Expert money moves to survive the Coronavirus outbreak

Polly Fleeting

24 Mar 2020

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As the effects of the COVID-19 outbreak hit home for a lot of Australian families, with many people facing financial uncertainty, reduced working hours or job losses, the reality is it’s time for many of us to make shifts to our current financial set up. 

While the government continues to realise stimulus packages for Aussie businesses and banks are providing some assistance to their customers, there are also ways you can prepare yourself financially for the weeks, or months, to come. 

So with that in mind, here are three expert money moves to keep more cash in your pocket and avoid a Coronavirus money crisis:

Money move #1 - Get a low rate personal loan to tide you through if you're financially strapped but avoid fast cash / payday lenders like a coughing passenger on a cruise ship, as these charge extortionate interests rates (up to 48% p.a.) and ongoing fees. 

Money move #2 - Move your savings into top paying account and aim to save at least 20% of your take home pay over the next few months or more to build a financial buffer for yourself. You can still access rates around 2% by shopping around, to give your savings a much needed boost.

Money move #3 - Reduce your monthly costs by switching your home loan or credit card to pay less interest. A 0% balance transfer card can give you an interest rate breather on credit card debt, while the average big 4 bank home loan customer could save over $250 a month by switching to a more competitive home loan.*

Cheap Personal Loan

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OurMoneyMarket Low Rate Personal Loan
  • Fixed rates from 8.00% (8.21% comparison rate^)

  • Borrow from $2K to $50K

  • Free redraw facility and extra repayments

OurMoneyMarket’s Low Rate Personal Loan fixed rates start from 8.00% (8.21% comparison rate^). You can borrow between $2,000 and $50,000 on loan terms 1 to 7 years. Plus, it has great flexibility to help you save on interest payments from the choice between weekly, fortnightly or monthly repayments to the ability to make extra repayments whenever you like without paying fees. It also comes with a redraw facility as well, so if you need to access additional contributions later on you can. 

Where do I get it? Head over to OurMoneyMarket to find out more >>

Top Savings Account

Promoted

Suncorp Growth Saver Account
  • Up to 1.80% p.a. interest rate (conditions apply)

  • No account keeping fees

  • Unlimited phone and internet transactions

With the Suncorp Growth Saver Account, strict savers are rewarded with a special 1.80% p.a. interest rate on your savings when you grow your account's net balance by at least $200 each month (excluding any interest earned) and make no more than one withdrawal in the month. On top of this, there are no account keeping fees and a handy mobile app, so you’ll be able to see your savings grow on the go!

Where do I get it? Head over to Suncorp to find out more >>

Low Rate Home Loan

Promoted

UBank UHomeLoan - Discount Offer
  • 2.59% variable & comparison rate*

  • No upfront or ongoing fees plus free extra repayments and redraw

  • Mozo Experts Choice Award 2020 - Low Cost Home Loan

UBank has our seal of approval when it comes to offering Aussie borrowers the best bang for their buck. With features like no fees, an ultra low interest rate and plenty of flexible payment options, the UHomeLoan Discount Offer is pretty hard to argue with. Plus, UBank is backed by NAB so you get all of the savings an online lender can offer, as well as the security of big bank backing. It’s available for loans of $200,000 or more, with a 20% deposit.

Where do I get it? Head over to UBank to find out more >>

Balance Transfer Credit Card

Promoted

CUA Low Rate Credit Card
  • 0% on balance transfers for 18 months

  • Low 11.99% purchase rate

  • $0 annual fee in the first year ($49 after)

From the low purchase rate of 11.99%, 55 interest free days to the 0% balance transfer rate for 18 months, the CUA Low Rate Credit Card has all the features you’ll want for either blasting debt or keeping a low card balance. For the first year, the annual card fee is also waived, after which you’ll pay a low $49. Talk about savings across the board!

Where do I get it? Head over to CUA to find out more >>

^The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. ^Based on $10,000 over 3 years ^^Based on $30,000 over 5 years

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Want to check out some more personal loans options? Jump over to our personal loan comparison tool or read up on our handy guides for more information.

* Based on a typical owner occupier borrower with a $400,000 home loan switching to the most competitive rate on the market.

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