Extra sleep or potentially save $5000? How will you use the extra hour?

By Gabriella Margerison · · 2 min read
Fact Checked

Instead of celebrating the end of daylight savings with a sleep in this Sunday, our advice to you is to grab your laptop and snuggle in for an hour of deal shopping-in-bed. And we don’t mean browsing the mid-season sales.

We’ve crunched the numbers to reveal that by switching from the average home loan, credit card and savings account to the most competitive deals in the Mozo database, you could clock up over $5,000 savings over the coming year.

Homeowners are up for the biggest windfall. By switching from the average variable rate home loan to the most competitive rate on a $500,000 home loan you’ll save $4,550. And if you’ve been looking for a reason to ditch your high interest accruing credit card now is a great time. The best rate in Mozo’s database is a huge 9.61% below the average interest rate, which would mean a saving of $384.40 a year.

We love a good sleep in, but we probably wouldn’t pay $5,000 for it.

Quick links:
Compare all home loans
Compare all credit cards

Here’s a look at the potential savings you could make by switching banking products:

Source: Mozo.com.au as at 28 March 2024.

And while you are snug up in bed, it’s also the perfect time to review your gas and energy plans. Last winter was one of the coldest on record and by switching to a more competitive plan you could save hundreds of dollars on your winter energy bill.

Finding the best deals in your area is easier than ever with our speedy energy comparison tool. Just plug in your postcode and we’ll reveal the best deals available to you. Check it out here or head on over to our energy guides section to read up on ways to save on your energy bill.

Or you could invest in a snuggie. Your call.

Home loan
Based on average rate of 6.80% p.a. vs best rate of 5.89% p.a. in the Mozo Database. $500,000 Owner Occupier Home Loan, Principal & Interest, LVR 80%, over a 25 year loan term. Accurate as at 28 March 2024.
Credit Card
Based on a balance in the next 12 months of $4,000 at average rate of 17.10% p.a. vs best rate of 7.49% p.a. in the Mozo Database.  Accurate as at 28 March 2024.
Savings Account
By banking the leading base savings rate of 5.55% instead of the average 3.27% on a $10,000 balance over 12 months in the Mozo Database. Accurate as at 28 March 2024