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.
*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.