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.

Home loan comparisons on Mozo - last updated February 27, 2021

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

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

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

    Compare
    Details
  • Basic Home Loan

    Owner Occupier, LVR<80%, Principal & Interest

    variable rate
    comparison rate
    2.64% p.a.
    2.64% p.a.

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    Compare
    Details
  • Mozo Experts Choice 2020
    UHomeLoan - Discount Offer

    Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    2.34% p.a.
    2.34% p.a.

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

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    Details
  • Mozo Experts Choice 2020
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    2.19% p.a.
    2.19% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    Compare
    Details
  • Discounted Variable Home Loan

    Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    2.94% p.a.
    3.34% p.a.

    Enjoy a great low rate with no ongoing fees. Ability to split your loan between fixed and variable. 100% offset account. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.

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    Details
  • Well Balanced

    Owner Occupier, Principal & Interest, LVR <80%

    variable rate
    comparison rate
    2.17% p.a.
    2.20% p.a.

    Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.

    Compare
    Details
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Talk to a Mozo home loans expert

Buying your first home, refinancing your existing home or thinking of investing? Speak to Steve, our home loans expert today!

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^See information about the Mozo Experts Choice Home Loans Awards

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