Mozo Rate Chasers Roundup – April 2013

This is a round-up of rates in April and some may have changed since the time of writing. To check on today’s rates click on the highlighted product.

While the RBA chose to sit on its hands at its April meeting there’s still an expectation that rates are likely to move a little lower over the rest of 2013. As a result, there hasn’t been much movement during April, but there has been a continuation of the drift downwards we’ve seen over the last few months. Great news for borrowers but, now more than ever, savers need to make sure they are getting the best rate for their savings.

Home Loans:

The lowest fixed rate for 1 and 2 years is 4.69% from online lender eMoney, but that’s only available to borrowers with a loan-to-value ratio (LVR) of up to 75%. If you need to borrow more than that eMoney has a 4.84% option that allows an LVR as high as 90%. There are good fixed rates around for 3 years too, with ME Bank offering a very low 4.99%.

On the variable rate front Westpac made its basic Flexi First Option more attractive by reducing the rate from 5.86% to 5.65%. The best variable rate in the market is being offered by at 4.99%, down from 5.22% at the start of the month. Note that this loan is only available for new purchases, not for refinancing, and only for borrowings up to 80% LVR.

Check out all the home loan rates with Mozo’s Home Loan Compare tool that will help you find the lowest rates for your loan amount and property value.

Term Deposits:

Deposit rates have been very static with only minor adjustments during April. The best rate for a 6 month deposit is 4.45%, offered by Rural Bank One which is set up to take new deposits online. For a 1 year term the best rate is from UBank at 4.61%, closely followed by ING Direct at 4.60%. ING Direct also have the best 2 year rate if you’re comfortable locking your money away for longer, at 5.00%.

Find the best rates for a term that suits you using Mozo’s Term Deposit Compare tool.

Savings Accounts:

The RAMS Saver continues to have the best rate in the at call savings market at 5.01% (ongoing bonus if you deposit at least $200 in the month and make no withdrawals). If you don’t want to worry about meeting those bonus rate requirements there are plenty of introductory rates worth checking out including Bankwest’s Telenet Saver which will pay you a variable rate of 4.80% for 6 months before reverting to an ongoing rate of 3.25%.

Mozo’s Savings Account Compare tool will show you the best rates in the market, and make it easy to compare any conditions that apply.

More rate cuts are now expected over the coming months, and the Mozo Rate Chasers will be here to make sure you find out about the best deals in town.

Mozo Rate Chasers Roundup – April 2013 was last modified: April 30, 2013 by Peter Marshall

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