New home loans surpass $30 billion, NZ travel money options & the truth about your savings: This week’s best banking news

- Faster home loan application turnarounds
- The Reserve Bank of Australia holds the cash rate
- New Zealand travel money options
- New home loan commitments surpass $30 billion
- Tick off your May 2021 Financial Checklist
- The truth about your savings
All in this week’s best banking news recap: editor’s pick.
Faster turnarounds on mortgage applications
Keen to join the property market but concerned about long home loan approval wait times? Well, worry not - because in 2021 mortgage applications are getting approved quicker than ever.
While cautions raised by the Hayne Royal Commission have led to slower application turnarounds over the past few years, many lenders are now shifting their focus more towards helping eager Aussie home buyers enter the market.
Read full article: Does it take long to get a home loan in 2021? Read the full article to find out!
RBA holds the cash rate yet again
There are two kinds of people in the world: those who obsessively refresh their newsfeeds at exactly 2:29 pm every second Tuesday of the month to find out the RBA’s decision, and those who think that the RBA is some sort of sports association.
Well, assuming you’re somewhere in between these two groups then you might be yet to hear that the Reserve Bank of Australia kept the cash rate on hold this month, keeping the cash rate at 0.1% for the sixth consecutive month since November last year.
Read full article: RBA upgrades economic forecast in May meeting to find out what went down in this month’s board meeting and how it affects you.
Your New Zealand travel money options unpacked

It’s been a little over two weeks since the Trans-Tasman travel bubble opened up allowing Aussies to jet-set off to New Zealand without having to do the mandatory two-week hotel quarantine period.
So if you’re itching for a holiday after spending the year stuck at home thanks to COVID-19 border closures then now could be the time to take the plunge.
As we said, you might be a little out of practice when it comes to the whole travel thing - so check out the article below for a rundown on some of the different travel money options available if you’re heading over to New Zealand.
Read full article: New Zealand travel bubble: what are your credit card options? For all your New Zealand travel money options.
New home loan commitments pass the $30 billion mark
There’s been a lot of news circulating about the Aussie property market lately - but did you know that new home loan commitments have officially surpassed the $30 billion mark?
That’s right, according to the latest ABS lending data the number of new home loans has gone up by a whopping 5.5% over the past month.
This is largely linked to a renewed investor confidence, with investors attributing to more than half of the increase.
Read full article: New home loans rise to surpass $30 billion for the full scoop.
Start ticking off your May 2021 Financial Checklist

We’ve officially entered the month of May and boy is it starting to get cold! Which means there’s no better time to curl up on the couch and catch up with your May 2021 Financial Checklist.
On the agenda this month is:
- Cheap Mother’s Day gift ideas
- EOFY to-do list
- Intel on the latest home renovation loan deals
- The DL on living off-grid with Aussie Survivor star Aimee Stanton
- Learn how to make the most of Mercury retrograde this Taurus season
Read full article: May 2021 Financial Checklist for the whole shebang!
The truth about your savings
With savings interest rates dropping like flies over the past year or so, the future’s looking quite grim in the world of savings.
To put things into perspective, the average ongoing savings rate in the Mozo database currently sits at a mere 0.44%*. So gone are the days of doubling your money with a high interest savings account.
But with no sign of rates going back up any time soon, you might be wondering how to get yourself a little more bang for your buck.
Read full article: Savings goals or investing: What does your savings future look like? to find out how to get the most out of your savings while interest rates are still low.
While interest rates are at an all-time low, the best way to find a more competitive deal in the current climate is by doing your research. Use our handy savings account comparison tool below to start your search:
Compare High Interest Savings Accounts today - rates updated daily
Future Saver Account - 14 to 35 years
Maximum rate
standard interest rate
Govt Deposit Guarantee
3.00% p.a. (for $0 to $50,001)0.05% p.a.(for $0 and over)Yes up to $250,000Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions. Bonus interest criteria waived for account holders 14-17 years of age.
Future Saver Account - 14 to 35 years
Enjoy bonus interest each month when you meet the criteria. No monthly fees. Open an account in minutes. Open up to 9 accounts. Transaction round-up for faster saving. Personalised insights and goal tracking. For customers aged 14-35 years.
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Everyday Account and 5 eligible transactions are made by the linked account. Bonus interest criteria waived for account holders 14-17 years of age.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $1.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Future Saver Account - 14 to 35 years
AMP Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.35% p.a. (for $0 to $250,000)0.10% p.a.(for $0 to $5,000,000)Yes up to $250,000Minimum deposit of at least $250 in the previous month.
AMP Saver Account
An ongoing total variable bonus rate of up to 1.35% per annum will apply each month if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2022 in the Savings category.^
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 1.35% per annum applies if customers deposit $250 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate of 1.35% p.a. is earned on your account balance the month after you deposit $250 and is paid the following month. Available on balances up to $250,000. Maximum balance per customer name is $5,000,000.
Read our Mozo Review to learn more about the AMP Saver Account
- Featured Product
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.60% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Bonus Saver Account
Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
Youth eSaver
Maximum rate
standard interest rate
Govt Deposit Guarantee
No Current Offer3.25% p.a.(for $0 to $5,001)Yes up to $250,000Youth eSaver
3.25% p.a. interest rate on balances up to $5,000; 1.00% p.a. interest rate on balance over $5,000. $0 monthly account fees to pay. Add and withdraw your savings without affecting your interest rate. Comes with an Everyday Youth Account. Available to applicants aged 10 to 17 only.
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $1.00
- Other restrictions
- Child must be aged 10-17 and sole account owner. Max 1 Youth eSaver account per eligible child. Must link to a transaction account.
Read our Mozo Review to learn more about the Youth eSaver
High Interest Savings Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.10% p.a. (for $0 to $250,001)1.00% p.a.(for $0 to $250,001)Yes up to $250,000Bonus rate for the first 4 months from account opening
High Interest Savings Account
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
- 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
Read our Mozo Review to learn more about the High Interest Savings Account
Smart Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.00% p.a. (for $0 to $250,001)0.05% p.a.(for $0 and over)Yes up to $250,000Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions.
Smart Saver Account
BOQ’s high interest savings account lets you enjoy bonus interest each month when you meet the criteria. No monthly fees. Link up to 9 eligible transaction accounts. Round up your transactions. For customers aged 36 years and over. Apply in minutes.
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Everyday Account and 5 eligible transactions are made by the linked account.
- Access
- BPay, Branch access
- Minimum balance
- $1.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Smart Saver Account
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