This week in banking news - No RBA cut, UBank’s Accessibility Kit, credit reporting changes, and the ‘tap and go’ trap.

  • No movement on the RBA’s cash rate
  • Changes to credit reporting set to help Aussies get loans 
  • The top 10 banks with the most satisfied home loan customers  
  • How big banks are overcharging retailers with the ‘tap and go’ trap 
  • UBank launched an Accessibility Kit for its banking app 
  • Time to say goodbye to Co-op bookstores as students opt for Afterpay 

All in this week’s banking recap. 

No cut from the RBA: interest rates on hold  

The question of whether the Reserve Bank of Australia (RBA) will cut the official cash rate was floated around a lot at the beginning of the week, but the results are in and the board has decided to keep it at 0.75% for the fourth consecutive month. 

Why no move? According to Reserve Bank Governor, Philip Lowe, the unemployment figure had dropped to 5.1% and the CPI figure was slightly higher than expected. 

While he admitted that these figures aren’t particularly strong, he said it eased the pressure and urgency of making a rate cut in February. 

Read the full article: No cut: Interest rates on hold following February RBA meeting, to find out what Mozo’s Banking Expert, Peter Marshall, predicts for future RBA rate cuts in 2020.   

Worried about your credit score? These credit reporting changes could help you get a loan 

Getting a home loan, personal loan or even a business loan could become an easier task for some Aussies, come 14 February 2020. 

This is due to changes being made to credit reporting standards that say that civil court filings will no longer reflect on an individual's credit score (because in case you didn’t know - it currently does). 

The Office of the Australian Information Commissioner (OAIC) has approved the amendments to the Credit Reporting Code 2014 - which outlines that writs and summons will not be considered public information and will be removed from a person’s credit report. 

Read the full article: Credit reporting changes will boost thousands of credit scores this February, and discover who stands to benefit from the changes. 

Roy Morgan uncovered the top 10 home loan lenders that Aussies are most satisfied with - did yours make the cut? 

Ever thought how your bank measured up against the rest? Well think no longer as Roy Morgan reveals the top 10 home loan lenders that they say are the best at keeping their customers happy. 

The survey of 50,000 people uncovered that ME Bank has the highest customer service satisfaction rating, sitting at 91.4% (at least a whopping 18.1% higher than any of the big four banks). 

ING (89.3%) and Bendigo Bank (83.3%) came in a close second and third position, here’s how the others went:

Read the full article: These are the top 10 banks with the highest customer satisfaction for home loans, says Roy Morgan, to see why Roy Morgan CEO, Michele Levine says consumers are shifting to online banking. 

The ‘tap and go’ trap that’s costing retailers $550 million a year 

This week, Aussie retailers have flagged that big banks and credit card providers have been slapping them with unnecessary ‘tap and go’ fees, which is really hurting small businesses. 

In total, the fees are costing retailers up to $550 million per year due to ‘tap and go’ transactions often automatically being processed through payment networks like Visa payWave and MasterCard PayPass. 

The Fairer Merchant Fees Alliance - a group consisting of many major retailers - said that these payment networks are more expensive, as they charge four times higher than debit cheme networks like EFTPOS. 

Read the full article: The ‘tap and go’ trap: big banks overcharge retailers $550 million a year, and check out why Least Cost Routing could be a solution. 

UBank’s New Accessibility Kit set to revolutionise not only their app but digital banking around the world 

On Tuesday, popular online bank UBank unveiled its new Accessibility Kit which is designed to make banking more accessible to not only its app users, but users around the globe.  

The Kit can be downloaded by any app developer and from there it will automatically audit the app and flag any potential accessibility issues. It’s hoped the Kit will help people with visual auditory, cognitive or motor disabilities and provide developers with a guideline in how to upgrade their accessibility tools - such as improved screen readers for people that are visually impaired. 

UBank’s Chief Product Officer, Peter O’Malley, said he hopes the new technology will spark conversation with other teams that are building apps so that digital accessibility becomes a common part of the app building process. 

Read the full article: “No one is left behind”: UBank’s Accessibility Kit to bring financial empowerment for all, to find out what else Peter O’Malley said about this innovative technology.  

Co-op bookstores set to see their final days as students buy textbooks online using Afterpay 

This coming semester, uni students around the country will bid farewell to Co-ops once and for all. 

Online bookstore giant, Booktopia, has taken over Co-ops and is pulling textbooks off the shelves and moving all sales online. 

According to the Booktopia’s Chief Executive, Tony Nash, one of the reasons for the change is that students are opting to buy online with Booktopia as they are able to use Buy Now Pay Later service, Afterpay, to spread the cost.   

Co-ops will stay open for the first four weeks of semester before they are shut down and taken off campuses.  

Read the full article: Co-op bookstores to close as students buy textbooks online using Afterpay, for handy ways for cutting uni textbook costs.

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 472 home loans using the filters below.
Last updated 13 July 2024 Important disclosures and comparison rate warning*
  • 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.

  • 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.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.19 % p.a.
    Variable
    Comparison rate
    6.23 % p.a.
    Initial monthly repayment
    $3,059
    Go to site

    No application or service fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Use multiple Everyday Accounts with 100% interest offset to pay your home loan off sooner.

  • 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.

  • 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.

  • 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.

  • 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.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.19 % p.a.
    Variable
    Comparison rate
    6.23 % p.a.
    Initial monthly repayment
    $3,059
    Go to site

    No application or service fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Use multiple Everyday Accounts with 100% interest offset to pay your home loan off sooner.

  • 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.

  • 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
    6.59 % 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.

** 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.