Happy new financial year! Much like a new calendar year, it’s a good time to look back over the past twelve months, and consider what changes you’d like to make in the future… except, in this case, it’s all about your personal finances.
One of the traditional steps to take around this time of year is to think about your tax return. Remember that if you’ve been working from home this year, there could be expenses you can claim. And if you’ve made any personal contributions into your super fund over the last year, those could also be tax deductible.
Speaking of super, you may have heard how the Superannuation Guarantee (SG) has now increased from 9.5% to 10% of your base salary. While this increase is part of a long-term plan to help support Australians save for their retirement, some employers are understood to be taking the extra 0.5% out of their employees’ take-home pay, rather than footing the bill themselves. Depending on your job, you may want to check whether your pay (and your household budget) is being affected.
Here’s our monthly wrap-up of some of the best interest rates for different financial products:
Low rate home loans
With home values increasing in recent months, many homeowners are understood to be considering selling in the next five years. While this could bring a fresh supply of properties onto the market, keep in mind that interest rates could start rising as soon as 2022. That said, the Reserve Bank of Australia (RBA) didn’t budge the nation’s cash rate at its recent meeting and is still forecasting that the cash rate is unlikely to rise before 2024.
Until then, here are some of the lowest rates currently available on RateCity’s databases:
Low interest credit cards
Recent research from the RBA shows that while Australia’s overall level of debt-accruing credit card interest is plateauing, the number of credit card accounts is continuing to fall. This may indicate that Australians who don’t need credit cards are closing accounts, and those who still use them are being more responsible.
A low rate credit card may be able to provide some financial relief to help you get on top of credit card debt:
Green car loans
Who’s excited about Electric Vehicles, aka EVs? Some state governments, such as Tasmania and New South Wales, are introducing measures to help encourage motorists towards EVs, from duty exceptions to rebates.
Green car loans and similar personal loans could be useful for funding a plunge into the world of EVs: