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

house-in-palm-of-hand
  • 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

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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: 

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

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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.

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Redraw facility available. Split your home loan into multiple loan accounts.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Redraw facility available. Split your home loan into multiple loan accounts.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

image of houses

Need help with refinancing?

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* 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.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.