Ratehacker: February's Best Credit Card, Savings Account And Home Loan Deals

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With 2020 being a leap year, you have one extra day available this February to hunt for a better deal on your finances. To help speed your search and make the most of your extra time, here are some of the best rates you can get rate now.

Buying a home

While the RBA kept interest rates on hold at its meeting this February, there are still plenty of low-interest home loans on the market, whether you’re buying your first home or refinancing.

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Hitting the road

How do you want to spend your leap day this year? The 29th of February is a Saturday this year – why not go on a road trip? Of course, this means you’ll need a car, which may in turn mean needing a car loan...

  • The Green Car Loan from loans.com.au may be of interest to you if you’re buying an electric or hybrid vehicle, or a new car with better than average fuel efficiency. It offers a low interest rate of 4.19% to help keep your repayments more manageable.
  • A car loan from RateSetter could see you charged interest at just 4.69%, with no early repayment or exit fees.
  • Credit Concierge can help you find a car loan with an interest rate starting from 4.79%.
  • Buying new? MOVE Bank’s New Car loan has a fixed interest rate of 4.89%, with no ongoing fees or early repayment fees.

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Managing your spending

Planning to spend your leap day shopping? A credit card with a low interest rate on purchases can help to keep your interest charges down when it takes a little longer to pay off your card than you’d planned.

Managing a leap-year project

You know that big project you keep putting off? Or that big purchase you’ve been considering? If you think that 2020 just might be your year, there are personal loan options available that could help you secure finance.

  • To help you pay for a major purchase or project without losing access to your savings, Endeavour Mutual Bank offers a personal loan with a 4.45% interest rate and no monthly account keeping fees, 100% secured by savings in a term deposit.
  • Going green this year? To help you pay for solar panels, energy-efficient appliances and similar eco-friendly products, Australian Military Bank offers a personal loan with a variable 4.70% interest rate. Also, you don’t need to wear a uniform to apply.
  • Do you have equity in your mortgage, but also want to borrow money? Coastline Credit Union offers a personal loan with a 4.86% interest rate, secured by a mortgage. If you haven’t bought a place yet, it’s also possible to secure a loan against a fixed term deposit.
  • If you have a home loan with Community First Credit Union, its mortgage secured overdraft can provide you with flexible access to funds when you need them. The interest of 4.74% will only be charged on the amount you use.

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That’s it for February!

Keep an eye out for next month’s Ratehacker, to make sure you get the lowest rates on the market.

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