Ratehacker: August’s Best Credit Card, Savings Account And Home Loan Deals

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.

The big finance news of the week has been the Reserve Bank’s decision to cut the official cash rate to a record low 1.50%. While all of the Big 4 banks and many others have partially passed on the rate cut for home loan borrowers, very few have made the full 0.25% cut. It seems unlikely we’ll see further drops this year, but the fact that every bank has taken a different approach to cutting means it’s still really important to compare loans carefully before signing up.

It’s also the point at which many people will start actively working on their tax return. The Australian Taxation Office has actually been advising people to hold off on online submissions until August.

Home Loans

Feature: Fixed rate home loan

NAB Choice Package Fixed Rate Home Loan: 250,000 Velocity Frequent Flyer points for new applicants To qualify for the frequent flyer points, you must take out a loan before 31 December 2016. The rate is fixed for two years at 3.75% per annum (with an effective comparison rate of 4.95%). Minimum loan amount is $150,000.

Feature: Refinancing home loan

UBank UHomeLoan Standard Variable Rate Value Offer: 3.74% per annum with no application or ongoing fees With no fees and a super-low interest rate, this remains a highly competitive variable-rate loan, and a solid choice for refinancing. It’s only available to owner-occupiers.

Credit Cards

Feature: Balance transfer and low interest rate

0% balance transfer for 12 months and 0% on purchases for 3 months: ANZ First Visa This finder.com.au exclusive deal lets you transfer up to $14,250 in debt at 0% for 12 months. After that, the rate reverts to the standard card balance transfer rate (currently 21.49%). The card also offers 0% interest on new purchases for the first three months.

Feature: Low rate card

ME frank credit card: $0 annual fee and 9.99% per annum interest This low-fee card also has a low interest rate for purchases, and offers up to 55 days interest-free. It operates as a MasterCard, and you can add up to eight additional cardholders.

Feature: Platinum with fee refund

HSBC Platinum Credit Card: Refund of annual fee The annual fee for this card is $149, but if you apply for it before 31 August 2016 and spend at least $6,000 on the card each year that fee will be refunded. The card also offers a 0% balance transfer for 15 months,

Savings Accounts

Feature: High maximum variable interest rate

ME Online Savings Account: 3.35% per annum variable rate The RBA cut hasn’t been good news for high-interest savings accounts, so this remains one of the most competitive options available right now. To score the maximum variable rate, you need to link to an ME Everday Transaction account and make a purchase each week using a tap & go Debit MasterCard. If you don’t, the rate is a somewhat lower 1.55% per annum.

Personal Loans

Travel Insurance

Feature: Policy discount

Tick Travel Insurance: 10% off policies Score a discount on your travel insurance with this finder.com.au exclusive coupon.

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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At Lifehacker, we independently select and write about stuff we love and think you'll like too. We have affiliate and advertising partnerships, which means we may collect a share of sales or other compensation from the links on this page. BTW – prices are accurate and items in stock at the time of posting.