Mozo Rate Chasers Roundup – November 2015

Mozo Rate Chasers Roundup – November 2015

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:

Variable rates

A total of 31 lenders made across the board changes to their variable interest rates despite the RBA not increasing the official cash rate. However there are still plenty of low rates around, particularly if you are happy to consider some of the smaller or online lenders.

For example, the best rates for borrowers with a loan to value ratio of 80% are 3.89% (Mortgage Simple), 3.94% (Homestar) and 3.98% (Auswide Bank, Bank Australia, Freedomlend, Heritage Bank).

Fixed rates

While many lenders increased their variable rates it was a different story for fixed rates where the trend is still down with 22 lenders making cuts to fixed rates and only 5 increasing them.

The best fixed rates are:

1 year – 3.50% from Illawarra Credit Union

2 years – 3.69% from Newcastle Permanent

3 years – 3.89% from Greater Building Society, Newcastle Permanent, and Queensland Police Credit Union

4 years – 4.29% from Greater Building Society and Newcastle Permanent

5 years – 4.29% from Greater Building Society

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:

Three new credit cards were launched in November:

  • American Express introduced its Essential Credit Card which has a low purchase rate of 14.99%, no annual fee, Gateway Membership Rewards and 0% for 12 months on balance transfers. There’s also an offer of $50 credit if you spend $500 on the card in the first 2 months.
  • Commonwealth Bank launched a Limited Edition Cricket card. This is basically the same as its Low Rate Card (purchase rate of 13.49% and annual fee of $59), but comes with a unique design featuring members of the Australian cricket team. If you spend at least $500 on eligible purchases before the end of January 2016 they will pay $250 into your account, and you’ll go into a draw to have lunch with Australia’s Cricket Captain Steve Smith and three of his team mates.
  • Macquarie focuses on rewards with its new Black Card. The interest rate on purchases is 20.70% and the annual fee is $249 (discounted to $99 in the first year) with a 0% balance transfer rate available for 14 months. The card comes with the Macquarie Rewards program and if you spend $3,000 within 60 days of approval you can get 60,000 bonus rewards points. Cardholders also get a range of insurances included and access to a concierge service.

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

Personal Loans:

Competition has been strong for personal loans throughout 2015 and November was no different with a number of lenders introducing sharp new rate and fee discounts.

SCU is waiving the $100 application fee on its Christmas Cracker Unsecured Personal Loan until the end of December, and has cut the rate from 12.14% to 11.14%.

CUA is waiving the $120 application fee on its range of personal and car loans until the end of January 2016.

Auswide Bank’s New Car Loan rate has been reduced from 6.99% to 6.35%.

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

Term Deposits:

Once again most term deposit rate changes were down, but there were a few institutions that increased rates.

People’s Choice Credit Union increased its 9 month rate from 2.50% to 3.00%, now the third best rate for terms of less than 1 year. The best short term rate is Victoria Teachers Mutual Bank’s 3.30% for 6 months, and next is Citibank’s 3.20% for 6 months.

For a 1 year investment the top rate is Gateway Credit Union’s 2.95%, and for 2 years its 3.00%, available from 10 different institutions.

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

Savings accounts:

The big news in at call deposits is that RAMS no longer has the best ongoing bonus rate. RAMS cut the rate on its Saver account from 3.60% to 3.40%, leaving ME’s Online Savings Account at 3.55% as the top rate, followed by ING Direct’s Savings Maximiser at 3.50%.

Introductory rates were slashed by a number of major deposit taking institutions. NAB reduced the 4 month introductory rate on its iSaver from 2.60% to 2.50%, Westpac cut the 3 month introductory rate on its eSaver from 3.31% to 3.30%, and St.George took the 3 month introductory rate on its Maxi Saver from 3.50% to 3.25%.

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.

Detailed information about changes to bank pricing, offers, incentives, product launches, changes and price leaders can be obtained by subscribing to the Mozo Banking Roundup, a monthly newsletter. See here for more information, or email roundup@mozo.com.au.

Mozo Rate Chasers Roundup – November 2015 was last modified: December 1, 2015 by Peter Marshall

Share This Post

Post Comment