Mozo Rates to Riches blog – November 2016

Mozo Rates to Riches blog – November 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 November and some may have changed since the time of writing. To check the latest information click on the highlighted product.

Home Loans:

Last month fixed rate cuts outnumbered increases, but there’s been a distinct change of direction in November with increases significantly outnumbering rate cuts. Westpac and the St.George group increased some fixed rates, and the previous rate leader for 4 and 5 year terms increased its rates. In total, 19 lenders increased fixed rates, with the largest number applying to 3 year rates, and least for 1 year rates.

Variable rates

Westpac has increased both the 3 year introductory rate and revert rate on its Flexi First Option. The intro rate is now 10 basis points higher at 3.99% for the first three years and the revert rate has been lifted by 20 basis points to 4.49%. The bank’s $1,250 cashback for refinances offer ended.

UBank announced it would increase its variable rates by 10bp, now starting from 3.74%.

The best variable rate for owner occupiers borrowing up to 80% is Reduce Home Loans at 3.35%.

Fixed rates

Greater Bank’s best in market rate of 3.74% for 4 or 5 years has gone, with 3 to 5 year fixed rates increased between 11bp and 35bp.

ING Direct increased fixed rates for all terms, by between 10bp and 40bp.

Fixed rates for the St.George group were increased, by 24bp for 2 and 3 years, and by 54bp for 5 years – investor rates had an additional 6bp increase.

The best fixed rates are:

1 year – 3.59% from Greater Bank and QT Mutual Bank

2 years – 3.59% from QT Mutual Bank

3 years – 3.49% from My Credit Union

4 years – 3.75% from BCU

5 years – 3.80% from Newcastle Permanent

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:

The focus is on bonus rewards points with two of the big four banks offering additional bonus points for online applicants.

Bankwest removed the Gold versions of its More MasterCard and Qantas MasterCard, and in their places launched two new cards, the More World MasterCard and Qantas World MasterCard. They sit above ‘platinum’ cards in the Bankwest range, earning more rewards points per dollar but charging higher annual fees than their Platinum counterparts.

Jetstar is offering complimentary domestic flights, but only for those opting for the Jetstar Dollars program rather than Qantas Frequent Flyer. New customers of its MasterCard can get a one-way flight after spending $1,000 while its Platinum MasterCard offers a return flight after spending $2,000.

Woolworths increased the bonus points available on its Qantas Platinum Credit Card from 10,000 to 40,000.

Three cards offer 100,000 bonus points. Westpac has an online only offer on its Altitude Black card for either Rewards or Qantas points, while with American Express you could choose from either its Qantas Ultimate Card or Explorer Credit Card.

nab has an online special of 75,000 bonus points on its Qantas Rewards Premium Card.

The lowest credit card purchase rate is 6.99% on Police Credit Union’s recently launched SoLo Credit Card. The longest 0% balance transfer period is 24 months on Citibank’s Platinum card while the longest 0% introductory purchase rate can be had with any of nab’s card range, or the Coles No Annual Fee MasterCard.

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

Personal Loans:

Of the few changes in November most were price reductions, although the market leader bucked the trend with rate increases. Car loans continue to be the centre of attention.

CUA cut its Fixed Rate Car Loan rates, now 6.79% for cars less than 2 years old, and 7.29% for cars older than that. At the same time the up front fee was reduced from $210 to $90 (establishment fee waived until February).

loans.com.au lifted its market leading New Car Loan rate from 4.69% to 4.94%, and its Used Car Loan from 5.19% to 5.44%.

Police Credit Union cut its Variable Rate Car Loan from 6.93% to 5.99%.

The St.George group dropped both its variable and fixed Unsecured Personal Loan rates to 12.99%, from 14.74% and 14.35% respectively.

The top secured loan rate is loans.com.au’s New Car Loan at 4.94% and the best unsecured loan rate is G&C Mutual Bank’s fair Rate Personal Loan, available from 5.99%.

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

Term Deposits:

Despite many more term deposit rates being cut in November than increased, top rates for 1 year or more are largely unchanged from last month. For shorter terms the best in October was 3.10% for 6 months, but now it’s 2.95% for 5 months (from Goldfields Money).

While ME dropped its 6 month rate from 3.10% to 2.75%, its 8 month rate is up from 2.50% to 2.85% and its 11 month rate is up from 2.50% to 2.90%.

Big Sky reduced its 1 year rate from 3.05% to 2.65%, leaving the best for the term Goldfield Money’s 2.95%.

Commonwealth Bank was the only one of the majors to make any changes during the month, cutting its 3 month rate by 5bp to 2.05%, 7 months by 10bp to 2.10%, 1 year by 15bp to 2.25% and both its 4 and 5 year rates by 10bp to 2.55% and 2.65% respectively.

The best rate for 1 year is 3.00% available from ING Direct, while the top 2 year rate is 3.20% from ANZ.

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

Savings accounts: 

ANZ’s introductory rate move (below) was the only increase during the month, and only a handful of providers made any rate reductions.

ANZ boosted the introductory bonus rate on its Online Saver, going from 2.75% for 3 months to 2.85% for 6 months.

Commonwealth Bank cut both its headline at call savings rates by 10bp, now 1.85% ongoing bonus on the GoalSaver, and 2.60% for 3 months introductory rate on the NetBank Saver.

nab reduced the 4 month introductory rate on its iSaver by 10bp, now 1.90%.

Best ongoing bonus rate at the time of writing is RAMS at 3.15%. For a short term bonus the top rate is RaboDirect’s 3.20% for the first 4 months.

Find the best 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 – November 2016 was last modified: December 2, 2016 by Peter Marshall

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