This week in banking - 320,000 Aussies defer mortgage repayments and 5 other things you don’t want to miss!
- Home loan deferral boom: 320,000 apply for repayment relief
- 2020 Mozo Experts Choice Awards: International Money Transfer winners!
- As NSW restrictions lift, on-site auctions to recommence
- 27% of Aussie credit cards holders aren’t happy with their plastic
- Energy price cuts due to COVID-19
- April snapshot: what happened in savings account, term deposits and home loans
All in this week’s banking recap.
320,000 Aussies defer home loan repayments amid pandemic
According to recent data released by the Australian Banking Association (ABA), 320,000 Australians have applied for mortgage deferrals due to COVID-19.
Since March, banks have been offering financial relief packages to customers affected by the pandemic, some of which include repayment deferrals up to six months.
The latest numbers also showed that 170,000 businesses deferring business loans and an additional 37,000 borrowers freezing repayments across other loan types.
This totalled to an estimated $6.8 billion in loan repayment deferrals.
Read full article: COVID-19 property moves: 320,000 Aussie homeowners defer mortgages to find out what ABA chief executive Anna Bligh says about the latest stats.
International Money Transfer: 2020 Mozo Experts Choice Awards
This week, the 2020 Mozo Experts Choice Awards winners for international money transfer (IMT) were revealed, and the big banks weren’t among them.
Mozo’s expert judges analysed 30 different IMT providers for this year’s awards, including both bank and non-banks online specialists.
Topping the charts for best value International Money Transfer were SendFX, WorldFirst, and InstaRem.
But if you are a bank loyalist, the 2020 winner for best product offered by a bank was no other than Citibank!
Read full article: Mozo reveals best international money transfer providers for 2020 and check out expert judge Peter Marshall’s insights into this year’s winners.
On-site auctions to return in NSW
Following a six week pause, this weekend the NSW property industry will be resuming property inspections and on-site auctions.
While real estate agents had been finding online alternatives, like virtual property tours and auctions, the opportunity to go back to face-to face dealings is likely to be good news for them and home sellers.
During the weeks of lockdown, auction clearance rates dropped to below 40%, however this new change should help in boosting the confidence of the market.
Read full article: On-site auctions to recommence as restrictions ease in NSW to read what Mozo’s property expert Steve Jovcevski thinks about what the change will do to the state’s property market.
Feeling iffy about your current credit card? 27% of Aussies are too!
Earlier in the week, J.D. Power research released its 2020 Australia Credit Satisfaction Study, revealing that over a quarter of Aussie credit card holders aren’t happy with their plastic.
A large 27% of customers claimed they were dissatisfied with their current credit card, with 16% saying it no longer met their needs and 11% saying they need more credit.
19% of respondents said that as a result of the pandemic they can no longer pay their minimum monthly credit card repayment.
Read full article: Happy with your credit card? 27% of Aussies aren't during COVID-19.
COVID-19: Energy prices cut
Looking for a COVID-19 silver lining? We may have found one.
The Australian Competition and Consumer Commission (ACCC) revealed this week that wholesale electricity and gas prices have plummeted since the outbreak of COVID-19.
“One rare positive to come from this pandemic is that wholesale electricity and gas prices are falling significantly,” said ACCC chair, Rod Sims.
“As Australia comes out of this crisis we will need our energy prices to fall significantly if we are to have the recovery we need.”
Mr Sims says that with the latest price changes, the energy market needs to put further financial assistance in place to help struggling businesses that rely on energy.
Read full article: Energy price cuts: The one benefit of COVID-19 no one saw coming for some tips on how businesses can cut energy costs now.
April snapshot: savings accounts, term deposits and home loans
Amongst all the latest coronavirus updates, it can be hard to keep up with where interest rates are at across banking products.
So here’s a glimpse into what savings account, term deposits and home loans interest rates look like now:
| Savings Accounts | Average ongoing rate: 0.75% | Highest ongoing rate: 2.00% |
|---|---|---|
| Term Deposits | Average one year rate: 1.39% | Highest one year rate: 1.95% |
| Home Loans | Average variable rate: 3.44% | Lowest variable rate: 2.39% (2.39% comparison rate*) |
Read full articles for the full April round-up:
- April savings account snapshot: Further cuts leave BOQ sitting pretty at 2.00%
- Term deposits April snapshot: Judo Bank leads the way
- April home loans snapshot: Here's where fixed and variable rates now stand
Need to sort out your finances this month? Check out our May 2020 Financial Checklist, or take a look at some killer savings accounts on offer below!
Savings Accounts 2020
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Savings Account
5.35% p.a. (for $0 to $250,000)
5.00% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 5.00% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read reviews and learn more about Macquarie savings accounts
-
Savings Accelerator
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Accelerator
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 3.55% p.a. (for $0 to $50,000)
- standard interest rate
- 2.85% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read reviews and learn more about ING savings accounts
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Smart Saver Account
4.50% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Increase account balance by any amount and make no more than two withdrawals
Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.
CompareCompareSmart Saver Account
Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.
- Maximum rate
- 4.50% p.a. (for $0 and over)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Increase account balance by any amount (excluding interest) and make no more than two withdrawals in the month
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about Newcastle Permanent savings accounts
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MoneyMAX Account
No Current Offer
4.70% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.70% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read reviews and learn more about Unity Bank savings accounts
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Savings+Bonus
5.00% p.a. (for $1 to $250,000)
2.00% p.a.(for $1 to $250,000)
Yes up to $250,000
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.
CompareCompareSavings+Bonus
Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.
- Maximum rate
- 5.00% p.a. (for $1 to $250,000)
- standard interest rate
- 2.00% p.a.(for $1 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- Must become a First Option Bank member to open an account.
Read reviews and learn more about First Option Bank savings accounts
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Hi Saver
5.00% p.a. (for $0 and over)
0.50% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
CompareCompareHi Saver
Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
- Maximum rate
- 5.00% p.a. (for $0 and over)
- standard interest rate
- 0.50% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about P&N Bank savings accounts
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^See information about the Mozo Experts Choice Savings Account Awards
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.