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.
Over October, there continued to be a great number of home loan rates sitting below the 4% mark, however big moves were made by the majors announcing both owner occupier and investor rates will increase in November to meet new capital raising requirements by APRA.
Variable rates – 3.99% and under
More lenders introduced variable rates for Owner Occupiers at or below 3.99% in October, including AMP, Auswide Bank, Bank Australia, Click Loans, Credit Union SA, iMortgage, State Custodians, and Yellow Brick Road. There are now 19 lenders with rates this low.
Variable rate increases
The rate cuts were balanced by the big banks and some second tier lenders announcing that they planned to increase all variable rates by up to 20 basis points in November. These included ANZ, Commonwealth Bank, NAB, Westpac, Bankwest, St.George and Macquarie.
There were fewer changes to fixed rates than there were for variable, but we are still seeing shorter term rates heading down with most cuts made to 1, 2 and 3 year terms.
HSBC cut rates for all fixed terms, but the cuts were deepest for those shorter term. The bank’s 1 year rate is down 74 basis points to 4.05%, its 2 year rate is down 70 basis points to 4.09% and its 3 year rate is down 54 basis points to 4.15%.
Bank of Queensland now has a 3 year rate at 3.94% and Bankwest is offering 3.95% for the same term.
Check out Mozo’s Home Loan Compare tool that will help you find the lowest rates for your loan amount and property value.
A few providers made changes to their introductory offers in October, but overall we saw very few changes.
New balance transfer offers
American Express now has a 0% for 12 months balance transfer offer available on all of its cards. For those wanting a longer period to clear their debt NAB is also offering 0% on balance transfers but for 24 months, only available on its Low Rate Card.
Best bonus points offers
If you are after bonus rewards points ANZ offers most with 75,000 available on its Rewards Black card, followed by Citibank’s Prestige card’s 70,000 points.
See all the great credit card offers along with the important fees and rates here to find a deal that suits you.
The only rate change of particular note in personal loans was Victoria Teachers Mutual Bank, which introduced a special rate of 8.74% on its Unsecured Personal Loan, which can be taken as either fixed or variable.
G&C Mutual Bank offers rates starting from 5.99% which can be had as a secured or unsecured loan, depending on the use of the funds. Victoria Teachers Mutual Bank has the best secured rate loan with its Green Car Loan at 5.29% or New Car Loan at 5.79%, and People’s Choice Credit Union is offering rates starting from 5.64% on its Discounted Personal Loan.
Find the best deals you can get right now with Mozo’s Personal Loans comparison.
There were a few providers increasing term deposit rates in October, including Victoria Teachers Mutual Bank which increased its 6 month rate from 2.60% to 3.30%, now the best rate for any term less than 1 year.
The best rate for 1 year is Arab bank’s 2.95%, and the best rate for 2 years is 3.00%, available from 12 different institutions.
Find the best rates for a term that suits you using Mozo’s Term Deposit Compare tool.
The majority of rate changes for at call savings accounts were again down, however there was some good news for savers.
CUA introduced an account called eSaver Reward which has a base rate of 1.19% and ongoing bonus total rate of 3.19%, paid when you deposit at least $1,000 to a CUA transaction account in the month (on balances up to $100,000).
ME cut the base rate on its Online Savings Account by 25bp to 2.00%, but increased the ongoing bonus rate by 35bp to 3.55%.
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.
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