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!