ING rate changes, NSW CTP cost cuts & electric car shopping: This week’s best banking news

By Rhianna Dews · · 3 min read
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ING rate changes, NSW CTP cost cuts & electric car shopping: This week’s best banking news
  • ING cuts variable rates & ups fixed options
  • NSW drivers to see further CTP cost cuts in 2022
  • Australia leads the world in rooftop solar
  • RBA drops the latest consumer spending trends data
  • Amex rewards cardholders can now use points to shop via PayPal
  • What to look for in an electric vehicle

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

ING cuts variable rates & ups fixed options

Well, well. It looks like ING’s gone ham with home loan changes, folks! This week the lender slashed as much as 25 basis points off its variable rates and upped its 2, 3, 4, and 5-year term fixed rates.

Notably, we saw the bank cut 15 to 25 basis points across various LVR tiers on its Orange Advantage home loan. Owner-occupiers borrowing $500,000 to $999,000 (LVR ≤80%) can now look forward to a 2.04% p.a. variable rate (2.40% p.a. comparison rate*).

Read full article: ING slashes variable rates, bumps up fixed options for more information.

NSW drivers to see further CTP cost cuts in 2022

New South Wales drivers could soon see themselves with some extra coin in their pockets. The NSW government just announced further reductions to compulsory third party (CTP) car insurance premiums at the weekend, highlighting the impact of 2017 CTP reforms.

Digital and customer service minister Victor Dominello stated that so far, the reforms have delivered the lowest premiums the state has seen in a decade. An extra $19 off per year on CTP insurance premiums is set to drop the average annual cost for NSW residents down to below $470 by 2022.

“From a state-wide average high of $635 in 2016, the government’s reforms will have delivered a 27% reduction in premiums by early 2022,” said Dominello.

Read the full article: NSW drivers to see CTP costs cut further in 2022 for the full scoop.

Australia leads the world in rooftop solar

Australia leads the world in rooftop solar

“The sustained growth of solar energy within Australia has seen the country rank first in the world in capacity per person. Australia has seen an increase greater than ten-fold in the amount of rooftop solar systems installed since 2011,” said Mozo Money Writer, Cooper Langby.

In 2020 alone, a record-breaking 370,000 new rooftop solar systems were installed in homes and businesses across Australia.

Despite a slight dip in numbers due to a drop in utility-scale panels, 2019’s total installation figures still remain the second-largest on record. 

Read the full article: Solar power at home? Australia now leads world in rooftop solar for the whole shebang.

RBA drops the latest consumer spending trends data

Recent RBA payments data has revealed a significant decline in ATM use over the past 12 months, as well as an increase in PayPal use, among other new consumer spending trends.

Despite a small 4% increase in transactions, ATM withdrawals have still seen a 21.4% regression in the preceding year and a 16.9% decrease in the value of ATM withdrawals.

Read the full article: How do we pay? Credit cards, PayID and Osko, says RBA for the full report.

Amex rewards cardholders can now use points to shop via PayPal

Amex rewards cardholders can now use points to shop via PayPal

Mozo Experts Choice Awards 2021 Credit Card Provider of the Year American Express has joined forces with PayPal to launch PayPal with Points.

What does this mean exactly? It means that with this exciting new service, Amex customers will now be able to shop online and pay using Membership Points via PayPal.

Read the full article: Amex rewards cardholders can now use points to shop via Paypal for all the deets!

What to look for in an electric vehicle

The Australian government has just announced its plans to invest a whopping $250 million into car charging infrastructure. Meaning, there’s a high chance that you’re having a cheeky online window shop for electric vehicles (EV) as we speak.

But how many of us really know what to look for when picking out an electric car? Not to worry, we’ve got you covered!

Read the full article: Buying an electric vehicle: What NOT to forget for the full rundown.

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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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