This week in banking news - MOVE Bank cuts home loan rates, Judo Bank, long weekend road trip and personal loans

By Tara McCabe · · 7 min read
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  • Why Aussies are ditching the big three energy retailers
  • Judo Bank reaches $1 billion in term deposits
  • What to put on your car insurance checklist for the long weekend
  • The fees hurting nearly half of international students in Australia
  • Looking for a more ethical personal loan?
  • MOVE Bank cuts home loan rates

All in this week's banking recap.

One in three Aussies flick the switch on big energy retailers

Have you been thinking about pulling the plug on your energy provider lately? Well if you have then you’re probably not alone. According to the Retail Competition Review, published by the Australian Energy Market Commission, one in three Aussies have switched away from the big three energy retailers to a newer, smaller energy provider recently.

And with so many changes to the energy market in the past few years, not to mention the introduction of 11 new energy retailers in 2019, it’s no wonder Aussies are looking further afield for a better deal on their energy bills.

Curious to learn more? Why not read the full article: One in three Aussies are ditching the three big energy retailers to find out where in Australia smaller energy retailers are actually outnumbering the big ones and what’s next for solar.

Judo Bank smashes $1 billion in term deposits

Less than a year after launching as a bank, challenger bank Judo Bank has smashed $1 billion in term deposits.

And that’s not all, the neobank announced earlier this week that it intends to give 95% of this money back to small businesses.

Read the full article: Judo Bank reaches $1 billion in term deposits and lends 95% of it back to small businesses, for more on this story and to find out more about what term deposits Judo Bank offers.

Car insurance checklist for the long weekend?

The long weekend is coming up and we all know what that means...roadtrip! What better time than a long weekend to hop in your car and head off into the unknown for some good ol’ exploring. Of course if you are thinking of cruising on out for a few days, car insurance is probably one of the last things on your mind. But the thing is, making sure all drivers are covered and that you have roadside assistance should probably be the first thing on your road trip checklist.

Read the full article: Get road trip ready this Australia Day long weekend with a quick car insurance check-in, for some pointers on making sure you have the right car insurance for your getaway.

Nearly half of international students in Australia hit by foreign transaction fees

According to a survey conducted by international student payment platform CohortGo, a whopping 49% of international students studying in Australia feel that the foreign transaction fees they pay are too high.

CohortGo’s research found that both BPAY and credit cards are popular payment methods when it comes to coughing up tuition fees. The problem is both of these payment methods could hit you with small, unexpected fees. 

For more information on what fees to look out for and tips on getting a great international money transfer deal, read the full article: 49% of international students in Australia hurt by foreign transaction fees, new research finds.

Looking for a personal loan that aligns more with your values?

If you’ve been searching for a personal loan and you’re eager to find a bank or credit union that aligns more with your values, then we might be able to help you.

Earlier this week we gathered a list of personal loans from Aussie banks and credit unions that, according to environmental campaigner Market Forces, do not currently invest in fossil fuels.

So if you’re looking for a personal loan with a slightly greener touch, why not check out the full article: Looking for a more ethical personal loan in 2020? Here are 4 picks to check out.

MOVE Bank cuts home loan rates

Talking of loans, if you’re after a home loan, rather than a personal loan, then you might be interested to hear that MOVE Bank made cuts to its three year fixed rate Ultra Low Lockit loan earlier this week. 

After shaving a substantial 24 basis points off, the annual interest rate for this loan now stands at a competitive 2.74% (3.82% comparison rate*). That’s much lower than the average three year fixed rate in the Mozo database, which is currently 3.20%**.
This is all pretty good news for house hunters, but and there is a but, in an interesting turn of events, it would seem that less Aussies are actually looking to refinance. 

According to the Australian Bureau of Statistics the percentage of Aussies looking to refinance has actually declined lately.

Read the full article: MOVE Bank cuts home loan rates, but are Aussies still keen on switching? to find out more about why refinancing isn’t quite the in thing right now.

If you are currently searching high and low for a home loan, why not head to Mozo’s home loans comparison page to see what deals are out there. Or if you’re not too keen on leaving this page just yet, maybe have a scroll down for a quick glimpse of home loan interest rates available right now.

**Correct as of 17th January 2020.

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 compare more home loans here.
Last updated 27 July 2024 Important disclosures and comparison rate warning*

Promoted

  • 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.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • 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.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • 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.

  • Flex Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.38 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • 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 $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    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.

** 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.