Award-winning personal loans, US election, property prices: This week’s best banking news

By Polly Fleeting ·
  • Mozo Experts Choice Awards: Personal loan and car loan winners revealed 
  • How the Biden US Election can affect your international money transfer 
  • Australian property prices expected to rise, is now the time to buy with a low deposit?  
  • Home loan rate cuts: which customers benefit? 
  • How to snag yourself a deal this Black Friday and Cyber Monday using Buy Now Pay Later 
  • Only one-third of Aussies comfortable to buy a car online 

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

Top personal and car loans unveiled in the Mozo Experts Choice Awards 

The time has come again for another round of Mozo Experts Choice Awards, and this time it’s personal loans and car loans.

Our expert judges compared 334 personal lending products across 88 Aussie financial institutions. 

“[We] found a vast difference in interest rates from provider to provider,” said Peter Marshall, Mozo Experts Choice Awards judge. 

“Our in depth analysis highlighted why it is so important to shop around, and with a myriad of smaller online lenders out there competing for your business, you could be paying more than you need to by not comparing your options beforehand.”

Snapping up Personal Loan Provider of the Year was Australian Military Bank, while personal loan lender Alex took home the Best New Loan Product award.

Read full article
: Winners announced in the Mozo Experts Choice Awards for personal and car loans for the full list of this year’s winners or take a look at our 2020 Personal Loans Report 2020

US Election: What Biden’s win means for your international money transfer

Off the back of the recent win for Joe Biden in the US Election, the Aussie dollar is looking good for Australians making international money transfers. 

On Tuesday, the AUD was trading just shy of 73 US cent (up from around 71 US cents at the start of the election week), according to the XE Currency Converter. 

The AUD hasn’t pushed past 72.5 US cents since mid-September this year. 

Read full article:
What Biden's US election win means for your international money transfer for more on the future of AUD. 

Should you buy with a 5% mortgage deposit as home prices set to rise?

Over a quarter of Aussies (26%) believe now is the best time to invest in a property, according to new stats from ING. 

This is due to housing prices and rental yields set to rise. But is now a good time to secure a home loan with a 5% deposit? 

Well, Mozo property expert Steve Jovcevski says that a low deposit loan may be a savvy way for investors to stay ahead, as rebounding prices are likely to increase interest in the investor market. 

“Investors are looking at historically low interest rates and they may also see value in the fact that [property prices] could be at their bottom and buying into the market could earn them a capital return in the next few months or couple of years,” he said. 

“Sometimes if the market is going up and you go ahead and still save a 20% deposit for the next couple of years, then you might actually lose out more than if you had jumped into the market earlier. You’d miss out on the opportunity to snag a cheaper property and benefit from capital growth.” 

Read full article:
Property prices set to rise: Should I buy now with a 5% deposit home loan? and find out how to reduce the risks of a low deposit loan. 

Are mortgage cuts only beneficial to new customers? 

On 3 November, the Reserve Bank of Australia (RBA) cut its official cash rate by 15 basis points to an historic low of 0.10%. 

In response, a bunch of lenders, including the big four cut home loan rates. 

For new customers this is great news as there are a whole range of loans on offer with fresh low rates. However, for existing customers it’s a bit of a different story. 

If you currently have a variable rate home loan where your lender has passed on the cut, it is possible you will see a change to your rate. But, for those on fixed rate mortgages there’s less chance your rate will change as lenders generally make the adjustment for new customers only. 

Read full article:
Do home loan rate drops only benefit new customers? for a deeper look into where rates are now. 

Where to shop this Black Friday and Cyber Monday with Buy Now Pay Later

With Black Friday and Cyber Monday on the horizon, you may be asking yourself where you can snag a deal. Especially if you are planning on using Buy Now Pay Later (BNPL). 

There are a range of BNPL options for Aussies, including platforms like Afterpay, Zip, Klarna, Humm, OpenPay and Bundll. And a bunch of retailers allow customers to use these platforms, including companies like Amazon, Kmart,, Cotton On and The Iconic. 

“Buy Now Pay Later could be an interest-free option for Aussies looking to snag a deal this Black Friday, leading up to Christmas,” Mozo Director, Kirsty Lamont says. 

“However it’s all about being responsible. If you opt to use Buy Now Pay Later during these sales, ensure you are fully equipped to pay back each instalment on what you buy to avoid late fees and spiralling into debt.”   

Read full article:
Buy Now Pay Later: Where to find Black Friday and Cyber Monday deals in 2020 for a rundown of which big Australian retailers accept BNPL. 

Two-thirds of Aussie car buyers wouldn’t purchase a vehicle online

A massive two-thirds of Australians aren’t comfortable with buying a car online, found Savvy’s recent survey into Aussie car buying sentiment. 

The research also showed that during COVID lockdowns, around 40% of the 1,001 survey respondents felt “extremely uncomfortable” about home-facilitated test drives, virtual demos, remote payments and dealer delivery. 

That’s compared to an extremely low 4% that said they felt “extremely comfortable” with the online process. 

Read full article:
Two-thirds of Aussies not comfortable with buying a car online and read more about working from home and car buying trends. 

Looking to finance a new car? Check out these killer car loan options below.

Compare Car Loans - last updated November 28, 2020

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure.

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    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.67% would cost $34,096.76 including fees.

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    Terms from 2 to 5 years. Representative example: a 5 year $30,000 loan at 6.81% would cost $36,280.02 including fees.


^See information about the Mozo Experts Choice Car Loans Awards

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Polly Fleeting
Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney.