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.
As the end of the financial year looms, getting your finances sorted is a sensible step. One key reminder: if you turned 31 this year and haven’t yet signed up for health insurance, you’ll be hit with a permanent Lifetime Health Cover (LHC) penalty if you ever do take it up, so weigh up that decision carefully.
Lots of changes to cards in recent months, with new rules for interchange fees meaning many providers have made rewards credit cards less rewarding. Despite that, there are still some good deals to be had if you go hunting.
Feature: Bonus rewards points
American Express Velocity Platinum Card: 100,000 bonus Velocity Points To qualify for the bonus points, you need to apply online by 31 July 2017, be approved and spend $1,500 on the card in the first three months. The card has a relatively high $395 annual fee, but you can potentially offset that with the value of the bonus points if you spend them wisely.
Feature: 0 percent balance transfer
ANZ Platinum Credit Card: 0% on balance transfers for 12 months As well as the 0% deal on your transferred balance and no balance transfer fee, you’ll also score 0% for 3 months on new purchases and the annual fee will be . The revert rate for any remaining transferred balance after 12 months is currently 21.49%, while the purchase rate reverts to 19.74%. This offer is exclusive to applicants through finder.com.au.
Feature: 0% foreign fees
Bankwest Zero Platinum Mastercard: 0% foreign transaction fees If you’re about to head overseas or regularly shop online, the savings from not paying a currency conversion fee can be considerable. The standard interest rate on purchases is 17.99%.
It seems highly unlikely that the Reserve Bank will change official cash rates when it meets this week, but that doesn’t mean rates aren’t shifting. Not only is the connection between the cash rate and home loan rates now weaker than ever, the plans to introduce a new levy for the major banks are also likely to make rates shift.
Feature: Renovation line of credit
State Custodians Low Rate Line of Credit: Comparison rate of 3.72% If you want to renovate using your existing home as equity for funding, this loan features one of the lowest rates on offer right now. To qualify for that rate, you’ll need to be an owner-occupier.
Feature: Variable rate home loan
loans.com.au Essentials Home Loan: Comparison rate of 3.66% per annum This loan, a frequent Ratehacker pick, continues to offer one of the lowest variable rates on the market. To qualify for the bottom rate, you’ll need to be an owner-occupier, and you’ll need a 20% deposit saved.
Feature: High bonus saver interest rate
ME Online Savings Account: 3.05% per annum bonus rate To qualify for the bonus interest rate, you need to link this account to an ME Everyday account and make a weekly purchase using Tap & Go on your debit Mastercard. The interest is payable on balances up to $250,000.
Feature: Fixed rate personal loan
HSBC Personal Loan: Fixed comparison rate from 10.06% This loan is available for amounts between $5,000 and $50,000, with terms of 1 to 5 years. There’s a $150 establishment fee, and a $5 a month account-keeping fee.
Feature: Policy discount
YouGo Travel Insurance: 10% off all premiums 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.