This week in banking - RBA, HSBC Everyday Extras, and the best travel insurance of 2019

By Mozo ·

In this week’s banking recap, we revisit the RBA’s August decision, plus turn our attention to travel insurance in light of the latest round of Mozo Experts Choice Awards.

RBA holds the cash rate at 1.00%

After two consecutive cuts in June and July, the Reserve Bank decided to take a breather and keep the cash rate unchanged this August, with RBA Governor Philip Lowe saying he expects conditions in the economy to pick up in the near future.

“The outlook is being supported by the low level of interest rates, recent tax cuts, ongoing spending on infrastructure, signs of stabilisation in some housing markets and a brighter outlook for the resources sector,” he said.

Best travel insurance policies revealed

Travel insurance might not be too high on your list of priorities ahead of a holiday, but that doesn’t mean you should ignore it. To make picking the right policy easy, we’ve compiled the best of the best in this year’s Mozo Experts Choice Travel Insurance Awards.

World2Cover was named our Travel Insurance Provider of the Year, marking the second year in a row it’s taken out the top spot. But all the other winners are well worth a look. Whether you plan to board a cruise or make your way down the ski slopes, you’re sure to find a policy that suits you. 

Reap the rewards with HSBC’s Everyday Extras

HSBC has launched Everyday Extras, a nifty little feature which could see savers rewarded each time they spend.

Customers who deposit at least $2,000 a month into their HSBC Everyday Global Account will receive 2% cashback on purchases up to $100, so long as they use payWave, Apple Pay or Google Pay.

“Australians love rewards, but most rewards programs rely on offering the chance to earn points, which can be complicated or time-consuming to redeem. We wanted to offer customers a more immediate benefit,” said Jessica Power, HSBC Australia’s Head of Retail Banking and Wealth Management.

Wholesale demand response: a potential remedy to energy woes

This Tuesday, the Australian Energy Market Commission (AEMC) heard a proposal to introduce a ‘wholesale demand response’ in the Australian energy market. Such a mechanism would reward customers for responsible energy habits with cash or credit, which can go towards further lowering their bills.

ME lowers fixed rates to lowest in its history

The cuts to fixed rates continue to pile up, with ME the latest to join the party. Headlining the latest round of changes is its 3-year Flexible Home Loan Member Package, which saw a massive 0.40% reduction. The new 3.18% p.a. fixed rate (3.87% p.a. comparison rate*) marks the lowest rate ever offered by the bank.

If you’re on the lookout for a quality home loan, be sure to visit our home loan comparison page, or have a browse of the options below.

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

    interest rate
    comparison rate
    1.99% p.a.variable for 12 months and then 2.48% p.a. variable
    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
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    Details
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    2.09% p.a.
    fixed 2 years
    2.56% p.a.

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

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  • Mozo Experts Choice 2020
    UHomeLoan - Discount Offer

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    2.34% p.a. variable
    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

    interest rate
    comparison rate
    2.19% p.a. variable
    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
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    Details
  • Special Fixed Rate Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    1.99% p.a.
    fixed 4 years
    3.45% p.a.

    Ability to split your loan between fixed and variable. $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

    Compare
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    Details
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^See information about the Mozo Experts Choice Home Loans Awards

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