This is a round-up of rates in January and some may have changed since the time of writing. To check on today’s rates click on the highlighted product.
There has been a little trimming of fixed and variable rates during the month as lenders wait to see what the RBA does at its February meeting.
The only major bank to make any changes to home loan rates, Commonwealth Bank reduced the discounts available on its Wealth Package. Loans from $350,000 are now at 5.30% (was 5.10%) and loans from $750,000 are now at 5.20% (was 5.05%).
Heritage Bank has introduced a discount of 40 basis points on its Standard Variable and Discount Variable loans, now at 4.89% and 4.59% respectively. The discount applies for the life of the loan and is available for a limited time. However the 4.39% special rate that was available in December has been withdrawn.
Greater Building Society has sharpened its fixed rates with the 2 year option down 5 basis points to 4.34%, 3 years down just one basis point to 4.44%, 4 years down 5 basis points to 4.54% and 5 years down 15 basis points to 4.54%. All of these rates are now best in market.
The best 1 year fixed rate is Illawarra Credit Union’s 3.99%. For variable rate loans over $500,000 and LVR below 80% the best rate is eMoney’s 4.45%. For smaller loans and LVR’s up to 90% the cheapest rate is 4.48% from loans.com.au.
Check out Mozo’s Home Loan Compare tool that will help you find the lowest rates for your loan amount and property value.
Need some new plastic? Thankfully, the credit card market is bustling with lots of great offers, with more competitive balance transfer and introductory rates than there were in the traditionally hot period before Christmas. Those listed below are just some of the really great deals around.
If you have a debt to clear and are after a prestige card, Citibank’s new 0% for 24 months balance transfer rate on its Platinum card is the longest around.
NAB has doubled-down on its offer, with 0% for 12 months for both purchases and balance transfers available across its whole card range, so absolutely no interest for a whole year (as long as you can stay away from cash advances!).
Westpac improved the balance transfer offer on its Low Rate card to 0% for 14 months (and that stretches to 16 months through some online affiliates, such as Mozo), and also comes with a 0% for 3 months introductory purchase rate.
ANZ continues with its 0% for 16 months balance transfer rate available on its Low Rate, Low Rate Platinum, and Platinum cards.
Coles introduced a 0% for 18 months balance transfer rate on both its No Annual Fee and Rewards MasterCards, but also increased the rate on the No Annual Fee MasterCard from 17.99% to 19.99%.
American Express is waiving the $65 annual fee on its Low Rate card for applications received by 31 March 2015.
See all the great credit card offers along with the important fees and rates here to find a deal that suits you.
Short term specials have been coming and going and this month is no different. Jumping on a great rate when it’s there could save serious dollars.
Newcastle Permanent and loans.com.au continue to have the best fixed secured loan rate at 6.49%.
The lowest general-purpose unsecured rates are 7.99% fixed from Newcastle Permanent and 10.49% variable from Gateway Credit Union.
ANZ cut its Online Secured Car Loan rate by 56 basis points to 7.88%.
Bankwest increased the rate on its Car Loan by 30 basis points to 7.79%, at the same time halving the application fee to $175. On its Unsecured Personal Loan the bank cut the rate 41 basis points to 13.49%.
Heritage Bank is waiving the $160 application fee on its Car Loan until the end of February.
Find the best deals you can get right now with Mozo’s Personal Loans comparison.
In term deposits, the cutting picked up again in January with 195 rate decreases significantly outweighing the 24 rate increases.
ME Bank remains leader for many terms including the best rate for under one year (3.75% for 7 months), equal best with Teachers Mutual Bank for one year at 3.65%, best for 2 years at 3.75%, equal best 4 year rate with Police Bank at 4.00%, and equal best 5 year rate with Queensland Police Credit Union at 4.15%.
CUA’s 3.60% for 8 through to 11 months is the best for those terms.
Find the best rates for a term that suits you using Mozo’s Term Deposit Compare tool.
At Call Deposits:
No respite for savers, with deposit rates continuing to fall. In the 17 months since the RBA last cut the cash rate, there have been 10 months in which at least one major bank cut the headline rate on their flagship savings product. The changes below are just a few of the many cuts to savings rates that were made in January.
ANZ took 10 basis points off both the introductory rate on its Online Saver (now 3.50%) and the conditional bonus rate on its Progress Saver account (now 3.41%).
Commonwealth took 25 basis points off the introductory rate on its NetBank Saver (now 3.45%) and 20 basis points off the conditional bonus rate on its GoalSaver (now 3.45%).
NAB took 10 basis points off the introductory rate on its iSaver Saver (now 3.40%) and 13 basis points off the conditional bonus rate on its Reward Saver (now 3.50%).
Westpac took 20 basis points off the introductory rate on its eSaver (now 3.51%), but left the conditional bonus rate on Reward Saver unchanged at 3.50%.
UBank’s USaver remains the best ongoing bonus rate in the market at 4.02%. The second-best ongoing rate of 4.00% is available from the ING DIRECT’s Savings Maximiser (if you hold an Orange Everday account), or Bankwest’s Hero.
ME Bank’s month introductory rate on its Online Savings Account is best at 4.10%. The best ‘no-strings attached’ rate is Rural Bank ONE’s Saver at 3.25%.
Citibank is paying customers of its Plus Transaction Account 5% cashback up to $500 per month on Visa payWave transactions under $100 when $2,000 or more is deposited into the account each month, to 31 May 2015.
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.