The Best June Interest Rates on Home and Personal Loans

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June is just around the corner and another meeting of the Reserve Bank Board has come and gone, with the official cash rate back at 0.10 percent.

Meanwhile, Australia saw the end of the extremely low longer term fixed rate home loans after the last four-year fixed interest rate below 2 percent was raised to 2.29 percent at the beginning of the month. But despite the challenge faced by many hopeful homebuyers due to the steady dynamism of the housing market, there are still many ways to secure a cheap home loan.

And because the cash rate will stay the same for at least a year or two, borrowers will benefit from competitive interest rates on other personal finance products, such as personal finance products. B. Personal Loans.

Get a cheap home loan

Although most lenders raise four- and five-year fixed rate home loans, there are floating rates as well as the short term fixed rate market. In fact, some lenders still cut their rates in these categories – especially floating rates.

There are currently 189 mortgage rates below 2 percent in the RateCity database – the highest on the RateCity record – meaning mortgage holders are still spoiled for choice.

Some of the short term fixed rate home loans below 2 percent currently available are:

However, if you are considering taking advantage of the more competitive adjustable rate home loans on offer, allow room in your budget for potential interest rate hikes in the years to come.

Here are some of the top rated adjustable rate home loans in the RateCity database:

If you are a first-time homebuyer, before applying for a home loan, you can do your due diligence in order to not only get the most competitive interest rate available, but also the most suitable product for your needs.

UBank semi-annual report Know your Numbers Number Survey found that a significant percentage of Australians surveyed have limited knowledge of some of the terms and jargon used in the mortgage and finance industries. This includes understanding the importance of a Loan-to-Value Ratio (LVR), which refers to the maximum amount of the loan compared to the value of the property being purchased, and an equalization account, which is a savings or transaction account that comes with linked is your home loan.

Getting ahead through debt consolidation

In the year since the COVID outbreak, Aussies have managed to pay off $ 6.96 billion in debt on their credit cards. According to data released by the Reserve Bank of Australia this number is starting to stabilize.

Research by Citi also found that Credit card spending in April 2021 was 35 percent higher as of April 2020 at the beginning of the pandemic.

Because credit card rates are often significantly higher than other personal loan products, such as personal loans, some borrowers can find it more difficult to manage credit card debt.

If you have multiple credit cards and are only paying the minimum monthly amount, it can take years to pay off your debt and you will likely incur significant interest costs.

One option that may be worth considering when you are having difficulty paying off your credit card debt is a debt consolidation personal loan. Consolidating your debt with a personal loan simply means taking out a new loan to pay off all of your existing debts and then making consistent monthly repayments on the new loan.

RateCity’s database contains many personal loans with competitive rates, including the following: