In July, the Mozo database saw several rate cuts across nearly all product types. Competition is fierce within the home loans market, as variable rates continue to fall, with one rate in particular hitting a jaw-dropping 1.99%. But unfortunately, savers have fewer opportunities for a decent return on their stash, as several previous rate leaders continue to adjust their offers. Interestingly, credit card providers have introduced a handful of incentives with the hopes of reeling in customers. For a more comprehensive look at all the banking changes the Mozo database recorded within the last month, read on for the July 2020 installment of the Banking Roundup.
In June, Treasurer Josh Frydenberg announced that Australia had officially entered a recession due to the Covid-19 pandemic, making it the country’s first in almost thirty years.
When headlines pile up, it can be hard to see what the actual news is. I find this happens a great deal with economic news, where too often rate cuts, market drops and price hikes cloud the big picture. This can lead to sudden reactionary behaviour by punters and before you know it, the news has shifted again.
With another financial year done and dusted, the banking industry has been through a whirlwind of changes. Australians could apply for a home loan that started with a ‘2’, we welcomed a new breed of players to the banking industry and much more.
