Mozo Money Moves: property prices soar, RBA expected to hold, cashback offers intensify, and ING rewrites rewards rules

Welcome to Mozo Money Moves, your weekly round-up of what’s affecting your money and shaping your financial decisions. This week, we're examining the spring selling season, where a surge in the housing market is turning heads. We'll explore why home prices are setting new records and how lenders are responding to renewed consumer confidence with enticing cashback offers. With the next cash rate decision just around the corner, we'll also break down why the market is expecting a "hold" and what that means for your budget. Plus, we've got a new edition of our popular 'versus' series, pitting two major home insurers against each other, and all the tips you need to prepare for Black Friday, as well as other helpful money moves.

House prices climb as optimism blooms

Australia's housing market is greeting the spring season with a strong surge of optimism and rising prices. The latest PropTrack Home Price Index for August reveals that national home prices increased by 0.5% for the month, reaching a new record high. This marks the eighth consecutive month of growth, with the median Australian home gaining approximately $47,900 in value over the past year.  

The PropTrack data also highlights a fascinating two-speed market. While prices in capital cities rose by 0.5% in August, regional areas also saw a climb of 0.3%. Over the last 12 months, however, regional prices have been the standout performer, growing by 6.6% compared to the 4.9% increase in the capitals. This sustained outperformance by regional markets suggests that the search for lifestyle and affordability continues to be a powerful, underlying force in the property market. 

This renewed momentum is directly tied to the RBA's recent policy decisions. The PropTrack report attributes the market's acceleration to a series of interest rate cuts that have boosted borrowing capacity and improved consumer sentiment. 

This sentiment is further confirmed by the latest NAB Residential Property Survey, which shows its market sentiment index surging to its highest level in a year at +44 in the June quarter. The survey notes that this confidence is widespread, with NAB's Home Lending Executive, Denton Pugh, observing that more Australians, especially first home buyers, are now taking steps to purchase a home. 

The survey found that first home buyers now account for 34% of those interested in buying, which is the highest share since 2022. This indicates that the central bank’s recent easing cycle is having the intended effect of stimulating economic activity and encouraging a segment of the market that was previously held back by high rates.

The RBA's September stance: will they hold?

All eyes are on the Reserve Bank of Australia (RBA) as its board prepares to meet on September 30 to decide the fate of the cash rate. Following the August rate cut to 3.60%, the consensus from Australia’s leading financial experts is that the RBA will opt for a "prudent pause" this month.  

According to Bendigo Bank’s Chief Economist, David Robertson, the central bank is likely to hold the rate due to higher-than-expected inflation data and a more resilient GDP than previously forecasted. The RBA will likely wait for the full third-quarter data, which won't be available until late October, before making another move. 

This patient approach reflects a commitment to a data-dependent strategy rather than a predetermined path of continuous cuts. The central bank is giving itself time to assess the full impact of its recent easing cycle, which is already visible in the strengthening housing market.  

This view is echoed by the nation's biggest financial institutions. The Big Four banks all share the same forecast: a September hold, with the next 25 basis point cut not expected until November. The market itself reflects this near-certainty, with the ASX's RBA Rate Tracker indicating an 80% expectation of "no change" at the upcoming meeting. 

When such a broad range of experts and market indicators are aligned, it provides a powerful signal to consumers. It suggests that while the long-term trend is still towards a lower cash rate, the immediate future is one of stability. For households, this means they can budget with a high degree of confidence that their loan repayments won't see a significant change this month.

The week's top variable home loan rates

While the RBA weighs its next move, the home loan market remains fiercely competitive. Lenders are vying for borrower’s business, and the rates on offer reflect that.

Mozo variable home loan rate leaders (OO, P&I, LVR <80%)

This table illustrates a critical point for any prospective borrower: always look past the headline interest rate and scrutinise the comparison rate. For example, a quick glance might lead you to believe that SWS Bank's loan with a 5.10% p.a. interest rate is the lowest available. However, the 5.77% p.a. comparison rate* tells a different story.

The difference is due to fees and charges that a lender may apply, which can add up to a significant amount over the life of the loan. This is why a product with a slightly higher interest rate but a lower comparison rate might be the better financial decision in the long run.

Rival lenders rising: alternatives in the investor market

Australia’s big four banks may still dominate headlines but savvy property investors may want to turn their attention to the growing field of challenger lenders. According to Mozo’s latest data, several non-major providers are now offering noticeably better investor loan rates – with advantages that go well beyond just interest savings.

Here’s a look at standout offerings from these challenger lenders:

Source: mozo.com.au as at 5 September 2025, Rates are for investor, principal and interest loans at $500,000, with maximum 90% loan to value ratio. 

*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.

These alternative lenders offer more than just lower rates. Features like loyalty discounts, flexible offset accounts, and higher LVR thresholds can deliver real financial and convenience advantages, particularly for investors looking to optimise their long-term returns.

Lenders aim to entice with cashback and special offers

With the RBA in a rate-cutting cycle and consumer confidence on the rise, lenders are engaging in a fierce battle to win new customers. This has led to a major "refinancing war," where lenders are pulling out all the stops to get borrowers to switch. 

Some of the standout offers include:

• IMB Bank. Offer up to $4,000 cashback for refinancing a loan of $750,000 or more.  
• ME and Greater Bank. Both offer up to $3,000 in cashback, though each has its own set of eligibility criteria, such as minimum loan amounts and LVR requirements.  
• ANZ and Newcastle Permanent. Offer significant cashback incentives to attract new business.
• CBA. Offers new Digi Home Loan customers up to 300,000 Qantas Points, tiered by loan size.

It’s important to remember that cashback offers are typically subject to terms and conditions.

The abundance of these offers underscores the power of a competitive market. Lenders know that borrowers are more willing to shop around and switch providers, so they are sweetening the pot with thousands of dollars in cash. This is a powerful advantage for any consumer looking to reduce their monthly repayments, but it requires being proactive and comparing not just the headline rate, but the full package of incentives and fees.

ING scraps conditions for cashback and fee-free perks

This trend toward consumer-friendly products is also visible in ING's latest announcement. The bank has simplified how its Orange Everyday and Orange One customers access benefits by removing the previously required monthly eligibility criteria. 

Starting October 15, all customers with these accounts will automatically receive a 1% cashback on eligible utility bills (up to $100 per year) and no ING international transaction or ATM withdrawal fees. This move towards simplicity is a welcome change from complex, 'hoops to jump through' products that have frustrated consumers for years. 

It represents a significant shift in banking philosophy, where simplicity and transparency are becoming key selling points in a bid to make banking more rewarding and accessible for all.

Aussie women missing out on billions in super

A new report from the Super Members Council (SMC) has shone a light on a critical and often-overlooked issue in Australia's financial landscape: unpaid superannuation for women.

The report reveals that Australian women were underpaid a staggering $1.9 billion in a single year, with one in four working women affected. This results in an average loss of $1,300 per year, which can accumulate to as much as $26,000 in lost savings by the time they retire. The issue is a major contributor to the gender super gap, which sees women retiring with a quarter less super than men.  

The SMC has identified two key reasons why women are particularly vulnerable to this problem. First, the current system allows employers to pay super quarterly, with a one-month grace period, meaning funds can be held by the company for up to four months. If the company collapses during this time, the super may never reach the employee's fund, and women are disproportionately at risk as they are over-represented in sectors like retail and hospitality, which have higher rates of business failure. 

Second, the long delay between when super is earned and when it is due makes it difficult for employees to know if a payment is merely delayed or has been skipped entirely. By the time a problem is detected, it's often too late, and for women in casual or insecure jobs, the fear of losing work can make it harder to raise the issue.  

While a major reform called 'payday super' is being considered to address this systemic flaw, the SMC warns that it is not a complete solution. To protect themselves, the SMC advises women to be proactive. This includes checking their super fund directly, as a payslip only shows what should be paid, not what has been deposited. Watch payment deadlines, raise any issues with their employer, and if necessary, lodge a complaint with the Australian Taxation Office (ATO).

This week’s showdown: QBE vs. Allianz home insurance

Welcome to this week’s instalment of our 'versus' series, where we put two of Australia’s biggest insurers head-to-head. Choosing a policy isn’t just about cover limits and discounts, it’s also about service and experience.

Both QBE and Allianz offer solid home and contents insurance with many of the same fundamentals: cover for your building and belongings, protection against major events, and flexible options to adjust your cover. See the QBE vs Allianz analysis for the full breakdown.

No Spend September: are you ready for the challenge?

With the first week of September behind us, now is the perfect time to get on board with the "No Spend September" challenge. This 30-day initiative is more than just a budgeting hack; it’s a mindfulness exercise that encourages you to regain control over your finances and stop your "spending auto-pilot". It's about embracing the "joy of missing out" (JOMO) and using that time and money to build better financial habits.

Participating in the challenge offers a number of key benefits. By intentionally cutting out non-essential spending, you can identify your good and bad money habits, reallocate saved funds toward key financial goals like paying off debt or building a savings buffer, and sharpen your decision-making skills. A successful "No Spend September" can give you the mental clarity needed to make smarter, more deliberate financial choices.  

To get started, the challenge is simple to tailor to your own needs. First, you define what "no spend" means for you – whether it's cutting out daily coffees or pausing all discretionary spending. Next, create a plan to avoid impulse purchases, and find an "accountability buddy" to keep you on track. 

As you go, you should track your weekly progress and, most importantly, put the money you save directly into a high-interest savings account to see your hard work pay off in real time. Finally, be sure to celebrate your achievement at the end of the month – you've earned it.

Black Friday 2025: shopping smarter and saving more

While it may feel far away, Black Friday is just around the corner on November 28th. The key to navigating this spending frenzy is to get ahead of the game and turn yourself from an impulsive shopper into a strategic one.

The first step is to create a master list of everything you actually need, whether it's Christmas presents or household upgrades, and set a specific spending cap for each item. You can also build a "war chest" by using a goal saver account to put money aside for the sales, or even use cash on the day to enforce discipline and avoid overspending.  

One of the most important tips for Black Friday is to spot the "fake discounts." Some retailers may inflate their prices before the sales to make their discounts seem more significant than they actually are. To avoid this, you can use digital tools like GetPrice to check the cost history of products and ensure you are getting a genuine deal. 

The ultimate strategy for a successful Black Friday is to combine online preparation with a strategic in-store approach. You can create wishlists and sign up for early alerts online, while preparing for your in-store trip with a clear priority list. This way, you take control of the shopping experience and ensure you come away with genuine savings rather than a case of buyer's remorse.

If you’re paying by card, consider a rewards or cashback credit card to maximise purchases. Be sure to clear the balance in full each month so you pocket the perks without the sting of interest.