Black Friday deals, Telstra Energy to launch & new Afterpay Money app: This week’s best banking news

Black Friday deals, Telstra Energy to launch & new Afterpay Money app: This week’s best banking news
  • Telstra joins Aussie energy market
  • Home loans to get more costly as RBA flags rate rise
  • 5 Black Friday deals to help spruce up your home
  • What is Afterpay’s Money App & how does it work?
  • Spending on travel, transport & entertainment rises
  • Online lender Well Home Loans takes variable mortgage rates to new lows

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

Telstra joins Aussie energy market

Bet you didn’t see this one coming. Telco giant Telstra will soon be joining the Aussie energy market after becoming licensed to offer power services to its 13 million phone and broadband customers. 

The all-new ‘Telstra Energy’ is set to operate under the Telstra brand after the Australian Energy Regulator granted the company a license to sell electricity and gas in NSW, the ACT, QLD and SA.

“The license also grants Telstra to sell electricity in Tasmania. Telstra has also applied for licenses in Victoria,” said Mozo Money writer Cooper Langby.

Read full article: Telstra to join energy market with initial focus on existing customers for the full scoop.

Home loans to get more costly as RBA flags rate rise

With the Reserve Bank currently rethinking its loose monetary policy in light of a rapidly recovering economy, it looks like record low home loan interest rates might not be around for much longer.

According to the Australian Business Economists, RBA governor Philip Lowe wants to see the cash rate (which has sat at 0.10% for the past year) hit at least 2.5% or more.

Read the full article: Home loans to get more costly as RBA flags rate rise for more information.

5 Black Friday deals to help spruce up your home

5 Black Friday deals to help spruce up your home

Whip out those Pinterest boards, folks, cause now’s the time to give your home a little refresh. 

Black Friday sales officially start on Friday, the 26th of November! And we’ve compiled a list of deals on all things homewares to help you spruce up your home. We’re talking Black Friday deals from Dyson, Bose, Kogan, Myer and more!

Read the full article: 5 Black Friday deals to help spruce up your home so you can save some extra cash. 

What is Afterpay’s Money App & how does it work?

In case you’ve been living under a rock, buy now pay later (BNPL), giant Afterpay has just launched its very own online banking app, ‘Money’. 

“Afterpay research showed that three-quarters (74%) of Gen Z believed they’d be better at saving if they had a tangible end goal and one-third (34%) said their transaction account would be improved with personalised features,” said Mozo Money writer Ava Crawford.

With this in mind, the new money management app was tailor-made for younger Aussies and offers banking services with a key focus on budgeting and saving.

Read the full article: What is Afterpay’s Money App and how does it work? for all the deets.

Spending on travel, transport & entertainment rises

Spending on travel, transport & entertainment rises

After many months in lockdown, Aussies are finally stepping out and putting their money towards travel and entertainment. According to the CommBank Household Spending Intention (HSI) Index, October saw a 6.6% increase in spending versus the month prior. 

The report also revealed a 52% increase in spending on travel and a 20% increase in transport in October compared to September.

Read the full article: Spending on travel, transport and entertainment rises, says CBA for a rundown on the report.

Online lender Well Home Loans takes variable mortgage rates to new lows

Well, well, well! It appears that Well Home Loans (pun intended) has taken the cake for having the lowest variable home loan rate (80% LVR) in the Mozo database following a rate cut last Friday.

This comes after the online lender cut 14 basis points off its variable rate Well Balanced home loan, bringing it down to 1.85% p.a. (1.88% p.a. comparison rate*). The loan is currently available to new owner-occupier customers with a loan-to-value ratio (LVR) of 80% or lower.

Read the full article: Online lender Well Home Loans takes variable mortgage rates to new lows for the whole story.

After the right home loan to help you purchase the house of your dreams? Go check out our free home loan comparison tool below to start comparing options today:

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    Variable Home Loan

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    1.99% p.a. variable
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    Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

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* 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, loan amount and term entered. 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.

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