Mortgage approvals, award-winning credit cards, share trading: All in this week’s best banking news

couple happy because mortgage approved
  • First home buyers cause surge in mortgage approvals
  • Mozo Experts Choice Awards for Credit Cards announced! 
  • Aussie share trading: how many of us are investing? 
  • Car insurance: Victorians pay more finds Mozo’s latest stats 
  • Standard electricity more costly than green plans 
  • Which businesses have been approved for the SME Loan Guarantee Scheme 

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

Home loan commitments rise as more first home buyers enter the market

Recent numbers from the Australian Bureau of Statistics have shown that mortgage approvals spiked by 12.6% over August. 

The Lending Indicators report showed that the number of home loan commitments bumped up to $21.3 billion, the highest monthly increase in the series’ 18 year history. 

In particular, first home buyers made up a solid 34.2% of these commitments. The number of approvals for this group of borrowers rose by 17.7% while the value also jumped up by 18.4%. 

The government’s HomeBuilder scheme also had a part to play, as owner occupier loans for construction purposes went up by 22.9% over August and 34% over the year. 

Read full article:
Mortgage approvals surge as first home buyers flock to the market for comments from Mortgage Choice CEO Susan Mitchell. 

Say hello to the 2020 Mozo Experts Choice Award winners for Credit Cards! 

This week, we announced the credit card winners for the 2020 Mozo Experts Choice Awards

Our expert judges compared 215 personal credit cards and 45 business credit cards from a whopping 75 different providers. 

There were a number of winners across the multiple categories, from low rate, no annual fee, balance transfer, rewards to business credit cards. 

One notable mention is that American Express was crowned Credit Card Provider of the Year for the fourth year in a row

Read full article:
Award winning credit cards revealed for 2020: Mozo Experts Choice Awards for the rundown of this year’s winners. 

More Aussies dabble in share trading during COVID-19 pandemic

man using his phone to share trade

New numbers from the Online Investing Report by research company Investment Trends has shown that in the first half of 2020 more Aussies are taking up share trading

The stats revealed that in the six months leading up to June 2020, the amount of Australian active online investors bumped up from 750,000 to 1.06 million. 

“Looking at the Investment Trends data, this is the first time that number has crept over the one million mark,” said Andrew Rogers, director of stockbroking at CMC Markets.

“We always see new investors, normally around 70,000, but in the six months to June which covers the initial COVID period we saw 265,000 new investors place a trade - so about four times higher than average.”

Read full article:
Buying Apple now as easy as Westpac for Aussie share traders and see which stocks are performing well right now. 

Mozo finds that Victorians are forking our more in car insurance payments 

Victorian drivers pay on average $229 more on car insurance than other Aussies, finds Mozo’s 2020 Car Insurance Report. 

It was also revealed that 74% of Victorians are using their car less than this time in 2019. 

On the flip side, stats showed that Tasmanians pay the least in car insurance premiums. With an average yearly premium of $752, drivers in Tassie pay approximately $200 less than the rest of the country ($429 less than those from Victoria). 

Read full article:
Victorians pay more in car insurance, finds Mozo research for a breakdown of the cost of premiums state by state. 

Does it really cost more to go green on your energy?

girls on their phone using green power

Recent Mozo data has revealed that going green may not be more expensive than standard electricity

In fact, analysis showed that the cheapest green energy plans were better value than the average electricity plan: saving Aussies from $32 to over $200 a year (depending on where you live). 

For example, in Adelaide energy customers could potentially save $257 each year by making the switch to the cheapest green energy option on the Mozo database - the Powershop Shopper Market Offer Plan. 

In other cities, Sydney customers within the Ausgrid region could save $166 per year, while those in Canberra could save $106, Brisbane $105 and Inner Melbourne $43. 

Read full article:
Mozo research reveals green plans cheaper than standard electricity and find out where to find the best electricity plans in 2020.  

SME Loan Guarantee Scheme: who’s snagged approval so far? 

New stats from CommBank show that businesses in NSW and Victoria have secured the largest proportion of the SME Loan Guarantee Scheme’s funding so far. 

The two states have taken almost two-thirds of Commonwealth Bank’s government-supported loans: NSW (38%) and Victoria (26%). Coming in third place is Queensland at 16%. 

The first phase of this scheme meant that the government guaranteed half of all unsecured three-year business loans (up to $250,000) from 41 lenders, including CommBank and ANZ. 

Phase two is fast approaching and will mean that loan terms will be extended to five years and loan amounts will increase to $1 million. 

Read full article:
SME Loan Guarantee Scheme: Which businesses have been approved, and will you fit the bill for phase two? for more stats from CommBank’s report. 

Intrigued by the 2020 Mozo Experts Choice Award winners and want to compare them to the rest of the market? Check out some options below!

Compare Credit Cards - rates updated daily

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure.
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    Bendigo Bank Low Rate Credit Card

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    Bankwest Breeze Mastercard

    Enjoy 0% p.a on balance transfers for 15 months then 9.90% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Breeze Mastercard customers only.

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    Westpac Low Rate

    Enjoy a super low rate of 13.74% with 55 days interest free plus 0% balance transfer for up to 28 months at 1% BT fee. No annual card fee for the first year, $59 thereafter.

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    Citi Simplicity

    There is no annual fee ever, you'll get up to 55 days interest free, free wine when you dine with the Citi Dining Program and the convenience of worldwide acceptance with Visa and Visa payWave. Plus for the first 6 months you'll enjoy 0% on balance transfers.

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    Defence Bank Foundation Credit Card

    Defence Bank Low Rate Credit Card offers a 3.99% p.a. 6 month introductory rate on balance transfers, purchases and cash advances. Up to 55 days interest free on purchases.

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    HSBC Platinum Credit Card

    0%p.a. on balance transfers for 36 months with no balance transfer fee. Terms and Conditions apply. Mozo Experts Choice Premium Rewards and Balance Transfer Platinum Credit Card Winner 2020.

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^See information about the Mozo Experts Choice Credit Cards Awards

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