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Articles
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3 days ago |
mozo.com.au | Jasmine Gearie
ANZ, CommBank and NAB do not automatically lower direct debit repayments for your mortgage when variable rates come down. Millions of home loan customers may be wondering why their mortgage repayments haven’t been cut back, as more than half (52%) of owner occupier home loans are with ANZ, CommBank and NAB. Borrowers who want their direct debit to be reduced must manually request a change or adjust their repayment online or in-app.
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1 week ago |
mozo.com.au | Jasmine Gearie
IMB Bank has sliced 40 basis points off its two- and three-year fixed rate home loans – almost doubling the Reserve Bank’s May cut of 0.25% – and further cementing its place as one of our top picks for the cheapest home loans currently available. The 0.40% p.a. cut means IMB’s two-year fixed rate now comes in at 5.29% p.a. (5.72% p.a. comparison rate*), and the three-year term also has a 5.29% p.a. interest rate (5.69% p.a. comparison rate*).
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1 week ago |
mozo.com.au | Kylie Moss
The RBA has cut rates by 0.25% for the second time this year and much to the relief of borrowers across Australia most banks and lenders are following suit. So while for many home owners with variable rate mortgages this means lower monthly repayments, it also means loan serviceability requirements will reduce and for some, this opens up the opportunity for you to refinance. And this could mean even bigger savings, especially if you’ve been stuck with an uncompetitive home loan rate.
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1 week ago |
mozo.com.au | Brad Buzzard
The June 30 tax deadline is fast approaching, and there’s a key update to superannuation you may have missed: the annual limit for concessional (tax-deductible) super contributions increased to $30,000 for this 2024/25 financial year, up from $27,500. This bigger cap means more room to make tax-effective contributions before the financial year closes, and this can have a huge impact on your finances both now and into the future. Extra cash on hand?
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2 weeks ago |
mozo.com.au | Rachel Wastell
Welcome back to Mozo Money Moves, your weekly personal finance wrap that dives into the data, to share what’s been happening behind the scenes in retail banking. This week was a big one, as the Reserve Bank of Australia (RBA) cut the cash rate by 25 basis points to 3.85%. As expected, some lenders acted fast, while others are leaving borrowers and savers waiting and the majority of moves and announcements have been in the savings and home loans space.
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