Property prices, tax returns, pet insurance awards: This week’s best banking news

• House prices fall again, but regional areas remain the same 
• Majority of Australians opting to save their tax return rather than spend it 
• Say hello to this year’s Mozo Expert Choice Awards pet insurance winners! 
• Small businesses struggling to recover: here’s what hurting them 
• Why car insurance is cheaper for female drivers 
• August in banking: last month’s roundup 

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

Property prices drop in August, the fourth month in a row 

The property market saw more drops in prices over August, shows new stats from CoreLogic. 

The latest numbers reveal that the home value index decreased by 0.4% last month, making it the fourth month in a row to see prices falling. However, the rate of decline has slowed down in comparison to previous months. 

CoreLogic’s head of research, Tim Lawless found that Melbourne led the decline, as prices fell by 1.2% in August (and by 4.6% since the COVID-19 pandemic began).  

Prices also fell in Sydney by 0.5% and Brisbane by 0.1%. On the flip side, Darwin (+1%), Canberra (+0.5) and Hobart (+0.1) actually recorded increases in their home values. 

Read full article: Property prices drop for fourth month in a row, but regional markets hold firm for more from Tim Lawless. 

More Aussies to save their 2020 tax return 

This week, research from ME Bank showed that over half (58%) of Australians intend to save their tax return, compared to 49% in 2019. 

And for those who are looking to spend it, more are doing so to boost their financial position rather than go on a shopping spree. 

For example, 21% said they plan to put the funds towards their home loans (compared to 17% last year), and 18% intend to invest it in shares or their superfund (up from 16% last year). 

The truth is however, there is a small bunch of Aussies that plan to spend their tax return on non-essential things. 22% said they’d happily use it to eat out, on entertainment or travel (1% lower than last year). 

Read full article: Most Aussies plan to save their tax return. Here's what to do with yours for comments from ME’s general manager of personal banking, Claudio Mazzarella.  

The Mozo Experts Choice Awards crowned for best pet insurance 2020

Got a fur-baby? You might want to check out this year’s Mozo Experts Choice Awards for best pet insurance. 

Mozo Expert, Peter Marshall says that it's crucial that pet owners shop around for the right policy to suit their fluffy family member. 

“The key for any pet owner is finding a policy that will not only cover your pet if something unexpected happens, but finding one you can afford. This year’s awards saw us compare policy features head to head, across different animal breeds and price points to help Aussies find top value cover and award those providers that, in our opinion, offer the best pet insurance in 2020.”

Here’s a rundown of the 2020 winners: 

• Pet Insurer of the Year: Pet Insurance Australia
• Exceptional Value: BUPA, Pet Insurance Australia, 1300 Insurance and RAC
• Exceptional Quality: BUPA, Petcover, Petplan, Trupanion and Bow Wow Meow 

Read full article: Paw-some news! The Mozo Experts Choice Awards for best pet insurance for 2020 unveiled for a closer look at this year’s winners.

Lack of cashflow hurting small businesses recovery 

One third of Aussie small businesses say that cashflow is their top concern amid COVID-19. 

This is according to fresh figures from business lender Finstro, which surveyed 1,200 small businesses in July (just before Melbourne’s second lockdown). 

Finstro’s chief product officer, Tom Whitworth said that cashflow concerns are a result of the “payments crunch” businesses face. Meaning the tension that exists due to the slow-paying customers not balancing suppliers’ request for faster payment times. 

“Suppliers, who are rightly concerned about securing payments in this challenging environment are increasingly demanding shorter trade terms and often cash on delivery,” Whitworth said. 

“This makes it difficult for small businesses who are looking to order supplies and reinvigorate their businesses after a period of significantly reduced trade or shutdown.”

Read full article: Small businesses reveal what’s hurting their recovery and see how a business loan might be the way forward. 

Why gals behind the wheel get a better car insurance deal

Time and time again, industry reports and driver analysis has shown that females are safer drivers on average then men. 

Thus, to a car insurance company they are a less risky customer and are rewarded for it with a better deal. 

In a nutshell, men statistically are involved in more traffic infringements and car accidents than women. Meaning they cause more damage to their vehicles, property and endure more personal injuries.

While it’s true that not all men and women reflect these behaviours, at the end of the day insurance companies have to go off average data when setting cost brackets. 

Read full article: Why car insurance is cheaper for women to see how providers are making the insurance process a smoother experience for female customers. 

Mozo’s August Banking Roundup 2020

A lot happened in the world of banking last month, let’s have a look back on some of the key changes. 

• Home loans: some lenders dropped rates below 2% while others set new rates for borrowers with lower LVRs. 
• Credit cards: providers changed a heap of offers last month, including some from the big four and subsidiaries. 
• Personal loans: not many changes from providers, however there were a few large rate cuts over the month. 
• At Call Deposit: rates continued to drop but the best ongoing bonus rate remains above the best term deposit rate on offer.
• Term Deposits: rates fell again but not as heavily as previous months.

Read full article: Mozo Banking Roundup August 2020 for an in-depth look into last month’s banking data. 

Not getting a competitive rate on your home loan or being rewarded for a lower LVR? Check out some great deals below! Or if you just need to polish up your finances this month, have a read of the September 2020 Financial Checklist.