Award-winning personal loans, US election, property prices: This week’s best banking news

By Polly Fleeting · · 4 min read
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  • Mozo Experts Choice Awards: Personal loan and car loan winners revealed 
  • How the Biden US Election can affect your international money transfer 
  • Australian property prices expected to rise, is now the time to buy with a low deposit?  
  • Home loan rate cuts: which customers benefit? 
  • How to snag yourself a deal this Black Friday and Cyber Monday using Buy Now Pay Later 
  • Only one-third of Aussies comfortable to buy a car online 

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

Top personal and car loans unveiled in the Mozo Experts Choice Awards 

The time has come again for another round of Mozo Experts Choice Awards, and this time it’s personal loans and car loans.

Our expert judges compared 334 personal lending products across 88 Aussie financial institutions. 

“[We] found a vast difference in interest rates from provider to provider,” said Peter Marshall, Mozo Experts Choice Awards judge. 

“Our in depth analysis highlighted why it is so important to shop around, and with a myriad of smaller online lenders out there competing for your business, you could be paying more than you need to by not comparing your options beforehand.”

Snapping up Personal Loan Provider of the Year was Australian Military Bank, while personal loan lender Alex took home the Best New Loan Product award.

Read full article: Winners announced in the Mozo Experts Choice Awards for personal and car loans for the full list of this year’s winners or take a look at our 2020 Personal Loans Report 2020. 

US Election: What Biden’s win means for your international money transfer

Off the back of the recent win for Joe Biden in the US Election, the Aussie dollar is looking good for Australians making international money transfers. 

On Tuesday, the AUD was trading just shy of 73 US cent (up from around 71 US cents at the start of the election week), according to the XE Currency Converter. 

The AUD hasn’t pushed past 72.5 US cents since mid-September this year. 

Read full article: What Biden's US election win means for your international money transfer for more on the future of AUD. 

Should you buy with a 5% mortgage deposit as home prices set to rise?

young couple on the couch searching for home loans online

Over a quarter of Aussies (26%) believe now is the best time to invest in a property, according to new stats from ING. 

This is due to housing prices and rental yields set to rise. But is now a good time to secure a home loan with a 5% deposit? 

Well, Mozo property expert Steve Jovcevski says that a low deposit loan may be a savvy way for investors to stay ahead, as rebounding prices are likely to increase interest in the investor market. 

“Investors are looking at historically low interest rates and they may also see value in the fact that [property prices] could be at their bottom and buying into the market could earn them a capital return in the next few months or couple of years,” he said. 

“Sometimes if the market is going up and you go ahead and still save a 20% deposit for the next couple of years, then you might actually lose out more than if you had jumped into the market earlier. You’d miss out on the opportunity to snag a cheaper property and benefit from capital growth.” 

Read full article: Property prices set to rise: Should I buy now with a 5% deposit home loan? and find out how to reduce the risks of a low deposit loan. 

Are mortgage cuts only beneficial to new customers? 

On 3 November, the Reserve Bank of Australia (RBA) cut its official cash rate by 15 basis points to an historic low of 0.10%. 

In response, a bunch of lenders, including the big four cut home loan rates. 

For new customers this is great news as there are a whole range of loans on offer with fresh low rates. However, for existing customers it’s a bit of a different story. 

If you currently have a variable rate home loan where your lender has passed on the cut, it is possible you will see a change to your rate. But, for those on fixed rate mortgages there’s less chance your rate will change as lenders generally make the adjustment for new customers only. 

Read full article: Do home loan rate drops only benefit new customers? for a deeper look into where rates are now. 

Where to shop this Black Friday and Cyber Monday with Buy Now Pay Later

woman looking up black friday sales on tablet

With Black Friday and Cyber Monday on the horizon, you may be asking yourself where you can snag a deal. Especially if you are planning on using Buy Now Pay Later (BNPL). 

There are a range of BNPL options for Aussies, including platforms like Afterpay, Zip, Klarna, Humm, OpenPay and Bundll. And a bunch of retailers allow customers to use these platforms, including companies like Amazon, Kmart, Kogan.com, Cotton On and The Iconic. 

“Buy Now Pay Later could be an interest-free option for Aussies looking to snag a deal this Black Friday, leading up to Christmas,” Mozo Director, Kirsty Lamont says. 

“However it’s all about being responsible. If you opt to use Buy Now Pay Later during these sales, ensure you are fully equipped to pay back each instalment on what you buy to avoid late fees and spiralling into debt.”   

Read full article: Buy Now Pay Later: Where to find Black Friday and Cyber Monday deals in 2020 for a rundown of which big Australian retailers accept BNPL. 

Two-thirds of Aussie car buyers wouldn’t purchase a vehicle online

A massive two-thirds of Australians aren’t comfortable with buying a car online, found Savvy’s recent survey into Aussie car buying sentiment. 

The research also showed that during COVID lockdowns, around 40% of the 1,001 survey respondents felt “extremely uncomfortable” about home-facilitated test drives, virtual demos, remote payments and dealer delivery. 

That’s compared to an extremely low 4% that said they felt “extremely comfortable” with the online process. 

Read full article: Two-thirds of Aussies not comfortable with buying a car online and read more about working from home and car buying trends. 

Looking to finance a new car? Check out these killer car loan options below.

Compare Car Loans - last updated 24 April 2024

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure
  • Used Car Loan

    Fixed, Secured, No vehicle age limit

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. 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.

    Compare
    Go to site
    Details
  • New Car Loan

    Fixed, Secured, Excellent Credit Score [832+]

    Interest rate
    comparison rate
    Monthly repayment
    7.29% p.a.to 7.79% p.a.
    8.00% p.a.to 8.50% p.a.based on $30,000
    over 5 years

    Enjoy a quick application process and no monthly fees on NRMA new car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 7.29% would cost $36,387.95 including fees.

    Compare
    Go to site
    Details
  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

    Compare
    Go to site
    Details
  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    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.

    Compare
    Go to site
    Details
  • Used Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    8.49% p.a.to 16.99% p.a.
    9.21% p.a.to 17.77% p.a.based on $30,000
    over 5 years

    Enjoy a quick application process and no monthly fees on NRMA used car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 8.49% would cost $37,420.08 including fees.

    Compare
    Go to site
    Details
  • Used Car Loan

    Up to 5 years old, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.74% p.a.
    8.85% p.a.based on $30,000
    over 5 years

    Used Car Loan with no monthly or ongoing fees, with a fixed rate for the life of the loan. Fast online application. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.74% would cost $37,153.94 including fees.

    Compare
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    Details

* 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.

^See information about the Mozo Experts Choice Personal Loan Awards

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.