Mozo Rates to Riches blog – March 2017

Mozo Rates to Riches blog – March 2017

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 March and some may have changed since the time of writing. To check the latest information click on the highlighted product.

Home Loans:

By the end of March more than 30 lenders had announced they were increasing variable rates with investor and interest only loans bearing the brunt of the hikes.

We may be past the low point for fixed rates too, with more than 20 lenders lifting rates and only a handful making any cuts.

For the rewards points gatherers out there Virgin Money has doubled the Velocity Points paid per $10,000 drawn at settlement from 1,000 to 2,000 for applications received before 14 June 2017.

Variable rates

All of the big 4 banks announced variable rate increases with owner occupier loans at Commonwealth Bank up 0.03%, up 0.07% at NAB and 0.03% at Westpac. ANZ was the odd one out, not making any adjustment to rates for owner occupier loans, but all four hiked rates for investors and interest only loans.

Many smaller online lenders haven’t announced rate changes yet but are likely to follow the banks. The best variable rate is unchanged from last month – Reduce Home Loans is offering just 3.39%.

Fixed rates 

While the vast majority of fixed rate changes were increases there were a few new low rates introduced. At the same time as announcing its variable rate increases, NAB introduced a 2 year fixed rate special at 3.69%, available for owner occupier loans over $150,000 and making principal and interest repayments. Westpac cut its 1 year rate from 4.39% to 3.99%.

The best fixed rates are:

1 year – 3.59% from Greater Bank

2 years – 3.59% from Select Encompass Credit Union

3 years – 3.59% from Easy Street

4 years – 3.70% from BCU

5 years – 3.70% from BCU

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:

American Express doubled the number of bonus points available on its Explorer Credit Card to 100,000 and its Qantas Premium Card to 60,000. The Qantas Ultimate Card now gets 75,000 bonus points, up from 50,000.

ANZ removed the 0% for 6 months introductory purchase rate on its Low Rate and Low Rate Platinum cards, replacing it with a balance transfer offer of 0% for 16 months. The bank’s Rewards range of cards no longer offer any bonus points, but gain an annual fee waiver for the first year and a $250 gift card.

St. George introduced a Balance Transfer offer of 3% for 3 years, available only through selected online channels (including Mozo!).

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

Personal Loans:

Only four personal loan rate changes this month, and all were increases for fixed car loans.

The Commonwealth Bank increased the rate on its Secured Car Loan from 7.49% to 8.49%.

NRMA and RACV’s New Car Loan rate is up from 6.20% to 6.99%.

Police Credit Union pushed its Fixed Rate Car Loan up 10bp to 5.69%.

The top secured loan rate is Victoria Teachers Mutual Bank’s Discounted Green Car Loan at 5.29% 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:

Greater Bank made a splash by increasing rates for all terms of one year or more and now has the best rates for all terms from 2 to 5 years. One year is up 20bp to 2.80%, 2 years up 70bp to 3.20%, 3 years up 80bp to 3.30%, 4 years up 90bp to 3.40%, and 5 years up 100bp to 3.50%.

Westpac introduced a 10 month special rate of 2.60% for two weeks starting in February. That offer expired during the month but has been brought back for a further two weeks, ending 7 April.

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

Savings accounts:

ANZ reduced both the introductory and ongoing rates on its Online Saver by 10bp, now 2.55% and 1.15% respectively.

Move has the best unconditional at call rate in the market at 2.40%, but that’s down 25bp from last month.

Victoria Teachers Mutual Bank bucked the trend by increasing the ongoing bonus rate on its Bonus Saver, up 5bp to 2.30%.

Best ongoing bonus rate at the time of writing is from ME at 3.05%. For a short term bonus the top rate is RaboDirect’s 3.05% 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. For more information email roundup@mozo.com.au.

Mozo Rates to Riches blog – March 2017 was last modified: April 4, 2017 by Peter Marshall

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