This week in banking news - interest rates, travel insurance, liar home loans and saving for Christmas

By Tara McCabe · · 3 min read
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  • 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.

Compare credit cards - rates updated daily

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure.
  • Apply By 28 February 2022
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    Bendigo Bank Low Rate Credit Card

    0% p.a. on purchases for up to 18 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a. for 18 months then 11.99% p.a.
    No current offer
    $45
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    Virgin Money Virgin Australia Velocity Flyer Card - Bonus Points Offer

    Earn up to 100,000 bonus points in the first 4 months (conditions apply) and 0% Balance transfer for 18 months

    Purchase rate
    Balance transfer rate
    Annual fee
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    20.74% p.a.
    0% p.a. for 18 months and then 20.99% p.a.
    $129 $64 in the first year
    Velocity Frequent Flyer
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  • Featured Product
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    MoneyMe Freestyle Virtual Mastercard

    Use your virtual card instantly once approved (typically within 60 minutes). Features include Tap n Pay with up to 55 days interest-free, transfer money to any bank account and exclusive access to MoneyMe perks. $0 annual fee for lower limits. Must be employed with decent credit history.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    16.99% p.a.
    No current offer
    $209 $0 - $149 based on credit limit, $5/month for balances over $20.
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    Westpac Low Rate

    Enjoy a super low rate of 13.74% with 55 days interest free plus 0% balance transfer for up to 28 months at 1% BT fee. No annual card fee for the first year, $59 thereafter. New Cards only. Offer ends February 24th 2022. T&C's and exclusions apply.

    Purchase rate
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    13.74% p.a.
    0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)
    $59 $0 in the first year
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    humm90 Mastercard

    With up to 110 days interest free on your spending, this card is pretty unique in the market, and great for managing your daily spend. Plus, no foreign transaction fees overseas or online. Plus $400 cash back when you spend $4,000 on eligible purchases within first 120 days (T&Cs apply).

    Purchase rate
    Balance transfer rate
    Annual fee
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    23.99% p.a.
    No current offer
    $99 $0 in the first year
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