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

  • 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.

Compare home loan interest rates - rates updated daily

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    1.99% p.a.variable for 12 months and then 2.48% p.a. variable
    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Awards for 2021.

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  • placeholder

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    1.85% p.a.
    fixed 3 years
    2.24% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

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  • placeholder
    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    1.99% p.a. variable
    1.99% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

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  • placeholder
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    2.09% p.a.
    fixed 2 years
    2.44% p.a.

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

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  • placeholder
    Fixed Rate Loan with Orange Advantage

    Owner Occupiers, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    2.04% p.a.
    fixed 3 years
    3.60% p.a.

    Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees.

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*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, loan amount and term entered. 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.

^See information about the Mozo Experts Choice Home Loans Awards

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