Travel insurance COVID cover, net-zero by 2050 & QR code payments: This week’s best banking news

Travel insurance COVID cover, net-zero by 2050 & QR code payments: This week’s best banking news
  • Aussie credit card spending habits have changed, reveals Citi data
  • Orange Credit Union now has one of the lowest home loan rates in the Mozo database
  • 2 in 3 travellers want COVID-19 cover option with their travel insurance
  • Australia finally has climate change plans: Net-zero by 2050
  • Eftpos QR payments on the way
  • How to buy a car online

All in this week’s best banking news recap: editor’s pick.

Aussie credit card spending habits have changed, reveals Citi data

Despite moving into a post-pandemic world, it looks like Aussie spending habits might have changed for good, reveals Citi data.

With restrictions starting to ease and Aussies starting to leave the house again, we expect to see a 3% increase in debit and credit card spending in October compared to September. 

Interestingly, in September, spending was estimated to be 5.6% higher than in August, with a daily average spend increase of 9%.

"The credit card industry continues its path to recovery with spending increasing month on month," said Choong Yu Lum, head of credit cards at Citi Australia.

Read full article: Aussie credit card spending habits have changed, Citi data shows for the full scoop.

Orange Credit Union now has one of the lowest home loan rates in the Mozo database

This just in: Orange Credit Union's new Essential Low Rate Variable Home Loan is a whopping 156 basis points below the average variable home loan rate for owner-occupiers in the Mozo database. 

The loan comes with an introductory variable rate which starts at 1.58% p.a. (2.72% p.a. comparison rate*) for owner-occupiers and investors with a  loan-to-value ratio of 95%. After the first 24 months, this will revert to 2.89% p.a. (2.72% p.a. comparison rate*).

Read the full article: Orange Credit Union now offers one of the lowest home loan rates on the market to find out more.

2 in 3 travellers want COVID-19 cover option with their travel insurance

2 in 3 travellers want COVID-19 cover option with their travel insurance

With borders soon to reopen for the fully vaccinated, many Aussies are getting ready to travel for the first time since before the pandemic. However, many keen jet-setters are concerned about their travel insurance options for COVID-19 cover.

“According to a recent survey of 1,670 Australians commissioned by Mozo, 69% of respondents said that they would be willing to pay for ‘COVID cover’ if it came as an option with their travel insurance,” said Mozo Money Writer Tom Watson.

Read the full article: 2 in 3 travellers want a COVID-19 cover option with their travel insurance for the full story. 

Australia finally has climate change plans: Net-zero by 2050

After a long wait, the Australian government has finally revealed its plans to reach net-zero emissions by 2050, insisting that the roadmap will not focus on taxes but rather large investments in renewable energy and clean technologies. 

“Prime Minister Scott Morrison has announced the net-zero commitment, outlining a pathway to reducing emissions that will see more than $20 billion invested into low-emissions technologies by 2030,” said Mozo Money Writer Cooper Langby

Read the full article: Australia finally has climate change plans: Net-zero by 2050 for the full rundown.

Eftpos QR payments on the way

Eftpos QR payments on the way

Getting familiar with QR code technology has become a necessity over the past two years, thanks to the introduction of COVID check-ins during the pandemic. But as we slowly make our way back to “normal” life, it looks like this technology is here to stay.

Australian payments provider EFTPOS has just announced this week its plans to roll out a new QR code-based payments system in the next few months called EFTPOS QR (or eQR).

“Eftpos QR will provide an alternative payment option for consumers by allowing them to make payments with their smartphone via scanning a QR code, with the technology set to be made available in physical retail stores, websites and on documents like paper bills,” said Mozo Money Writer Tom Watson.

Read the full article: The new ‘tap and pay’: Launch of EFTPOS QR payment system just around the corner for more information.

How to buy a car online

While the exciting act of buying a new car traditionally took place in person with a private seller or at a dealership, like most things in the modern world - that’s soon to change.

With young Aussies typically favouring online purchases, it appears that car manufacturers are keen to cater to this preference by making buying a vehicle online as streamlined as possible.

Read the full article: How to buy a car online? Tips for new or used cars to learn more.

Looking for the right car loan to help get you behind the wheel of your dream car? Then use our free car loan comparison tool below to start comparing options today:

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    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
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    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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  • Used Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
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* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

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