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Interest rates are officially on the rise after a decade of falling cash rates, with the Reserve Bank of Australia raising the cash rate by 0.25% and 0.50% in May and June respectively. So where else can Aussies get great deals on their financial products?
There are still competitive home loans available for those looking for lower fixed or variable interest rates, with some still in the low 2% range. If your home loan repayments are adding financial stress to your household, it may be worth comparing your options.
With gas prices rising and more infrastructure to be built by state governments, it might be worth considering switching to an electric vehicle to save you money in the long run. Although the upfront cost of an electric vehicle can be daunting, car lenders typically offer lower interest rates on their green car loans, so it’s worth exploring this option.
And if colder than average weather has you dreaming of warmer climes, you could consider buying a ticket overseas with the help of Qantas frequent flyer bonus points on registration offered by a range of credit cards in June.
So, let’s explore some of the most competitive interest rates for home loans and green car loans, as well as credit cards with bulk points when signing up.
The lowest variable rate mortgages
The big four banks have forecast that the cash rate will continue to rise, peaking around 2-3% by Christmas. And that means interest rates on variable home loans should move with them, dramatically increasing your home loan repayments in just six months.
One option homeowners have to regain control of their mortgage repayments is to consider refinancing with a lower rate lender. While there’s more to a home loan than just the interest rate charged, including fees and features worth comparing, lowering your interest rate before rates skyrocket could offer you a little respite. You might even be able to build up a savings reserve through lower home loan repayments.
According to the RateCity database, there are two home loan providers that still offer variable rates below 2% for homeowners paying principal and interest. And while those rates are expected to rise in response to June’s cash rate hike, it’s helpful for your refinance search to know which lenders are offering competitive rates right now.
Lowest variable rates for homeowners (paying P&I)
|Home loans||Interest rate||Comparison rate||Remarks|
|Reduce home loans Super Saver Home Loan||1.94%*||2.03%||*Change to 2.44% on June 24|
|Pacific Mortgage Group Standard Variable Home Loan||1.99%*||2.06%||*Change to 2.49% on June 27|
|australian bank Basic home loan||2.01%*||2.03%||*Change to 2.51% on June 22|
Source: RateCity.com.au. Data accurate as of 21.06.22.
Lowest Fixed Rate Home Loans
With interest rates already on the rise, you may be wondering if it’s too late to lock in your mortgage rate. RateCity research shows that by comparing your existing home loan rate to lower rate options on the market, some homeowners can get away with refinancing.
Interest rates will always fluctuate over a 25-30 year term, so if you’re looking for stability in your repayments by locking in your rate for a fixed period, you might want to consider comparing fixed rate options.
The RateCity database indicates that the following home loan interest rates are the most competitive for their fixed term:
Source: RateCity.com.au. Exact date as of 21.06.22.
Green car loans to finance your electric vehicle
Petrol prices are currently higher than ever, with Australians having to pay even more once the six-month fuel excise duty reduction expires at the end of September. One option drivers have to help reduce the ongoing cost of refueling their vehicle is to consider switching to an electric vehicle (EV).
And with the latest Tesla Model Y set to hit our shores in August, you might be seriously considering buying an electric vehicle. Electric vehicles are a greener option when it comes to driving, but they have their own pressure points, such as the initial cost.
Buying an electric vehicle in Australia is generally more expensive than in the rest of the world. But Australian lenders know this and typically offer lower interest rates on their green car loans to encourage customers to make more sustainable choices.
Here are some green car loans that could help you accelerate and switch to an electric vehicle:
Biggest Qantas points for frequent flyers when signing up for credit cards
This month, several credit cards are offering wholesale frequent flyer points that can take you as far as Europe, depending on your eligibility.
RateCity’s research shows that you need at least 36,000 frequent flyer points to get to Bali and over 100,000 to buy return flights to London or Europe. According to the RateCity database, these are the credit cards offering the highest number of wholesale Qantas loyalty points on sign-up:
Qantas Premier Titanium – 150,000 points
ANZ Frequent Flyer Black – 130,000 points
Qantas Signature NAB Rewards – 120,000 points
Westpac Altitude Black (Altitude Qantas) – 120,000 points