Pays to be disloyal

Each week, we cover 3 topics - humans, money and fintech on neo moola.

PS. in any case you did not know what neo moola means - well its quite simple - neo (new) & moola (money) so its simply new money 😊

This week, we look at why it pays to be disloyal to your current home lender. It could mean an extra $$$ (in fact it could be over $75k over the loan term) in your pocket 🤑 and not the banks. And we share a human story about 2 young sisters who are on a mission to help clean up our act and we wrap up with Qonto - a french (bonjour..) B2B neo bank.

1. More money in your pocket.

Would you rather have more money in your pocket or your banks ?

Difficult question - no it's super simple right. Your pocket.

On a $750k home loan, you could be saving over $75k per year (or $3k per year) in interest savings over a 25 year term . That's a super simple strategy to boost 🚀your savings.

With interest rates now at a historic low of 0.5%, now's the best perfect to shop around for the best deals with rates on loans effective now from as low as 2.44%.

The RBA data shows existing homeowners 🏡 could be paying anywhere between 0.37% to 0.49% more in interest rate than for new loan borrowers.

For more happy savings, have a read of our full story.

2. Time to Clean up your Act

Clean Up Australia was started by Ian Kiernan in November 1989. A small movement that has today become a global annual event.

In 2013, at just 10 and 12 years of age, Balinese kids Melati and Isabel Wijsen respectively started a social initiative called Bye Bye Plastic Bags.

They started the initiative after being inspired by a lesson in school about significant people, like Nelson Mandela, Lady Diana, and Mahatma Gandhi.

Their main goal was for Bali residents to say NO to plastic bags. It has now grown into a well known international movement of inspiration, youth empowerment, and of course, saying NO to plastic bags.

So little ideas have the power of becoming big movement, we just need to have the courage to start them and let the universe decide its course

3. Qonto your business

Source: Qonto

The founders of French fintech, Alexandra Prot and Steve Anavi, came up with the name for their new B2B neobank, Qonto with 1 simple reason. They wanted to grow across Europe so they looked at what their customers called bank accounts in different lingos - in English, Compte in French, Konto in German and Conto in Italia. And so wella - Qonto - B2B neobank for freelancers, startups and SMEs.

One of the coolest features on Qonto is its Team Collaboration manager - short for a self-service tool that all employees (yes you read that right - each and everyone staff member) can use to manage their company finances.

Qonto is used by over 75k businesses.

To find more, read the full Qonto story here

PS. all images, GIFs and quotes are attributed to the original owners.