Mozo Banking Roundup November 2019

By Peter Marshall ·

With the end of 2019 right around the corner, there's plenty of new offers, product changes and rate movements to report on in this edition of the Mozo Banking Roundup.

Home loan interest rates are still shifting after the latest RBA rate cut, while there's less movement in personal loan rates. And while many savers won't be feeling very festive going into December, the good news is that some of the new players shaking up the market are staying true to their hype, and continuing to offer some pretty decent savings rates and term deposit rates among a distinct downward trend from more traditional players.

Key facts

  • Some providers were playing catch-up in November, passing on variable home loan rate changes that were a response to the October rate cut. Most fixed rate cuts were directed to terms of 3 years or less, and benefited investors more than owner occupiers. Also this month, one of the developing neobanks delivered its home loan suite!
  • Christmas decorations are up in the shops, and there are some new credit card introductory purchase rate offers available.
  • There were limited changes made to personal loans in November, but a range of lenders sharpened rates, one of which saw the lender’s product pushed into the 10 best rates of the products we track for its type.
  • By holding rates while others have continued cutting, two neobanks are living up to their promise of better deals, now offering the best ongoing bonus savings account rates in our database.
  • Term deposit rate cuts have slowed, but one provider has increased rates, now standing head and shoulders above everyone else, particularly for longer terms.

Home Loans

Although the RBA sat on its hands this month, possibly concerned that moving again so soon would damage consumer confidence, there were still a reasonably large number of home loan rate cuts as some providers implemented their response to the October change. Most reductions to fixed rates were applied to the 1 to 3 year terms, skewed toward investor rates which still tend to be higher than for owner occupiers.

Key Changes - Variable Rates

  • 86 400 is the first of the ‘neobanks’ to enter the mortgage market with its Own Home Loan product. Its owner occupied offering is priced at 3.09% (3.36% comp rate*) while the investment option is 3.44% (3.71% comp rate*). The loan comes with an attached 100% offset and a yearly service fee of $250. For now, the loan is only available through the broker distribution network and borrowers cannot apply direct.
  • A selection of lenders were still making cuts in early November in response to the October RBA cash rate cut. These included: bcu (16-25bp), Community First Credit Union (15bp), Macquarie Credit Union (12bp), Police Credit Union (14bp), Queenslanders and Queensland Country Credit Unions (25bp), Southern Cross Credit Union (15bp), Teacher Mutual Bank (13bp) and Unity Bank (11bp).
  • IMB Bank shaved 5bp from its Budget and Essentials home loan offerings, now 3.13% (3.19% comp rate*) and 3.23% (3.37% comp rate*) respectively.
  • P&N Bank cut 50bp from its packaged Simple Home Loan product, now priced at 3.17% (3.17% comp rate*).
  • Qudos Bank took a further 10bp off rates in its investment lending suite on top of its October reductions. For investors making principal & interest repayments at 80% LVR, its packaged rate now comes in at 3.43% (3.84% comp rate*).
Major Banks
Basic Variable, Owner Occupier
Variable rate
Comparison rate*
ANZSimplicity PLUS3.24%3.28%
CommbankExtra Home Loan3.22%3.23%
NABBase Variable Rate Home Loan3.20%3.24%
WestpacFlexi First Option Home Loan3.18%3.19%
Major Banks
Best package variable rates, Owner OccupierVariable rateComparison rate*
ANZOver $500,000 (LVR<80%)3.89% 4.30%
CommbankOver $750,000 (LVR<95%)4.10%4.71%
NABOver $750,000 (LVR<95%)3.87%4.28%
WestpacOver $150,000 (LVR<70%)3.44%3.85%
Rate leader, best variable rate for Owners, 80% LVRVariable rateComparison rate*
Reduce Home Loans - Low Rider2.69% for 5 years then 2.59%

Key Changes - Fixed Rates

  • 86 400 also launched with a fixed offering. Owner occupier rates range from 3.29% (3.39% comp rate*) for a 1 year term, 2.88% for 2 and 3 year terms, (3.33% and 3.32% comp rates, respectively*) and 3.39% (3.49% comp rate*) for a 5 year rate.
  • bcu cut between 25 and 51 basis points from its range of 1, 3 and 5 year fixed rates. For owner occupiers its 3 year fixed is now priced at 3.08% (4.09% comp rate*)
  • Greater Bank cut 10 to 12bp for its Great Rate and Ultimate fixed rate products for investors. The Great Rate is now advertised at 3.27% (4.04% comp rate*) fixed for 3 years.
  • reduced its fixed range 1 to 3 years by 20bp for all borrower types, offering rates as low as 2.99% for both 2 year (3.29% comp rate*) and 3 year (3.27% comp rate*) fixed terms.
  • Suncorp also reduced portions of its fixed lending suite in November, cutting 10 to 40 form its 2, 3 and 5 year rates. The highlight of its current offerings is its fixed 5 year 2.99% (3.27% comp rate*) for eligible first home buyers, reverting to a 3.44% variable rate.

Major banks - Best package fixed rates, Owner Occupier

1 year (comparison rate*)2 years  (comparison rate*)3 years (comparison rate*)4 years (comparison rate*)5 years (comparison rate*)
3.28% (4.60%)
2.98% (4.45%) 2.98% (4.35%) 3.53% (4.43%) 
3.53% (4.38%)
CBA3.29% (4.61%)2.99% (4.47%)2.99% (4.37%)3.49% (4.44%)3.49% (4.38%)
NAB3.19% (4.48%)2.98% (4.36%)2.98% (4.26%)3.19% (4.24%)3.19% (4.17%)
Westpac3.19% (3.82%)2.88% (3.75%)2.88% (3.71%)3.39% (3.83%) 3.39% (3.83%)

Rate leader, best fixed rate for Owners at each termFixed rateComparison
1 year
Well Home Loans2 years2.68%2.84%
UBank3 years2.69%3.19%
Bank of Melbourne
4 years2.84%3.63%
Citi5 years2.74%3.26%

*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.

Credit Cards

The introduction of a couple of new long term introductory purchase rate offers this month should bring some cheer to Christmas shoppers looking for a new card. Other than that some bonus points offers were changed, Citi increased rates on one of its cards, and Jetstar dropped its annual fees.

Key changes

  • American Express ended the 120,000 bonus point offer for the Qantas Ultimate Card which now has 55,000 bonus Qantas Points with a $3,000 required spend in the first 3 months.
  • Bendigo Bank introduced an offer of 0% interest for the first 15 months on the Low Rate Mastercard.
  • Citi increased the purchase and cash advance rate of the Simplicity Card from 19.99% to 21.49% and 22.24% respectively.
  • Commonwealth Bank added an introductory offer of 0% interest for 15 months on the Low Fee and Low Rate Gold Credit Cards. The bonus rewards point offers were also extended for the range of Awards Credit Cards.
  • David Jones increased the rewards bonus points available with 40,000 Membership or 20,000 Qantas Points available on the American Express Card (previously 15,000 and 7,500) and 50,000 Membership and 25,000 Qantas Points on the Platinum Card (previously 30,000 and 15,000).
  • Jetstar reduced the ongoing annual fee from $99 to $69 on the Rewards Mastercard with Qantas Points, while introducing discounted annual fees for the first year on their range of cards starting from $13 for the Jetstar Dollars Rewards Mastercards.
  • Macquarie Bank removed the introductory annual fee from the Black and Platinum Qantas Rewards Cards and reduced the available bonus points from 40,000 to 20,000 with a $2,000 required spend in the first 60 days.
  • Qantas Money reduced the bonus points offer on the Qantas Premier Everyday Card from 7,000 to 5,000 bonus points per month when $1,000 or more is spent and limited the time frame from the first 6 months to 5 months.
MajorsSummary of card offers
ANZ- 0% for 18 months BT (+2% fee) on First & Platinum.
- 0% for 15 months BT on Low Rate.
- 25k to 100k bonus points on Frequent Flyer and Rewards.
Commbank- 5.99% for 5 months BT on all cards.
- 0% for 15 months purchase rate on Low Fee Gold and Low Rate Goldcards.
- $0 first year annual fee on Low Fee, Low Fee Gold cards and if spend
- $1,000 p.a ($10,000 p.a. for Gold).
- 5% cashback up to $100 per month for first 3 months on Low Rate.
- 30k to 120k bonus points on Awards cards.
NAB- 0% for 6 months BT (+2% fee) on all cards.
- 0% for 6 months intro purchase rate on Low Rate, 15 months on Platinum.
- Between 30k and 120k bonus points on Qantas and Rewards cards.
Westpac- 0% for 9 months purchase rate on Low Fee.
- $0 first year annual fee, 0% for 16 months BT on Low Rate.
- $0 first year annual fee on Low Fee and Low Fee Platinum in first year and if spend $5,000 p.a. ($10,000 p.a. for Platinum).
- $49 reduction in first year annual fee for Altitude Platinum with Amex.
- $100 reduction in first year annual fee for Altitude Black with Amex.
- 60/80k bonus points on Altitude Platinum, 80/100k on Altitude Black.
- 90/125k bonus points on Altitude Platinum with American Express, 100/140k on Altitude Black with American Express.

Top offers

0% purchase
Bank of Melbourne Vertigo Platinum 15 months
BankSA Vertigo Platinum
Bendigo Bank Low Rate Mastercard
Commonwealth Bank Low Fee Gold
Commonwealth Bank Low Rate Gold
NAB Low Rate Platinum
St.George Vertigo Platinum
0% BT
Citi Platinum 26 months (1.5% fee)
Lowest purchase
G&C Mutual Bank Low Rate Visa 7.49%
Bonus points
Bank of Melbourne Amplify Signature 200,000 Amplify
BankSA Amplify Signature
St.George Amplify Signature
Qantas Money Qantas Premier Titanium 150,000 Qantas

Personal Loans

Personal loan interest rates have been quite static over the last month with a very small volume of changes recorded. Most changes were reductions, mixed between unsecured and car loans. Pepper Money’s cut sees its minimum rate squeak into the top 10 rates for unsecured loans in the Mozo database.

Key Changes

  • Australian Unity increased the variable rate for its Unsecured Personal Loan by 3% from 11.99% (comparison rate 13.35%) to 14.99% (comparison rate 16.36%).
  • Bankwest special ended on its fixed rate Car Loan which increased by 1% to 7.99% (comparison rate 8.76%).
  • Community First Credit Union reduced interest rates by 1% for Unsecured Fixed and Variable Personal Loans from 12.99% (comparison rate 13.28%) to 11.99% (comparison rate 12.28%).
  • IMB Bank took 4bp off its New Car Loan, now 5.45% (comparison rate 5.80%) and reduced its Secured Fixed Personal Loan by 24bp, now 6.45% (comparison rate 6.80%).
  • Pepper Money cut its Unsecured Variable and Fixed Personal Loan minimum rates by 104bp with both now starting from 8.95% (comparison rate 10.56%).
  • Queensland Country Credit Union and Queenslanders Credit Union also reduced their New Car Loan by 1% which is now a low 4.99% (comparison rate 5.59%).

SecuredComparison Rate*UnsecuredComparison Rate*
12.45% 13.32%
Rate leaders

RateComparison rate* Green Car Loan (Secured)4.19%4.73%
G&C Mutal Bank
Symple Loans
Fair Rate Personal Loan (Unsecured)Personal loan (Unsecured)

*WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

Savings accounts

Savings account rates continue to fall. While neobanks Up and 86 400 didn’t change their ongoing bonus rates during November the provider that had the best rate a month ago slashed its rate by 50bp, leaving them both with what’s now the best rate of 2.25%. Four providers offer rates above this point as short term introductory offers, topping out at 2.50%.

Key Changes

  • Bank Australia cut the ongoing conditional rate of its Bonus Saver account from 2.00% to 1.70%. It also reduced the rate for its Online Saver by 25bp to 0.75%
  • HSBC cut 15bp from the ongoing bonus rate of its Flexi Saver product, now 1.75%.
  • ME reduced both the ongoing bonus and base rate of its Online Saving Account by 15bp. It now offers a bonus rate of 2.05%, reverting to 0.35% when customers do not make the required four tap & go on a linked transaction account each month.
  • MyState Bank cut 50bp from its Bonus Saver account, now 2.00%, and 25bp from its Special eSaver Account, now 0.50%
  • Teachers Mutual Bank and its subsidiaries, reduced the ongoing bonus rate of its Rewards Saver Account 15bp, to 1.60%, and the flat rate of its Online Savings Account by the same margin to 0.90%.
Major banks
Ongoing bonus rateIntroductory rate
ANZ1.60% Progress Saver
1.60% for 3 months  Online Saver
Commbank0.90% GoalSaver1.65% for 5 months NetBank Saver
NAB1.61% Reward Saver1.70% for 4 months iSaver
Westpac1.65% Life1.66% for 5 month eSaver

Rate leaders

86 400
2.25%Ongoing bonus
Heritage Bank
Online Saver
High Interest Savings
2.50% for 4 monthsIntroductory

Term Deposits

The pace of term deposit rate cuts has slowed, and November recorded the least number of rate reductions in the last 5 months. Most of the rates that did go up were by small amounts, however Judo Bank made some large increases to its rates for two years or longer. Across all providers tracked in the Mozo database, the term with the highest average rate is 3 months at 1.55%, while for 1 year its 1.50% and for 5 years 1.45%.

Key Changes

  • Bank of Sydney increased the rate on its 3 and 9 month rates by 5 and 20bp respectively, while cutting up to 20bp on the remainder of its terms.
  • Bankwest cut 10-25bp from terms shorter than 3 months, increased 5bp for terms ranging from 5 months to 3 years, and finally cut 5 and 10bp respectively for its 4 and 5 year terms.
  • Bendigo Bank cut between 5 and 20bp across the board. Endeavour Mutual Bank and Sydney Mutual Bank cut 20bp across all terms offered, its 12 month rate now comes in at 1.40%
  • Greater Bank cut most rates for terms shorter than a calendar year by 5 to 20bp. Its 6 month offering is now 1.45% for amount over $5,000.
  • Market leaders since their entry into the term deposit space three months ago, Judo Bank reduced its 6, 9 and 12 month terms by 5-10bp. However, its longer term rates have increased by up to 40bp, with the 5 year term now at 2.50%.
    ME cut between 5 and 25bp across all terms offered.
  • MyState Bank increased rates 20bp on its 3 and 6 months terms, now 1.90% and 1.70% respectively.
  • Suncorp reduced rates across the board by a margin between 5 and 45bp. A 12 month term is now priced at 1.40%
  • UBank cut 10 basis points from its whole range of Green Term Deposit rates, moving them largely in-line with its regular offerings.
Major Banks
Up to 1 year
1 year2 years
ANZ1.60% for 7 months 1.40%
Commbank1.50% for 8 months1.35%1.15%
NAB1.30% for 5 months1.20%1.15%
Westpac1.45% for 6 months1.20%1.20%
Rate leaders

Less than 1 yearBank of Sydney (9 months)
Bank of us (5 months)
Judo Bank (6 months)
1 yearJudo Bank2.00%
2 yearsJudo Bank2.20%
3 yearsJudo Bank2.30%
4 yearsJudo Bank2.40%
5 yearsJudo Bank2.50%

* rate tables based on a deposit of $25,000

The content of this report is produced using Mozo's extensive database of banking products, which is updated every day. 

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Peter Marshall
Banking expert

Peter Marshall has been working in the Australian banking and finance industry for over 20 years and oversees Mozo’s extensive product database. He is regularly sought out for his expert commentary and analysis on banking and interest rates trends by print, radio and TV media.