too much in interest, we are here to help. Scroll down for some of the top low interest personal loan options right now.

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Judo bank scoops up best term deposit award for 2021

Judo bank scoops up best term deposit award for 2021

In light of the avalanche of rate cuts over the past year, term deposits have become an increasingly attractive option to savers wanting more certainty over their interest earnings.If you’re one such Australian and you’re eager to secure a competitive rate over the next few months or years, Mozo has some exciting news. Today we revealed the best term deposits for this year in the 2021 Mozo Experts Choice Awards. As part of these awards, Mozo’s expert judges analysed 73 term deposits across a range of investment terms from one month up to five years, in order to determine the best of the bunch. Neobank Judo Bank was a standout winner, taking home a Mozo Experts Choice Award for best Term Deposit for the second year in a row. It carries this dual honor alongside customer-owned banks like UniBank, Firefighters Mutual Bank and Teachers Mutual bank.

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New car loans that might fit your price range in 2021

New car loans that might fit your price range in 2021

There are a bunch of new car models set to hit Aussie shores this year. Whether you’re after an eco-friendly Volvo XC40, a fresh BMW iX, a new model VW Golf, Subaru Outback or are even considering the latest Tesla Model Y - there’s plenty to get excited about. So, if a fresh set of wheels is on your 2021 to-dos, and you’re needing a car loan to get there, it’s important you find the right loan to suit you and your price range. While something like the new model Skoda Octavia might set you back around $30,000, cars like Audi E-Tron GT could cost around $180,000 - not to mention the price tag a new-model luxury vehicle might come with. Ultimately, it’s important to give yourself the wiggle room to borrow what you need to cover the cost of your new car. Also keep in mind, that when borrowing for a car only borrow within your means. While a fancy whip might seem fun at the time if you are unable to pay down your loan over time you’ll risk spiralling into more debt and facing hefty late payment fees and interest repayments. With that in mind, here’s a rundown of where you might find a loan to match the car you have your eye on in 2021 …

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Covid vaccine race to boost some currencies and leave others behind

Covid vaccine race to boost some currencies and leave others behind

The British Pound has hit new highs against the US Dollar, as the UK’s leading vaccine efforts have seen more than 16 million of its residents receive the jab so far. In fact, the GBP climbed past US$1.41 today - the first time it’s reached this level since April 2018. According to international money transfer (IMT) specialist TorFX’s managing director, Nigel Fox, the speed and success of each country’s vaccination programs will have “a direct correlation on their respective currencies” this year. He says that’s why “the Pound has enjoyed an extended bullish run, with the currency propelled to multi-month and multi-year highs, on hopes the UK’s accelerated vaccine rollout will pave the way for a swift economic recovery in 2021.” For context, a ‘bullish run’ refers to a sustained rise in currency value. “The Pound is perhaps the best positioned to soar this year as the UK’s vaccine success and the eventual resolution of Brexit paves the way for a strong economic rebound,” Fox says. “In contrast, the EU’s disappointedly slow rollout of its vaccination program looks to stifle the upside potential in the Euro this year.” Interestingly, vaccine hopes and a recovering world economy could trigger even more falls in the US dollar. That’s because these positive sentiments mean investors no longer need to flee to safe currencies like the USD, as they did back in March 2020 when news of the pandemic first broke. “In the wake of unprecedented monetary stimulus from central banks and a rebound in global growth as most economies reopened, we saw a rebalancing of currency markets, with the US Dollar losing its sparkle,” Fox says. “As the world emerges from the pandemic, and with the outlook for 2021 improving, we’re likely to see the recent USD selling bias remain firmly in place.”

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Up wins banking innovation award in the 2021 mozo experts choice awards

Up wins banking innovation award in the 2021 mozo experts choice awards

At a time when spending, saving and transferring money can all happen at a touch of the fingertip, finding a banking app with all the right features has become a priority for many deposit customers. But without widely exploring your banking app options first, it can be difficult to know which providers are on top of innovation. That’s why Mozo has done the hard work for Australians, today announcing winners of the 2021 Mozo Experts Choice Awards for Banking Apps & Technology.As part of these awards, Mozo’s expert judges thoroughly assessed 74 different banking apps in order to find the ones with leading functionality for users. This year, neobank Up rose above much of the competition, winning two 2021 Mozo Experts Choice Awards for Excellent Banking App and Banking Innovation. The digital bank joins a cohort of much larger players like Commonwealth Bank and Macquarie Bank in the 2021 Excellent Banking App category, while it’s the only provider to snag the Banking Innovation title this year.

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The do s and don ts of buy now pay later

The do s and don ts of buy now pay later

For many Aussie shoppers, using Buy Now Pay Later (BNPL) at the checkout has become as common as paying with a debit card. In fact, Mozo found that 5.8 million Aussies have at least one BNPL account. But if you are one of the few who are yet to take this innovative payment method for a spin, it’s important to understand how to use it correctly. To get you off on the right foot, we’ve jotted down some do’s and don’ts of using Buy Now Pay Later.

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