The new financial year has arrived and what better incentive for getting your finances in order than having to gather up all those receipts, bank and credit card statements for the tax man?
A lot can happen in a year so if you haven’t checked your accounts for 12 months you could be in for a pleasant (or not so pleasant) surprise. Back in June 2012, the official RBA cash rate was 3.50% and now it’s at a record low 2.75%. Great news if you’ve got a home loan but not so great if you’ve got a savings stash.
It’s time to get out your statements and do a quick review to see how the interest rates and fees on your current banking products stack up against some of the top deals in the market right now.
July’s top money deals
UBank UhomeLoan: 4.87% (variable and comparison rate) includes a 0.25% upfront discount offer. Refinancing only.
- Newcastle Permanent Fixed Rate: 4.59% 1 year fixed (5.58% comparison). Borrow up to 95% of the property value, no ongoing fees.
Greater Building Society Fixed Rate Home Loan (package): 4.54% 1 year fixed (5.43% comparison). Free extra repayments, offset account.
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- Victoria Teachers Mutual Bank Visa Platinum: 0% on purchases and balance transfers for 6 months, low 9.99% ongoing purchase interest rate
- NAB Low Rate: 4.99% balance transfer for 6 months, 13.99% ongoing purchase rate
No annual fee
- HSBC Credit Card: No annual fee, 0% balance transfer for 6 months, 17.99% purchase rate.
Bankwest Zero: 0% balance transfer for 9 months, no annual fee, 17.99% purchase rate
NAB Premium Card: 1% balance transfer for 12 months, 19.49% purchase rate, $90 annual fee
Qantas American Express Ultimate: Receive up to 50,000 extra Qantas Frequent Flyer points, complimentary return domestic flight annually, 1.5 points per dollar spent.
NAB Velocity Rewards Premium Card: 17,000 bonus Velocity points, complimentary overseas travel insurance.
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- RaboDirect High Interest Savings: 4.76% for 4 months, then 3.50%. No fees.
ING DIRECT Savings Maximiser: 4.75% for 4 months, then 3.00%. No account fee.
BankWest Telenet Saver: 4.55% bonus rate for 6 months, then 3.00%. No account fee.
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NAB Classic Banking Account: no monthly account fees, VISA Debit at no extra cost, free atm access from NAB and REDI ATM networks
ING Direct Orange Everyday: no monthly account fees, fee free ATM withdrawals Australia wide ($200 min)
BankWest Rewards Transaction Account: Australia’s only rewards debit card, no fees with monthly deposit of $2000, no overseas ATM fees.
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Prepaid Travel Cards:
Oz Forex Travel Card: Australia’s lowest foreign exchange margin, no reload fees (Update: OzForex are no longer processing new travel card applications).
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