RBA delivers 0.50% rate hike, NAB to offer Buy Now Pay Later & how you could save by switching broadband providers: This week’s best banking news
- RBA delivers 0.50% rate hike in June
- NAB enters the world of Buy Now Pay Later
- Your June 2022 Financial Checklist unpacked
- How much could you save by switching broadband providers?
- What does my pet insurance cover?
- Plenti & AGL make green energy cheaper for Australians
All in this week’s best banking news recap: editor’s pick.
RBA delivers 0.50% rate hike in June: Has your bank increased home loan rates?
Just one month after the big post-pandemic RBA rate rise that shocked the nation, it appears the Reserve Bank’s back at it again – now bumping the Australian cash rate up to 0.85% (that’s a 50 basis point hike).
This decision has officially brought interest rates back to pre-pandemic levels, suggesting significant economic improvements. However, the board is now left to address the current cost of living crisis – which, according to RBA Governor Philip Lowe, could mean more rate hikes to come.
“Global factors, including COVID-related disruptions to supply chains and the war in Ukraine, account for much of this increase in inflation,” said Lowe.
Read the full article: RBA delivers 0.50% rate hike in June: Has your bank increased home loan rates? to find out more.
NAB enters the world of Buy Now Pay Later
This just in: Australian Big Four bank NAB announces its plans to offer Buy Now Pay Later to its customers.
“Buy Now Pay Later has become an extremely popular payment option for Australians, particularly millennials, so it isn’t surprising that the big banks are now getting in on the action,” said Mozo Money Writer Despina Karpathiou.
“In Mozo’s 2021 BNPL report, 33% of people said it was their go-to payment method for purchasing goods and services.”
Read the full article: NAB enters the buy now pay later world for the full scoop.
Your June 2022 Financial Checklist unpacked
Brrr! Winter’s well and truly here, folks! And so is your favourite monthly read.
In your June 2022 Financial Checklist:
- How to survive winter without copping a whopper energy bill
- Getting yourself sorted for tax time
- Celebrate the Queen’s B-Day in style
- What’s coming to Netflix Australia in June 2022
- Hit the books this Gemini season
Read the full article: June 2022 Financial Checklist for all you’ll need to get through the month ahead.
How much you could save by switching broadband providers
Reviewing your current broadband plan could be a great place to start if you’re looking for ways to cut back on expenses to save yourself some extra cash.
According to new Mozo data, switching from the most expensive Standard Plus broadband plan (in the Mozo database) to the least expensive plan could save you as much as $1,194 a year.
“Mozo findings show that Australians could be overpaying for their broadband plans by up to 58% annually with significant price differences between the most and least expensive plans across the board,” said Mozo Money Writer Amelia Hetherington.
Read the full article: How much can you save by switching broadband providers? Mozo has the answers for the full report.
What does my pet insurance cover?
According to Animal Medicines Australia, roughly 69% of households are home to a domesticated pet. This figure has grown from 61% in just two years! So I guess the whole “lockdown baby” phenomenon applies to fur babies too!
But with owning a pet comes great responsibility – such as being able to provide for their health and wellbeing. So if you’ve been tossing up about getting pet insurance, here’s why it might be something worth looking into.
Read the full article: What does my pet insurance cover? Keeping man’s best friend protected for more information.
Plenti & AGL are making switching to solar cheaper for Australians
Keen to go green but not so keen about all the green you’ll have to dish out to do so? If you’ve wanted to switch to green energy but were deterred by the big upfront costs, then here’s some good news.
AGL and energy provider Plenti are partnering up to make solar batteries more affordable for Aussie customers.
Under their new program, customers who finance their new home battery via Plenti and connect to AGL’s Virtual Power Plant (VPP) will gain access to subsidies of up to $1,500, depending on where they live.
Read the full article: Want to switch to solar power? Plenti and AGL are making it cheaper for Australians for the full read.
After a new piece of plastic? Check out our credit card comparison tool below to start comparing credit card options today.
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Citi Rewards ProgramCompareCompareRewards - Rewards Points Offer
100,000 bonus Citi reward Points when you spend $5,000 on eligible purchases within 3 months from approval. That’s $400 when you Pay with Points! Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
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Receive 50,000 Bonus Membership Rewards Points when you apply online, are approved, and spend $4,000 on eligible purchases on your new Card within the first 3 months. T&Cs apply. New Card Members only.*
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NAB Low Rate Card - Balance Transfer Offer
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13.49% p.a.Balance transfer rate
0% p.a. for 24 months and then 21.74% p.a. (3.00% balance transfer fee)Annual fee
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Spend with confidence with a low variable purchase rate and 0% p.a. interest on balance transfers for the first 24 months. Unpaid balance transfer reverts to variable cash advance rate. 3% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget when you pay your account in full by the due date. Minimum credit limit $1,000. Low annual fee. T&Cs, fees, charges and eligibility criteria apply.
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Qantas Frequent FlyerCompareCompareQantas Ultimate Card
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Citi Rewards - Balance Transfer and Purchases offer
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0% p.a. for 15 months then 22.49% p.a.Balance transfer rate
0% p.a. for 15 months and then 22.99% p.a. (2.00% balance transfer fee)Annual fee
$199Rewards program
Citi Rewards ProgramCompareCompareRewards - Balance Transfer and Purchases offer
Enjoy 0% p.a. for 15 months on purchases and balance transfers. Balance transfer reverts to cash advance rate. Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. Balance transfer fee applies. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
- Purchase rate
- 0% p.a. for 15 months then 22.49% p.a.
- Balance transfer rate
- 0% p.a. for 15 months and then 22.99% p.a. (2.00% balance transfer fee)
- Annual fee
- $199
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- Purchase rate
- 0% p.a. for 15 months then 22.49% p.a.
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- 0% p.a. for 15 months
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- 0% p.a. for 15 months and then 22.99% p.a. (2.00% balance transfer fee)
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- 22.99% p.a.
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Read reviews and learn more about Citi credit cards
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