More Aussies focus on money matters during the pandemic
Learning to keep busy during the Covid-19 pandemic has been an effort for the majority of Aussie households.
But according to new research from intelligence company SimiliarWeb, it looks like many Australians made an effort to stay occupied by getting their finances in order.
SimiliarWeb found that the banking and lending sector saw a 10% increase in traffic during 2020, with customer-owned banks and credit unions leading the way.
Southern Cross Credit Union reportedly had a traffic increase of a massive 195%, followed by Community First Credit Union (+129%) and Bank Australia (+41%).
“Due to the RBA’s cash rate cuts announced throughout 2020, mid-tier banks saw a 173% surge in search visits from Home Loan, Mortgage, and Interest Rate-related search queries,” said SimiliarWeb vice president for Australia and New Zealand, Emmanuel Heymann.
“On home loan-specific traffic growth, Macquarie Bank recorded the most substantial increase, growing 110% since the emergency rate cuts announced in March last year.”
Insurance was another area where traffic volume also surged, having a 17% growth in 2020, with 2020 Mozo Experts Choice Award winner^, Budget Direct taking out the top spot for search volume at 47%.
Interestingly, the most popular search terms within the insurance sector were motorcycle insurance (+120%), professional indemnity insurance (+97%), pet insurance (+46%) and home insurance (+39%).
Credit unions triumph at 2021 Mozo Experts Choice Home Loan Awards
As more Aussies take the step to invest in understanding their finances better during the Covid-19 pandemic, it’s clear that taking care of their mortgage may be at the top of many to-do lists.
We recently announced the winners of our 2021 Mozo Experts Choice Home Loan Awards^^, where unsurprisingly, online lenders and credit unions fared better in almost all categories.
These awards are designed to highlight the products in the market that our expert judges believe are worth considering.
One notable included Illawarra Credit Union, which received an impressive four awards across the Packaged Home Loan, Offset Home Loan and First Home Buyer Loan category.
Other credit unions that also took home a 2021 Mozo Experts Choice Award included Queensland Country Bank, Sydney Mutual Bank and People’s Choice Credit Union.
If you’d like to find out whether a credit union or small bank could be the right choice for your everyday banking needs, head on over to our banking hub. There you can compare a range of products from home loans to credit cards and term deposits.
^More information about our 2020 Mozo Experts Choice Insurance Awards
^^ More information about our 2021 Mozo Experts Choice Home Loan Awards