Award-winning energy, lenders mortgage insurance, electric cars: All in this week’s best banking news

• Mozo Experts Choice Energy Awards: 2020 winners announced! 
• Virgin Money and ME Bank reduce Lenders Mortgage Insurance 
• Electric vehicles and insurance: how much it costs in 2020 
• It’s Cyber Security Awareness Month! Here are some online banking and shopping safety tips 
• People’s Choice Credit Union slashes its home loan variable rate 
• A look back at September with Mozo’s Banking Round Up 

All in this week’s best banking news: editor’s pick.  

Say hello to the 2020 Mozo Experts Choice Awards winners for energy! 

With the majority of Aussie households facing higher energy bills this year, it’s never been more important to ensure you’re getting a good deal. 

That’s where the Mozo Experts Choice Awards for Energy come in. Our expert judges assessed over 650 residential and over 400 small business energy plans and ranked them by cost, revealing the best energy plans for each Aussie state.  

“Energy bills, after mortgage repayments, can be one of our biggest household expenses as Australians. This year’s awards analysis showed that there can be big cost differences between energy plans, so it really pays to shop around,” said Mozo Expert and Awards Judge, Peter Marshall.

“Switching to a cheaper energy deal means more money in your pocket. Whether you’re a family or a small business, the less money you shell out for bills, the more money you have to spend on other essentials.”

Congratulations to this year’s two notable winners:Reamped Energy Best Residential Electricity Retailer of the Year in NSW, QLD and SA, and Elysian Energy for the same award in VIC. 

Read full article: The winners in the Mozo Experts Choice Awards for Energy 2020 announced for the full list of this year’s best energy providers! 

Lenders Mortgage Insurance: ME Bank and Virgin Money cut the price 

On Monday, home loan lender ME Bank revealed it has cut lenders mortgage insurance (LMI) by 25% for first home buyers. This reduction is in addition to a discounted variable rate on it’s ME Flexible Home Loan. 

Similarly, Virgin Money has also reduced its LMI to an amazing $0 for eligible borrowers. To qualify, customers must apply for a either a fixed or variable Reward Me Home Loan and have a minimum deposit of 15%.

Read full article: ME Bank and Virgin Money slash Lenders Mortgage Insurance for more details about these LMI offers. 

Are electric vehicles expensive to insure in 2020?

The sale of electric vehicles (EVs) went up by a massive 200% last year, found the Electric Vehicle Council. So are these increasingly popular eco-friendly vehicles costly to insure? 

As part of the  2020 Mozo Experts Choice Awards for Car Insurance, our experts looked into how much it might cost to insure ten different EVs. After analysing 67 car insurance quotes across seven different scenarios, they found that the average annual premium for electric cars sits at around $2,515. Meanwhile, the cheapest quote came out at $1,171. 

However, those numbers reflect vehicles with an average market value of $120,000. If you remove Teslas from the calculation (which are generally costly cars), the average yearly premium is approximately $1,415. That leaves the average car insurance premium at a lower $952. 

Read full article: Is it easy to insure an electric car? We consider the cost for more into why insurance premiums are higher for electric vehicles. 

How to stay online banking and shopping safe this Cyber Security Awareness Month

Ever thought you should review your online security? This is the month to do it! 

October is national Cyber Security Awareness Month, and with many Aussies now banking and shopping online it’s crucial for people to be vigilant. 

In fact, advocate for security awareness organisation KnowBe4, Jacqueline Jayne, warns consumers to be aware when sharing financial information online. 

“Our interactions online have increased tenfold in 2020 thanks in part to COVID-19, which means the risk of falling victim to a cyberattack has similarly increased,” she said. 

“Staying safe online can at times seem too hard, and we [often] believe it won't happen to us. But it's not a matter of if, it's a matter of when.” 

Some of her tips to staying cyber-safe include avoiding emails you don’t recognise, not clicking on unfamiliar links, assessing social media invitations and reviewing all of your security and privacy settings on various platforms and devices. 

Read full article: Cybersecurity tips for safer online banking and shopping for some of Mozo’s tips for shopping online safely. 

People’s Choice Credit Union drops variable rate on basic home loan

Recently, People’s Choice Credit Union cut it’s mortgage rate on its Basic Variable Rate home loan. 

The lender offers a low variable rate of 2.49% (2.49% comparison rate*) for owner occupiers opting to make principal and interest repayments. This rate is a solid 87 basis points below the current average variable rate on the Mozo database: 3.36%. 

In addition, this loan has no upfront fees attached to it and a range of handy features, like free extra repayments and a redraw facility. 

Read full article: People's Choice Credit Union brings variable rates to new lows to see what other hot products from this lender are on offer.

Mozo’s September 2020 Banking Round Up

As we wait to hear whether the RBA will cut it’s official cash rate, there has been some movement from banking providers over the past month. 

Here are the key facts from September 2020: 

• Home loan lenders continue to cut BOTH variable and fixed rates 
• Credit cards face the threat of ‘Buy Now Pay Later’ as two of the big four introduced credit cards that take on the BNLP style. Plus, some Velocity rewards cards have reappeared and we bid farewell to the last dual card accounts. 
• Some cuts and some increases to Personal Loans. One of the big four decided to hike its rate while another is offering a discount for a limited time. 
• Three of the big four cut At Call Deposit rates, as did a number of other providers. 
• Term Deposits continue to take hits, as the average 12 month rate is pushed down by another 7 basis points. 

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