The best interest rates for home and auto loans in November

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Even though the Reserve Bank of Australia (RBA) held down the country’s cash rate this month, that hasn’t stopped banks and other lenders from quietly adjusting their own off-cycle interest rates, by forecast of a cash rate hike that may be coming sooner than the current forecast for 2024.

Banks expect cash rates to rise

Some large banks frequently increasing fixed rates – twice in three weeks, in some cases – if you are in the process of applying for a fixed rate home loan, it may be worth considering paying a rate lockout fee. This effectively sets your fixed rate in stone at the start of your application, so you won’t be affected if your lender raises their rates during the approval and settlement process.

Some banks have also reduced interest rates on variable rate home loans and added cash back incentives to help attract new customers. These offers can be tempting, although it is important to compare your options, consider the choices that best suit your financial situation, and keep in mind that if the RBA is under pressure to increase the cash rate. as soon as possible, your reimbursements may increase. more than you could easily afford.

With this in mind, regulators require lenders to increase the floor rate used to assess mortgage loan applications – in other words, you may not be able to borrow as much as you could before, as this could put you at a higher risk of financial stress.

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Australians buy cars as lockdowns lift

As COVID-19 restrictions relax in Australia and travel becomes a more worthwhile option, more and more Australians would buy new vehicles than the previous year. If you are considering investing in new wheels for traveling to the regions or taking an interstate road trip, it is important to consider your choice of auto financing.

And with some states introducing legislation to help encourage the adoption of electric vehicles (EVs), a green car loan could be a valid auto finance option to consider.

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Shop till you drop

While international shipping is still in a quagmire due to delivery delays and supply chain issues around the world, it is getting easier and easier to shop in person. Do you remember how it was? Trying things before you buy? Browse ? Window shopping?

If your bank balance could use some support for post-foreclosure madness, there are options to consider, such as Buy Now Pay Later and 0% Interest Credit Cards, both. the big banks are launching more and more.

Traditional credit cards may also be an option to consider in some cases, as they may offer additional benefits. like reward points and travel insurance, which could come in handy when venturing interstate or overseas now that borders are starting to open.

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