Best home loans, personal loans and car loans

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If the federal budget announcement late last month and the conversation about the general cost of living have you thinking about your finances, you are certainly not alone.

There’s no better time than the present to prioritize saving where you can, so if you’re looking to buy a home, refinance your mortgage, or buy your next set of wheels, this overview of the best financing options could help you with your comparison.

Home loans

A new month means another Reserve Bank of Australia (RBA) board meeting has come and gone, with the cash rate held at 0.10% once again.

While this may be music to the ears of mortgage holders across the country, Australia’s big four banks expect the RBA to begin raising the national cash rate as early as June this year, with further increases to follow.

Although there is no guarantee that the cash rate will increase in the coming months, it doesn’t hurt to be prepared. Budgeting for an interest rate hike before it happens will ensure you are prepared when it inevitably does.

And if you’re looking to refinance your current mortgage or buy a new home, be sure to compare your options based on not just the interest rate, but other features that are important to you.

Some of RateCity’s lowest home loan rates at the time of writing include:

Pacific Mortgage Group variable from 1.87% (1.87% comparison rate)

Hume Bank myBlue 2-year fixed from 2.64% (comparison rate 2.18%) variable intro 24 months from 1.85% (comparison rate 2.21%)

Variable refinancing of Nano home loans from 1.99% (comparison rate 1.99%)

Suncorp variable special offer from 2.02% (comparison rate 2.03%)

Personal loan interest rates

Australians are taking advantage of the lifting of COVID-19 travel bans by visiting loved ones in Perth and New Zealand and resuming international travel to many other parts of the world.

While some have managed to save money for this occasion, others finance their trips with a personal loan. In fact, the latest lending indicators from the Australian Bureau of Statistics show that new fixed-term personal loan commitments rose 6.5% in February, with travel and holidays contributing to the rise.

If you’re looking for a personal loan to take on your own trip, or for a variety of other reasons, here are some of RateCity’s lowest personal loan rates at the time of writing:

Car loans

Buying a new car these days can take a bit of patience, with global supply chain issues for microprocessor units set to continue into next year, further delaying the arrival of new cars in Australia.

Some popular car models, like the Toyota Rav4 Hybrid, have waiting times of up to 12 months. But if you’re aiming for something less in demand, you might not have to wait that long.

Either way, getting financing for your next vehicle should be a much faster process. Just be sure to compare your options before deciding what’s right for you.

Some of RateCity’s lowest home loan rates at the time of writing include: