Mozo Rate Chasers Roundup – September 2014

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

Home Loans:

The best rates are from Newcastle Permanent (3.79% for 1 year, 4.39% for 2 years, 4.49% for 3 years) and eMoney (4.77% fully fixed for 4 or 5 years). The lowest advertised variable rate is 4.54% from loans.com.au.

During the month, Newcastle Permanent Building Society, Greater Building Society and IMB made cuts to all fixed terms. The largest of these was Newcastle’s 1 year rate cut totalling 60 basis points and Greater’s 40 basis point cut to their 4 year rate. The largest number of changes were among 3 year fixed rates, but the term where we saw the largest cuts was for 2 years, averaging a 0.12% reduction.

ANZ cut the variable rate on its Simplicity Plus loan for a limited time, down 6 basis points to 5.12%, but there were no changes from the other 3 majors.

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

Credit Cards:

While there were very few changes to credit cards during September some of the major banks adjusted their offerings and a new card was launched.

ANZ introduced a monthly points earning cap on its Frequent Flyer and Frequent Flyer Platinum cards, at $3,000 and $6,000 respectively. ANZ continues to promote a 0% balance rate for 16 months on its Low Rate, Low Rate Platinum, First, and Platinum cards, and bonus rewards points on its Frequent Flyer and Rewards card products.

Commonwealth Bank ceased its 0% for 10 months introductory rate offer, leaving its main deal as a balance transfer rate of 5.99% for 5 months along with a $200 Flight Centre gift card.

NAB’s longest balance transfer is 0% for 15 months on its Premium Card, while all other cards have balance transfer deals of 4.99% for 6 months. The Low Rate Card gets an additional sweetener of a 0% introductory purchase rate for 12 months. NAB is paying bonus points on sign up for its flybuys, Qantas Rewards and Velocity Rewards cards.

Westpac introduced a special on its Low Rate card, available through Mozo and other online partners only, with a reduced purchase rate of 12.49%, and a 0% balance transfer for 14 months, but no intro purchase rate. The standard Low Rate card remains at 13.49%, with a 1.99% balance transfer rate for 12 months and 0% on purchases for 12 months. Altitude and Earth Black continue with 0% for 12 months on purchases and 3.99% for 6 months on balance transfers. The only card with bonus points for new accounts is Singapore Airlines Platinum.

Citibank launched its Simplicity card which has a rate of 19.99% for purchases and cash advances, no annual fee, and a 0% balance transfer rate for 12 months. Citibank also increased the purchase rate on its Clear Platinum card from 12.99% to 13.99%.

See all the great credit card offers along with the important fees and rates here to find a deal that suits you.

Personal Loans:

While credit card rates aren’t budging there’s plenty of competition for personal loans and there are some great discounted rates available.

Newcastle Permanent cut its fixed secured loan rate to 6.49%, making it the cheapest. ADCU follows on 6.50% variable. People’s Choice Credit Union comes in third on 6.64% fixed, which is available on secured loans of more than $30,000. The next best fixed rates start at 7.25%.

The lowest unsecured rates are 8.99% from Newcastle Permanent (fixed) and MyState (variable). Citibank added a 3 year 4.90% introductory rate to their flexible ReadyCredit product, for a limited time. Bankwest, NRMA and IMB all made cuts to their fixed rate car loans.

Find the best deals you can get right now with Mozo’s Personal Loans comparison.

Term Deposits:

Commonwealth Bank was the only one of the majors to make any change to term deposit rates, and then it was only to shift their 3.00% rate from 4 months to 3 months.

The best rates for less than one year from the major banks are now NAB’s 3.10% for 6 months, and 3.05% from ANZ and Westpac for 6 months or Commonwealth Bank for 7 months.

Newcastle Permanent was the only provider to significantly increase rates during September. The largest of their changes was a 70 basis point increase for terms of 4 and 5 months – both now at 3.50%.

The best rate for under 1 year is Teachers Mutual Bank’s 3.70% for 6 months. There are a number of providers with the next best rate of 3.60% including Arab Bank for 9 months, CUA for any term from 7 months to 1 year, firstmac for 3 months, ING Direct for 7 months, and Qantas Credit Union for 5, 7, 9, 11 or 12 months. For 2 years the best is 4.00% from bankmecu and Big Sky. Big Sky also has the best 3 year rate at 4.20% while Arab Bank takes the honours for 4 years at 4.25% and 5 years at 4.40%.

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

At Call Deposits: 

While rates for deposits continue to fall, competition for bank accounts has been increasing and there are some new offers in town.

ANZ reduced the period it pays an introductory bonus rate on its Online Saver from 4 months to 3 months. Commonwealth Bank cut the ongoing bonus rate on its Goal Saver account from 4.00% to 3.81%.

UBank’s USaver with Ultra has the best rate at 4.17%. To qualify the account holder must have the linked Ultra account and deposit at least $200 a month. Next best rate is the RAMS Saver account which pays 4.01% if $200 is deposited in the month and no withdrawals are made.

ING DIRECT revamped their Savings Maximiser effective 1 October. Gone is the introductory interest rate, and in its place is a 4.00% bonus rate for having an Orange Everyday bank account and depositing $1,000 a month. The base rate remains at 2.75%.    

People’s Choice Credit Union is again paying its Zip Account holders cashback on Visa Paywave transactions. Earlier this year it paid 2.50% on eligible transactions up to a maximum of $12.50 per week, but from 1 September to 19 October 2014 it will pay 5.0% with the same weekly limit.

ME Bank has extended its cashback on the EveryDay Transaction to the end of the year. Customers get the 5% cashback on all domestic contactless purchases under $100 for the first six months from account opening.

CUA launched its Everyday Account which has no monthly account fee or ATM fees for withdrawals over $50, within the NAB/rediATM network.

Try our Savings Compare tool that makes it easy to see the conditions that can apply to special rates, or our Bank Accounts comparison to see what fees will apply to different accounts.

Mozo Rate Chasers Roundup – September 2014 was last modified: October 1, 2014 by Peter Marshall

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  1. The round up for September 2014 was very helpful and provided useful insights in various financial sectors. I was primarily interested in the personal loan section. The competition in personal loans is fierce and the discount, very tempting. I have opted for the unsecured rate of 8.99 for my personal loan; I’m confident that I will be able to pay it on time. The limited time factor is what suits me the best.

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