In our monthly Ratehacker round-up, Jeremy Cabral from comparison site finder.com.au highlights the latest credit card deals, plus the best savings accounts and home loans.
Money picture from Shutterstock
We’re already into the third month of the year, and we’ve seen the Reserve Bank hold the official cash rate for the ninth time in a row. Unfortunately that doesn’t mean that rates for home loans will also hold steady. We’re increasingly seeing banks and other lenders adopt “out of cycle” rate changes, so it’s more important than ever to shop around.
The other big finance issue most us will need to start contemplating in March is health insurance. Official rises for all health insurance funds have received government approval, and will kick in from April. The average rise is 5.59%, but that varies heavily between funds.
Credit Cards
Feature: 0 percent balance transfer
NAB Low Rate Credit Card: 0% per annum, on balance transfers for 24 months If you apply and are approved for this card before 30 April 2016, there’s a 0% balance transfer offer that runs for 24 months. Note that you will be charged a one-off 2.5% balance transfer fee. The purchase rate on the card is 13.99%, and there’s a $59 annual fee.
Feature: No annual fee
ME frank Credit Card: $0 annual fee for life of card The interest rate for new purchases on this MasterCard is a competitive 9.99% per annum. You can add up to 8 additional cardholders to the card.
Feature: Frequent flyer credit card
http://www.creditcardfinder.com.au/anz-frequent-flyer-black.html: 75,000 bonus Qantas Frequent Flyer points To qualify for the bonus points, you need to spend $2,500 on the card in the first three months after approval. There’s no annual fee for the first year, but after that you’ll pay $425 a year for the card.
Home Loans
Feature: Variable rate home loan
ClickLoans Owner Occupier ≤ 75% LVR: 3.98% per annum variable rate To qualify for the 3.98% rate, you’ll need to have a deposit of at least 25% of your loan amount. There’s a 100% offset account feature available, and you can access extra repayments at any time if you need them.
Feature: Fixed rate home loan
Greater Building Society Great Rate Home Loan: 4.44% per annum fixed rate for five years The comparison rate (which accounts for fees and charges) on this loan is 4.56%. To qualify, you need to be an owner occupier, borrowing at least $150,00 and with a 20% deposit.
Savings Accounts
Feature: Incentive saver
ING Direct Savings Maximiser: Earn 3.5% per annum interest when you deposit $1000 or more a month The base interest rate on this account is currently 2.25%, but you can earn an additional 1.25% provided you meet the minimum deposit requirement. The higher interest applies on balances up to $100,000.
Feature: Free ATM withdrawals
NAB Classic Banking: No ATM fees for NAB ATMs or RediATMS There are no minimum deposit or minimum balance requirements for the account. You can also add a debit card for Visa payWave access.
Personal Loans
Feature: Car loan
loans.com.au Car Loan: Fixed rate of 4.5% per annum for up to five years The loans.com.au loan can be used for cars up to nine years old. There’s a $440 establishment fee, and the effective comparison rate is 5.05% per annum.
Travel Insurance
Feature: Policy Discount
Go Insurance: 10% off all policies Save 10% off your policy with this finder.com.au exclusive deal.
Life Insurance
Feature: Guaranteed acceptance
Virgin Life Insurance: Guaranteed acceptance between 18 and 65 Acceptance is guaranteed for Australian residents between 18 and 65 (note: pre-existing conditions, suicide and dangerous pastimes aren’t covered). The maximum coverage amount on the Quick & Easy policy is $750,000.
Jeremy Cabral is the Publisher at finder.com.au and finder.com which includes tools to compare credit cards, find savings accounts and pick the best mobile phone plans, and a constantly updated database of discounts and coupon codes. Connect with Jeremy on Twitter, LinkedIn and Google+.
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