So who’s cutting property loan prices?

Courtesy of the RBA cash rate movement yesterday, home borrowers are in for some rate relief. Not so great for self-funded retirees, of course…

So will your home loan rate be affected? Chances are yes: it would be a brave financial institution that didn’t act of a cut in official cash rate.

When faced with a (welcome) reduction in mortgage rate though, it helps to know just where your financial institution stands in comparison to the others. So as at right now, here is what current interest rates are across our larger institutions:

Institution	Standard variable	1 year fixed	3 year fixed	5 year fixed
ANZ	5.88%	4.94%	5.09%	5.14%
COM	5.90%	4.94%	5.09%	5.14%
NAB	5.88%	4.89%	5.04%	5.09%
WPAC	5.98%	4.99%	5.14%	5.19%
SUNCORP	5.99%	4.93%	4.98%	5.14%
BOQ	6.01%	4.65%	4.79%	5.09%
Bank Melbourne	5.90%	4.94%	4.94%	5.14%
ING DIRECT	5.22%	4.69%	4.69%	4.99%
Bankwest	5.89%	4.98%	4.84%	5.14%
Loans.com.au	4.52%	4.64%	4.48%	N/A
St George	5.99%	4.94%	4.94%	5.14%
IMB	5.66%	4.49%	4.59%	4.89%

Source: Canstar.com.au

With the exception of loans.com.au, IMB, Suncorp, ANZ and NAB,  all the above institutions have announced that they will be following the official cash rate down at some point between the 20^th and 24^th Feb. Stay tuned for more…

So who’s cutting property loan prices?

So who’s cutting home loan rates?

Courtesy of the RBA money price movement yesterday, house borrowers are in for some price relief. Not so great for self-funded retirees, of course…

So will your residence loan rate be affected? Probabilities are yes: it would be a brave monetary institution that didn’t act of a reduce in official money rate.

When faced with a (welcome) reduction in mortgage rate although, it helps to know just exactly where your financial institution stands in comparison to the other people. So as at appropriate now, right here is what present interest rates are across our larger institutions:

Institution	Regular variable	1 year fixed	3 year fixed	5 year fixed
ANZ	5.88%	4.94%	5.09%	5.14%
COM	5.90%	4.94%	5.09%	5.14%
NAB	5.88%	4.89%	5.04%	5.09%
WPAC	5.98%	4.99%	5.14%	5.19%
SUNCORP	5.99%	4.93%	4.98%	5.14%
BOQ	6.01%	4.65%	4.79%	5.09%
Bank Melbourne	5.90%	4.94%	4.94%	5.14%
ING DIRECT	5.22%	4.69%	4.69%	4.99%
Bankwest	5.89%	4.98%	4.84%	5.14%
Loans.com.au	4.52%	4.64%	4.48%	N/A
St George	5.99%	4.94%	4.94%	5.14%
IMB	5.66%	4.49%	4.59%	4.89%

Source: Canstar.com.au

With the exception of loans.com.au, IMB, Suncorp, ANZ and NAB,  all the above institutions have announced that they will be following the official cash price down at some point in between the 20^th and 24^th Feb. Stay tuned for more…

So who’s cutting home loan rates?

Three ideas for cutting debt?

In the lead-up to the Christmas season, it’s a very good notion to take a step back and appear at the massive picture of our credit card spending habits.

Credit cards are effectively and genuinely an entrenched part of our economic lives. We at the moment owe just shy of $ 50 billion all up, but not all of that $ 50 billion is attracting interest charges. The good news is that the amount of debt that is accruing interest correct now is at its lowest point considering that December 2009.  We’ve been quite diligent lately!

That’s the good news, but despite that diligence we are nevertheless paying interest on a whopping $ 33.5 billion of credit card debt. CANSTAR calculates the average credit card interest rate at 16.95%, which implies that we are paying, on average, $ 15.5 million per day in credit card interest to our financial institutions. That is a nice income stream!

If you don’t want to be a portion of that money giveaway any far more, right here are some debt-cutting ideas:

1. Spend your “must-do” charges 1st. It’s tempting when our wages hit our bank account to have a massive evening out, followed up by some eBay surfing. But it indicates that our essential costs – things like meals, petrol and phone bills – can finish up on our credit card. So every time you get paid, cover all your need to-do charges ahead of you look at any other spending.

2. Cancel direct debts. Health club charges, subscriptions, insurances … Paying bills automatically is handy – but when they’re coming out of your credit card it’s too straightforward to not pay them back. Switch those automatic payments to a debit card rather.

3. Don’t use your credit card. Hard really like, yes, but provided you’re doing ideas 1 and 2 above, you’ll be amazed how much spending you can cut out of your day without having simple access to the plastic. It is worth a attempt!

Also make certain, if you do have an ongoing debt, that you’re not paying much more interest than you require to. Check out CANSTAR’s credit card comparison to see what’s on offer.

Three ideas for cutting debt?