Are you caught in a loyalty trap with your bank or insurer? Here’s how to check
There’s been rapid change in the world of finance since the Reserve Bank started lowering the cash rate at the beginning of the year. We’ve seen home loan interest rates drop across the board, and a number of new deals have entered the market, particularly home loan cashback offers.
But it’s not just home loans – if you’re looking to fund a home renovation, a wedding or a trip overseas, there are some highly competitive rates available from the best personal loan lenders, and the process of applying is more streamlined than ever.
It’s a similar story for car insurance, where some seriously good perks are available if you shop around outside of the big names. Think 10% off your groceries once a month if you go for Everyday Insurance from Woolworths, or no young driver excess if you go with the award-winning insurer ROLLiN’.
With new rates and offers available, you don’t want to be stuck paying a loyalty tax, so now’s a good time to reassess your providers before heading into the busy Christmas period. You might just find it’s time for you to break up with your bank or insurer, and move on with something that works better for you.
We’ve rounded up some of the hottest deals on Mozo across home loans, personal loans and car insurance for you to compare against your current providers. Check out our reviews below.
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Home loans
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BOQ Discount Fixed Rate Home Loan
- 4.89% p.a. for 2 years (5.42% p.a. comparison rate*)
- $2,000 cashback for new loans refinanced from another lender (T&Cs apply)
- Up to $10,000 extra repayments annually
- $10 monthly fee
- $150 upfront fee
Bank of Queensland is a well-known challenger to the Big Four banks, and its two-year fixed rate is particularly good. It offers a sharp 4.89% p.a. for two years (5.42% p.a. comparison rate*) that is among the lowest in our database for borrowers with at least 20% deposit or equity.
Aside from its rate starting with a ‘4’, BOQ got our attention thanks to its $2,000 cashback offer, which you can get when you refinance from another lender or take out a new home loan with Bank of Queensland (T&Cs apply).
Note that this home loan comes with a $150 upfront fee along with a $10 monthly fee.
IMB Bank Budget Home Loan
- 5.29% p.a. variable rate (5.32% p.a. comparison rate*)
- Up to $4,000 cashback (T&Cs apply)
- Make extra repayments with no fees
- LVR of 80% or less required for cashback
- Application and processing fees apply
This may be IMB’s ‘budget’ home loan, but it comes with an excellent cashback offer. You could receive $4,000 cashback when you refinance or take out a new home loan of $750,000 or more, while you could get $3,000 cashback for loans between $500,000 and $749,999.
Just keep in mind that to be eligible for cashback, you’ll need a loan-to-value ratio (LVR) of 80% or less. An upfront fee of $350 applies.
Personal loans
Harmoney Unsecured Personal Loan
- Fixed rates from 5.76% p.a. (6.55% p.a. comparison rate*)
- Borrow between $2,000 and $100,000 with no early repayment fees
- Funds can be available in your account within 24 hours of loan acceptance
- $275 establishment fee for loans under $5,000
- $575 establishment fee for loans $5,000 and over
Harmoney is an online lender that offers highly competitive fixed rates on its personal loans, particularly for borrowers with strong credit scores.
The lender says its application process is quick and 100% online, and it says customers could receive funds within just 24 hours of approval. Interest rates are tailored to your individual credit assessment, and available loan terms are 3, 5 or 7 years.
You’ll need to earn more than $30,000 a year to qualify, and there’s a $275 establishment fee for loans under $5,000 ($575 fee for loans $5,000 and over).
Revolut Unsecured Personal Loan
- Fixed rates from 6.17% p.a. (6.17% comparison rate*)
- No monthly fees or penalties for early repayments
- Apply and manage everything in-app
Competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, receive your money into your Revolut account straight away.
Car insurance
ROLLiN’ Comprehensive Car Insurance*
- Pay car insurance monthly at no extra cost
- Young drivers under 25 aren’t charged additional excess
- Mozo Experts Choice Awards winner 2025^ for Exceptional Value
- $3,000 excess for unlisted drivers
Some insurers will hit you with an additional charge for paying your car insurance monthly, but ROLLiN’ has axed this concept altogether. Instead, its car insurance is almost like a monthly subscription you can cancel at any time.
ROLLiN’ is particularly good for young drivers as it doesn’t charge an extra excess for drivers under 25. Just be mindful of letting unlisted drivers of any age take the wheel of your car, as excess for damages they cause is a very high $3,000.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
*** WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
**** Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
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