Fixed mortgage rates, stamp duty, Out & About vouchers: this week’s best banking news
![father and son in house bought with fixed home loan](https://cdn.mozo.com.au/images/atwood/11578/Father-and-son-in-the-bathroom.jpg)
- Fixed rate front of mind for lender post RBA cut
- NSW to phase out stamp duty
- Out & About scheme: NSW citizens to be given $100 to spend at venues
- Wholesale electricity prices dropping to record lows
- Victorians to receive $250 in energy credit
- Gen Y & Z’s Great Australian Dream slipping through their fingers
All in this week's best banking news: editor’s pick.
Aussie lenders focus on fixed rates post November RBA cut
At the beginning of the month, the Reserve Bank of Australia (RBA) cut its official cash rate to a record low of 0.10%.
And the majority of home loan lenders on the Mozo database that made adjustments to rates did so to fixed rates over their variable offerings.
In fact, since March the average 2-year fixed rate has dropped from 3.13% to 2.48%. Plus, the RBA has indicated in recent statements that economic targets are unlikely to be met for at least three years, meaning low mortgage rates could be around for a while.
Read full article: Switching from a variable rate to a fixed rate: What should you know? for all your answered questions on changing to a fixed rate loan.
Stamp duty to be phased out says NSW Government
As part of the NSW 2020/21 budget, the State Government has announced plans to phase out stamp duty.
The initiative is part of a proposed overhaul that will drive up to $11 billion into the economy in four years.
Ultimately, the change allows home buyers to choose whether they pay stamp duty or a lower annual property tax.
“It is holding our economy back at a time we need to be going full throttle,” NSW Treasurer Dominic Perrottet told parliament on Tuesday.
“That’s why we believe that reform is the best way forward. Our proposal would give more people the opportunity to own their own home, and more freedom to live in the home that’s right for them.”
Read full article: NSW government announces plans to phase out stamp duty for more details on the announcement.
NSW Government encouraging citizens to get Out & About with $100 voucher
![couple-using-out-and-about-voucher-at-restaurant](https://cdn.mozo.com.au/images/atwood/11578/couple-having-lunch-in-restuarant-with-voucher.jpg)
On Tuesday, the NSW Government also announced the Out & About voucher scheme to encourage spending in the hospitality sector.
Totalling at $100, the Government will issue four $25 vouchers to NSW residents that are over 18.
There are a few rules though. Two vouchers are to be spent at restaurants, cafes and clubs, while the other two are for entertainment like cinemas and art galleries.
It’s also important to note that the vouchers are for single-use only. This means they will expire even if you spend less than $25 when you use it.
Read full article: NSW Government to distribute $100 vouchers to get Aussies Out & About to read more on this new initiative.
Wholesale electricity at lowest price in years
The price of wholesale electricity has continued to fall to record lows, announced the Australian Energy Regulator (AER) back in August.
And according to the newest AER Wholesale Markets Quarterly Report, the story is the same in November.
The report revealed that prices continued to drop with the average price falling below $55 per MWh in all regions. More closely, it was $34 per MWh in Queensland, $54 per MWh in Victoria (down from $56 and $84 respectively in August).
Read full article: Wholesale electricity prices continue to fall at record numbers, says AER for more stats.
Households in Victoria to receive $250 in energy credit
![melbourne-family-using-$250-energy-credit](https://cdn.mozo.com.au/images/atwood/11578/melbourne-couple-using-250-energy-voucher.jpg)
This week the Victorian Government has announced that it will give one million residents a one-off $250 payment towards their energy bills.
The scheme is part of a $797 million energy package to improve energy efficiency for the state and help households get on top of their energy costs.
To be eligible, you must currently be holding a concession card, be on JobSeeker, youth allowance or the pension.
Read full article: VIC households to get $250 energy credit, appliance upgrades and more to see what Energy Minister, Lily D’Ambrosio said about the Government’s decision.
Are Gen Y & Z kissing goodbye the Great Australian Dream?
According to a study conducted by ME Bank, 70% of Gen Y and Z view the ‘Great Australian Dream’ as nothing more than a pipe dream for them.
Out of the 1,000 surveyed, the stats showed that 82% of young Australians believe that owning their dream house, having their dream job and retiring at 65 was more obtainable by older generations.
On top of that 62% feel their future children’s generation will be faced with a similar struggle, too.
Read full article: The Great Australian Dream: now a Gen Y & Z pipe dream for a full rundown of all the stats.
Want to get your savings on the right foot? Take a look at these killer savings account options below.
Compare savings accounts
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Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the Savings Maximiser
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Reward Saver Account
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Savings Account
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
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Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
CompareCompareSavings+Bonus
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- Must become a First Option Bank member to open an account.
Read our Mozo Review to learn more about the Savings+Bonus
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Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
CompareCompareBonus Saver Account
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
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^See information about the Mozo Experts Choice Savings Account Awards
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