For those unfamiliar with this annual interstate stoush between the Blues and Maroons, here’s the playing field; using ‘Mozo Reviews’, Australia’s only customer review database for financial products, I’ve collated all the overall customer ratings for all banks from both QLD and NSW over the past 12 months and averaged them into one score for each state.

Having lost last year’s Rate of Origin and with their rugby-league playing companions on the receiving end of another defeat last night, can NSW banks bring home some much-needed silverware?

Let’s take a look at the lineups. With 26 providers and 6000 reviews in their squad, NSW once again came in as favourites on paper, particularly with heavy-hitters like Westpac and St. George among the Cockroach ranks. Despite coming in as defending champions, Queensland once again rank as Underdogs, owing largely to their numerical inferiority. Despite only putting 2142 reviews and 12 providers on the field, last year’s shock result means you should underestimate the proud cane toads at your peril.

In a result sure to get the xxxx’s cracking north of the Tweed Heads, Queensland has overcome adversity to take home the coveted title again (sorry Blues fans). Led superbly by stalwarts Suncorp and Bank of Queensland, and driven by outstanding individual efforts from Queenslanders Credit Union and Heritage Building Society, the banana benders won with a score of 7.65, a 0.31 increase on last year’s winning effort.

NSW did manage to lift their game, an 0.18 improvement boosting them to a score of 7.09. Despite their loss, there were several valiant efforts in a losing side, most notably from Greater Building Society, Newcastle Permanent and Teachers Credit Union. Once again, the post-match autopsy points to the performance of the senior players, namely Westpac and St. George, who once again let their state down. Interestingly, if you remove those two from the equation, NSW’s overall rating skyrockets to 8.1, making the defeat a bitter pill to swallow for the rest of the Blues side.

With Origin done and dusted for another year, it’s time for both teams to start rebuilding their sides. I implore everyone to do their part and get behind your state and rate your bank – it’s the only way to give your team a chance at Origin glory in 2012!

In quite the upset, this year’s winner was Azerbaijan, a fact that a former Mozo staffer (who was actually born in the capital, Baku) no doubt relished. Nonetheless, I thought it’d be a good idea to showcase some of the European financial providers we host here on Mozo and see how they’ve been represented in the contest in recent times.

I’ve used ‘Mozo Reviews’, Australia’s only customer review database for financial products, to rank the top providers of European heritage. The ranking is based on the provider’s overall customer rating, a figure calculated as an average of all reviewers’ submissions in the ‘overall rating’ field.

So, without further ado, welcome to Mozo’s Eurovision spectacular!

1. The Netherlands (ING Direct & Rabodirect)

With overall ratings of 8.8 (ING Direct) and 8.5 (Rabodirect) respectively, these Dutch powerhouses are Mozo royalty, both taking home coveted People’s Choice Awards last year on the back of popular and innovative savings and term deposit products. The Dutch Eurovision entrants however, failed to live up to their impressive brethren, coming dead last in the second semi-final. Nonetheless, the singer does manage to sport a nifty Tony Montana-inspired number…

2.  Greece (Beirut Hellenic Bank)

I know Beirut Hellenic Bank originally hails from Cyprus, but as we already have the Bank of Cyprus to come and Hellenic as a term covers Greece, I thought we could blur the geographic boundaries a little – blocs aren’t limited to voting you know! Formerly known as Laiki Bank, Beirut Hellenic bank’s savings and term deposits have gleaned them an overall rating of 7.5 on our site, putting them in second place. As for Greece’s Eurovision number this year, I found it to be a pretty alien combination of genres that didn’t really grab me. I’m clearly no harbinger for European taste however, as Greece managed to come in at 7th overall. Nonetheless, have a squiz at last year’s excellent ‘Opa!’ instead, a personal fave of mine.

3. Germany (Allianz)

A customer rating of 7.4 for heavyweights Allianz has driven Germany into 3rd place on our countdown. Their 2011 Eurovision entry didn’t lack pedigree either – Germany actually came into this year’s Eurovision as reigning champions and hosts and for only the 3rd time in history last winner’s came back to defend her title. Her subdued number this year left her languishing in 10th place, so let’s take a look at the catchy ditty that won her the gong back in 2010.

4. Cyprus (Bank of Cyprus)

With a rating of 6.8, Bank of Cyprus comes in at number 4 this year, despite strong support for their term deposit and bank accounts. Cyprus’ Eurovision entrant was of similar stock, coming in at second-last in semi-final two. It’s well worth watching mind you, if only for the general gravity-defying and the big change-up at 1:17…

5. United Kingdom (Virgin Money)

The big shock comes from the UK. Surprisingly, Branson’s boy’s come in last on our list with a rating of 5.7. Despite Virgin Money’s customer-friendly image, customers seem to be savaging them across the board on both their savings and credit card offerings. It’s a lowly position that’s been shared by their Eurovision counterparts in recent times. The UK came in at 11th this year after coaxing former boy-band superstars, ‘Blue’, to front up. It’s an improvement on last year’s embarrassing last place, but still well short of expectations. Whinging about bloc-voting to no doubt ensue.

Finally, for those curious about the winner’s performance, here’s this year’s winner. Not my cup of tea, but hey, who am I to judge? This one’s for you Nijat.

Inspired to make your voice heard? Go on and review your bank here!

Let me set the scene. It’s just another sunny, Summer day when suddenly ATMs all over Sydney and Melbourne start spouting free money. A tech glitch has allowed Commonwealth Bank customers to significantly over-withdraw their accounts at Commonwealth ATMs. The glitch was fixed within a few hours, but in that time hundreds had profited from this fortuitous malfunction.

What does the bank that is “determined to be different” do?

For starters, Commonwealth issued a forceful statement, making it sound as though Sydney had all of a sudden morphed into a scene reminiscent of German hyperinflation post WW1, with hordes of desperate punters strolling around Sydney with cash-filled wheelbarrows in tow; “Commonwealth Bank ATMs were not issuing free cash – some customers deliberately and systematically set out to withdraw money that wasn’t theirs.”

The reality is that whilst there were ‘opportunists’ (who really think they can get away with over-withdrawing their own account in front of an ATM security camera?) who knowingly attempted to rip off Commbank, a significant portion of people affected seem to be misguided Commonwealth Bank customers unaware they were committing a crime.

Commbank has since come after them with real gusto. Letters were sent out to affected customers, asking them to make lump sum payments in a very short space of time and threatening them with court action. The ABC reportedly saw a letter to a welfare recipient threatening court action unless a debt of more than $700 was paid within 10 days.

What the Commonwealth seems to be forgetting is that these people aren’t just random street hoodlums – these people are their customers. You’d think in the current era of fierce banking competition (not to mention their current ad campaign) that would count for something. Is taking customers, some of whom are pensioners and welfare recipients, to court a good look for the Commonwealth Bank?

Either way, Ralph Norris and co. seem hellbent on getting the money back ASAP. In my opinion, if Commbank really are determined to be different, they need to reassess their approach. Does the recovery of a few thousand dollars now as opposed to over a few months outweigh the damage to the brand’s image?

That being said, maybe they have succeeded in being different after all. I mean, only Commonwealth could manage to come out of this whole mess looking like the bad guys even though they’re the original victims!

The Beginning

Glenn was born in Sydney in 1958 where, contrary to popular opinion, he in fact wasn’t born wearing a suit and tie. He went through school and on to the University of Sydney to pursue his passion for economics. However, whilst strolling the university’s corridors, he carried a deep dark secret inside – that he wasn’t “particularly good” at maths – a potentially career-ending roadblock for a budding economist. Nonetheless, showing the steely resolve that was to become his hallmark, Glenn overcame his mathematical demons and graduated out of Sydney Uni with first class honours in economics, going on to complete a Masters at the University of Western Ontario in Canada.

The Rise to Power

Punctuated only by a brief sabbatical to San Francisco in 1990, Glenn rose meteorically up the RBA ladder before becoming head of the economic analysis department in 1992. Glenn was now on the fast-track to stardom and when Governor Ian Macfarlane resigned in 2006, Stevens finally found himself in the hot seat. Glenn Stevens had cracked the big time.

Welcome to the Good Life

With inflation well under control and Australia’s economy in reasonable shape having seen the back of the GFC’s worst, Glenn Stevens’ stewardship at the helm of Australia’s monetary policy ship is looking pretty rosy. And with his new million dollars plus a year pay packet, so is his bank balance.

Dark Days and Redemption

But it hasn’t always been easy. When the RBA was forced to make tough interest rate decisions at the peak of the GFC, the media vultures pounced, one newspaper asking the question “Is this the most useless man in Australia?” in reference to Stevens. Despite his rigid facade, Stevens himself admits that the comments during those dark times had an effect – “I’m a human being; these things hurt”. His response was to open himself up to the public, an effort that has seen his popularity soar and public image restored.

The Man Behind the Governor

Fast cars, fast women and even faster drugs. Glenn Stevens may be a public figure with means, but those are three things he has most certainly steered clear of. In the words of the man himself, “this [is] not the classic case of the terribly wayward life and in the later years seeing the light”. Rather, Glenn’s life has always been underpinned by family and faith. He’s very active in his local church in Sylvania Waters, and he attributes a lot of his success to the grace of God. Equally important is his family – his wife is actually such a big fan of his that she collects bank notes with his signature on it!

Not that Glenn doesn’t have his passions. He enjoys listening to jazz and also plays guitar in his local church band. In his downtime he also has a penchant for the Bond movies, perhaps where he gets his sophisticated yet understated sense of style from. Along the same lines, perhaps his greatest extravagance is his penchant for flying – he’s a keen aviator and even owns a twin engine plane. Watch out John Travolta, there’s a new famous airman in town! Perhaps Stevens’ retirement in 2013 will see him taking Travolta’s spot in Qantas ads!

Keen to see more of Glenn’s handiwork? Check out our Reserve Bank page!

Slice 1: The Margarita

Sometimes the best pizza is the simplest, and there’s no simpler pizza than an old fashioned margarita. In banking terms, this is the standard transaction account which gives you full access via EFTPOS, debit card and branch but no interest paid on the account. Not all margarita pizzas are created equal mind you and my slice of choice is NAB’s Classic banking account. It’s got no monthly fee, unlimited withdrawals from NAB and rediATMs as well as unlimited free access to your money via EFTPOS, internet banking, phone banking, branch and cheque book. There are similar accounts such as the Suncorp Everyday Basics account and the Citibank Plus Transaction account, but NAB has the widest distribution of ATMs and branches.

Slice 2: The Supreme

If you’re the type who wants it all, from pineapple to parmesan, nothing beats a Supreme pizza. In banking terms, you’ll be looking for a bank account that not only acts as a transaction account, but also pays high interest. My choice of supreme is the AMP eASYSaver (you’ll have to forgive their appalling capitalisation policy in naming the thing though!). You get 5.15% interest on every dollar, unlimited free access through internet, NAB and rediATMs, EFTPOS and an optional free chequebook.

There are other high-interest transaction accounts such as the BankWest Hero account, but AMP has the highest rate as well as no conditions with regards to balances or deposits. One thing to note however, is that this account has a $5 monthly fee, so you’ll need to hold a balance of at least $1,200 at all times to make the interest cover the fee.

Slice 3: The Gourmet

If you see yourself as a bit of a gourmand, there are niche accounts providing extra ATM benefits on top of being great everyday accounts as well.

The Moroccan Lamb and Tandoori Chicken banking equivalents come hot from the ovens of ING Direct and BankWest. ING DIRECT’s offering is the Orange Everyday account. There’s no monthly fee and unlimited free ATM withdrawals at any Australian ATM if you withdraw more than $200. On top of that there’s unlimited free EFTPOS transactions and ING Direct even pays you $0.50 if you withdraw more than $200 through EFTPOS. A few of those and you’ve got yourself some free garlic bread!

The second slice of choice is the BankWest Zero Transaction Account. Again, there’s no monthly fee, unlimited free ATM withdrawals at any ANZ, Commonwealth, NAB, Westpac or BankWest ATM as well as unlimited free EFTPOS transactions. The only catch is that you need to deposit $2000 a month into the account to maintain it, otherwise you’ll be switched over to another BankWest account.

The Crust: Final Thoughts

So next time you’re siting idly at home waiting for the delivery boy to arrive, instead of wallowing in your own hunger, use the time to see if there’s a bank account that’s more suited to your taste. It’s a slice of advice that could make things a lot easier for you.

Still hungry for information on bank accounts? Finish off that pizza and head over to Mozo Answers!

Bank Accounts

Students are a frugal bunch at the best of times, and if you’re looking to save enough change for some $7 Pad Thai for lunch, the humble bank account is one place where you can save a few pennies by avoiding unnecessary charges on everyday transactions.

First of all, you want a student bank account with as few fees as possible. That means no monthly service fee, no own-bank ATM fees, and no eftpos fees. You also want to make sure that there aren’t any minimum requirements or conditions for the account fees to be waived, as chances are you won’t be able to meet them with just a casual wage and centrelink. The other key component is the availability of a debit card so you can shop online using your own money. All of the Big 4 (ANZ, Commbank, NAB and Westpac) have accounts that match this criteria, and seeing as they have the largest ATM networks you’re best off sticking with them as it’ll mean you’ll pay less foreign ATM fees.

Credit Cards

Some of the big banks offer specific student credit cards, whilst there are other ‘normal’ credit cards that are an ideal fit for students. What is an ideal fit? By and large students are looking for a no frills, low cost solution that can act as a type of overdraft. So the things to look out for are interest free days, annual fee and interest rate. My recommendation? Take a look at the self-titled ‘HSBC credit card’ or BankWest’s Zero Mastercard. Both have low fees, 55 days interest free days, a reasonable purchase rate and relatively low income thresholds for applications.

As far as income goes, the combination of youth allowance and some part-time work will get you over the line for most no-frills cards. When you apply, make sure you take documentation for all your income in the form of payslips and centrelink documents if need be.

Personal Loans

For those looking to avoid the potential pitfalls of credit card ownership, some banks offer specific student loans to help cover the costs of textbooks, living costs, fees etc. These loans tend to feature reduced fees and/or interest for students and some even allow you to defer interest payments till after you’ve completed your studies! Victoria Teachers Credit Union’s Student Loan currently leads the market, offering an unsecured loan with no monthly fee, a low application fee of $20 and an extremely low variable rate of 11.55%.

Still hungry for information on student accounts? Stop playing ultimate frisbee and head over to Mozo Answers or check out the Mozo Student Room!

When it comes to savings accounts, there are two things that matter – rate and monthly fee. Commonwealth’s Goal Saver has managed to deliver on both fronts. For starters, there is no monthly service fee on the account. As for the interest rate, it’s an ongoing 6.0% – as long as you increase your balance by $200 a month and make no more than one withdrawal a month. Failure to meet the requirements and the rate drops down to a measly 3.0%.

The real headline here is the special rate conditions. Where before the market was focused on a ‘honeymoon rate’ that stayed high for the first few months then receded back to a lesser standard rate, over the past few months we’ve seen a trend emerging in favour of high ongoing rates with regular conditions. BankWest’s Regular Saver is currently at the head of the market with a rate of 7.0% as long as you make no withdrawals and deposit between $50 and $500 a month and UBank’s USaver offers 6.51% as long as you deposit $200 a month.

Whilst the Goal Saver rate does not quite hit the heights of BankWest and UBank, it certainly is a very good effort from a Big 4 bank and definitely warrants some consideration, particularly if you’re an existing Commonwealth customer who likes the convenience of all your banking in one place. As for the competition, the Goal Saver’s combination of rate and flexibility has really given Commonwealth the march on their rivals. Neither NAB or Westpac offer an ongoing rate anywhere near the 6% mark and whilst ANZ’s rewards saver does, it doesn’t have the flexibility of allowing any withdrawals.

It’s good to see banks starting to shift the goalposts towards rewarding their existing client base for an ongoing period as opposed to continuously luring new clients in with flashy headline rates then forgetting about them after four months. For so long banking advertisements have featured pledges to put the customer first only for the exact opposite to occur in practice. Perhaps this new offering from Commonwealth heralds the start of all that changing. And who knows? When all’s said and done, it might even stop me taking so long to notice those ads at the bus stop.

Got any more questions on savings accounts? Ask away on Mozo Answers!

UBank’s UHomeLoan for Refinancing
The one that started it all was UBank with its UHomeloan for refinancing.  For those unaware of UBank’s pedigree, it’s backed by NAB and has already set the bar in the online savings account category with it’s USaver account. The question now on everyone’s lips is: can they succeed in the home loan category too?

So far the signs are good.

The initial variable rate is a low 6.99%, but after three years they offer a loyalty discount of 0.1%, taking the rate down to an amazing 6.89%. Take into account the lack of any upfront or ongoing fees and that leaves you with a knockout comparison rate of 6.92%.

There are products offered by mutuals and non-bank lenders with marginally better comparison rates, but most of those are either basic or packaged loans and don’t offer the security of being backed by an institution as big as NAB.

Additionally, the UHomeloan has no exit or transaction fees whatsoever, unlimited free redraw and the option to split as well.

There are some negatives:
- It’s all web-based, so those conditioned to bricks and mortar may be put off.
- No offset account.
- Eligibility criteria. The loan is for refinancing only and there is a maximum LVR (loan to value ratio) of 80%. It’s also unavailable if you’re self-employed.

Nonetheless, if you do fit the bill, it’s a cracking offering and one sure to garner a lot of interest in the coming months.

Commonwealth Bank No Fee Variable Rate Home Loan
A few days after the UHomeLoan launched, Commonwealth Bank unveiled its No Fee Variable Home Loan. So how does it stack up?

The rate is 7.24%, which is good, but not market-leading by any stretch. That being said, it’s still very competitive amongst the other ‘Big 4’ offerings. There are no fees and you get branch access as well as free redraw via branch and Netbank.

And for the negatives:
- There’s no option to split the loan and no card access though there is free redraw via branch and Netbank.
- The loan has a maximum LVR of 80% (if you want to avoid extra charges).

The biggest issue for Commonwealth is that the loan is currently only available to new customers. Existing customers wanting to refinance into this loan will have to wait until April 4, 2011. Surely a kick in the teeth to some of its already disgruntled clientele?

It may not hit the heights scaled by UBank, but for a Big 4 Bank, Commonwealth’s No Fee Variable rate Home Loan is a solid and reasonably attractive offering.

Mortgage House No Fee Home Loan
Mortgage House are part of the wave of non-bank specialist lenders who typically offer great value, and its new No Fee Home Loan is no exception.

The loan has a low variable rate of 7.14% (if your LVR is less than 60%) and 7.19% if between 65% and 75%. There are better priced variable loans on the market so you should compare your options but like the other two loans, there are no upfront, ongoing, transaction or exit fees and it also comes with the option to split and unlimited free redraw.

As for the minuses:

- No branch access
- No offset account
- Not available if your LVR is over 75%

So, if you’re ineligible for UBank’s loan (if you’re not refinancing for example), then this a loan that definitely warrants consideration.

Compare home loans at mozo or ask a home loan question on our new money forum, Mozo Answers!

There are a fews to do this, namely: using a credit card balance transfer, debt consolidation personal loan or through borrowing on your home’s equity. Each have different benefits and drawbacks depending on your circumstances, so I’ve run the rule over them to help give you a clearer picture.

Option 1: Credit Card Balance Transfers

In my opinion the best option is to take advantage of one of the balance transfer credit cards. Simply pay off all your debts with an existing card, then transfer the balance onto a new card with a balance transfer offer. Some cards are currently offering extremely low rates for long periods of time. For example, ANZ has 2.9% for 18 months, NAB has 0% till the end of the year and Westpac has 0.99% for 9 months on particular cards. Using a standard credit card* and an average credit card balance of $3,000, I used Mozo’s nifty Credit Card Health Check tool to run a few scenarios to illustrate the potential savings to be had.

As you can see, there’s a whole lot of interest to be saved. This is particularly evident in the first scenario, where making slow but steady payments of $100 a month on an ANZ First card could save you $1267 and a whole lot of time to boot. Conversely, if you’re paying it of in big chunks you’ll pay barely any interest at all with the Westpac 55 day Mastercard or Visa!

Option 2 – Debt Consolidation Personal Loans

Another option is to take out a debt consolidation personal loan. In short, you roll all your various outstanding debts into one loan which you then pay off at the rate set by the lender. They’re a decent option, but these loans tend to feature much higher rates than balance transfers. That being said, with some rates below 10% they are still potentially a lot cheaper than a credit card’s purchase rate (which can go as high as 23.5%) and are well worth looking into if you want to avoid the temptation of having another credit card in your possession.

Option 3 – Home Equity Loans

Finally, for those who have the option, a third avenue would be to look at borrowing from your home’s equity (for example line of credit home loans). This would allow you to consolidate your loans at a home loan rate much lower than what you would see in most personal loans. They won’t be as low as balance transfers, but if you’re looking for long-term solution it’s a very viable fix as the ongoing rate is far lower than that of a credit card – the flip side is that as the payment term is much longer you may end up paying more interest.

If you’ve got more questions or you’re a finance expert ready to do some answering yourself, head on down to the Mozo Answers forum.

On face value, it seems like a smart decision from NAB. Attempting to shed the image shared by the ‘Big Four’ could only help it’s stuttering financial performance and doing so by shedding fees and lowering rates is also a great step. However, could this move backfire in the long term?

By breaking up with their illustrious rivals, NAB’s losing its one key positive attributes – being better than the rest of the Big Four. Amongst their former brethren, over the past 18 months NAB had managed to position itself as the cheaper alternative with lower rates and less fees. Now having ‘broken up’, it opens them up to greater comparison with challenger brands, the likes of ING Direct, Aussie and RaboDirect, who have been doing this for a long time anyway. And this comparison isn’t pretty reading, particularly when looking along at the home loan battleground where the bulk of this banking war is being fought.

For example, NAB may have the lowest rate standard variable home loan out of the Big Four, but compare it to the rest of the market and they rank a lowly 36th out of the 58 different providers’ standard variable loans we have on our site. If you go on to take upfront and ongoing fees into account by sorting by comparison rate, they sink even further, plunging to 43rd on our list – though still above Commonwealth, Westpac and ANZ I might add.

Which leads to the wider problem with NAB’s strategy. I applaud its moves to cut fees and interest costs and I enjoy the fact that it’s trying to reignite competition in the consumer banking marketplace. The problem is, if everyone starts surveying their options and voting with their feet, will NAB be the winner? Who says an irate Commonwealth Bank customer is going to land up on NAB’s door when they can go a bit further down the road and get an even cheaper home loan? Moreover, what’s to stop NAB’s customers doing the same? Mutuals and Non-bank lenders on average still have far lower rates and fees.

If everyone starts looking for the best deal, NAB’s got a battle it can’t win. Not yet anyway. Breaking up may be hard to do, but only time will tell if it was the right thing to do.

Compare home loans at Mozo.