This week in banking news - RBA, Aussie homes underinsured, energy prices and Citibank’s special offer

  • The Reserve Bank of Australia’s decision not to cut the official cash rate this month.
  • Find out why some Aussies homes are underinsured by as much as 66%.
  • Why Victorians might be seeing a difference in their energy bill.
  • Online business loans lender Prospa’s limited time offer.
  • How Citibank customers in New South Wales can get $5 cashback this November.

All in this week’s banking recap.

The RBA decides to keep the cash rate at record low 0.75%

Despite speculation that Aussies might be dealing with back to back cuts, the Reserve Bank of Australia (RBA), decided not to make any changes to the official cash rate this month. This means that it will stay at a record low of 0.75% for the foreseeable future.

Although the cash rate will remain the same this time around, both interest rates on home loans and savings accounts are still feeling the effects of the previous cuts. 

New research finds Australian homes up to 66% underinsured

Research conducted by MCG Quantity Surveyors has revealed that a worrying number of Australian homes could be underinsured by as much as 66%. Director of the company, Marty Sadlier suggested that inaccurate online calculators could be the main reason that such a large number of homes are lacking the proper insurance premiums.

Plus with bushfire and flood season just around the corner, this is definitely not something to be brushed aside. Taking out an insurance plan with underinsurance cover and considering a total replacement policy are just a few things you could do to try and protect your home from underinsurance.

And if you are on the hunt for a new policy, why not head to Mozo’s home insurance comparison page, to see what plans are out there.

Victorians may have noticed a change on their energy bills

Following the regulations put in place on July 1st this year, Victorians might have begun to see a difference in their energy bill.

As per the new regulations, energy retailers are now obliged to show a best offer alert on the customer’s bill. With these new alerts the Victorian government hope to help households, who may be paying more than they need to, save money on their energy bill.

Of course, it might still be a good idea to shop around and see what deals other energy providers have to offer. And you can do just that, using Mozo’s energy plans comparison page to find the best energy prices available in your area. 

Prospa’s new business loans deal

In more good news, online business loans lender Prospa’s new limited time deal could help small businesses break even over the Christmas period. 

Businesses who either apply for a new loan or refinance their existing loan will be able to pause repayments for a whole six weeks. All you have to do is settle the loan by December 31st and give Prospa notice of two business days before activating the payment deferral.

Or, if you’re keen to set up an ongoing line of credit for your business, Prospa is willing to waive the $195 activation fee, granted your business is approved and you draw down upon a new Line of Credit by December 31st.

Citibank customers can beat Monday blues with $5 cashback

Speaking of deals, Citibank also have a pretty enticing incentive for Citi Visa credit card holders in New South Wales. As of this week, Citibank customers can earn $5 cashback for tapping on and off with their credit card, anywhere within the Opal card network.

The deal is valid every Monday this November, meaning that at the start of every gloomy working week this month, you could potentially be bagging a sweet $5 cashback. Or to put it another way, the price of a coffee or a tasty sushi roll. So granted you tap on and off on a Monday this month with your Citi credit card, you can expect to have a tidy sum credited to your account within 60 days of the offer end date.

Curious to find out about other credit card deals? Why not check out the rewards credit cards below to discover what other perks are on offer.

Compare rewards credit cards - rates updated daily

Search promoted rewards credit cards below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Bendigo Bank Platinum Rewards Credit Card

    Earn 1.5 Bendigo Rewards points for every dollar spent (T&Cs apply). Up to 55 days interest free, comprehensive travel insurance, purchase protection and extended warranty.

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Bendigo Rewards
    $89
    No current offer
    1.5 points uncapped
    Go to site
    Details
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    Virgin Money Virgin Australia Velocity Flyer Card - Bonus Points Offer

    Earn up to 100,000 bonus points in the first 4 months (conditions apply) and 0% Balance transfer for 18 months

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Velocity Frequent Flyer
    $129 $64 in the first year
    100,000
    0.66 points up to $1,500/month, then
    0.5 points uncapped
    Go to site
    Details
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    NAB Rewards Signature Card

    Earn 90,000 Bonus Points then an additional 30,000 when you keep your card open for 1 year (Minimum $3,000 spend in first 60 days). Up to 44 days interest free on purchases (see T&Cs).

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    NAB Rewards
    $295
    120,000
    1.25 points uncapped
    Go to site
    Details
  • placeholder
    Westpac Altitude Black

    Earn up to 180,000 bonus Altitude Points ($6k min. spend in the first 120 days on eligible purchases). 0% balance transfer for 24 months. 1% BT fee. Discounted Annual Fee of $99 for the first year. New cards only. Offer ends February 24th 2022. T&C's and exclusions apply.

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Altitude Rewards
    $250 $99 in the first year
    180,000
    1.25 points uncapped
    Go to site
    Details
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    American Express Velocity Platinum Card

    Receive 100,000 bonus Velocity Points when you apply online, are approved, and spend $3,000 on your new Card within the first 3 months. Available to new Card Members only. Enjoy a complimentary domestic return flight with Virgin Australia to selected cities, each year after your first card spend.

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Velocity Frequent Flyer
    $375
    100,000
    1.25 points uncapped
    Go to site
    Details

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