This week in banking news - mortgage interest rates, energy and term deposits

In this week’s banking recap, we look at Westpac’s recent mortgage interest rate cut, why more and more Aussies are choosing customer owned banks over the big four, Enova Energy rolling out to Sydney, Newcastle and Wollongong and Judo Bank's new term deposit.

How new energy regulations have had an affect on energy prices two months later

According to the Australian Competition and Consumer Commission (ACCC), the energy regulations brought in on July 1, 2019 may have benefited customers just two months on. In the Australian Energy Regulator (AER)’s August 2019 electricity market report, it revealed that the annual savings on standing offers could now be between $130 and $430. Did you notice a difference in your energy bill? If not, perhaps it’s time to see what other energy plans are on the market. Why not check out our energy cost cruncher to see if you could be getting a better deal.

Renewable energy company Enova due to roll out to Sydney, Newcastle and Wollongong

In more energy news, we covered renewable energy company Enova Energy’s plans to roll out to Sydney, Newcastle and Wollongong on October 1, 2019. Enova puts 50% of profits (after tax and reinvestment) back into the community, investing in renewable energy projects, energy education and energy efficiency. They even have plans to launch Sydney’s very first solar garden in November 2019. 

Judo Bank competes on term deposit rates

Judo Bank may be new to the world of Australian term deposits, but the neobank certainly haven’t wasted any time getting competitive with its interest rates. In fact, at the time of writing, Judo Bank’s 2.40% term deposit rate is the highest term deposit rate in the Mozo database for 1 year, 2 year, 3 year, 4 year and 5 year terms. So if you’re looking to stash your money away for a period of time and you’re in the market for a sweet interest rate, Judo Bank’s term may just be worth checking out.

ING cuts rates for its popular Savings Maximiser account 

On the other end of the scale, ING cut the total maximum interest rate of its popular Savings Maximiser account down from 2.30% to 2.20%, with the base interest rate of 0.50% staying the same. That said, ING’s bonus interest rate still sits at the top end of the Mozo database for bonus interest rate savings accounts, with the average bonus interest rate sitting at 1.82% p.a. (at the time of writing). So if you want to start earning some sweet interest, why not check out ING’s Savings Maximiser or head to Mozo’s savings account comparison tool, to see if you could be stashing more cash.

More and more Aussies choosing customer owned banks over the big four

In other banking news, we took a look at how more and more Aussies are switching their allegiance to customer owned banks and turning away from the big four. According to the Quarterly ADI Statistics from the Australian Prudential Regulation Authority (APRA), the customer owned banking sector has grown by 7.8% in the past year (a significant 5.2% more than major banks). 

RBA cuts in recent months may be a big factor in this recent trend, with customers more likely to find lower home loan rates with credit unions, mutual banks or building societies. Curious to find out if you could be getting a better deal on your home loan? Why not check out Mozo’s home loan comparison tool to see what else is out there.

Westpac cuts mortgage interest rates

We also had a look at how Westpac’s mortgage interest rate cuts might affect customers. The big bank recently cut as much as 130 basis points off a number of its fixed and variable home loan interest rates from its Premier Advantage package loans and Flexi loans. But despite these recent cuts, we calculated, using Mozo’s home loan comparison calculator, that there are still better deals to be found when it comes to taking out a home loan.

So if you’re searching for a home loan or you want to see how your current home loan compares to what else is out there, why not check out the home loan deals below and see if you could be saving a pretty penny.

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 473 home loans.
Last updated 18 June 2024 Important disclosures and comparison rate warning*
  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Discount Variable Home Loan

    • Owner Occupier
    • LVR<70%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.06 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • The Better Home Loan Special Offer

    • Owner Occupier
    • Principal & Interest
    • LVR<80%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a variable rate home loan with a bunch of features from Police Credit Union. Make extra repayments at any time without penalty. No monthly, annual or upfront fees. Free online redraw. Minimum 20% deposit. Qualifying criteria applies. Minimum loan amount is 200K. For new customers only. Mozo Experts Choice Home Lender Credit Union of the Year 2023.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.59 % p.a.
    Fixed 3 years
    Comparison rate
    7.06 % p.a.
    Initial monthly repayment
    $3,190

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

image of houses

Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more


*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.

Compare home loan deals

Promoted

loans.com.au
Smart Home Loan

Owner Occupier, Principal & Interest

2.88% p.a. variable

2.90% p.a.

Go to site

Promoted

UBank
UHomeLoan - Discount Offer

Owner Occupier, Principal & Interest

2.84% p.a. variableApply now to get this rate from 29 Oct

2.84% p.a.Apply now to get this rate from 29 Oct

Go to site

Promoted

Athena
Variable Home Loan

Owner Occupier, Principal & Interest

2.84% p.a. variable

2.80% p.a.

Go to site

Promoted

HSBC
Discounted Home Value Loan

Owner Occupier, Principal & Interest

3.02% p.a. variableApply now to get this rate from 21 Oct

3.04% p.a.Apply now to get this rate from 21 Oct

Go to site

Promoted

ME
Flexible Home Loan (Member Package)

Owner Occupier, LVR less than 80%, Principal & Interest

3.34% p.a. variable

3.78% p.a.

Go to site

* 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. You can change the loan amount and term in the input boxes at the top of this table. 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.

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.