Ratehacker: The Lowest Rates For November 2019

Ratehacker: The Lowest Rates For November 2019
Image: iStock

Whether you’re planning
an overseas holiday
, looking to buy property or need to get
out of debt,
Australian banks are lowering rates as they compete for your
business.

This is great news, but with hundreds
of lenders
and thousands of products, how do you know where to look?

Lucky for you, RateCity data experts have crunched the numbers to find you the
lowest rates** on the market this November.

In the market for a home loan

Now could be the time to get the home of your dreams with owner
occupier home loan rates
starting as low as 2.68%.

  • Well
    Home Loans
    has taken the top spot this month with it’s two-year fixed rate
    Balanced Home Loan at 2.68%
  • Reduce
    Home Loans
    comes a close second with it’s variable rate Low Rider Home Loan
    at 2.69%
  • UBank
    is also sitting pretty, tying for second spot with it’s three-year fixed rate
    UHomeLoan at 2.69%

Or if you’re already on the property ladder and are looking for your next
investment property,
investor home loan rates
are starting at 2.84%.

  • UBank
    leads the way with its three-year fixed rate investor UHomeLoan at 2.84%
  • Tic
    Toc
    ’s one-year fixed loan for investors comes a close second with a rate of
    2.94%
  • Reduce
    Home Loans
    rounds out the top three with it’s variable rate Rate Slasher
    investment loan at 2.99%

Need to get out of debt

Consolidating your debt can make managing your repayments a lot less confusing.

If you need to get out of debt, here are the debt
consolidation personal loans
with the lowest rates this month.

  • Symple’s
    personal loan
    has the lowest rate right now, at 5.75%, and there is no early
    exit penalty if you decide to pay it off earlier than agreed.
  • Police
    Bank
    is right on its tail, with its low rate personal loan boasting 5.79%
    interest
  • RateSetter’s
    unsecured personal loan
    , has a competitive rate at 6.89%, but does require
    that you have an excellent credit rating (usually above 800) and restricts you
    to a three-year term

Perhaps you would prefer to get out of credit card debt with a balance transfer
credit card. If so, these cards could be for you.

  • MOVE
    Bank
    ’s Low Rate Credit Card is the lowest on the market with a 0% balance
    transfer rate for six months, and an 8.99% purchase rate after that.
  • Bankwest’s Breeze
    Classic Mastercard
    comes a close second, with a 0% balance transfer rate,
    that switches to a 9.9% purchase rate after six months.
  • Police
    Bank’s Visa Credit Card
    has the longest 0% balance transfer period of the
    top three, giving you twelve months to pay off your debt before it switches to a
    purchase rate of 10.76%

Christmas shopping

With purchase rates under 8.8% these two credit cards lead the way, and could
help you get your Christmas shopping started early this year.

Credit cards are most suited to disciplined spenders that pay off their balance
in full every month. So, if you’re a frivolous spender, a secured personal loan
may be a better option for you.

  • Coastline
    Credit Union
    leads the way, offering a 4.86% rate on it’s secured personal
    loan, allowing you to borrow between $5,000 – $200,000 with no monthly fees**.
  • First
    Option Bank
    has a 100% cash secured personal loan at 4.99%, however this
    loan must be fully secured with a Term Deposit held with First Option.
  • Credit Unions are offering very competitive personal loans this month, with
    Summerland
    Credit Union
    rounding off the top three with its general purpose loan at
    5.04%

Saving for a rainy day

In a time when savings rates are as low as 0.05%, these three banks have highest
savings rates on the market right now.

  • Neobank 86
    400’s ‘Save account’
    offers a very low 2.25% interest when you deposit at
    least $1000/month, putting it in tied top spot with Up Bank and My State Bank.
  • Up
    bank
    also offers the competitive 2.25% interest on it’s ‘Up Saver Account’
    when you make five or more card purchases every month from your ‘Up Everyday
    Account’
  • My
    State Bank
    is the only traditional bank with a 2.25% interest rate on its
    Bonus Saver account, when you deposit $20 per month and make five visa debit
    transactions.

If you’re not saving for anything short term, now may be a good time to place
your savings into your super. Current figures are showing funds returning over
8% above the current inflation rate, when the typical target is to beat
inflation by 3.5%.

This month Australian Super, Hostplus and Unisuper have delivered the highest
returns over five-years, according to Supperratings
data
.

  • AustralianSuper’s balanced super account boasts a five-year return of 9.55%
  • The Hostplus balanced super account has also performed well, with a
    five-year return of 9.50%
  • UniSuper’s accumulation 1 account rounds out the top three, with a five-year
    return of 9.39%

Planning a holiday

If you’re planning to travel overseas this holiday season, it pays to check
whether your bank will charge you fees for simply using your card.

Here are three bank accounts that have no foreign transaction fees, so you can
spend your money on travelling, instead of on fees.

  • ING
    Everyday Account
    will refund all foreign exchange charges, and charges no
    monthly fees and as long as you deposit over $1,000 month
  • Citi
    Global Currency Account
    has no FX fees and no monthly fees. With 10
    different currencies available, you will only be charged the 2.50% fee if you
    withdraw money from an ATM where the currency withdrawn doesn’t match the
    currency of the account
  • HSBC
    Everyday Global Account
    has no monthly fees or foreign exchange fees,
    however in the fine print it does state that ATM Operator Fees may be incurred

If you’re already set with your bank account, maybe you’re looking to score some
extra frequent flyer points? These credit cards are all offering over 100,000
bonus points when you sign up, as long as you meet a few certain conditions.

  • Qantas Money Qantas
    Premier Titanium
    credit card is offering 150,000 bonus frequent flyer points
    when you spend $5000 within 90 days of approval
  • Qantas Money
    Qantas Premier Platinum
    is giving you 120,000 frequent flyer points for
    signing up, and 20,000 points every month for six months, when you spend $1,500
    or more each month
  • American Express is also offering 120,000 bonus points when you sign up
    before the 18th November to their Qantas
    Ultimate Credit Card
    , and spend $4500 within the first 3 months
  • NAB’s Qantas
    Rewards Signature Card
    could see you getting a massive 240,000 frequent
    flyer points. Offering 120,000 points for signing up, 90,000 points when you
    spend $3000 within 60 days, and 30,000 points if you keep your card for 12
    months.

That’s it for November!

Remember, before you apply for a loan, it’s a good idea to check
your credit score.

** Data accurate as at Thursday 7th November 2019 according to RateCity database
and Superratings. The lowest rates on the market do not always equate to the
cheapest products as fees and charges may apply. Contact the lender directly to
request a copy of the Product Disclosure Statement, before you complete an
applications, as applying to multiple credit products can negatively impact your
credit score. Personal loans often have establishment fees between $200-500, so
make sure to check all fees with the lender before you apply.

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