Ratehacker: The Best Deals in Aussie Home Loans and Savings Accounts for July

The Reserve Bank of Australia kept the cash rate on hold this month, offering some much needed relief for millions of Australian homeowners.

If the latest pause to rising rates has given you pause about whether your home loan is still the best option for your budget, it may be worth looking outside of your current lender for a better deal. You may want to compare some of the lowest home loan rates for owner-occupiers and investors.

Meanwhile, rising interest rates typically means good news for savers who are now seeing offers near 6% available for their nest eggs. If you’re looking for more bang for your buck, you may be curious as to who is offering the highest savings account rates.

And if you’re looking to nab a generous bonus points offer on sign up for your next credit card, we’ve got you covered. This month there are multiple card providers offering six-figure rewards points bonuses for new customers.

Let’s explore some of the most competitive financial products on the RateCity database in July 2023.

Lowest owner-occupier home loan rates

The rising cash rate set by the RBA has led to a sharp increase in mortgage rates and repayments nationwide, causing many households to experience mounting financial stress. If your home loan interest rate is adding excessive pressure to your household budget, you are not alone.

It may be worthwhile to explore your options and consider refinancing to a lower rate home loan lender. This may help you to secure a more competitive interest rate and give your budget some relief in the form of a rate cut.

These are some of the lowest variable home loan rates on the RateCity database for owner-occupiers paying principal and interest.

Source: RateCity.com.au. Data accurate as of 14/07/2023

Lowest investor home loan rates

Finding a lower interest rate isn’t just a helpful strategy for everyday Australians looking to reduce their household spending. Refinancing to a lower interest rate may also be a highly effective strategy to save money on your investment property.

By refinancing your investment property at a lower interest rate, you may significantly increase your cash flow – allowing you to retain a larger portion of the rental income as profit or invest the funds into additional investment options.

These are some of the lowest variable home loan rates on the RateCity database for investors paying principal and interest.

Source: RateCity.com.au. Data accurate as of 14/07/2023

Highest savings account rates

One of the few silver linings in a higher-rate environment is that this is reflected in savings products as well as home loans. Opting for a higher-rate savings account may be worthwhile as it allows you to generate greater returns over time through the power of compounding interest.

Further, a higher-rate savings account acts as a hedge against inflation. With inflation at eye-watering levels, choosing the most competitive savings account rate may help you better preserve the value of your money than sticking with a lower-rate option out of loyalty or complacency.

These are some of the highest ongoing savings account rates on the RateCity database for all adults.

Source: RateCity.com.au. Data accurate as of 14/07/2023

Highest credit card points bonuses on sign up

Earning rewards points can be a time-consuming process, often requiring serious spending over multiple years. That’s where sign-up bonuses come in. Credit card bonus points can be redeemed through the provider’s rewards program, offering a range of exciting perks.

This month, there are a range of competitive rewards credit card options with six-figure sign up bonuses valued up to 275,000 points. These bonuses may allow you to enjoy round-trip plane tickets, hotel upgrades, home appliances, white goods, electronics, and so much more.

Keep in mind that different credit card providers have unique rewards programs, with the value of these points varying for each issuer. Meaning, while one credit card may offer a bonus of 100,000 points, those points might hold less purchasing power compared to another credit card’s rewards program.

These are some of the highest credit card bonus point offers on sign up on the RateCity database.

Source: RateCity.com.au. Data accurate as of 14/07/2023

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