Mozo Rate Chasers Roundup – April 2015

Mozo Rate Chasers Roundup – April 2015

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

Home Loans:

We did see some reductions in variable rates during April, however most of the action was concentrated on fixed rates. More than 25% of the lenders in the Mozo database now offer 3 year fixed rates that are lower than both their one and two year fixed rates as they seek to use the low interest rate environment to lock customers in for longer periods.

Bank of Queensland has discounted the rate on its Clear Path variable loan by 17bp (to 4.45%) for applications received by the end of May 2015 and settled by the end of June. ME Bank completely changed its range of home loans and now has a Basic Home Loan at 4.49%, a Flexible Home Loan at 5.13%, a packaged version of the Flexible Home Loan at 4.93%. Fixed rates start from 3.99% for both 2 and 3 years.

HSBC dropped its 1 and 2 year fixed rates by 19bp (both to 4.29%) and the same cut took its standard 3 year rate to 4.39%, but on its Premier package the 3 year rate was slashed by 53bp to 3.95%. 4 and 5 year rates received a 15bp reduction (both now 4.74 for the standard loan and 4.64% for the Premier option).

CUA made cuts across most fixed terms for both standard and Premium fixed loans. On the standard Fixed 1 and 2 year rates are down 20bp to 4.29% and 4.39% respectively, 3 and 5 years down 34bp to 4.25% and 4.55% respectively.

People’s Choice Credit Union cut 1 and 2 year rates by 10bp, both now starting from 4.49%, 3 year rates are down 20bp to start from 4.29%, 4 year rates down 10bp to start from 4.59% and 5 year rates are down 20bp to start from 4.49%.

4.23% is the lowest variable rate available to most borrowers, from both Homestar (up to 95% LVR) and loans.com.au (up to 80% LVR). For those with an LVR of less than 50% Mortgage House has an even lower rate of 4.19%.

The best fixed rates for each term are:

1 year – Homestar at 3.85%

2 years – Newcastle Permanent at 3.89%

3 years – HSBC at 3.95%

4 years – Homestar at 4.25%

5 years – Newcastle Permanent at 4.29%

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: 

Quite a few changes with balance transfers being removed, extended or added, but still plenty of long term 0% balance transfer offers around for anyone wanting to clear an existing debt.

NAB extended its 0% balance transfer rate out to 15 months for all rewards cards. The bank removed the 0% for 12 months introductory purchase rate from all card products except for Low Rate Card. NAB also increased bonus points on flybuys and Qantas cards, now 10,000 on the flybuys card and 20,000 on the Qantas Rewards card (or 40,000 on the Platinum). The $30 annual fee on the Low Fee Card is now waived for the first year.

Westpac boosted the balance transfer rate on its Altitude range from 3.99% for 3 months to 0% for 16 months. At the same time it cut the term of the 0% introductory rate from 6 months to 3 months and removed the bonus points that had been available.

St.George/Bank of Melbourne/BankSA increased the 0% balance transfer period on Amplify from 6 months to 16 months, cut the introductory 0% purchase rate from 3 months to 6 months, and removed the bonus points that had been available.

Community First’s McGrath Pink Visa has the lowest purchase rate in the market at 8.99%, and as mentioned above also comes with 4.99% for 6 months on balance transfers and purchases.

The longest 0% introductory purchase rate at 12 months is available on NAB’s Low Rate Card and Virgin Money’s Velocity Flyer Card.

Citibank’s 0% for 24 months balance transfer rate on its Platinum Card is still the longest. Citibank’s Prestige card still has the largest swag of bonus points, with 70,000 Qantas Frequent Flyer or Citibank Rewards points if you spend in the first 3 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 reduced the variable rate on its Unsecured Personal Loan by 100bp to 13.69% for applications received by 28th May 2015.

Bankwest has reduced the rate on its Unsecured Personal Loan by 50bp to 12.99%.

Beyond Bank reduced the fixed rates on its Low Rate Car or Personal Loan and its No Fee Car or Personal Loan by 30bp to 7.99% and 8.99% respectively.

IMB cut 35bp off the fixed rate on its Secured Personal Loan, now 7.59%, at the same time increasing application fees from $175 to $199.

Newcastle Permanent and loans.com.au continue to have the best fixed secured loan rate at 6.49%, unchanged again this month.

The lowest general-purpose unsecured rates are 7.99% fixed from Newcastle Permanent and 9.29% variable from BCU. Peer-to-peer lender Rate Setter also advertises an indicative rate of 7.90% fixed.

Among the majors, the best advertised rates are 7.63% secured from ANZ and 13.39% unsecured from NAB.

QANTAS Credit Union cut the fixed rate on its Qantas Points Car Loan by 15bp to 8.59%.

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

Term Deposits:

The overall level of term deposit rate activity in April was a little down on March, however the changes were almost all rate cuts.

ANZ trimmed a number of short and long term rates during April with its best rate for less than 1 year now 2.50% for 6 months, and will pay 2.60% for a 1 year investment.

Commonwealth Bank took 10bp off both its 4 and 8 month rates, but they are still the best from the bank for short term investors at 2.45% and 2.50% respectively. The same reduction was applied to all rates for 1 year or more. For 1 year Commonwealth will pay 2.50%.

NAB made no changes to its term deposit rates and its best short term rate of 2.55% can be had for either 3 or 6 months, while for 1 year it will pay 2.65%.

Westpac switched its best short term rates from 2.55% for 4 months to 2.45% for 3 months, and from 2.60% for 7 months to 2.50% for 6 months. Westpac also cut 10bp off all rates for 1 year or more.

The best rate for up to 1 year remains ME Bank’s 3.30%, available for 7 months or 1 year. Next best is The Rock Building Society’s 3.25% for 4 months then 3.10% available from firstmac and Arab Bank Australia for 6 months or CUA for 5 months.

Looking at longer terms the best is 3.60% for 5 years (also from ME Bank), although 3.50% can be had for 3 years (QANTAS Credit Union) or 4 years (ME Bank again).

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

At Call Deposits: 

In March, NAB was the only major bank to cut their savings account rates and in April the other three followed suit. We also saw several of the leading rates in the market cut, including RAMS and UBank.

ANZ cut 20bp off both the introductory rate on its Online Saver (now 3.05%) and the ongoing bonus on its progress Saver (now 2.96%).

Commonwealth also cut 20bp off both the introductory rate on its NetBank Saver and the ongoing bonus rate on its GoalSaver (both now 3.00%).

Westpac cut 20bp off the introductory rate on its eSaver (now 3.06%) but left the ongoing bonus rate on its Reward Saver unchanged at 2.95%.

St.George/Bank of Melbourne/BankSA reduced its Maxi Saver introductory rate by 25bp to 3.20% and its Incentive Saver Account ongoing bonus rate by 15bp to 3.05%.

RAMS dropped the ongoing bonus rate on its Saver account from 3.91% to 3.80% and the unconditional base rate from 2.61% to 2.20%.

UBank cut the unconditional rate on its USaver account from 2.71% to 2.56%, and the ongoing bonus rate on its USaver with Ultra Transaction Account from 3.77% to 3.62%.

Bankwest reduced the ongoing bonus rate on its Hero Saver by 15bp to 3.60%.

The best ongoing bonus rate is RAMS Saver at 3.80% even after the rate cut mentioned above. ME Bank still has the best introductory rate, unchanged at 3.85%. The best ‘no-strings attached’ rate is still Rural Bank ONE’s Saver, unchanged at 3.00%.

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 – April 2015 was last modified: June 10, 2015 by Peter Marshall

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