Mozo Rates to Riches blog – July 2016

Mozo Rates to Riches blog – July 2016

Every month the Mozo Rate Chasers help you find the biggest bonuses, special offers and the best rates, so you can keep more money in your pocket rather than the banks!

This blog is a summary of offers in July and some may have changed since the time of writing. To check the latest information click on the highlighted product.

Home Loans:

Variable rates

Not much action in variable rates with perhaps the most notable change coming from ANZ, who cut the rate on its Simplicity PLUS basic loan option from 4.61% to 4.15%.

Bank of Queensland trimmed its Clear Path Variable rate by 0.05% to take it down to 3.99% and ING Direct cut rates for borrowers with a loan-to-value ratio of less than 80% from 3.94% to 3.79%.

The best variable rates for owner occupiers borrowing up to 80% are:

Reduce Home Loans – 3.59%

Loans.com.au – 3.63%

Fixed rates

More banks are cutting their fixed rates and closing the gap between their interest rate offers and those offered by non-bank lenders, with most of the action concentrated on 3 year terms.

Auswide Bank has a 3 year rate of 3.69% for owner occupiers, regardless of their loan-to-value ratio. At NAB you can lock in for 2 years at 3.75% or for 3 years at 3.89%. ANZ also offers 3.75% for two years or just 3.85% for 3 years. HSBC has a rate of 3.85% for 1 or 2 years or even lower for 3 years at 3.69%.

The best fixed rates are:

1 year – 3.65% from Illawarra Credit Union

2 years – 3.74% from ING Direct, Newcastle Permanent, Northern Inland Credit Union & Suncorp

3 years – 3.67% from loans.com.au

4 years – 3.80% from BCU

5 years – 3.99% from Greater Bank

Check out Mozo’s Home Loan Compare tool that will help you find the lowest rates for your loan amount, property value and purpose.

Credit Cards:

Very few changes last month, but some of the big banks introduced new offers.

Westpac now has a 1% introductory purchase rate for the first 12 months on all of its cards, along with 0% for 16 months on balance transfers on all cards, but extended to 18 months on its Altitude Black and Low Rate cards. All rewards cards also get 50,000 bonus points and annual fees are waived for the first year on the 55 Day and 55 Day Platinum cards.

NAB is now giving new customers on its Velocity Rewards Premium card a choice of two bonus points options, depending on how much you spend on the card in the first three months. 20,000 points is available after any amount is spent on the card in the first three months, or you can aim higher and get 75,000 points if you spend at least $1,500 over the same period.

Commonwealth Bank is now waiving the annual fee for the first year on all of its cards. ANZ offers are unchanged from last month with $200 cashback available to new First and Platinum card customers while between 25,000 and 75,000 bonus points can be picked up on rewards cards.

The longest 0% balance transfer periods are Citibank’s 24 months on its Platinum card and the 20 months available on the St.George (and sister providers Bank of Melbourne / BankSA) Vertigo range of cards.

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

Personal Loans:

Most of the changes to personal loan rates last month were up, but there were a few good new car loan rates.

NRMA, RACQ and RACV cut the rate on their New Car Loan from 6.50% to 6.20%.

QT Mutual Bank’s Car Loan rate is now 6.47%, down from 7.95%.

Police Credit Union (servicing South Australia and Northern Territory) introduced a Fixed Car Loan rate of 4.99%.

The top 3 rates for secured loans are:

Loans.com.au – Car Loan – 4.69%

Police Credit Union – Fixed Car Loan 4.99%

Community First Credit Union – New Car Loan – 5.34%

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

Term Deposits:

Term deposit rates continue their downhill slide, with almost all the changes we saw during the month reducing rates and only a handful of increases. Most of the leading rates that were around a month ago are now gone.

Australian Military Bank has the best rate for any term up to 4 years with its 3.25% for 5 months.  To beat that, you’d need to lock your money away for 5 years with RaboDirect at 3.30%.

After that the best is 3.10% available from Arab Bank Australia for 3 months or Big Sky for 2 years, followed by 3.05% from Big Sky for 1 year or Qudos Bank for 2 years. UBank has a rate of 3.01% on offer for a 6 month term.

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

Savings accounts:

In what has become a familiar trend, there was no good news for savers this month with rates continuing to head south. The only bright spot was from ANZ which increased its Online Saver’s 3 month introductory rate from 2.96% to 3.00%, making it the highest savings rate from a major bank.

June also saw the end of ING Direct’s long-running offer of 5% cashback on contactless purchases, leaving Australian Military Bank the only institution with this kind of offer.

Best rates are unchanged from last month, with Citibank’s 3.40% introductory rate for 4 months the best short term rate, and ME’s Online Savings Account ongoing bonus rate at 3.35% the best for the longer term.

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 Rates to Riches blog – July 2016 was last modified: August 1, 2016 by Peter Marshall

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