RateHacker: Get Yourself The Best Loan Deals This Month

Game of Thrones may be long over, but winter is still coming. This would typically mean spending more time at home as the mercury drops, but this year many of us are already there.

If you’re at home and struggling to find new ways to entertain yourself (there’s only so many times you can re-binge Tiger King), why not check out your personal finances and see if you can find some better deals?

Car loans

Several car loans are available with special fuel offers at the moment, which can be a nice little bonus if you were already in the market for a vehicle.

• Finance EZI offers car loans with variable interest rates from 3.85 per cent (comparison rate 4.94 per cent). Plus, you’ll get the chance to win a $250 fuel gift voucher.
• Loans.com.au is offering the chance to win a $1000 fuel gift voucher with selected car loans. This includes its Green Car Loan with its fixed interest rate of 3.97 per cent (comparison rate 4.51 per cent), which can be used to purchase electric, hybrid and other fuel-efficient vehicles.

And if you’re after a car loan with a low interest rate, Australian Military Bank offers tailored variable rates based on your credit history, which can go as low as 3.60 per cent (comparison rate 4.51 per cent). Plus, you don’t need to wear a uniform to become a member of this mutual bank.

Personal loans

With everyone cooped up at home, it’s no wonder many are thinking about home improvement projects, such as making your home more energy efficient and environmentally friendly. Depending on the scale of these plans, getting some financial support from a specialist green personal loan could be handy.

• Australian Military Bank Green Loan – variable interest rate of 3.15 per cent (comparison rate 4.10 per cent)
• Police Bank Green Loan – fixed interest rate of 5.79 per cent (comparison rate 5.92 per cent)
• Bank of Heritage Isle Green Loan – variable interest rate of 5.79 per cent (comparison rate 5.92 per cent)
• Police Credit Union Solar Eco Loan – variable interest rate of 5.99 per cent (comparison rate 5.99 per cent)
• Community First Credit Union Solar Loan and Green Loan – both with variable interest rates of 5.99 per cent (and comparison rates of 6.26 per cent).

Credit Cards

With the pandemic affecting workplaces and incomes, many of us are putting more everyday spending onto our credit cards than we used to. So it’s a good time to look at the features and benefits offered by your credit card and consider if it’s still providing the same value it used to.

Some of the benefits a credit card could offer include:

• Low interest rates, such as the G&C Mutual Bank Low Rate Visa Credit Card at 7.49 per cent
• 0 per cent interest on balance transfers, such as the CUA Low Rate Credit Card, offering 0% p.a. on balance transfers for 18 months
• 0% interest on purchases, such as the Bank First Visa Platinum Credit Card, offering 0% p.a. on purchases for 6 months
• Complimentary insurances, such as the Latitude Low Rate Mastercard, offering complimentary insurance benefits, including price protection, purchase protection and extended warranty
• Bonus points, such as the ANZ Rewards credit card, offering 50,000 bonus Reward Points with your new card

Home Loans

The RBA hasn’t touched the cash rate recently, but that doesn’t mean that banks and mortgage lenders have stopped competing for your business when it comes to home loans. If your income is stable and you have a sizeable deposit, several lenders are offering cashback rewards or low interest rates to new customers.

Some of the lenders offering cashback deals on selected home loan packages include:

• Illawarra Credit Union – $2000 cashback for first home owners, or up to $4000 cashback on refinances and new home loans, all for loans approved and settled by 21 May 2020
• BankSA – $2,000 Refinance Cashback when you apply online. Expiry date: 29/05/2020
• St.George – Refinance Cashback offer – $2,000 cashback per property refinanced. Expiry date: 29/05/2020
• MOVE Bank – $1,000 cashback on all MOVE Bank home loans. Expiry date: 29/05/2020
• RAMS – $2000 Refinance Cashback. Expiry date: 30/06/2020

And if you’re looking for a home loan with a low interest rate, several lenders are competing to offer the lowest fixed interest rate.

For example, when looking at 2-year fixed rates, you could choose from:

• Well Home Loans’ Well Balanced Home Loan at 2.09 per cent interest (comparison rate 2.44 per cent).
• Reduce Home Loans’ Home Owners Dream home loan, at 2.09 per cent interest (comparison rate 2.68 per cent)
• Freedom Lend’s Freedom Fixed home loan, at 2.09 per cent interest (comparison rate 2.68 per cent)
• ING’s Orange Advantage home loan, at 2.09 per cent interest (comparison rate 3.77 per cent)

Before making any financial decision, it’s important to look carefully at your current financial situation, and to consider seeking independent financial advice to work out what the best offers for you may be.