The dust has settled on new year celebrations, and reality is setting in. At the start of 2023, interest rates are high and may get higher later in the year. Some economists are even forecasting that recession could be on the cards.
If your resolution is to get your finances in order so you can face this year’s financial challenges, it’s important to compare your options and make choices that not only suit your financial situation, but your personal goals as well.
Some of the best home loans
While the Reserve Bank of Australia (RBA) doesn’t meet in January, Australians are still feeling the effects of 2022’s eight consecutive cash rate hikes. And with inflation remaining high, the RBA is likely to raise the cash rate further this year to try and return it to its target band.
While home values are falling in several areas around Australia, this doesn’t necessarily mean conditions are improving for first-home buyers. Higher home loan interest rates and tight serviceability criteria may limit the borrowing power of many first-home buyers and, in turn, limit their purchasing options.
Homeowners, especially those on fixed rates that are due to revert to variable rates this year, may find their household budgets under pressure. Some of the lowest home loan interest rates and home loan cashback offers are mostly aimed at refinancers, with these loans requiring some of the lowest LVRs to qualify.
Category |
Lender |
Interest Rate |
Comparison Rate |
| Variable | The Mutual | 3.99% | 3.99% |
| 1 year fixed | Bank Australia | 4.64% | 4.83% |
| 2 year fixed | Bendigo Bank | 5.24% | 4.77% |
| 3 year fixed | Bank of Heritage Isle | 5.19% | 5.12% |
| 4 year fixed | Bendigo Bank | 5.49% | 4.98% |
| 5 year fixed | RACQ Bank (QLD Only) | 5.39% | 5.43% |
Data accurate as of 13 January 2023
Some of the best savings accounts
Australians looking to save money this year may have a few options available to them. Interest rates rose on savings accounts and term deposits in 2022, which could allow you to grow your wealth by earning interest on your savings.
But not every bank and Authorised Deposit-taking Institution (ADI) in Australia has passed on all of 2022’s rate rises on to their savings customers. The Federal Treasurer has asked the Australian Competition and Consumer Commission (ACCC) to investigate savings rates to make sure bank deposit customers are being treated fairly.
Bank |
Maximum rate |
Base rate |
| BOQ | 4.75% | 0.05% |
| Virgin Money | 4.60% | 0.05% |
| ING | 4.55% | 0.55% |
| MOVE Bank | 4.50% | 0.10% |
| Macquarie Bank | 4.50% | 3.70% |
Data accurate as of 13 January 2023
Some of the best car loans
Australia’s interest in Electric Vehicles (EVs) appears to be growing, with the Tesla Model Y being the 10th highest-selling car in November 2022. That said, according to the Federal Chamber of Automotive Industries (FCAI), the overwhelming majority of vehicles sold in Australia in 2022 were still petrol vehicles, with the Toyota Hilux proving a favourite.
The start of a new year is a popular time to look at buying a new or used vehicle, and there are a wide range of car finance options available for Australians to consider. This includes green car loans that often offer discounted rates for purchasing EVs, hybrids, and other fuel-efficient vehicles.
Lender |
Rate |
Comparison Rate |
| Illawarra Credit Union | 3.99% | 5.15% |
| Queensland Country Bank | 4.49% | 4.77% |
| Queensland Country Bank | 4.74% | 5.35% |
| DRIVA | 4.84% | 5.73% |
| People’s Choice | 4.89% | 5.24% |
Data accurate as of 13 January 2023
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