The best interest rates for loans and credit cards for August


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With Australians living in several major cities being limited by a certain length of stay-at-home orders, it is to be expected that our spending habits will have changed as a result.

But while the latest Commonwealth Bank (CBA) household spending intentions report found monthly declines in all spending categories except health and fitness and education, new RBA data for personal credit card accounts shows a slight month-over-month increase of 0.5 percent in May.

Additionally, despite the Sydneysiders in their sixth week of foreclosure, the Real Estate Institute of NSW (REINSW) reported that the auction liquidation rate continued to hover above 70% – of which the director REINSW general, Tim McKibbin, said “underscore the resilience of the market.

So, while many of us will be homebound for the foreseeable future with maybe a little extra time up our sleeves, why not take a look at the best rates for loans and credit cards this month. here to see if yours is up to the task?

Competitive mortgage rates always available

The Reserve Bank of Australia (RBA) board of directors suspended the spot rate again this month for the eighth consecutive month, while house prices should continue to rise.

In its new real estate growth forecast for 2021, big bank NAB predicted continued double-digit growth in house prices in the capital, but with new forecasts that these gains will be halved by 2022.

Whether you plan to put the search for a home on hold until prices stabilize as expected, or you want to act quickly and enter the market before Christmas, there are still many competitive home loans out there. .

Here are some of the lowest rate fixed home loans (with principal and interest repayment) currently available:

Source: Data correct as of 04.08.2021.

Personal loans help you go green

Those who are already in their own homes might be more interested in the rates available for home improvement loans, including green personal loans, which are suitable for upgrades and purchases of energy efficient homes.

Latest from the Clean Energy Regulator Quarterly Carbon Market Report revealed that rooftop solar power, under the Small Scale Renewable Energy Program (SRES), continued its strong growth during the most recent baseline period, with installation up 28 percent year over year.

Many personal lenders offer green loans that can be used for finance the installation of solar panels on the roofs, as well as many other renovation projects and eco-responsible purchases. Interest rates for green personal loans are often lower than those for standard personal loans because lenders encourage borrowers to “go green”.

Here are some of the lowest rate green personal loans currently available:

Source: Data correct as of 04.08.2021.

Car loans continue to decline

New cars can be hard to come by due to a global shortage of chips and used car prices can be inflated as a result, but if you’ve set your sights on your next vehicle, at least your financing options might. be in your favor.

Lowest auto credit rates have been falling steadily since January, according to a new study from RateCity.

Research shows that as of January 1, 2021, the average minimum car loan rate on RateCity’s website was 9.87%, while it now stands at 9.57%.

Keeping in mind that your credit score can affect the auto loan rate you can get, some of the lowest rate new auto loans available today include:

Source: Data correct as of 04.08.2021.

Credit card debt rut

In just two years, Australia’s credit card debt cut by almost a third. But new RBA figures show interest-accumulating credit card debt hovering around $ 20 billion for the tenth month in a row.

If you’re struggling to reduce your credit card balance despite regular payments, it can be helpful to compare your interest rate to other credit cards on the market.

A balance transfer credit card could give you the flexibility you need to settle your debt without earning additional interest on the transferred balance for a specified period of time. But keep in mind that once the interest-free period is over, the interest rate will revert to a generally higher going rate. It is therefore important to focus on paying off the balance during the interest-free period.

Here are some of the balance transfer credit cards that offer zero percent balance transfer rates currently available:

Source: Data correct as of 04.08.2021.


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