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

dad-and-son-in-tent-using-energy
  • 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?

woman charging electric car

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

young couple in home bought with 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. 

Want to start comparing home loans right now? Take a look at some options below! 

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 472 home loans using the filters below.
Last updated 13 July 2024 Important disclosures and comparison rate warning*
  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.19 % p.a.
    Variable
    Comparison rate
    6.23 % p.a.
    Initial monthly repayment
    $3,059
    Go to site

    No application or service fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Use multiple Everyday Accounts with 100% interest offset to pay your home loan off sooner.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.19 % p.a.
    Variable
    Comparison rate
    6.23 % p.a.
    Initial monthly repayment
    $3,059
    Go to site

    No application or service fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Use multiple Everyday Accounts with 100% interest offset to pay your home loan off sooner.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.59 % p.a.
    Fixed 3 years
    Comparison rate
    7.06 % p.a.
    Initial monthly repayment
    $3,190

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

image of houses

Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

* 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 $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.