Mozo Rate Chasers Roundup – October 2014

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

Home Loans:

Competition for new home loan business remains hot with plenty of low rate options for both fixed and variable loans.

eMoney took 10 basis points off its prime Full Doc 80 loan rates bringing its rate for loans over $500,000 to 4.45%, the lowest variable rate in Mozo’s database. For loans less than that amount the rate is 4.55%.

Australian Financial launched its own line of products with variable rates starting from 4.49%.

Suncorp trimmed the rates on its Home Package Plus loan, now starting from 4.69% for LVR’s less than 80%.

All of the majors have the same fixed rates in their packages for 1 year (4.79%), 2 years (4.84%), 3 years (4.94%), and 5 years (4.99%).  This is despite having differences in their non-packaged rates.  For 4 years the best packaged fixed rate is NAB and Westpac’s 4.99%, while Commonwealth is at 5.09% and ANZ at 5.49%.

Newcastle Permanent increased its 1 year fixed rate by 10 basis points to 3.89%, but it’s still the lowest home loan rate on the market. For loans that allow the whole amount to be fixed, Newcastle Permanent also has the best 2 year rate at 4.39% and best 3 year at 4.49%. For both 4 and 5 years the best fully-fixed rate option for loan-to-value ratios of up to 80% is eMoney’s 4.77%.

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:

Great news for rewards points hunters – Bankwest has given a big boost to the number of rewards points on offer to new customers of its More range of credit cards.  The Platinum card can now get 50,000 bonus points (up from 28,000), and the Gold and Classic cards can get 28,000 (up from 15,000 and 8,000 respectively).

Also on rewards points, Virgin Money is offering to quadruple your points for the first 3 months on its Velocity Flyer Card, and on its High Flyer Cards you can get as many as 60,000 bonus points.

For people looking to clear existing debts with a balance transfer Bankwest is offering 0% for 16 months on the More range or 0% for 12 months on its Qantas cards. Citibank reduced the 0% balance transfer on its Platinum card from 24 to 12 months, but added an introductory purchase rate of 0% for 15 months.

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

Personal Loans:

ANZ took 1% off its variable Unsecured Personal Loan rate, now 13.69%, at the same time increasing the rate for its fixed Secured Car Loan by 14 basis points to 8.83%.

Suncorp cut its fixed Car Loan by 56 basis points to 7.79%, and took its fixed Unsecured Personal Loan rate from 12.99% to 11.99%. ME Bank has reduced its fixed Unsecured Personal Loan by 1% to 11.99% and increased the application fee from $150 to $250. RACQ and RACV both cut their fixed New Car Loan rates to 6.99%.

Newcastle Permanent continues to have the best fixed secured loan rate at 6.49% with ADCU following on 6.50% variable. The lowest unsecured rates are 7.99% from Newcastle Permanent (fixed) and 8.99% from MyState (variable). Commonwealth leads the majors in car loans at 7.99%, and NAB in unsecured loans at 12.99%.

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

Term Deposits:

Once again the number of rate reductions outweighed the number of increases by a significant margin – 31 increases compared with 205 decreases. However the number of decreases is less than the level seen in the previous three months so perhaps we’re getting close to the bottom of the current cutting cycle – unless the RBA decides to take the cash rate down further next year.

For terms of less than 1 year the best rate is Teachers Mutual Bank’s 3.61% for 6 or 9 months, followed by 3.60% from CUA for 6 to 11 months, Arab Bank for 6 or 9 months, or ING Direct for 6 months. For 1 year the best rate is CUA’s 3.70% and for 2 years it’s 4.00% from bankmecu.

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

At Call Deposits:

Bad news for savers again this month with plenty of at call deposit rates going down and none increasing.

While all of the big 4 made cuts to savings rates during the month, Commonwealth Bank made the largest reduction by taking the ongoing bonus rate on its GoalSaver down 16 basis points to 3.65%.

ANZ cut introductory bonus rate on its Online Saver from 3.80% to 3.70%, after reducing the period last month from 4 to 3 months. The ongoing bonus rate on its Progress Saver was cut by 10 basis points, now 3.61%.

Westpac took 10 basis points off the introductory rate on its eSaver, now 3.71%, and 11 basis points off the ongoing bonus rate on its Reward Saver, now 3.60%. NAB’s Reward Saver had its ongoing bonus rate cut 10 basis points to 3.73%.

UBank reduced the ongoing bonus rate on its USaver with Ultra account combination from 4.17% to 4.02% – still the best rate available. The USaver with ASP bonus rate option has ended and account holders must now have an Ultra transaction account to qualify for the bonus rate.

Bankwest took 25 basis points of its Smart eSaver ongoing bonus rate, now at 3.55%. The bank also reduced the introductory rate on its TeleNet Saver by 15 basis points to 3.75%.

St.George/BankSA/BoM group took 10 basis points off its Maxi Saver introductory rate, now 3.85%, and 20 basis points of the ongoing bonus rate on its Incentive Saver Account, now 3.60%.

Bank of Queensland dropped the introductory rate on its WebSavings Account by 25 basis points to 3.75%, and took 10 basis points off the ongoing bonus rate on its Bonus Interest Savings Account to 3.30%.

A number of mutuals reduced ongoing bonus rates too: CUA down 15 basis points to 3.85%, ADCU down 12 basis points to 3.90%, Newcastle Permanent, Maitland Mutual and Victoria Teachers all trimmed rates by 10 basis points.

Try our Savings Compare tool that makes it easy to see the conditions that can apply to special rates.

Mozo Rate Chasers Roundup – October 2014 was last modified: November 3, 2014 by Peter Marshall

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