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

Tara McCabe

Friday 24 January 2020

  • 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.

Three friends head off in a car on a road trip.

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.

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