Income protection insurance, spring property, electricity credit: All in this week’s best banking news

By Polly Fleeting ·
daughter-writing-on-injured-fathers-cast-on-income-protection-insurance
  • Income protection insurance: APRA restarts its reforms 
  • Numbers show renewed optimism as the spring property season continues 
  • Western Australians to receive $600 electricity bill credit 
  • Up’s leading savings rate to be slashed next month 
  • Big bank Westpac snags multiple 2020 Mozo Experts Choice Awards for Insurance 
  • The cost of marriage in 2020 

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

APRA reforms of income protection insurance on again 

On Tuesday, the Australian Prudential Regulation Authority (APRA) said it will resume its overhaul of individual disability income insurance (IDII), aka income protection insurance. 

The reforms of income protection started back in December 2019 but were paused due to the outbreak of COVID-19. 

However, this month the intervention is back on. Ultimately, APRA aims to secure the long-term viability of this type of insurance as it has lost the industry a massive $3.4 billion over the past five years. 

Read full article:
APRA resumes overhaul of income protection insurance to learn how this will change income protection insurance. 

Growing optimism among Aussie first home buyers 

Recent ABS figures showed that Aussie house hunters, especially first home buyers, are looking to secure a property this spring. 

The numbers showed that first home loan commitments increased by a solid 14% in July, making up 32.5% of all owner occupier commitments. 

It’s no secret that housing prices have dropped across cities, particularly in Sydney and Melbourne, making it the perfect time for some to buy. 

Read full article:
Spring property buyers: Why your home loan choice is as important as your new address and find out three top tips to finding the right mortgage option for you. 

$600 electricity bill credit to hit Western Australians’ pocket

Western Australian man happy about his $600 electricity bill credit

It’s good news for electricity customers in Western Australia this week. Over the long weekend WA Premier Mark McGowan said that every household in the state will be given a $600 electricity bill credit. 

The credits are being distributed this week and are expected to cover approximately four months worth of electricity use, per household.  The effort is also an attempt to get WA citizens to spend more in the lead up to Christmas. 

This initiative is the second bill credit package to be offered to WA households after the WA stimulus package that froze electricity, water and vehicle registration back in March. 

Read full article:
WA households to receive $600 electricity bill credit this week for more on how all Aussies can save on their electricity bills. 

Up to slash its top savings rate in November

Neobank Up offers one of the three top maximum savings rates on the Mozo database at 1.60%. However, that’s about to change. 

From the beginning of next month, this rate will drop by 0.50%, leaving it at a much sadder 1.10%. 

Compared to the rest of the market however, this rate still sits 59 basis points above the average.

Read full article:
Up will cut its rate-leading savings account in November to see which banks have cut their savings rates recently. 

2020 Mozo Experts Choice Awards: Westpac’s winning insurance

woman clapping about Westpac's Mozo Experts Choice Awards win

If you love all things banking, from savings, loans and even insurance, then Westpac may be the place for you. 

In fact, this year the bank won multiple awards in the recent 2020 Mozo Experts Choice Awards for Insurance

Westpac’s Home & Contents Insurance
stood above the crowd and took home both the Exceptional Value and Except Quality home and contents insurance awards this year. 

Read full article:
Westpac takes home multiple insurance awards in 2020 to learn more about these insurance awards.

What it costs to tie the knot in 2020 

This year has shaken up many things, with the wedding industry being one. In fact, stats from wedding planning site Easy Weddings showed that a massive 60% of couples have cancelled or postponed their 2020 wedding as a result of the global pandemic. 

Last year, the average price tag on a wedding venue was $15,264 and the average cost per guest was $157, said the Easy Weddings Australian Wedding Industry Report. 

However with COVID-19 restrictions still in play, for those who went ahead with the event prices dropped significantly. 

“The venue typically makes up the largest portion of the spend, but this can be reduced when guest numbers are lower and when off-peak dates are chosen,” said Amy de Groot, head of marketing & PR for Easy Weddings. 

“We’ve also seen a tremendous uptick in demand for our all-inclusive wedding packages, whereby couples can book all of their major suppliers for one flat rate, saving up to $5,000.”

Read full article:
How to get married in 2020: Popping the question around cost to deep dive into all things weddings! 

After a personal loan to help you reach your wedding dreams? Check out some great options below!

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Polly Fleeting
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.