February property, First Home Loan Deposit Scheme, Mozo Experts Choice Awards: This week’s best banking news

By Polly Fleeting · · 4 min read
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couple on laptop looking at february house listings
  • February house listings rise
  • 1,800 spots reissued for the First Home Loan Deposit Scheme 
  • 2021 Mozo Experts Choice Awards winners for deposit accounts announced! 
  • Experts call for fire prevention to be subsidised 
  • Credit cards in January: spending falls but resurgence expected 
  • Aussies spending over $5,000 on cars each year  

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

Property listings increase in February 

Over last week (ending February 7), the total property listings for capital city homes jumped up by 11.5% compared to the week before. 

This is according to stats from My Housing Market which recorded increases across most capital cities: 

  • Melbourne: +28.1% 
  • Sydney: +15.1% 
  • Adelaide: +11.5% 
  • Brisbane: +10.2% 

On the other hand, Perth saw a drop in listings by 36.6% as a result of the latest lockdown. However, as a whole new listings across the country are 7.2% higher than the same time in 2020. 

Read full article: February property bounce: Listings and auction sales increase for a rundown on auction results across Aussie capital cities. 

1,800 spots in the First Home Loan Deposit Scheme to be reissued 

The First Home Loan Deposit Scheme is set to reopen 1,800 spots to Aussies looking to enter the property market for the first time. 

The Australian Government recently made the announcement, which means the unused spots from the first round of the scheme will be made available. 

The National Housing and Finance Investment Corporation (NHFIC) introduced the scheme to help first home buyers secure a property sooner by guaranteeing up to 15% of the property value. 

The 1,800 spots available will allow home buyers to purchase an existing home within a certain price range (depending on the location of the property). 

Read full article: First Home Loan Deposit Scheme reissues 1,800 spots: Are you eligible? to find out if you fit the bill to apply for the scheme. 

2021 Mozo Experts Choice Awards: Savings and Bank Account winners announced!

couple looking up Mozo Experts Choice Awards winning savings account

Looking for an award-winning savings or bank account? Well, you’re in luck because the 2021 Mozo Experts Choice Awards have just been announced! 

Our expert judges compared a whole bunch of deposit accounts to see what providers had on offer in 2021 and find this year’s winners. 

“With savings rates dropping dramatically in the last year, it’s more important than ever to proactively manage your money and get the best deals you can find. It might not seem like much, but a 1% difference in your savings rate can add up in the long run,” said Peter Marshall, Mozo Experts Choice Awards judge.   

Some mentionable wins included: 

  • Everyday & Savings Bank of the Year: Macquarie Bank 
  • Banking Innovation: Up 
  • Money Management App: Frollo 

After a SMSF or Small Business Account instead? Check out the 2021 Mozo Experts Choice Award winners here! 

Read full article: Winners announced in 2021 Mozo Experts Choice Awards for Savings and Bank Accounts for a deeper look at this year’s winners. 

Why home insurance experts say fire prevention should be subsidised

With the bushfires in Western Australia and the east coast’s Black Summer a year ago, fire prevention and insurance continues to be a hot topic amongst experts. 

In fact, last week a body that represents local councils in Queensland requested that the Federal government introduce a national reinsurance pool in order to keep home insurance premiums down across the country. 

Plus, calls for the government to subsidise fire prevention costs are coming from academics at the University of Tasmania. For example, Professor of Pyrogeography and Fire Science, David Bowman said in an article in The Conversation that people need money to prepare for fire - so asking them to do it without funding is pointless.

He suggested having a system like Medicare, “where the cost of these fire prevention measures was subsidised by the public system.” 

Read full article: Home insurance experts call for fire prevention to be subsidised for more info on fire prevention and underinsurance. 

January credit card spending drops but bounce back predicted

person using credit card at a cafe

Despite credit card spending taking a dip, new research from Citi shows that Aussies are set to ramp things back up. 

The stats showed that although credit card spending fell by 19% from December to January, December was almost at pre-Covid levels. 

“Consumers are experiencing a spending hangover, after doing their bit to boost the economy during the November and December silly season,” said head of credit cards at Citi Australia, Choong Yu Lum. 

“This is in line with expected spend for January, as consumers typically tighten their belt following a period of increased spending due to Christmas and school holidays.”

Read full article: Credit card spending falls in January but bounce back expected for a rundown on how credit card spending has changed over the past month. 

Cars costing Aussies over $5,100 per year 

New numbers have shown that the cost of car-related costs average to over $5,100 per year for Aussie drivers. 

The stats come from a joint study between car subscription service Carbar and market research company YouGov. Together, they found that those respondents that were repaying car loans spent closer to $9,000 on car costs annually. 

On top of that, 41% said they felt they didn’t have a handle on the ongoing costs of their car.

But despite this, three in ten Aussies (5.8 million) plan to buy a car this year, with 34% saying they’d purchase a used vehicle while 22% said they’d go brand new. 

Read full article: Annual car costs exceed $5,000 in 2021 to find out how to cut the cost of your car. 

Are you looking to buy a new car in 2021? Check out these hot car loan deals to get your hands on the keys sooner!

Compare Car Loans 2021 - last updated 19 April 2024

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure
  • Used Car Loan

    Fixed, Secured, No vehicle age limit

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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  • New Car Loan

    Fixed, Secured, Excellent Credit Score [832+]

    Interest rate
    comparison rate
    Monthly repayment
    7.29% p.a.to 7.79% p.a.
    8.00% p.a.to 8.50% p.a.based on $30,000
    over 5 years

    Enjoy a quick application process and no monthly fees on NRMA new car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 7.29% would cost $36,387.95 including fees.

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  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

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  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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    Details
  • Used Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    8.49% p.a.to 16.99% p.a.
    9.21% p.a.to 17.77% p.a.based on $30,000
    over 5 years

    Enjoy a quick application process and no monthly fees on NRMA used car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 8.49% would cost $37,420.08 including fees.

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    Details
  • Used Car Loan

    Up to 5 years old, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.74% p.a.
    8.85% p.a.based on $30,000
    over 5 years

    Used Car Loan with no monthly or ongoing fees, with a fixed rate for the life of the loan. Fast online application. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.74% would cost $37,153.94 including fees.

    Compare
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    Details

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

^See information about the Mozo Experts Choice Personal Loan Awards

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.