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.
One key financial decision you definitely should tackle in March? Making sure you’ve chosen the right private health insurance, since rates go up on April 1, with an average rise of 4.84% compared to last year. If you pay the full year in advance, you can lock in lower 2016 prices. As an incentive, many funds are offering bonus extras such as gift cards, free cover and even flybuys points.
Feature: 0 percent balance transfer
Citi Rewards Platinum Credit Card: 0% per annum on balance transfers for 24 months Right now, this balance transfer deal offers the longest interest-free period on the market. It also has a reduced annual fee of $49 for the first year ($149 a year afterwards). There’s a one-off balance transfer fee of 1.5, while the interest rate for new purchases is 20.99% per annum.
Feature: Frequent flyer credit card with bonus points
ANZ Frequent Flyer Black: 75,000 bonus Qantas Points and $0 annual fee for first year To qualify for the bonus points, you’ll need to spend at least $2,500 on the card within three months of card approval. Beyond that, you’ll earn one point per $1 spent for up to $7,500 per statement period, after which the earn rate drops to half a point per $1 spent. The $0 fee is a decent saving, since the regular annual fee for the card is $425.
Feature: No annual fee
American Express Essential Credit Card: $0 annual fee for life As well as no annual fee, this card offers a 14.99% per annum purchase rate, which is competitive in the current market. There’s also a 0% balance transfer offer for 12 months, with a 1% balance transfer fee.
Feature: Variable rate home loan
loans.com.au Essentials Home Loan: 3.61% per annum comparison rate This loan makes frequent appearances in Ratehacker, as it consistently offers one of the lowest variable rates on the market. To qualify for that rate, you’ll need to be an owner-occupier, and you’ll need a 20% deposit saved.
Feature: Investment loan
Greater Bank Ultimate Fixed Rate Home Loan: 3.69% per annum 1 year fixed rate Banks are cracking down on investment lending right now, so you’ll need to compare carefully to make sure you can fund any investment properties. The Greater deal has a competitive fixed rate (the comparison rate is 4.56%), and is available for investment loans of $150,000 and up. Note that it’s only available to NSW, ACT and Queensland residents.
Feature: Bonus introductory interest rate
RaboDirect High Interest Savings Account: 3.05% per annum interest for first four months Savings account interest rates aren’t particularly high right now, so anything getting above 3% is doing well. After the introductory period, the rate drops to 2% per annum. (Bonus interest also won’t be paid on balances above $250,000.)
Feature: Fixed rate personal loan
HSBC personal loan: Fixed rate loan from 9.5% per annum This loan’s available for amounts between $5,000 and $50,000 and offers a competitive fixed rate. There’s a $150 establishment fee and you’ll need to earn $30,000 a year or more to qualify.
Feature: Policy discount
10% off all policies: Receive a discount on your travel insurance with this finder.com.au exclusive coupon.
Jeremy Cabral is the Global Head of Publishing for finder.com.au which includes tools to compare credit cards, find savings accounts, energy deals, mobile & broadband plans, and a constantly updated database of discounts and coupon codes. Connect with Jeremy on Twitter, Medium and LinkedIn.