This week in banking news - energy prices, home loans, Qantas car insurance and the AUD vs the Yen
- Analysis from the St Vincent De Paul Society shows a huge difference in energy prices across Australia.
- Westpac makes home loans available to property investors with 10% deposits.
- HSBC announces new cuts to 3 year fixed home loan rate.
- AUD stronger than Japanese Yen, following Japan’s economic downturn.
- Qantas launches new Qantas car insurance.
- Analysis from St Vincent De Paul finds drop in energy prices.
All in this week's banking recap.
Analysis from St Vincent De Paul finds drop in energy prices
Analysis conducted by the St Vincent De Paul Society for its annual Tariff-Tracking report reveals that regulation changes, including the newly introduced Default Market Offer (DMO) and Victorian Default Offer (VDO) have had a huge difference on energy prices across Australia.
As a result of the DMO and VDO, both of which were introduced this year, a number of energy retailers have dropped their base rates. The report even suggested that dual fuel customers in Sydney may be receiving an even smaller energy bill in the near future.
Westpac opens doors to investors with 10% deposits
As of this week, Westpac is now offering property investors home loans with a deposit requirement of just 10%. The major bank has increased its loan-to-value (LVR) cap for interest-only investment loans from 80% to 90%. This means that investors will now only have to come up with a 10% deposit when applying for a mortgage.
HSBC slashes 3 year fixed home loan rate
In more home loan news, HSBC eagerly joined the 2% club, cutting its 3-year-fixed home loan rate down to 2.75% p.a. (3.45% p.a. comparison rate*). This enticing new deal is available with the bank’s Premier Fixed Rate Home Loan, for new customers borrowing over $50,000.
This new rate aligns the 3 year fixed rate with the 1 year and 2 year fixed rates, which both stand at 2.75% p.a. The new 3 year rate is available for owner-occupiers making principal and interest repayments.
AUD grows stronger against Japanese Yen
As the Japanese Yen continues to drop in value and the Aussie dollar grows stronger in comparison, now might be the time to plan that trip to Japan you’ve been dreaming about for so long.
Following a recent economic downturn, the Japanese Yen isn’t doing so well, meaning that any Aussies looking to transfer their hard earned dollars into Yen right now, might just be able to get a bit more bang for their buck.
Excited to find out more? Why not head to Mozo’s international money transfer (IMT) page to see how many Yen you could snag for your dollar.
Qantas launches new car insurance
Following on with the theme of travel, Qantas launched its brand new Qantas Car Insurance this week and you guessed it, like most other Qantas products you can bag a pretty tidy sum of Qantas Points.
Qantas Frequent Flyers who take out Qantas Car Insurance will be able to earn up to 20,000 Qantas Points, plus 1 point for every dollar spent on their premium.
Plus, if you sign up to the policy you’ll also be able to earn 6,000 points for ensuring the safety of your vehicle, this means performing brake and tyre checks and booking your car in for a service regularly.
All this talk of car insurance got you thinking about your policy? Why not check out the plans below to make sure you’re getting the best deal for your wheels.
Compare car insurance deals
Comprehensive Car Insurance
Youi like to get to know you from the very first conversation, which provides you with the opportunity to find comprehensive car insurance cover that could better suit your lifestyle and your needs. Because we’re all individuals, so we all use our cars differently from day-to-day. Youi is car insurance that’s a bit more you-shaped.
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $400 - $2,500
- Agreed or market value
- Agreed Or Market
Available discounts
Comprehensive Car Insurance
Youi like to get to know you from the very first conversation, which provides you with the opportunity to find comprehensive car insurance cover that could better suit your lifestyle and your needs. Because we’re all individuals, so we all use our cars differently from day-to-day. Youi is car insurance that’s a bit more you-shaped.
- New car if written off
- Yes - within 2 years and a listed driver is the first registered owner
- Rental car after theft
- Yes - Up to 14 days.
- Rental car after accident
- Not at fault - Yes. At fault - Optional Extra. Up to 14 days.
- Windscreen cover
- Yes - standard excess. Option to reduce windscreen excess to $50 for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- Unlisted and aged 25 and over: $700, Unlisted and aged under 25: $2,000, Listed and aged under 25: $600
- Roadside assistance
- Yes
- Other benefits
- -
- Other restrictions
- -
- States where offered
- SA VIC TAS NSW ACT QLD WA
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Youi Comprehensive Car Insurance
Comprehensive Car Insurance
ROLLiN’ put their customers in the driver’s seat by offering great value comprehensive car insurance with no additional excess for young drivers. Zero cancellation fees, 24/7 claims support via phone and a policy paid monthly. Plus, you can list multiple cars and drivers under the one policy, as long as they fit the underwriting criteria
- Monthly premiums
- Yes
- Choice of repairer
- No
- Choice of excess
- $800 Flat Excess Fee
- Agreed or market value
- Agreed Or Market
Available discounts
Comprehensive Car Insurance
ROLLiN’ put their customers in the driver’s seat by offering great value comprehensive car insurance with no additional excess for young drivers. Zero cancellation fees, 24/7 claims support via phone and a policy paid monthly. Plus, you can list multiple cars and drivers under the one policy, as long as they fit the underwriting criteria
- New car if written off
- Yes - within 15,000km of original registration
- Rental car after theft
- Yes - Up to 21 days, max $80 per day after a covered event
- Rental car after accident
- Yes - Up to 21 days, max $80 per day after a covered event
- Windscreen cover
- Yes - one claim can be made per Insurance Period, with $0 windscreen excess
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- No additional excess for young drivers. $3,000 for unlisted drivers
- Roadside assistance
- No
- Other benefits
- Optional benefit to boost the Single Car Value by 15%, it will be shown on your Insurance Certificate
- Other restrictions
- -
- States where offered
- SA VIC NT TAS NSW ACT QLD WA
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about ROLLiN' Comprehensive Car Insurance
Gold Comprehensive Car Insurance
Get award winning Car Insurance. Save 15% ^ on your first year’s premium when you purchase a new policy online. Budget Direct offers tailor-made cover, new-for-old replacement, 24/7 claims, a highly-rated claims service, and get a hire car following a theft.
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $550 - $1,900 (varies By State)
- Agreed or market value
- Agreed Or Market
Available discounts
- No Claim Discount
- Online Discount Up To 15%
Gold Comprehensive Car Insurance
Get award winning Car Insurance. Save 15% ^ on your first year’s premium when you purchase a new policy online. Budget Direct offers tailor-made cover, new-for-old replacement, 24/7 claims, a highly-rated claims service, and get a hire car following a theft.
- New car if written off
- Yes - within 2 years or 40,000 kilometres of original registration, whichever comes first
- Rental car after theft
- Yes - Up to 14 days, max $1,000 total.
- Rental car after accident
- Not at fault - Yes. At fault - Optional Extra. Up to 14 days for at fault accidents.
- Windscreen cover
- Yes - standard excess. Option to reduce windscreen excess to $40 on every windscreen claim for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- $600 for drivers under 21, $500 for drivers under 24, $600 for unlisted drivers, $500 for inexperienced drivers.
- Roadside assistance
- Optional Extra
- Other benefits
- -
- Other restrictions
- -
- States where offered
- SA VIC TAS NSW ACT QLD WA
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Budget Direct Gold Comprehensive Car Insurance
Comprehensive Car Insurance
Australia Post Comprehensive Car Insurance offers a broad range of coverage and includes cover for anyone who drives your vehicle. It also covers new car replacement if your recently purchased brand new car is written off within the first three years (provided it has travelled less than 60,000km). Get $100 off your first year's premium when you buy Comprehensive Car Insurance online. T&Cs apply.
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $500 - $2,200
- Agreed or market value
- Agreed Or Market
Available discounts
- Online Discount $75
Comprehensive Car Insurance
Australia Post Comprehensive Car Insurance offers a broad range of coverage and includes cover for anyone who drives your vehicle. It also covers new car replacement if your recently purchased brand new car is written off within the first three years (provided it has travelled less than 60,000km). Get $100 off your first year's premium when you buy Comprehensive Car Insurance online. T&Cs apply.
- New car if written off
- Yes - within 3 years and 60,000 km of original registration
- Rental car after theft
- Yes - Up to 14 days.
- Rental car after accident
- Not at fault - Yes. At fault - Optional Extra. Up to 14 days.
- Windscreen cover
- Yes - standard excess ($0 excess for repair only). Option to reduce windscreen replacement excess to $0 for an additional premium.
- Modifications
- Automatically covered.
- Young driver excess imposed
- $600 for listed drivers under 25, $1,600 for unlisted drivers under 25.
- Roadside assistance
- No
- Other benefits
- -
- Other restrictions
- -
- States where offered
- SA VIC TAS NSW ACT QLD WA
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Australia Post Comprehensive Car Insurance
Seniors Car Insurance
TrueCover is run for people, not profit. TrueCover provides comprehensive cover tailored to Australians over 50 years of age. Includes roadside assistance, ambulance cover, no maximum driver age, death/funeral benefit, new car replacement and an Australian-based contact centre. Insurance not offered in NT.
- Monthly premiums
- No
- Choice of repairer
- No
- Choice of excess
- $500 - $2,500 (varies By State)
- Agreed or market value
- Agreed
Available discounts
- Price Beat Offer Available For Eligible Drivers Over 50 Years Old Switching From A Comparable Policy With The Code ‘SENIORS’. T&Cs Apply.
Seniors Car Insurance
TrueCover is run for people, not profit. TrueCover provides comprehensive cover tailored to Australians over 50 years of age. Includes roadside assistance, ambulance cover, no maximum driver age, death/funeral benefit, new car replacement and an Australian-based contact centre. Insurance not offered in NT.
- New car if written off
- Yes, within 12 months and 10,000 km of original registration
- Rental car after theft
- Yes - Up to 14 days, max $50 per day, $700 total.
- Rental car after accident
- Optional Extra - Up to 14 days, max $50 per day, $700 total.
- Windscreen cover
- Yes - standard excess. Option to reduce windscreen excess to $50 for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- $1,000 for drivers under 35, $1,000 for drivers that have not held a full license for 5 years, and $3,000 for unlisted drivers.
- Roadside assistance
- Yes
- Other benefits
- Ambulance After Accident; No Maximum Driver Age.
- Other restrictions
- -
- States where offered
- SA VIC TAS NSW ACT QLD WA
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about TrueCover Seniors Car Insurance
* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
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.