This week in banking - Prospa’s Billion Dollar Milestone

By Niko Iliakis · · 5 min read
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There was plenty going on in the world of Australian banking. Here are our top headlines from the past week, plus a look at key rate changes across home loans and term deposits.

Prospa hits $1 billion milestone

If there were ever a patron saint of business loans, it would be Prospa. The online lender has just cemented its position as one of the more popular options for business owners, announcing it’s delivered more than $1 billion in loans to small businesses across Australia and New Zealand. Just as impressive, Prospa also revealed it’s made a pretty sizeable contribution to the economy, adding $3.65 billion to Australia’s GDP. 

Do you have bank-xiety?

Does thinking about your bank leave you with an unshakeable sense of unease? You might have what ME Bank CEO, Jamie McPhee, calls ‘bank-xiety,’ and you’re not alone. A survey of 1,000 Aussies conducted by ME revealed that 95% believe banks lack transparency, and 92% believe that banks often push products and services that are inappropriate or unnecessary.

That said, not many Australians are doing anything about it. In fact, only 14% of those surveyed admitted they had switched banks, or were about to. If you’re among the many that were dismayed by the findings of the Royal Commission but have yet to dump their bank in favour of a more trustworthy one, don't put it off any longer.

Is another economic crisis around the corner?

With the current housing downturn yet to stabilise and levels of household debt reaching distressing highs, there’s a lot of talk about another crash potentially in the works. And while many remain skeptical, it doesn’t hurt to be prepared. We ran through some of the things the average Australian should do to make sure they’re able to stay afloat in case disaster strikes. 

Variable home loans

Turning to rates, Bank of Queensland introduced a new 2 year intro rate for its Variable Home Loan. Owner occupiers can now receive 3.69% p.a. (4.55% p.a. comparison rate*) for the first 24 months. And loans.com.au has lowered its Offset Variable 90 by 0.32%, putting it at 3.72% p.a. (3.74% p.a. comparison rate*).

Fixed home loans

BoQ has made a number of changes across its Discount Fixed Rate offerings. 2 and 3 year rates for both owner occupiers and investors saw cuts of 0.05%.

Meanwhile, Suncorp made some adjustments to its Fixed Home Loan and the Home Package Plus option. Longer duration terms for owner occupiers saw cuts of up to 0.20%, while 1 year fixed rates for the package deal jumped up 0.20% to 3.69% p.a. (4.90% p.a. comparison rate*).

3 year rates for Macquarie Bank’s Offset Home Loan Package were reduced by 0.10%. Owner occupiers will now receive 3.99% p.a. (4.15% p.a. comparison rate*). 

Term deposits

Suncorp has shuffled around its term deposit rates, raising some while cutting others. The 5 month rate saw the biggest drop - 0.40% - leaving it at 2.15% p.a., while the 6 month rate increased 0.05%, putting it at 2.40% p.a.

Gateway Bank decreased its 1 year annual rate by 0.15%. It now sits at 2.70% p.a. And Credit Union SA, G&C Mutual Bank and Heritage Bank made cuts of between 0.10-0.20% to various offerings.

For a look at which term deposits still offer decent value, be sure to check out our term deposits comparison page.

Business loan comparisons on Mozo

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Last updated 7 May 2025Important disclosures

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  • About ScotPac
    Boost Business Loan

    Whether you’re looking for a quick cash boost for your business or are ready to invest in growth, ScotPac offers a range of unsecured and secured loans from $10,000 up to $500,000. For loan terms of 6 months to 3 years. No application or account keeping fees to pay. Funds available in 24 hours or less once approved. Repayment options available.

    Interest Rate
    Upfront Fee
    Funding speed
    On application
    Details on application
    From 24 hours
    Go to site
    Details
  • About Prospa
    Prospa Plus Business Loan

    Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.

    Interest Rate
    Upfront Fee
    Funding speed
    Interest rates vary based on risk.
    3.5%
    from 24 hours
    Go to site
    Details
  • About Bizcap
    Unsecured Business Loan

    Business Loans from $5,000 to $5,000,000 with high approval rates. Access to funds on loans up to $500,000 in as little as 3 hours. Cash flow friendly repayments and open minded offers.

    Interest Rate
    Upfront Fee
    Funding speed
    On Application
    3%, starting at $399
    from 3 hours
    Go to site
    Details
  • About Regional Australia Bank
    Mortgage Secured Commercial Loan

    Use your property as collateral to meet your business needs. Offers repayment terms up to 30 years for residential security and 15 years for commercial/rural security. Provides interest rates that are tailored to your business needs. Choose from Principal & Interest, Interest Only, or Interest in Advance repayment options.

    Interest Rate
    Upfront Fee
    Funding speed
    On application
    On application
    Varies
    Go to site
    Details
  • About Regional Australia Bank
    Self Managed Super Fund Loan

    A loan to help your fund grow. Borrow for up to 25 years for residential properties or 15 years for commercial or rural properties. No monthly service fees, so you can save more for your retirement. Approval fee applies.

    Interest Rate
    Upfront Fee
    Funding speed
    On application
    $1,500
    Varies
    Go to site
    Details


*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.

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