2020 banking products you may have missed but should know about for 2021

There’s no denying that 2020 has been a whirlwind. From people hoarding toilet paper, lockdowns across the country to wild weather, there’s been a lot going on. 

So if you’ve missed the release of some of these new banking products, we don’t blame you. 

In fact, we are here to help! 

Here’s a roundup of some fun new financial products that dropped in 2020 that you should consider in 2021. 

Home loans 

Athena AcceleRATES Variable Home Loan 

Release: August 2020 

Mozo snapshot: The AcceleRATES home loan from Athena offers some seriously competitive variable rates for both owner occupiers and investors that have lower loan-to-value ratios (LVRs). Plus, it automatically rewards borrowers with lower rates when they pay down their loan.  

There are different rate tiers attached to this loans between $100k and $2 million, depending on their LVR: 

• Liberate (70-80% LVR): Rates from 2.29% (2.23% comparison rate*) for owner occupiers and 2.64% (2.59% comparison rate*) for investors.
• Evaporate (60-70% LVR): Rates from 2.24% (2.21% comparison rate*) for owner occupiers and 2.59% (2.56% comparison rate*) for investors.
• Celebrate (<60% LVR): Rates from 2.19% (2.19% comparison rate*) for owner occupiers and 2.54% (2.54% comparison rate*) for investors.

Athena also took home multiple 2020 Mozo Experts Choice Awards in the home loans category, for Best New Home Loan and Home Loan Innovation, Best Low Cost Home Loan and Best Investor Home Loan. 

86 400 Own Home Loan 

Release: August 2020

Mozo snapshot: Neobank 86 400’s Own Home Loan is also based on an LVR tier system. Owner occupiers making principal and interest repayments will receive a lower rate based on their LVR.

Here’s a breakdown of what’s on offer: 

• LVRs of 60% or less, rates start from 2.39% (2.68% comparison rate*)
• LVRs of 70% or less, rates start from 2.44% (2.73% comparison rate*)
• LVRs of 80% or less, rates start from 2.54% (2.82% comparison rate*)

Personal loans 

Credit Union SA Online-only Special Fixed Rate Personal Loan 

Release: May 2020

Mozo snapshot: Currently, this personal loan offers the lowest fixed rate for secured personal loans on the Mozo database at 3.99% (4.40% comparison rate*). Customers can borrow from $5,000 to $100,000 and choice from a 1 to 7 year loan term. Plus, there are also free extra repayments and redraws on this loan. This loan also received a 2021 Mozo Experts Choice Award for best Car Loan. 

Alex Personal Loan

Release: June 2020

Mozo snapshot: New neobank Alex launched this year with it’s unsecured personal loan product. Based on your credit history, it comes with competitive rates starting at 6.95% (6.95% comparison rate*) and comes with free extra repayments. Plus, there are no ongoing fees to worry about, and for a limited time, you won’t have to pay an application fee as the lender is waiving this cost until 15 January 2021. It’s no surprise this product was awarded the Mozo Experts Choice Award for Best New Loan Product in 2021! 

Credit cards 

NAB StraightUp Card 

Release: September 2020 

Mozo snapshot: This card works a little differently to an old-school credit card. Instead of paying interest, customers pay a monthly fee based on their credit limit: $10 for a $1,000 limit, $15 for a $2,000 limit and $20 for a $3,000 limit. Plus, there are also no annual fees or late payment fees attached to the card, AND if you don’t use your card at all over a statement period or have a zero balance, NAB will waive the monthly fee. Not only that, this card was awarded the 2020 Mozo Experts Choice Award for Credit Card Innovation. 

CommBank Neo 

Release: December 2020 

Mozo snapshot: This card is also an interest-free credit card. It also operates on a monthly fee that is calculated in relation to your credit limit: $12 for $1,000 limit, $18 for a $2,000 limit and $22 for a $3,000 limit. In addition, there are no late or foreign exchange fees. Plus, if you apply by 31 January 2021, you’ll get $20 cashback! 

Savings accounts 

Westpac Life Savings Account 

Release: July 2020 

Mozo snapshot: Sick of low savings account rates? If you are between 18 and 29 this savings account could be the one for you.  In place specifically for young Aussies, this account comes with a juicy 3.00% interest rate on balances up to $30,000. All you need to do is link a Westpac Choice account, make 5 transactions per month on the debit card and increase your savings balance each month. Savers who don’t grow their balance but still meet the minimum transaction requirements, will receive a still competitive 2.45%. The rate drops to a low 0.20% if the required conditions aren’t met. 

Want to see how other savings accounts compare? Check out these options below!