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.
- If you like the sound of locking in a low rate for a while and keeping your repayments stable, GMCU is offering a fixed rate of 2.5% for two years.
- Borrowers looking for variable interest rates may want to give Reduce Home Loans a call, with their Low Rider and Rate Slasher loans going as low as 2.69%.
- The Well Balanced home loan from Well Home Loans lives up to its name, offering a fixed interest rate of 2.68% for 2 years or 3 years, with options for an 80% or 90% LVR.
- Owner Occupiers may also be able to benefit fromUBank’s 3-year fixed rate of 2.69%.
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.
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.
- The Low Rate Visa Card from G&C Mutual Bank comes with an interest rate of just 7.49% and 50 days interest free each billing cycle. Just watch out for the $50 annual fee and $15 late payment fee.
- Auswide Bank’s Low Rate Credit Card charges interest at a rate of 8.7% on purchases, and if you’re under 25, the $50 annual fee is waived.
- The MOVE Bank low rate credit card offers a 8.99% interest rate on purchases, with up to 45 interest free days. Plus, if you owe money on your current credit card, you can enjoy 0% interest on a balance transfer for up to 6 months.
- The Low Rate Pink credit card from Community First Credit Union not only charges 8.99% interest on purchases, but half of the $40 annual fee is donated to the McGrath Foundation to help fund McGrath Breast Care Nurses.
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.
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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