BNPL for insurance, Black Friday sales & borders reopening: This week’s best banking news

BNPL for insurance, Black Friday sales & borders reopening: This week’s best banking news
  • APRA tightens home loan requirements
  • Meet Coverpay: the BNPL service for insurance premiums
  • Get through the spooky season with your fave Financial Checklist
  • 7% of drivers confess to texting while driving in Nextbase survey
  • Aussie borders opening: How to fund your next trip
  • Bag a bargain this Black Friday

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

APRA tightens home loan requirements

In response to increasing concerns around risks in the housing market, the Australian Prudential Regulation Authority (APRA) has announced its plans to tighten serviceability requirements to make taking out a home loan tougher for some borrowers.

“In a letter to authorised deposit-taking institutions (ADIs), the regulator said banks must raise their minimum interest rate buffers to at least 3.0 percentage points above their loan product rates,” said Mozo Money Writer Niko Iliakis.

Read full article: APRA introduces tougher home loan requirements for the full scoop.

Meet Coverpay: the BNPL service for insurance premiums

Well, well. Buy Now Pay Later’s been getting some serious airtime lately, hasn’t it? The latest news to report is the launch of Coverpay, a brand new BNPL service provider for insurance cover.

Yep, you heard that right, folks! With Coverpay, customers can have access to insurance without having to pay the full premium right away. Instead, you’ll be able to pay the premium in 12 fortnightly instalments. 

Read the full article: New Coverpay offers BNPL service for insurance premiums to learn more about this innovative new BNPL product!

Get through the spooky season with your fave Financial Checklist

Get through the spooky season with your fave Financial Checklist

Ladies and gentlemen, boys and girls - it appears that the spooky season is officially here! Not to fear, we’ve got just the thing to help get you through… 

In your October 2021 Financial Checklist:

  • Get locked and loaded with the right internet plan for you to host a Halloween horror movie marathon
  • Avoid any rookie road trip traps by checking your car insurance policy
  • Banish your bad credit
  • Arm yourself with the ultimate secret weapon: The Finance Burrito podcast
  • Make savoir-faire your superpower this Libra season

Read the full article: October 2021 Financial Checklist to help get you through the spooky season.

7% of drivers confess to texting while driving in Nextbase survey

A recent survey commissioned by dashcam manufacturer Nextbase asked more than 2,000 people how safe a driver they considered themselves and others to be.

While more than 50% of respondents said they had no bad driving habits, a whopping 80% revealed they’d experienced road rage from other drivers at some point in time.

Even more interestingly, as much as 23% of drivers admitted to speeding, while 7% confessed to texting while driving - yikes.

Read the full article: From road rage to texting, Australian drivers admit to bad habits behind the wheel for the whole shebang.

Aussie borders opening: How to fund your next trip

Aussie borders opening: How to fund your next trip

After nearly two years of going in and out of COVID lockdowns, the news has finally broken that Australian borders should soon open for international travel. And like many Aussies, you might be eager to hop on a plane and leave the country as soon as you can. 

But remember, travelling isn’t cheap. According to a recent Westpac study, Aussies spend a whopping $4,750 on average per overseas trip! So now’s the time to start thinking about how you’ll fund your next adventure.

Read the full article: Aussie borders to open? Here’s how to fund your next holiday for a full rundown.

Bag a bargain this Black Friday

As we always say here at Mozo, it’s never too early to start preparing for the silly season - especially following a global pandemic.

The key to keeping your budget intact while doing the Christmas shopping is to get in early and always look for bargains. This is where Black Friday and any other upcoming sales come are your best friend!

Read the full article: From Black Friday to Boxing Day sales: How to manage spending this sale season for loads of money-saving tips and tricks.

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