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

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 - rates updated daily

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
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    Mozo Experts Choice 2021
    Smart Booster Home Loan

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

    interest rate
    comparison rate
    1.85% p.a.variable for 24 months and then 2.25% p.a. variable
    2.21% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

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    Mozo Experts Choice 2021
    UHomeLoan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    1.85% p.a.
    fixed 3 years
    2.24% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

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  • Hot DealFor a chance to win $100K towards your home loan, apply with Athena before Oct 31 & approved by Dec 15 (Please read the full T&C's)
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    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    1.99% p.a. variable
    1.99% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

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    Details
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    Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    1.99% p.a. variable
    1.99% p.a.

    Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Apply Online & Refinance before 29 October 2021 for the chance to WIN your home loan interest free - Save up to $1.1 million. T&Cs apply.

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    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    2.09% p.a.
    fixed 3 years
    2.32% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

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    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.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. 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.