This week in banking news - interest rates, travel insurance, liar home loans and saving for Christmas
Friday 06 December 2019
- The outcome of the Reserve Bank of Australia’s December meeting
- Why Aussies are saving all year long to pay for Christmas
- Liar home loans on the rise
- Find out which Aussie fintech company just launched travel insurance
- How to choose the right travel insurance for your Christmas holiday
- Discover how ANZ is helping Aussies this silly season
All in this week's banking recap.
The Reserve Bank of Australia meet for the last time in 2019
After making cuts to the official cash rate in June, July and October this year, the RBA decided not to make any further cuts in its December meeting on Tuesday. This means that the official cash rate will remain at 0.75% for now.
As Mozo Banking Expert, Peter Marshall suggested, the RBA may have been reluctant to make any hasty decisions this time around, which would move the official cash rate closer to zero. Depending on how the economy fares over Christmas, however, experts predict that there may yet be another cut in February 2020.
Aussies scrimping and saving all year long to pay for Christmas
In other news, a report by Airbnb this week found that one in five Aussies find Christmas to be the most financially stressful time of the year. In fact, 36% even claimed that they have to save money all year round, just to be able to pay for it.
On top of that, 17% said they would spend a huge amount on presents and entertainment this year.
Survey reveals Aussies guilty of lying on home loan applications
A recent survey conducted by investment bank UBS revealed that a large number of Aussies are guilty of fibbing on their home loan applications. The survey found that borrowers were guilty of telling lies about their income and their expenses and debts to try and increase their chances of being approved.
But of course, lying on your application could reap more problems than rewards, as the survey found. Telling what seems like a little white lie on your application, could end up causing more problems for you and your home loan in the future.
Fintech Pelikin launches travel insurance product
Just in time for Christmas, Aussie fintech Pelikin, this week launched its very own travel insurance product. Pelikin describe this new travel insurance product as perfect for younger travellers looking to have a great time.
The travel insurance policy can also be tailored to suit the needs of the individual traveller, with three different levels of cover on offer.
How to choose the right travel insurance for your Christmas holiday
Speaking of vacations, with Christmas holidays just around the corner, we took a look at how to pick the best travel insurance for your festive getaway.
So if you’re one of the two million Aussies planning a trip abroad this summer, you might want to note down some of these great travel insurance tips. Some of the things you might want to think about when choosing a travel insurance policy include, what pre-existing conditions are covered, whether you’ll need extra cover and how to avoid a medical disaster.
ANZ offers brand new bonus points on rewards credit cards
And in more Christmas news, ANZ are starting off the silly season with new bonus points offers of up to 150,000 points on a whole lot of its rewards credit cards.
So if you were torn between two different rewards credit cards for your seasonal purchases, why not check out what ANZ has to offer. Or take a look at the credit cards below to see if there’s another piece of plastic that might better suit your wallet.