Last week, the Reserve Bank of Australia (RBA) cut the cash rate to an historically low 0.10%, after holding it at an already low 0.25% since March.
While this likely means another blow for a lot of Aussie savers, this could be good news for many borrowers, particularly those still feeling the financial impact of the pandemic.
So, if you’re looking to take advantage of competitive interest rates this month, here are some of the top-rated products on the market for home loans, car loans, personal loans and savings accounts.
Home loan interest
Following this month’s cash rate decision announcement, RBA Governor Philip Lowe said the board isn’t contemplating a further reduction to interest rates in the current environment.
With that in mind, if you’ve been thinking about switching to a more competitive home loan product, you may no longer have reason to delay.
According to RateCity.com.au research director, Sally Tindall, there are 31 lenders now offering at least one home loan rate under 2 per cent, including three of the big four banks.
Of these 31 lenders, 17 already offer a rate under 2 per cent, while the remaining 14 have recently announced a sub 2 per cent rate.
“If you’re in a position to do so, there’s never been a better time to refinance your home loan,” Ms Tindall said.
“While the sharpest rates are reserved for those who own 40 per cent or more of their home, you might not realise that you are actually in that position.
“If you’ve had your home loan for more than five years, you’ve been paying down your debt, you started with a decent deposit and you’ve seen modest property price rises, there’s every chance you could fit into that category.”
With international travel off the table for the time being, as well as a number of state and territory border closures still in place, the upcoming summer holidays are the perfect opportunity to explore locally by embracing the humble road trip.
If you’re in the market for a new car or an upgrade on your current one, a car loan might help get you on the road faster.
With rates starting at 3.6 per cent, car finance options remain competitive. Just remember to compare all of the product’s fees and features before deciding on what’s right for you.
With more free time on your hands over summer and the holiday season, you might be starting to think about your next renovation project.
A personal loan could help you get started at a time that’s most convenient for you.
Savings account interest
While it’s true that the interest rates on offer for savings accounts have seen better days, it’s still worth comparing your options, particularly if your current account has been one of the unlucky ones.
Here are some of the top-rated savings accounts in November, suitable for the everyday saver.