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UBank, NAB, Suncorp and Greater Bank cut fixed home loan rates

Personal Finance Savings.com.au

Another week, another round of fixed home loan rate cuts.
'Photo by  Brooke Cagle  on  Unsplash The home loan market continues to heat up as more lenders cut their fixed mortgage rates.Lenders such as UBank, NAB, Greater Bank, and Suncorp have cut a number of their fixed home loan rates again – with some as low as 2.79% p.a.Greater Bank fixed rate changes Forget 2.99%, Greater Bank is going above and beyond by offering fixed home loan rates as low as 2.79% (4.38% comp rate*). On the Great Rate Home Loan (Fixed), Greater Bank is now offering a 2.79% (4.17% comp rate*) for a one-year fixed-term, effective from 15 July.It’s not the only fixed year term now under 3.00% on the Great Rate Home Loan (Fixed). The bank has also dropped rates on the two-year fixed-term bringing it down to 2.99% (4.17% comp rate*), and three-year fixed-term slashing it down to 2.99% (3.97% comp rate*). Greater Bank has also cut fixed interest rates on the Ultimate Home Loan (Fixed), reducing the one-year fixed term to 2.79% (4.38% comp rate*). UBank fixed rate changes Online lender UBank has made a host of changes, which are already in effect, cutting rates by up to 50 basis points.UBank has slashed fixed rates on its popular UHomeLoan.The rate changes to UBank’s UHomeLoan for investors, effective from 17 July, are as follows: One-year principal and interest fixed rates have been reduced by 25 basis points from 3.39% to 3.14% (4.32% comp rate*). Three-year principal and interest fixed rates have been reduced by 50 basis points from to 3.64% 3.14% (4.03% comp rate*). Five-year principal and interest fixed rates have been reduced by 25 basis points from 3.74% to 3.49% (4.00% comp rate*) One-year interest-only fixed rates have been reduced by 50 basis points from 3.79% to 3.29% (4.33% comp rate*) Three-year interest-only fixed rates have been reduced by 50 basis points from 3.79% to 3.29% (4.07% comp rate*). Five-year interest-only fixed rates have been reduced by 25 basis points from 3.89% to 3.64% (4.06% comp rate*). The rate changes to UBank’s UHomeLoan for owner-occupiers, effective from 17 July, are as follows: Three-year principal and interest fixed rates have been reduced by 25 basis points from 3.24% to 2.99% (3.63% comp rate*). Five-year principal and interest fixed rates have been reduced by 25 basis points from 3.44% to 3.19% (3.59% comp rate*). One-year interest-only fixed rates have been reduced by 25 basis points from 3.39% to 3.14% (4.06% comp rate*). Three-year interest-only fixed rates have been reduced by 25 basis points from 3.39% to 3.14% (3.67% comp rate*). Five-year interest-only fixed rates have been reduced by 25 basis points from 3.59% to 3.34% (3.65% comp rate*). NAB fixed rate changes First home buyers with NAB could get a rate of 3.09% (4.49% comp rate*) on the banks’ Choice Package First Home Buyer Special – a 40 basis point reduction (effective 12 July). The big four bank has also cut rates on its Choice Package Tailored by up to 50 basis points for borrowers on principal and interest loans, effective from 12 July: Two-year principal and interest fixed rates have been cut by 40 basis points from 3.59% to 3.19% (4.51% comp rate*). Three-year principal and interest fixed rates have been cut by 50 basis points from 3.79% to 3.29% (4.45% comp rate*). Suncorp fixed rate changes Suncorp has joined the rate-cutting party, reducing fixed rates across its Home Package Plus Home Loan for owner-occupiers and investors.The bank has cut rates by up to 20 basis points for borrowers with principal and interest terms.The changes to the Home Package Plus Home Loan for investors, effective from 19 July, are as follows: Two-year principal and interest fixed rates have been reduced by 20 basis points from 3.69% to 3.49% (4.21% comp rate*). Three-year principal and interest fixed rates have been reduced by 20 basis points from 3.69% to 3.49% (4.18% comp rate*). The changes to the Home Package Plus Home Loan for owner-occupiers, effective from 19 July, are as follows: One-year principal and interest fixed rates have been reduced by 20 basis points from 3.69% to 3.49% (4.55% comp rate*). Two-year principal and interest fixed rates have been reduced by 20 basis points from 3.69% to 3.49% (4.48% comp rate) *Comparison rate  includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.The interest rate per annum is based on a loan credit of $150,000 and a loan term of 25 years.Latest articles UBank, NAB, Suncorp and Greater Bank cut fixed home loan rates July 19, 2019 Westpac, NAB & others cut savings account and term deposit rates July 19, 2019 86 400 becomes Australia’s newest bank July 18, 2019 ASIC looks to end dodgy insurance telemarketing July 18, 2019 Selling your house without using an agent: What you need to know first July 18, 2019 . The post UBank, NAB, Suncorp and Greater Bank cut fixed home loan rates appeared first on Savings.com.au .'

Westpac, NAB & others cut savings account and term deposit rates

Personal Finance Savings.com.au

More banks cut interest rates for savers this week, with Westpac and NAB headlining the latest movements.
'Photo source: Adobe This week’s rate changes on the savings account and term deposit market saw more banks cutting interest rates, with Westpac and NAB headlining the latest movements.Westpac, NAB and ANZ savings account changes Westpac reduced the base interest rate on its ‘eSaver’ savings accountby 15 basis points from 0.30% p.a. to 0.15% p.a.This account has a maximum interest rate of 2.16% p.a., but this rate isintroductory for the first five months only – after that, it reverts to thebase rate of 0.15% p.a. which is almost nothing.No changes have been made this monthto Westpac’s main savings account, Westpac Life, which has a maximum interestrate of 2.10% p.a.A Westpac spokesperson told Savings.com.au Westpac would not be changingthe interest rate on this product. “Following the Reserve Bank of Australia’s decision to lower the cashrate by 0.25% in July, Westpac has introduced interest rate reductions of up to0.20% p.a. for most variable at-call savings products,” the spokesperson said. “To continue to support the needs of long-term savers, Westpac willmaintain the 2.10% p.a. headline rate for its Westpac Life savings product.” As things stand at the moment, the Westpac Life savings accountcurrently has the highest non-introductory interest rate among those offered bythe big-four.Provider Total interest rate p.a.Base interest rate p.a.Bonus interest rate p.a.   Life 2.10% 0.80% 1.30% More details Progress Saver 1.95% 0.01% 1.94% More details Reward Saver 1.86% 0.11% 1.75% More details GoalSaver 1.40% 0.01% 1.39% More details Total interest rate p.a.Base interest rate p.a.Bonus interest rate p.a. Life 2.10% 0.80% 1.30% More details Progress Saver 1.95% 0.01% 1.94% More details Reward Saver More details 1.86 0.11% 1.75% GoalSaver 1.40% 0.01% 1.39% More details *Data accurate as at 19 July 2019.Rates based on a savings balance of $10,000.Introductory bonus interest rates not included.Sorted by total interest rate, then by provider name (A-Z). .table.compare-table { max-width: 820px; margin: 0 auto; } .table.compare-table thead { background-color: #E4E4E4; } .table.compare-table thead tr th { padding: 1.2em; font-family: 'AvenirNextLTPro-Bold'; vertical-align: middle; font-size: 0.9rem; } .table.compare-table thead tr th:nth-child(2), .table.compare-table thead tr th:nth-child(3), .table.compare-table thead tr th:nth-child(4) { text-align: center; } .table.compare-table tr td { font-size: 0.9rem; text-align: center; vertical-align: middle; padding: 40px 15px 25px;\t\tbackground-color: #fff; } .table.compare-table tr td a.btn.btn-super-green { font-size: 0.8rem; font-weight: 700; min-width: 150px; font-family: 'AvenirNextLTPro-Regular'; } .table.compare-table tr td:nth-child(2) {} .table.compare-table tr:last-child { border-bottom: 1px solid #dee2e6; } .table.compare-table tr td:first-child { text-align: left; width: 30%; } .table.compare-table tr td:first-child>span { font-size: 1rem; font-weight: 900; } .table.compare-table tr td a span.company { color: #1998ae; font-size: 1.2em; font-weight: 700; position: absolute; margin-top: -28px; padding-bottom: 11px; display: block; } .logos { background-repeat: no-repeat; background-size: contain; width: 110px; min-height: 35px; display: inline-block; vertical-align: middle; background-position: left center; display: block; } .logos.anz { background-image: url(https://www.savings.com.au/wp-content/uploads/logo_anz.png); } .logos.australianmilitarybank { background-image: url(https://www.savings.com.au/wp-content/uploads/australian-military-bank-logo.png); } .logos.australianunity { background-image: url(https://www.savings.com.au/wp-content/uploads/australian-unity-logo.png); } .logos.bankfirst { background-image: url(https://www.savings.com.au/wp-content/uploads/bankfirst-logo.png); } .logos.bankvic { background-image: url(https://www.savings.com.au/wp-content/uploads/bank-vic-logo.png); } .logos.bankwest { background-image: url(https://www.savings.com.au/wp-content/uploads/bankwest-logo.png); } .logos.bcu { background-image: url(https://www.savings.com.au/wp-content/uploads/bcu-logo.png); } .logos.commonwealthbank { background-image: url(https://www.savings.com.au/wp-content/uploads/logo_commonwealthbank.png); } .logos.creditunionsa { background-image: url(https://www.savings.com.au/wp-content/uploads/credit-union-sa-logo.png); } .logos.cua { background-image: url(https://www.savings.com.au/wp-content/uploads/logo_cua.png); } .logos.gcmutual { background-image: url(https://www.savings.com.au/wp-content/uploads/gc-mutual-bank-logo.png); } .logos.ing { background-image: url(https://www.savings.com.au/wp-content/uploads/ing-logo.png); } .logos.mebank { background-image: url(https://www.savings.com.au/wp-content/uploads/me-bank-logo.jpg); } .logos.nab { background-image: url(https://www.savings.com.au/wp-content/uploads/logo_nab.png); } .logos.nexusmutual { background-image: url(https://www.savings.com.au/wp-content/uploads/nexus-mutual-logo.png); } .logos.panbank { background-image: url(https://www.savings.com.au/wp-content/uploads/logo_panbank.jpg); } .logos.rams { background-image: url(https://www.savings.com.au/wp-content/uploads/rams-logo.png); } .logos.teachersmutualbank { background-image: url(https://www.savings.com.au/wp-content/uploads/logo_teachersmutualbank.png); } .logos.ubank { background-image: url(https://www.savings.com.au/wp-content/uploads/u-bank-logo.png); } .logos.unibank { background-image: url(https://www.savings.com.au/wp-content/uploads/unibank-logo.png); } .logos.westpac { background-image: url(https://www.savings.com.au/wp-content/uploads/logo_westpac.png); } @media(max-width:991px) { .table.compare-table tr td a.btn.btn-super-green { min-width: 120px; } } @media(max-width:767px) { .logos { width: 145px; } .table.compare-table thead tr th { text-align: center; } .table.compare-table tr td a.btn.btn-super-green { min-width: 250px; } .table.compare-table tr td { padding: 20px 15px; } .table.compare-table tr.no-border td { padding: 10px 15px; } .table.compare-table tr.no-border td { border-top: 0; } .table.compare-table tr td:first-child, .table.compare-table thead tr th:nth-child(3) { text-align: center; } .table.compare-table tr td:nth-child(2) { text-align: left; color: #1998ae; font-size: 1rem; font-weight: 700; } .table.compare-table tr td:nth-child(2) a { text-align: left; color: #1998ae; font-size: 1rem; font-weight: 700; } .table.compare-table tr.no-border td:nth-child(2) { text-align: center; color: unset; font-size: .9rem; font-weight: unset; } } @media(max-width:480px) { .logos { width: 110px; } .table.compare-table tr td:first-child { width: auto; } .table.compare-table thead tr th { font-size: 0.8em; } } @media(max-width:320px) { .table.compare-table thead tr th { font-size: 0.7em; } } ANZ and NAB had already announcedchanges to their main savings account products, with NAB slashing rates thismonth by 19 basis points and ANZ by up to 25.However both of these two major bankstoday made similar changes to Westpac, dropping rates on their introductoryaccounts.ANZ’s Online Saver, which has anintroductory rate of 1.95% p.a. for the first three months, has had its baseinterest rate lowered by 15 basis points to 0.15% p.a.NAB’s iSaver account meanwhile, witha maximum interest rate of 2.11% p.a. for the first  four months, hasseen its interest rate slashed by 19 basis points to just 0.11% p.a.These rates are essentially worthlessfor customers beyond the introductory period after taking inflation and tax oninterest earned into account.NAB’s iSaver account meanwhile, witha maximum interest rate of 2.11% p.a. for the first  four months, hasseen its interest rate slashed by 19 basis points to just 0.11% p.a.These rates are essentially worthlessfor customers beyond the introductory period after taking inflation and tax oninterest earned into account.Westpac and NAB term deposit changes Westpac, which announced at the startof the month it would be passing on  a 20 basis pointcut to variable home loan customers (and 30 for investors paying interest-only) ,also cut term deposit rates by 20 basis points on Tuesday.Westpac terms ranging from as shortas three months to as long as five years all had interest rates cut by 20 basispoints – Westpac’s five-year deposit now offers an interest rate of only 1.65%p.a.Westpac subsidiaries St.George,BankSA and Bank of Melbourne have done the same.NAB, meanwhile, cut interest rates onterm deposits by up to 25 basis points last Friday.This is more than the  19 basis pointsit passed onto home loan customers  this month.NAB now only offers one term deposit (its four-month term) with an interest rate of 2.00% p.a. or higher.CUA & MOVE cut savings rates Moving on from the big banks, some ofthe  market-leadinginterest rates  on savings accounts are no longer market-leading(for now). Despite its smaller stature, MOVEBank offered one of the highest savings account rates around at 2.60% p.a.However, it announced today in apress release it will be cutting deposit and savings rates by 30 basis points,effective 1 August. “We’ve made the difficult decision toreduce interest rates on our online savings accounts and term deposits,” MOVEsaid. “The record low interest rateenvironment and narrowing margin between the interest earned on our loans andinterest paid on our deposits has meant that we’ve needed to reduce our depositrates to ensure that MOVE Bank continues to provide members with great-valuebanking solutions, now and in the future.” From August, MOVE’s Bonus SaverAccount will offer a maximum interest rate of 2.30% p.a., including the bonusrate of 1.20% p.a. which is dependent on these conditions being met: Depositing $200 per month; Making 0 withdrawals per month Another market-leading savingsaccount to have its interest rate reduced is CUA’s eSaver Reward account, whichthis week had its interest rate lowered by 25 basis points to 2.25% p.a.Constituting most of this maximumrate is a bonus rate of 2.20% p.a., which requires customers to deposit $1,000a month.NAB-owned UBankcut interest rates by 19 basis points  on Wednesday, taking themaximum rate on its ‘USaver with Ultra’ account down to 2.41% p.a.Following another week of cuts, here are some of the highest non-introductory savings account rates on the market right now (note some of these rates could be reduced later this month): Provider Total interest rate (p.a.) Base interest rate (p.a.) Bonus interest rate (p.a.)   Bonus Saver 2.60% 0.80% 1.80% More details Saver 2.55% 1.15% 1.40% More details Active Saver 2.55% 0.95% 1.60% More details Saver 2.50% 0.50% 2.00% More details Total interest rate (p.a.) Base interest rate (p.a.) Bonus interest rate (p.a.) Bonus Saver 2.60% 0.80% 1.80% More details Saver 2.55% 1.15% 1.40% More details Active Saver 2.55% 0.95% 1.60% More details Saver 2.50% 0.50% 2.00% More details *Data accurate as at 19 July 2019.Rates based on a savings balance of $10,000.Introductory bonus interest rate products not included.Sorted by total interest rate, then by provider name (A-Z). .table.compare-table { max-width: 820px; margin: 0 auto; } .table.compare-table thead { background-color: #E4E4E4; } .table.compare-table thead tr th { padding: 1.2em; font-family: 'AvenirNextLTPro-Bold'; vertical-align: middle; font-size: 0.9rem; } .table.compare-table thead tr th:nth-child(2), .table.compare-table thead tr th:nth-child(3), .table.compare-table thead tr th:nth-child(4) { text-align: center; } .table.compare-table tr td { font-size: 0.9rem; text-align: center; vertical-align: middle; padding: 40px 15px 25px;\t\tbackground-color: #fff; } .table.compare-table tr td a.btn.btn-super-green { font-size: 0.8rem; font-weight: 700; min-width: 150px; font-family: 'AvenirNextLTPro-Regular'; } .table.compare-table tr td:nth-child(2) {} .table.compare-table tr:last-child { border-bottom: 1px solid #dee2e6; } .table.compare-table tr td:first-child { text-align: left; width: 30%; } .table.compare-table tr td:first-child>span { font-size: 1rem; font-weight: 900; } .table.compare-table tr td a span.company { color: #1998ae; font-size: 1.2em; font-weight: 700; position: absolute; margin-top: -28px; padding-bottom: 11px; display: block; } .logos { background-repeat: no-repeat; background-size: contain; width: 110px; min-height: 35px; display: inline-block; vertical-align: middle; background-position: left center; display: block; } .logos.mystate { background-image: url(https://www.savings.com.au/wp-content/uploads/my-state-bank-logo.png); } .logos.rams { background-image: url(https://www.savings.com.au/wp-content/uploads/rams-logo.png); } .logos.australianunity { background-image: url(https://www.savings.com.au/wp-content/uploads/australian-unity-logo.png); } .logos.cua { background-image: url(https://www.savings.com.au/wp-content/uploads/cua-logo-b.jpg); } .logos.upbank { background-image: url(https://www.savings.com.au/wp-content/uploads/up-bank-logo.jpg); } .logos.greaterbank { background-image: url(https://www.savings.com.au/wp-content/uploads/logo_greaterbank.png); } @media(max-width:991px) { .table.compare-table tr td a.btn.btn-super-green { min-width: 120px; } } @media(max-width:767px) { .logos { width: 145px; } .table.compare-table thead tr th { text-align: center; } .table.compare-table tr td a.btn.btn-super-green { min-width: 250px; } .table.compare-table tr td { padding: 15px 10px; } .table.compare-table tr.no-border td { padding: 10px 15px; font-size: 1rem; } .table.compare-table tr.no-border td { border-top: 0; } .table.compare-table tr td:first-child, .table.compare-table thead tr th:nth-child(3) { text-align: center; } .table.compare-table tr td:nth-child(2) { text-align: left; color: #1998ae; font-size: 1rem; font-weight: 700; } .table.compare-table tr td:nth-child(2) a { text-align: left; color: #1998ae; font-size: 1rem; font-weight: 700; } .table.compare-table tr.no-border td:nth-child(2) { text-align: center; color: unset; font-size: 1rem; font-weight: unset; } } @media(max-width:480px) { .logos { width: 110px; } .table.compare-table tr td:first-child { width: auto; } .table.compare-table thead tr th { font-size: 0.8em; } } @media(max-width:320px) { .table.compare-table thead tr th { font-size: 0.7em; } } AMP, UBank drop term deposit rates too Other key term deposit providers tocut rates this week include the likes of: Gateway Bank: decreased term deposit rates by up to 30 basis points UniBank and Teachers Mutual Bank: decreased term deposit rates by up to 20 basis points AMP Bank: decreased term deposit rates by up to 30 basis points Customers should note these ratedecreases only apply to  new  customers: the fixed nature ofterm deposits means current customers won’t be affected until their termexpires. . The post Westpac, NAB & others cut savings account and term deposit rates appeared first on Savings.com.au .'

Ten Ways You're Wasting Money Without Realising It

Personal Finance Lifehacker Australia

Everyone is always on the lookout for ways to save money, but sometimes we ignore the fact that we're actively wasting money every day. Here are 10 ways you might be letting money slip through your fingers. More »
'Everyone is always on the lookout for ways to save money, but sometimes we ignore the fact that we're actively wasting money every day. Here are 10 ways you might be letting money slip through your fingers.\t\t\t\t\t More »'

NAB finally announces replacement to ousted CEO and royal commission casualty Andrew Thorburn. Here's 5 things you need to know about the bank's new boss.

Personal Finance Business Insider Australia

The National Australia Bank (NAB) has announced it has chosen a new CEO, Royal Bank of Scotland's Ross McEwan, who will take up the top job in April 2020. More »
'The National Australia Bank (NAB) has announced it has chosen a new CEO, Royal Bank of Scotland's Ross McEwan, who will take up the top job in April 2020.\t\t\t\t\t More »'