Ratehacker: The Lowest Rates For November 2019

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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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