If the Banking Royal Commission has shown one thing, it’s that Aussies shouldn’t blindly trust that the big banks have their best interests at heart. But the good news is, if you’re feeling let down by the dodgy practices being brought to light, there is something you can do about it - switch.
“With big banks under fire from the Royal Commission and competition heating up in the industry, Aussies are in a great position to score themselves a better deal by switching to a new provider,” said Mozo Director Kirsty Lamont.
“Banks clearly aren’t being faithful to their customers, so why should hard working Aussies be loyal to the banks? There are plenty of great value options out there to switch to if you know where to look.”
Well, here at Mozo, we know where to look. And we’ve put our skills to good use to come up with this list of great value products you could switch to if you’ve had enough of bad behaviour from your bank.
These days, if you’re paying more than 3.70% interest on your home loan, then you’re paying too much! That’s where the Newcastle Permanent Premium Plus Package comes in. This mortgage deal comes with a super low rate, plus all the bells and whistles like free extra repayments, a redraw facility and an offset account.
American Express Essential Credit Card
$0 annual fee
14.99% purchase rate
1 rewards point per $1 spent
With no annual fee and a lower than average purchase rate, the American Express Essential card is super easy on your wallet, and comes with the added value of a rewards program. Plus, if you need to clear some debt from your old card before getting started with this one, there’s a 0% interest balance transfer period for 12 months to help you out.
Plenti Personal Loan
Interest rates from 8.42% (10.97% comparison rate^)
Free extra repayments allowed
Borrow up to $45,000
The interest rate you snag on a personal loan can make a huge difference to just how much that new car, kitchen renovation or much-needed holiday really costs you. With the Ratesetter Unsecured Personal Loan, you can not only snag a great low rate, but you’ll also be able to make fee free extra repayments to pay off your loan faster and save on interest.
Rabobank High Interest Savings Account
3.05% bonus interest for the first 4 months (1.80% ongoing)
No account keeping fees
Mozo Experts Choice No Strings Saving and Kick Start Savings winner 2018
Did you know some savings accounts come with interest rates as low as 0.05%? That’s not exactly the best way to grow your stash, but luckily, there are options like the RaboDirect High Interest Savings Account out there which offer a stellar return on your rainy day fund. And it’s a Mozo Experts Choice winner to boot!
ING Orange Everyday
$75 cash bonus when you deposit $1k per month and make 5 card purchases in the month
No account keeping fees
No ATM fees in Australia when you deposit $1k per month and make 5 card purchases in the month
There’s no sense in paying fees on your everyday transaction account when you don’t have to! The ING Orange Everyday Account comes with no account keeping fees, plus a tonne of added value when you meet the deposit and spend conditions. So if you’re after a top value bank account that’s got your back, check it out.
*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 the amount and term you entered.
**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.
^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 for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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. ^Based on $10,000 over 3 years ^^Based on $30,000 over 5 years