Mortgage deferrals, financial stress, green loans: this week’s best banking news

- Mortgage deferrals about to end: 450,000 Aussies to be affected
- Financial stress highest amongst millennials says JD Power
- Green loans v regular loans: how do they stack up?
- Queensland Government introduce $50 credit for electricity customers
- Paypal, Visa drops instant IMT service
- Savings cut: Volt reduces rate by 0.20%
All in this week’s best banking news: editor’s pick.
450,000 Aussies face mortgage and business loan deferrals ending
Home loan and business loan deferrals are set to end in September and October, meaning a massive 450,000 will have to start making regular repayments again.
This is according to the Australian Banking Association, who says that 260,000 mortgage customers will be contacted by their lender over the next few weeks. Plus, 105 business loan holders will also be contacted.
“The loan deferral measure offered to customers by Australia’s banks has led to the largest ever customer contact process in the industry’s history, with an additional 5000 new or redeployed staff working to ensure customers understand their options,” said ABA chief executive, Anna Bligh.
Customers will face a six month assessment to determine whether their loan deferral will be extended, restructured or come to an end.
Read full article: 450,000 Australians are about to get a call from their banks as mortgage deferrals end for a deeper look at what the change could mean for you.
Young Aussies most likely to be stressed about their finances, says JD Power
Millennials are more likely to be stressed about their finances than their older counterparts, reveals new research by JD Power.
Stats showed that a massive 41% of young Aussies say they had high or moderate levels of stress when it comes to their money. Plus, one in five aren’t impressed with their current financial situation and find it tough to manage their finances.
“Millennial finances have been hardest hit by the pandemic and it will take time for their personal financial condition to recover,” said Bronwyn Gill, head of banking and payments intelligence at J.D. Power Australia.
However, 16% of millennials have taken charge and switched banks over the last year, with interest rates and fees being the top reasons for doing so.
Read full article: Millennials more likely to be financially stressed, says JD Power to find out which banks are stepping it up for millennials.
Is a green loan a better option over a regular loan?

If you’ve got a large eco-friendly project around the corner, a green loan may be what you’re after.
These loans cover things like solar panels, water tanks, green vehicles and more! But is it the best option for you?
According to the Mozo database, green loans have a lower average rate than regular loans. Here’s a breakdown:
- Multi-purpose Secured Loan: 8.09%
- Green Multi-purpose Secured Loan: 6.29%
- Unsecured Loan: 10.47%
- Green Unsecured Loan: 7.73%
- New Car Loan: 6.58%
- Green Car Loan: 6.23%
“Not only do green personal or car loans make it easier for Aussie customers to fund their eco-friendly initiatives, lower rates also act as a reward for people choosing more sustainable options when it comes to their home or car,” Mozo Director, Kirsty Lamont said.
Read full article: Do green loans stack up against regular loans? for a full rundown of which lenders offer green loans right now.
Qld Govt offers second power bill relief package
This week, the Queensland State Government announced a new initiative to help queenslanders during the pandemic: a $50 electricity bill credit.
The credit will be added to the next bill received by around two million electricity customers.
According to Queensland Energy Minister, Dr Anothony Lynham, another $50 credit will be given some time in 2021.
This is the second energy relief initiative offered by the Queensland Government, after it’s first $300m package which provided up to $200 credit for queenslanders’ utility bills.
Read full article: Queensland Government announce $50 electricity bill credit to find out how queenslanders can save big on their energy bills.
Need to send money overseas instantly? Meet PayPal’s Instant Transfer

Launched in the US in March 2019, PayPal’s Instant Transfer now allows worldwide users (including Aussies) to make almost real-time Volt Bank to cut savings account rate by 0.20% to see how other neobanks compare.
On the hunt for a more competitive savings account rate? Check out some killer options below!
Compare Savings Accounts
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Hi Saver
4.50% p.a. (for $0 and over)
0.20% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
CompareCompareHi Saver
Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
- Maximum rate
- 4.50% p.a. (for $0 and over)
- standard interest rate
- 0.20% 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 for the first 4 months from account opening
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about P&N Bank savings accounts
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Mozo experts choice awards won:
- Kick Start Savings - 2025
- Highly Commended SMSF Savings Bank - 2025
High Interest Savings Account
5.15% p.a. (for $0 to $250,001)
3.70% 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
- 5.15% p.a. (for $0 to $250,001)
- standard interest rate
- 3.70% 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. Minimum age for applying from a Rabobank Online Savings Account is 18 years.
Read reviews and learn more about Rabobank savings accounts
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Boss Saver
4.90% p.a. (for $0 to $100,001)
0.45% p.a.(for $0 and over)
Yes up to $250,000
Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
CompareCompareBoss Saver
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
- Maximum rate
- 4.90% p.a. (for $0 to $100,001)
- standard interest rate
- 0.45% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Minimum of $500 deposited into a linked BCU Access Account, and at least 5 eligible Visa Card transactions made from that linked account.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about BCU Bank savings accounts
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Life - 18-29 years old
5.00% p.a. (for $0 to $30,000)
0.40% p.a.(for $0 and over)
Yes up to $250,000
Make 5 eligible card purchases per month with a linked Westpac Choice account, make one eligible deposit and grow the balance each month. Account balance must not fall below $0.
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
CompareCompareLife - 18-29 years old
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
- Maximum rate
- 5.00% p.a. (for $0 to $30,000)
- standard interest rate
- 0.40% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Make 5 eligible card purchases per month with a Westpac Choice account and min 1 eligible deposit and account balance must not fall below $0 and should have higher balance on the last business day than at the beginning of the month in Life savings account.
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account.
Read reviews and learn more about Westpac savings accounts
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Savings Accelerator
3.10% p.a. (for $0 to $50,000)
2.35% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers who open an account after June 9 2025 receive an introductory bonus 0.75% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Accelerator
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 3.10% p.a. (for $0 to $50,000)
- standard interest rate
- 2.35% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- New ING personal savings customers who open an account after June 9 2025 receive an introductory bonus 0.75% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read reviews and learn more about ING savings accounts
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Life
4.50% p.a. (for $0 and over)
0.40% p.a.(for $0 and over)
Yes up to $250,000
Minimum one deposit and higher balance than at the beginning of the month
CompareCompareLife
- Maximum rate
- 4.50% p.a. (for $0 and over)
- standard interest rate
- 0.40% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Minimum one deposit and higher balance than at the beginning of the month
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about Westpac savings accounts
Your selected interest rates
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^See information about the Mozo Experts Choice Savings Account Awards
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