This week in banking - Is another RBA cut on the cards?

In this week's banking recap, we take a look at Aussies’ saving and spending habits, an exciting newcomer to the energy market, and the possibility that the Reserve Bank will cut rates again.

Will we see another RBA rate cut?

Just as we were finally winding down from June’s RBA rate cut, it looks like another one might be right around the corner. In a recent speech, RBA Governor, Philip Lowe set the stage for a potential July cut, citing weak employment figures and unsatisfying levels of wage growth. 

If the Board does opt to reduce official interest rates to 1.00% in July, this will be the first time since 2012 that the RBA has cut in consecutive months. The big question is whether lenders will see fit to pass on the full cut to customers this time round. 

Kogan plans to branch out into energy

Online retailer Kogan is on a mission to become Australia’s one stop shop for all its household needs. After staking out a spot in the consumer goods, mobile and internet, home loan, and insurance markets, it now has its sights set on the energy market

And with a number of Mozo Experts Choice Awards under its belt for its home loans and NBN plans, and a planned partnership with Australia’s greenest energy provider, Powershop, we’re pretty confident that Kogan’s success streak will continue. 

1 in 5 Aussies in a savings slump

As cost of living increases and wages flatline, saving money has come to seem like a herculean task for many. But just how dire is the situation for everyday Australians? A report from AMP found that 1 in 5 have less than $250 in savings. And of that group, two thirds don’t have any savings at all. 

Half of married couples plagued by wedding budget regrets

Does thinking about the money you spent on your wedding make you shudder? You’re not alone. According to a report from ME Bank, 51% of married couples regret how much they spent on their wedding day

“Decisions are commonly made with the heart rather than the head when it comes to weddings,” said ME money expert Matthew Read. “Couples can easily get caught up in the moment, failing to consider the financial impact of their decisions."

Travellers hit with high card fees

Travelling is hard on your budget as it is, but according to a recent analysis from Mozo, jetsetting Aussies could find themselves $385 out of pocket thanks to exorbitant travel card fees. 

“When you consider the fact that some travel credit cards can hit you with fees that are the equivalent to landing return flights for your next getaway, it pays to compare travel money options before you take off,” said Mozo Director Kirsty Lamont.

UBank drops rates for UHome Loan

Yesterday, UBank cut variable rates on its UHome Loan by 0.25%, putting it among the best value home loans in our database. Both new and existing customers will now be treated to rates as low as 3.34% (3.34% comparison rate*). And when you factor in the free extra repayments, redraw facility, and ability to split the loan, you’ve got one of the more attractive deals out there.

If you’re on the market for a home loan, keeping an eye on current variable rates is a must. Have a look at some of the options below, or head to our variable rate home loan comparison page for a more in-depth look.

Home loan comparisons on Mozo - rates updated daily

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
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    Mozo Experts Choice 2021
    Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    variable rate
    comparison rate
    1.99% p.a.variable for 12 months and then 2.48% p.a.
    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Awards for 2021.

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    Details
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    UHomeLoan - Discount Offer

    Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    2.34% p.a.
    2.34% p.a.

    Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.

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    Details
  • placeholder
    Basic Home Loan

    Owner Occupier, LVR<80%, Principal & Interest

    variable rate
    comparison rate
    2.64% p.a.
    2.64% p.a.

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

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    Details
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    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    2.19% p.a.
    2.19% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

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    Details
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    Fixed Rate Loan with Orange Advantage

    Owner Occupiers, Principal & Interest, LVR <80%

    variable rate
    comparison rate
    p.a.
    3.60% p.a.

    Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees.

    Go to site
    Details

*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, loan amount and term entered. 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.

^See information about the Mozo Experts Choice Home Loans 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.