This week in banking news - 86 400, term deposits, and Aussie property

In this week’s banking recap, we take a look at the latest from the world of neobanks, Aussie property, and more.

86 400 kicks things off, will offer market-leading savings account

Just a month after it received its Authorised Deposit-taking Institution license, neobank 86 400 soft launched this week, with a transaction account and savings account due to be released soon. Once available, its Save Account will offer bonus rates of 2.50% p.a., putting it on par with market leaders Up Bank (Saver Account), BOQ (Fast Track Saver Account) and MyState Bank (Bonus Saver Account).

Our guide to using humm

humm, an exciting player in the buy now, pay later market, stands out amid a packed playing field by offering much more in the way of flexibility. Users will be able to divide purchases into ‘little things’ (items that cost up to $2,000) and ‘big things’ (items that cost between $2,000 and $30,000). And best of all, you can choose which days you’d like to make your payments.

Shield your savings from plummeting rates

Interest rates have been in a state of freefall for a while now, and while that’s good news for homebuyers and mortgage holders, the inverse is true for savers. And with more RBA rate cuts on the horizon, things won’t be picking up any time soon. So if you’re looking for a good term deposit to guard against future rate cuts, it pays to move quickly.

One in four Aussie travellers experience money woes

For all the excitement that comes with them, it doesn’t take much for a holiday to turn into a money nightmare. New research from MasterCard has revealed that 26 percent of Australian travellers have found themselves experiencing money-related difficulties while abroad, with an average of $500 lost thanks to poor budgeting, carelessness or theft.

Auction clearance rates herald property market turnaround

Reports of property prices bottoming out have seen homebuyer confidence surging as of late, and if auction clearance rates are anything to go by, we could finally be witnessing a turnaround in the Aussie property market. Mozo’s property expert Steve Jovcevski weighs in on what you should be doing.

“For home buyers, a stronger market means that they can buy a property knowing that it’s an appreciating asset meaning it will increase in value as time goes on. And with prices at the bottom of the market right now and lenders offering low home loan rates, they should avoid missing out on a great deal before prices rise further,” he said. 

So if you’re looking to take advantage of current property conditions, our variable rate home loan comparison page will help you hone in on a home loan that’s right for you. 

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
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    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 the amount and term you entered.

*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.