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

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Last updated 30 October 2024Important disclosures
  • Citi Rewards - Rewards Points Offer

    100,000 bonus Citi reward Points when you spend $5,000 on eligible purchases within 3 months from approval. That’s $400 when you Pay with Points! Earn up to 1 Citi reward Point per $1 on eligible transactions. Access up to 3 months complimentary International Travel Insurance and up to 14 days Domestic Travel Insurance with a Citi Rewards Credit Card when meeting eligibility criteria. Apply for a credit limit from $2,000 up to $100,000. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Citi Rewards Program
    $199 $99 in the first year
    100,000
    1 point up to $10,000/month
    Details
  • American Express Qantas Ultimate Card

    Receive 50,000 bonus Qantas Points when you apply online by 14 January 2025, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. T&Cs apply. Available for new American Express Card Members only.

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Qantas Frequent Flyer
    $450
    50,000
    1.25 points up to 100,000 points/year, then
    1 point uncapped
    Details
  • Kogan Money Black Card

    Introductory Rate Offer

    Get 0% p.a. on purchases and balance transfers for 9 months with a 1% balance transfer fee. Reverts to cash advance rate. $0 annual fee to pay. Earn 2 rewards points per dollar on your eligible purchases at Kogan.com & 1 rewards point per dollar on your everyday purchases, almost anywhere (T&Cs apply). FREE Kogan First membership valued at $129/year. Add up to 4 additional cardholders at no cost.

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Kogan Rewards Points
    $0
    No current offer
    1 point uncapped
    Details
  • Citi Rewards - Balance Transfer and Purchases offer

    Enjoy 0% p.a. for 15 months on purchases and balance transfers. Balance transfer reverts to cash advance rate. Earn up to 1 Citi reward Point per $1 on eligible transactions. Access up to 3 months complimentary International Travel Insurance and up to 14 days Domestic Travel Insurance with a Citi Rewards Credit Card when meeting eligibility criteria. Apply for a credit limit from $2,000 up to $100,000. Balance transfer fee applies. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Citi Rewards Program
    $199
    No current offer
    1 point up to $10,000/month
    Details
  • American Express Essential® Rewards Credit Card

    Exclusive Offer

    Receive 60,000 Membership Rewards® Bonus Points* when you apply online through the link on this page by 3 December 2024, are approved and spend $3,000 on eligible purchases on your new American Express Essential Rewards® Credit Card within the first 3 months. T&Cs apply. New American Express Card Members only.

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Membership Rewards
    $108
    60,000
    1 point uncapped
    Details


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