Spring cleaning your debt, cashback offers & contactless garage sales: This week’s best banking news
- Expert tips to spring clean your debt
- P&N Bank offers $3000 cashback on home loans
- Aussies are happy with NBN pricing and speed
- Westpac cuts leading savings rate to 2.50% p.a.
- PayPal brings contactless payments to garage sales
All in this week’s best banking news recap: editor’s pick.
Expert tips: 3 ways to Spring clean your loan and credit card debt
Spring has sprung, so it’s time to get out the duster and give your finances a refresh! Mozo chatted to top industry experts and condensed down 3 easy personal finance tips to clean up your loan and credit card debt this Spring.
The first is to refinance your home loan. According to experts, if your rate doesn’t start with a two or lower, then there is probably a better deal available in the market.
Second: Consolidate your personal debt. If you are struggling with multiple debts, as long as you can make the regular monthly repayments, a single debt consolidation personal loan can save you money on interest rates and fees.
Thirdly, seek out a balance transfer offer. A 0% balance transfer offer can allow you to focus on paying down your credit card debt without worrying about being charged interest on your balance during the promotional period.
Read the full article: Expert tips: 3 ways to Spring clean your loan and credit card debt to get more expert tips.
P&N Bank offers home loan customers $3000 cashback
Announced this week, the Australian customer-owned bank is offering its customers a nice added incentive.
P&N Bank will provide new mortgage customers with $3,000 cashback when they take out a loan that is worth $250,000 or more and has a loan-to-value ratio (LVR) of 80% or less.
In addition to being available to owner-occupiers and investors, P&N’s offer is available on both new and refinanced loans - which is actually unusual.
Interestingly, in the recent wave of home-loan-provider cashback offers, the vast majority are only available to refinancers.
Read the full article: P&N Bank has a new $3,000 cashback offer, and it’s not just for mortgage refinancers for a full rundown.
Westpac cuts leading savings interest rate to 2.50%
This week, Westpac has made a slew of interest rate cuts to its savings accounts, including to the Westpac Life account, 18 to 29-year-olds, known for its leading rate.
The Big Four Bank shaved a sizeable 50 basis points off the rate, taking it down from 3.00% p.a. to 2.50% p.a.
Despite the hefty reduction, the savings account still takes out the top spot in the Mozo database for bonus savings rates. In fact, all other bonus savings rates listed in Mozo’s database are below 2.00% p.a.
Read the full article: Leading Westpac Life interest rate cut overnight to learn more about the Westpac Life account.
Affordable home broadband: Aussies happy with price of NBN
New research commissioned by NBN Co shows that most Australians are satisfied with both the price and speed of their home broadband when compared to other countries.
The average price of NBN only costs 1.1% of the average weekly Australian income, so it’s not surprising that 7 of 8 respondents to the research survey stated that they had no concerns with the current affordability of their NBN service.
Overall, Australia ranked well globally, with the sixth most affordable broadband across the 13 OECD nations compared in the report.
Read the full article: Affordable home broadband: Aussies happy with NBN prices to find out more.
PayPal brings contactless payments to Aussie Garage Sales
The Garage Sale Trail is going contractless!
What started as a grassroots Eastern Sydney community event over a decade ago, has now developed into a nationwide event, with around 25,000 Australians participating in more than 10,000 garage sales.
And now for the Garage Sale Trail weekend, scheduled for 13-14 and 20-21 November this year, the event is partnering with digital payment giant PayPal to go 100% contactless.
Here’s how it works: sellers download the PayPal app and use QR code payments (or send simple PayPal links for online purchases).
All buyers and sellers need to make the transaction is a smartphone and the app, and customers can choose their preferred payment method - debit card, credit card or PayPal balance
So, get ready to grab your smartphone and get bargain hunting!
Read the full article: PayPal partners with Garage Sale Trail for two weekends of contactless secondhand shopping for more info on the exciting partnership.
Looking for a contactless option for shopping online? Then check out our top credit cards below to see what’s around:
Compare credit cards today - rates updated daily
American Express Qantas Ultimate Card
Earn up to 100,000 bonus Qantas Points (75,000 bonus Qantas Points when you apply online by 23 August 2022, are approved, and spend $3,000 on your new Card within the first 3 months, plus an additional 25,000 Qantas Points in your second year upon fee renewal). T&Cs apply. New Card Members only.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
20.74% p.a.No current offer$450Qantas Frequent FlyerQantas Ultimate Card
Earn up to 100,000 bonus Qantas Points (75,000 bonus Qantas Points when you apply online by 23 August 2022, are approved, and spend $3,000 on your new Card within the first 3 months, plus an additional 25,000 Qantas Points in your second year upon fee renewal). T&Cs apply. New Card Members only.
- Purchase rate
- 20.74% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $450
- Late payment fee
- $30.00
- Cash advance fee
- -
Read our Mozo Review to learn more about the Qantas Ultimate Card
- Apply By 30 June 2022
Westpac Low Rate - Cashback Offer
Enjoy a super low rate of 13.74% with 55 days interest free plus up to $400 cashback - $100 cashback for each month you spend $1,000 or more on eligible purchases in the first 4 months from card approval. New Cards only. T&C's and exclusions apply.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
13.74% p.a.6.99% p.a. for 12 months and then 21.49% p.a. (1.00% balance transfer fee)$59-Low Rate - Cashback Offer
Enjoy a super low rate of 13.74% with 55 days interest free plus up to $400 cashback - $100 cashback for each month you spend $1,000 or more on eligible purchases in the first 4 months from card approval. New Cards only. T&C's and exclusions apply.
- Purchase rate
- 13.74% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 6.99% p.a. for 12 months and then 21.49% p.a. (1.00% balance transfer fee)
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $59
- Late payment fee
- $15.00
- Cash advance fee
- 3%
Read our Mozo Review to learn more about the Low Rate - Cashback Offer
- Apply By 30 June 2022
St.George Vertigo - Balance Transfer Offer
0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
13.99% p.a.0% p.a. for 32 months and then 21.49% p.a.$55 $0 in the first year-Vertigo - Balance Transfer Offer
0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply.
- Purchase rate
- 13.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 32 months and then 21.49% p.a.
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $55 $0 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 3%
Read our Mozo Review to learn more about the Vertigo - Balance Transfer Offer
NAB Low Rate Card
0% p.a. interest on balance transfers for the first 32 months, plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
12.99% p.a.0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)$59 $0 in the first year-Low Rate Card
0% p.a. interest on balance transfers for the first 32 months, plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.
- Purchase rate
- 12.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $59 $0 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 2%, Min $2.50
Read our Mozo Review to learn more about the Low Rate Card
- Apply By 30 June 2022
Bank of Melbourne Vertigo - Balance Transfer Offer
0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
13.99% p.a.0% p.a. for 32 months and then 21.49% p.a.$55 $0 in the first year-Vertigo - Balance Transfer Offer
0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply.
- Purchase rate
- 13.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 32 months and then 21.49% p.a.
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $55 $0 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 3%
Read our Mozo Review to learn more about the Vertigo - Balance Transfer Offer
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