Housing prices, electricity bills, tax time: This week’s best banking news

home-loan-borrower-holding-up-keys-in-front-of-house
  • Property prices fall by 0.7% across Australia and 0.8% in major cities
  • Residential electricity use spikes since the outbreak of COVID-19
  • 5 unsuspecting things to claim on your tax return
  • Gen Z aren’t signing up for credit cards, says Afterpay
  • How your super fund can help the environment
  • June 2020: This months banking roundup

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

Housing prices drop by 0.7%: where do the major cities sit now?

The harsh reality of COVID-19 and the Aussie property market continues to rear its head, as housing prices dropped again in June, by 0.7% nation-wide. 

This is according to Corelogic who found that for the second month in a row housing prices have taken a dive. In fact, the value of dwellings amongst the capital cities also fell by 0.8% over last month. 

Here’s a breakdown of the changes major city to major city:

Melbourne-1.1%
Perth-1.1%
Sydney-0.8%
Brisbane-0.4%
Adelaide-0.2%

However, Hobart, Darwin and Canberra all experienced slight increases to their property prices, between 0.1% and 0.3%. 

Read full article:
Housing prices down 0.7% nationally, 0.8% in capital cities and find out what Tim Lawless, head of research at Corelogic says about the latest numbers.

Residential electricity usage up 105% due to COVID-19

Aussie electricity usage has skyrocketed over the last few months as people spent more time indoors and worked from home. 

According to solar equipment provider Nature Solar, residential electricity usage in Australian households jumped by a massive 105% as a result of COVID-19 restrictions. 

When compared to last year (March 2019) when the average usage sat at 513kWh, usage has more than doubled in MArch 2020 as the average is now a huge 1052kWh. 

Read full article:
Electricity bills: Residential usage skyrockets since COVID-19 to see what Nature Solar chief executive, Chris Williams says about Aussies feeling the pinch of larger energy bills.

Wondering what you can claim on tax this year? Here’s 5 things you should know about

There’s no doubt that Aussie tax returns will look a little different this year with many people having spent months working from home. 

However, there are a few other surprising things you can claim as tax deductions, before and while COVID-19 was around. Check them out:

  • Things for career development: this could be books, subscriptions, courses etc.
  • Income protection insurance: this applies if you took out this insurance with a private insurer (outside of your super fund) 
  • Car-related costs when traveling to work
  • Clothing, laundry and dry-cleaning
  • Working from home during COVID-19: using either the fixed rate method or actual cost method

Read full article: 5 surprising things you can claim as tax deductions this EOFY for hot tips from private client adviser at Shadforth Financial Group, Shayne Sommer.

Credit cards: Millennials dabbled but Gen Z says ‘forget it!’

There’s a big question mark over the future of credit cards, as the younger generations look to different alternatives. And Gen Z are the largest age bracket rejecting them. 

According to Buy Now Pay Later giant Afterpay’s Global Gen Z Report: Financial Feels, a huge 94% of the platform’s Gen Z users sign up using a debit card over a credit card. 

 An Afterpay report last year  found that credit card ownership amongst the younger generation has dropped to 42% in 2019 (compared to 58% in 2002.) 

But it’s not only young Aussies that feel this way about credit cards. Mozo data found that 66% of Aussies say rewards cards are no longer worth it

Read full article:
Afterpay: Millennials tried credit cards, but Gen Z aren't even signing up to find out why Gen Z has given up on credit cards.

How your super fund can affect the future you’ll retire in

This week, we spoke to Future Super’s co-founder Kirsten Hunter about ethical investing and the fund’s 2019 Impact Report. Here are some of the major take-aways:

  • Super can fund renewable energy: The superannuation industry is worth three trillion dollars and just 7.7% of that coule fund Australia’s switch to 100% renewable energy.
  • Choose a company that invests ethically: For example, Future Super doesn’t invest in things like fossil fuels, alcohol, tobacco, gambling, animal cruelty etc. Their impact report found that the fund’s collective membership saved more than 62,000 tonnes of CO2 emissions in 2019.
  • Recent events show the need for ethical investing: Events like the bushfires, flooding and COVID-19 demonstrated the need for a shift in investing. In fact, according to a 2020 report by the Responsible Investment Association of Australasia (RIAA), over two-thirds of Australians don’t want their money to be invested in non-environmentally conscious projects.

It’s Banking Roundup time! Here’s a snapshot of June 2020

The 2019/2020 financial year has come to an end, and let’s just say it’s been a whirlwind. While plenty went on over June, here are Mozo banking expert, Peter Marshall’s key points of the month:

  • Variable home loan rates are still dropping and another fixed rate lender dropped its rate below 2.00%.
  • Changes have been made to credit card introductory offers, including offers from two major banks.
  • New rates were introduced for personal loans, and neolender Alex joined the personal loan party.
  • At call deposit rates continue to be reduced, including two of the major banks.
  • More drops to term deposit rates, the average rate for 12 months is now down to 1.11%. 

Read full article: Mozo Banking Round Up, June 2020 for a deep dive into the world of personal finance last month or take a look at our June financial jargon buster

Intrigued by the drop in home loan rates? Check out some hot offers below!

Last updated 9 May 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
  • Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.69 % p.a.
    Variable
    Comparison rate
    5.70 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Offset and non-offset options for flexible payments
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  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
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  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.81 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • $0 application fee to pay
    • Additional repayments up to $20,000/year
    • Apply in as little as 15 minutes
  • Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes
  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available
  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility
  • Neat Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    5.86 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • Free extra repayments
    • Easy redraw facility
    • No annual fee to pay
  • Flex Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility
  • Home Loan with Offset

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.88 % p.a.
    Variable
    Comparison rate
    5.89 % p.a.
    Initial monthly repayment
    $2,959
    Go to site
    • Offset and non-offset options for flexible payments
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)
  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.88 % p.a.
    Variable
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,959
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
  • Offset Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.12 % p.a.
    Initial monthly repayment
    $3,027
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
Showing 14 results from 414 home loans. Use the filters to see more

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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. 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.