This week in banking - Pensioners under pressure

In this week’s banking recap, we examine the state of the property market, retirees’ finances, and the latest moves from the world of banking.

Retirees feeling the strain of credit card debt

Without a regular income or adequate pension payments, many retirees are relying on credit cards, only to turn around and find themselves trapped under mounting credit card debt. Moneycare has reported that in the past ten years, the percentage of over 55 year olds seeking financial counselling has risen from 19% to 26%, with half of those looking to escape credit card debt in particular. In light of this, we look at some ways you can prepare for a debt-free retirement

Property market looking up

Buoyed by record low interest rates and loosening of certain regulations, experts are forecasting a turnaround in the Aussie property market in the coming months, which should come as welcome news for those who already own property. If, however, you’re looking to buy, it pays to be measured and avoid diving in just for the sake of it. We’ve compiled some tips for prospective home buyers to put themselves in the best possible position to break into the market.

Westpac drops rates for home loan package

Earlier this week, Westpac cut rates on its Rocket Repay Home Loan (Premier Advantage Package), bringing it down to 3.69% p.a. (4.09% p.a. comparison rate*). The changes make it the lowest variable rate package offered by a big four bank, with the next best rate a full 0.38% higher.

Heritage Bank branches out

Heritage Bank - a five-time winner in this year’s Mozo People’s Choice Awards - has announced plans to open two new branches in Sydney. This marks the bank’s first venture outside its home state of Queensland, and makes for refreshing news in a time when more brick-and-mortar branches seem to be closing than opening.

“We’re excited to be bucking the industry trend by opening new branches. I firmly believe that talk about the imminent demise of physical branches is exaggerated,” said Heritage Bank CEO, Peter Lock. 

“People still want to come into a branch and talk face-to-face with an expert about the biggest financial commitments they will make in their lives, so branches will be around for many years to come.”

Bank Australia rate cut frenzy

On Monday, Bank Australia made a number of changes across its range of fixed and variable home loans. Variable rates were reduced by 0.16%, which see the Bank Australia Basic Home Loan Special now offering a low 3.35% (3.36% comparison rate*). The cuts will also benefit investors, who will be treated to a competitive 3.76% p.a. variable rate (3.80% p.a. comparison rate*) when signing up for the Mozo Experts Choice Award winning Basic Home Loan.

If buying a home is on the cards for you, you’ll want to equip yourself with a great value home loan. Check out some of the options below, or visit our home loan comparison page for an idea of what’s out there.

Last updated 5 May 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.69 % p.a.
    Variable
    Comparison rate
    5.70 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Offset and non-offset options for flexible payments
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)
  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes
  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available
  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Neat Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    5.86 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • Free extra repayments
    • Easy redraw facility
    • No annual fee to pay
  • Flex Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility
Showing 7 results from 415 home loans. Use the filters to see more

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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. 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.