Top home loan rates, regional property growth, energy prices: This week’s best banking news

- The top home loan rates in 2021
- Regional property growth significantly higher than Aussie major cities
- Who’s cutting prices to Victorian Energy?
- Sell your home? Here’s how the costs are split
- Aussies looking to save for the future as spendings hikes at the end of 2020
- 5 expenses to ditch this year and boost your savings
All in this week’s best banking new recap: editor’s pick.
Which lenders offer the top fixed and variable home loan rates in 2021?
In 2020, the Reserve Bank of Australia (RBA) cut its official cash rate by 0.65%, so many home loan rates have been subject to significant changes.
Currently, if your mortgage has a rate above 3.00%, the truth is, you are likely paying too much. This is because a large percentage of owner occupier home loans now have rates that start with ‘2’ while others even start with ‘1’.
So who offers hot rates right now? Here’s a breakdown of the top 3 fixed and top 3 variable rates on the Mozo database:
Fixed (3-year)
1. UBank UHomeLoan (Fixed) - 1.95% (2.27% comparison rate*)
2. IMB Bank Fixed Home Loan - 1.97% (2.97% comparison rate*)
3. QBank Fixed Rate Special - 1.97 (3.39% comparison rate*)
Variable (up to 80% LVR)
1. Reduce Home Loans Super Saver Variable - 1.99% (2.05% comparison rate*)
2. Pacific Mortgage Group Standard Variable Home Loan - 2.09% (2.09% comparison rate*)
3. Homestar Star Essentials Home Loan - 2.14% (2.19% comparison rate*)
Read full article: What are the best home loan rates in 2021? for the full breakdown of the lowest rates right now.
Aussie regional property growth more than triple of capital cities
Over the last 12 months, property values in Aussie regional markets have grown by nearly 7%, found CoreLogic.
This is more than three times the growth than that of capital cities (average). While across the nation, 2020 ended with a total 3% growth in the value of homes.
“Record low interest rates played a key role in supporting housing market activity, along with a spectacular rise in consumer confidence as COVID-related restrictions were lifted and forecasts for economic conditions turned out to be overly pessimistic,” CoreLogic’s research director, Tim Lawless says.
“Containing the spread of the virus has been critical to Australia’s economic and housing market resilience.”
Read full article: Regional property growth three times higher than capital cities for comments from Managing director of Streamline Property Buyers, Melinda Jennison.
Victorian Energy: which providers are dropping prices this year?

The Essential Services Commission (ESC) has announced that the Victorian Default Offer (VDO) will drop for both residential and small business customers.
The VDO came into effect on 1 July 2019, and is a default energy offer available to Victorian customers who don’t compare energy provider offers or switch plans. It also replaced standing offers and capped prices, preventing energy retailers from charging expensive plans to customers.
The changes to the VDO are as follows:
- Down by 10% for residential customers, equating to $159 per year
- 14% for small business customers, equating to $916 per year
Big energy players, Origin Energy, AGL and EnergyAustralia have all announced they will be lowering energy prices for Victorians.
Read full article: Victoria Energy Price Update, who's cutting prices in 2021? for an in-depth look at when these retailers are making changes.
What costs to expect when selling your home
While you may think of a large lump sum of money when selling your home, the truth is that it comes with a bunch of costs you may not know about.
Costs like real estate agent fees, conveyancer fees and the cost of marketing your property to potential buyers are often unavoidable. However, there are some other voluntary costs that some sellers fork out in an attempt to bump up the value of their home.
Here’s a brief rundown of some of these additional costs:
- Agent commission: usually between 1 and 3 percent of the sales price
- Conveyancer fees: anywhere from $1,000 to $2,000
- Marketing fees: usually between 0.5 and 1 percent of the property’s value
- Home loan break cost fees (if you still have a mortgage on your home): generally in the thousands for fixed loans
- Home staging: around $2,000 for a six week display
- Pre-sale cleaning and repairs: depends on size of your property
- Auction fees: around $600 for an auctioneer’s services if not included in real estate agent’s fees.
Read full article: What are the costs involved in selling a home? to deep dive into each cost you may face.
Aussie spending up but so is urge to save for the future

New stats from UBank have revealed that Australians are looking to save more for retirement and the future as 2020 drew to a close, with 42% putting money away for an emergency fund.
On the flip side though, the Australian Bureau of Statistics (ABS) reported an increase in retail spending in the final quarter of last year.
Popular items like clothing, footwear, recreational goods and cosmetics saw a rise in spending to above 2019 levels.
Similarly, household spending on things like furniture, gardening supplies, electronics and hardware was also 22% higher than the previous November.
Read full article: How to trim your spending and bulk up your savings in 2021 for some handy tips on how to increase your stash this year.
Need to save in 2021? Here are 5 expenses you can ditch and save yourself thousands
If saving more money is your 2021 new year’s resolution, it’s time to start making changes. And they may be easier than you think.
So we’ve put together 5 expenses that you can bid farewell this year to help plump up your savings stash:
1. Can the takeaway coffees: With the average coffee sitting at $3.96, giving up one coffee five out of seven days could save you around $80 a month!
2. Bring your own lunch to work: Some takeaway meals are around $10 to $15, by making your own lunch everyday you could save around $300 per month.
3. Borrow books: Library books are free (considering you return them on time), so you could save yourself a juicy $20 or $40 each time you sit down with a new read.
4. Switch energy providers: You could save hundreds if not thousands this year by switching to an energy provider with lower prices.
5. Workout for free: If you are currently paying for a gym membership, you could save yourself anywhere from around $20 to $100 per week for opting to work out at a local park or at home.
Read full article: 5 expenses to ditch in 2021 that could boost your savings by thousands for a full rundown of these handy tips.
Want to find somewhere to stash your 2021 savings? Check out these hot savings account options below!
Compare savings accounts - rates updated daily
High Interest Savings Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
3.10% p.a. (for $0 to $250,001)2.00% p.a.(for $0 to $250,001)Yes up to $250,000Bonus rate for the first 4 months from account opening
High Interest Savings Account
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
Boost Saver with Go Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.30% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate of 2.30% is made up of the Base rate of 0.05% and Bonus rate of 2.25%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.
Boost Saver with Go Account
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 5,000 bonus Virgin Money Points (ends 31/08/22. Offer criteria & T&Cs apply).
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus interest 2.30% is made up of the Base rate of 0.05% and Bonus rate of 2.25%. It only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Boost Saver with Go Account
Life - 18-29 years old
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.75% p.a. (for $0 to $30,000)0.65% p.a.(for $0 and over)Yes up to $250,000Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
Life - 18-29 years old
Are you 18 - 29 years of age? Earn up to a generous 2.75% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
- account fee per month
- $0.00
- Maximum rate conditions
- Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account. If 5 card purchases are made each month, but savings account balance hasnt increased, a 2.05% interest rate still applies.
Read our Mozo Review to learn more about the Life - 18-29 years old
Save Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.35% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Deposit at least $200 to either Spend or Save account from an external source each month.
Save Account
Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and saving account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Save Account
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.10% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Bonus Saver Account
Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
Grow Saver
Lock Saver Feature
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.80% p.a. (for $0 and over)0.05% p.a.(for $0 and over)Yes up to $250,000Make at least 1 deposit per month and no more than 1 withdrawal, including internal transfers or external payments. Must enable the Lock Saver feature. 32 days notice for withdrawal and T&C's apply.
Grow Saver
Pay no monthly fees. Set-up to 9 personalised savings accounts and choose to lock as many accounts as you like to earn the maximum variable interest rate. With just 32 days notice to access your money again, your future self will thank you.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate is made up of the Base interest rate of 0.05%, Bonus interest rate of 1.45% and Notice interest rate of 0.30%. Make at least 1 deposit per month and no more than 1 withdrawal, including internal transfers or external payments. Must enable the Lock Saver Feature. 32 days notice for withdrawal and T&Cs apply.
- Access
- -
- Minimum balance
- $0.00
- Other restrictions
- Savings account only accessible through iOS or Android app. Daily ATM withdrawal limit not applicable.
Read our Mozo Review to learn more about the Grow Saver
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