Mozo Rate Chasers Roundup – November 2014

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

Home Loans:

While there’s a new lowest 1 year fixed rate option, most of the action has been focused on variable rates. We have a new lowest variable rate and some lenders have increased discounts for those looking to borrow less than 80% of the property value.

Community First and its online brand Easy Street cut their 1 year fixed introductory rate from 4.74% to 3.75%, now the lowest 1 year fixed rate available. There’s $500 in upfront fees for the loan but no ongoing fees.

Heritage Bank became the lender with the lowest variable rate by cutting a further 30 basis points off its Discount Variable loan, now at 4.39%. The home loan is available for amounts of over $150,000 with a loan-to-value ratio of up to 80%. Heritage Bank also cut the rate on its Standard Variable loan from 4.99% to 4.69%, and is waiving the usual $600 application fee on its Standard and Discount Variable home loans for a limited time.

Former rate leader loans.com.au took 6 basis points off its Dream Home Loan variable rate to 4.48% and UBank trimmed its variable rate by 8 basis points to 4.54%.

iMortgage cut up to 20 basis points off its Fusion range with rates now starting from 4.49% for loans over $500,000 and LVR <80%.

IMB added another pricing tier to its variable Platinum Package loan for amounts over $500,000 with an LVR less than 80%, at 4.66%.

Citibank reduced rates for loans with an LVR of less than 80% across its Mortgage Plus range by 19 basis points, however increased rates for LVR’s above 80% by 15 basis points. The rates now start from 4.68%.

Borrowers with an LVR of more than 80% might want to check out ING Direct which cut the rate on its Orange Advantage loans with an LVR between 80-90% by 6 basis points to 4.89%, and is waiving the usual $199 annual fee for the first year for loans approved before 31 December 2014.

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:

If you want to spend up for Christmas and delay paying interest (or even pay no interest at all if you pay your card off in time!) then check out the 0% purchase rate cards in the market. There are more interest free offers than there were at this time last year, however we’ve also seen a reduction in the number of balance transfer deals.

The longest 0% introductory purchase rate period is 15 months, available on NAB’s Low Rate Card which has an ongoing purchase rate of 13.99% and $59 annual fee. Citibank Platinum has the same introductory rate offer but 20.99% ongoing purchase rate and $199 annual fee.

Westpac made the only change of the 4 major banks during the month, ending the 0% for 14 months balance transfer on its Low Rate Card, replacing it with a 0% for 12 months introductory purchase rate and 1.99% for 12 months BT. Mozo is currently running a Low Rate online special which has the 0% for 14 month BT rate, a discounted purchase rate of 12.49% and $45 annual fee.

The St.George/BankSA/Bank of Melbourne group changed the 0% for 9 months balance transfer rate to a combination of 3.99% for 6 months balance transfer rate and 0% for 12 months introductory purchase rate, available on most cards.

ME Bank has given its MasterCard a makeover, now called Low Rate Credit Card with an interest rate of 9.99% for purchases and cash advances (equal second lowest in the market) and no annual fee. Community First’s McGrath Pink Visa has the lowest purchase rate in the market along with balance transfer and introductory purchase rates of 4.74% for 9 months.

Macquarie’s Visa Platinum Card is giving away a $200 Myer gift card for people who apply by the end of January 2015 and spend $3,000 by 28 February 2015.

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

Personal Loans:

There are a few special offers around that are bound to appeal to anyone thinking about treating themselves to a new car in the end of year sales, or perhaps funding an overseas trip.

SCU launched its Christmas Cracker special rate which is a 1% discount off its usual variable rate for an unsecured loan of 12.14%, and is waiving the usual $100 application fee until 31 January 2015.

IMB has removed the $175 application fee on its New Car Loan, also available until the end of January 2015.

Peer-to-peer lender DirectMoney has increased its application fee by $65 to $575. We also welcomed a new peer-to-peer lender to Australia, RateSetter, which launched its Unsecured Personal Loan with fixed rates dependent on assessment, and changing daily.

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).

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

Term Deposits:

The only change from any of the majors was Westpac, which added 5 basis points to its 6 month rate, taking it to 3.00% – the best rate of the major banks for terms of less than 1 year. 3.40% is the best major bank rate for a 1 year investment, available from Westpac and NAB.

The best rate for less than 1 year was 3.75% for 5 months from ME Bank, an increase on last month’s best of 3.61%. After that it’s 3.60% – available from CUA for any term from 6 to 11 months, ING Direct for 6 months, or Suncorp for 8 months.

For 1 year the best rate is CUA’s 3.70% and for 2 years its 4.00% from bankmecu, both unchanged from last month.

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

At Call Deposits:

More of the same this month, with continued cuts to a range of accounts including two of the majors and the previously second-best bonus rate in the market.

UBank’s USaver remains the best ongoing bonus rate in the market at 4.02%. The second-best rate of 4.00% is available from the ING DIRECT’s Savings Maximiser (if you hold an Orange Everday account), Bankwest Hero and Rabodirect 90 Day Notice Saver. RAMS had the second-best ongoing bonus rates at 4.01% but that’s now been reduced to 3.91% and third-best.

ANZ and Westpac both took 10 basis points off their bonus rate online savings accounts, now 3.51% and 3.50% respectively.

Newcastle Permanent cut the rate on its Online Savings account by 10 basis points to 3.30%, but that is now the best unconditional at call savings rate. Virgin Money is no longer accepting applications for its Virgin Saver account which previously had the best unconditional savings rate at 3.75%.

A host of other providers made cuts to their at call savings rates too, including St.George, BankSA, Bank of Melbourne, CUA, People’s Choice Credit Union, BankVic, Credit Union SA, Catalyst Money, Illawarra Credit Union, Easy Street, Maritime, Mining & Power Credit Union, Summerland Credit Union and Arab Bank. Now, more than ever, it’s important for savers to know what rate you’re getting on your deposits.

Find the best at call savings rates including any hoops that must be jumped through to qualify for them using Mozo’s Savings Account Compare tool.

Mozo Rate Chasers Roundup – November 2014 was last modified: December 1, 2014 by Peter Marshall

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