Unless you’ve been overseas or had your news notifications turned off, you’ll have heard that the RBA has slashed interest rates three times in the last five months.
The result? Rates are tumbling.
With rates on everything from home loans to savings accounts heading south, now could be an excellent time to reassess your finances to ensure you’re still on the best value deals. After all, refinancing your home loan alone could save you thousands of dollars!
So how do your own banking products stack up? To help you compare and save, the money experts at Mozo have pulled together some of the hottest banking deals around.
When it comes to low rate home loans, loans.com.au doesn’t disappoint, and that’s certainly the case with the Smart Home Loan which has one of the hottest variable rates around at 2.88% (2.90% comparison rate*) for new home buyers and refinancers. It doesn’t stop there though, because borrowers won’t be charged an application fee or any ongoing fees with the Smart Home Loan, and they’ll even be able to reduce their interest by making extra repayments towards the loan for free!
MyState Bank Bonus Saver Account
Earn up to 2.00% ongoing bonus interest
Deposits up to $250,000 per customer guaranteed by the Australian Government
This competitive account offers the ability to earn 2.00% bonus interest each month you deposit $20 or more in to the account and make 5 or more eligible Visa debit card transactions from your linked transaction account. With no account fees and a simple online application process that lets you open an account in minutes, the MyState Bank Bonus Saver Account could be a top choice for savers who make regular deposits and want a decent rate without the hassle.
OurMoneyMarket is all about rewarding Aussies with great financial history, which is why the Low Rate Personal Loan (Fixed, Unsecured) comes with a fixed rate of just 8.00% (8.21% comparison rate^) for borrowers with excellent credit history. Eligible borrowers will be able to grab a loan between $2,000 and $50,000 with simple fixed interest payments that can be made weekly, fortnightly or monthly over a 1-7 year period. And the loan even features a free redraw facility for borrowers that have made extra repayments!
$0 annual fee in the first year ($199 after)
0% p.a. balance transfer rate for 26 months (1.5% BT fee)
1 point per $1 earn rate (capped)
With one of the longest balance transfer rates around at 0% for 26 months (1.5% balance transfer fee), the Citi Platinum - Balance Transfer Offer could be a great option for Aussies looking to get a hold on their existing credit card debt. It doesn’t stop there though, as new cardholders won’t need to worry about forking out an annual fee in the first year ($199 afterwards) and they’ll even be able to make use of complementary insurance benefits while also earning 1 point per $1 (up to $10,000 per month) when they pay using Visa.
If you’re in the market for a new bank account then the Everyday Global Account really is packed with some standout benefits and features for spending at home and abroad including zero monthly fees, overseas ATM fees or foreign exchange commission. For a limited time new account holders will even be able to grab a $100 bonus when they deposit $2,000+ each month for 3 consecutive months into the account within the first 6 months. Plus customers will be able to earn 2% cashback on eligible purchases (up to $50 per month) when tapping and paying with Visa payWave, Google Pay or Apple Pay.
UBank USave with USpend Transaction Account
2.10% maximum rate
$0 account fees
Automatic sweep saver
Looking for a competitive place to watch your savings grow? With a maximum interest rate of 2.10%, the USaver with Ultra Transaction Account from UBank has one of the highest rates around for savers. There are no arduous requirements to get that maximum rate as savers will just need to make a $200 deposit each month and they won’t even pay any account fees. UBank even have an innovative ‘Sweep Technology’ tool that helps savers reach their monthly savings targets by sweeping cash into the USaver Account.
*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.
^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