Best mortgage, car loan and credit card rates for the month of February 2022

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We’re now far enough into 2022 to have figured out which New Year’s resolutions were a bit too ambitious and which ones we’re willing to stick to. If getting your finances in order this year was on your to-do list, or buying a car, or even a house, then we’ve got some of the best financing options to compare before you make your decision.

Home loans

While the Reserve Bank of Australia (RBA) held the national spot rate steady at its February meeting, rate hikes are coming, potentially before the end of the year. This means time may be running out for Australians to lock in a record fixed interest rate. Several of Australia’s major mortgage lenders started the year by increasing their fixed rate offerings and/or significantly reducing variable rates.

Of course, there is no guarantee that the RBA will raise the cash rate before the end of the year – it will depend on inflation, wage growth and other economic factors. Additionally, it’s important to choose a mortgage option that offers the best value for your financial situation, which may not always be the home loan with the lowest interest rate. Whichever you choose, keep in mind that you may need to budget for higher mortgage repayments in the future, which more than 1.1 million households have never had to budget for before.

Some of the lowest home loan rates on RateCity at the time of writing include:

Source: RateCity.com.au. Data accurate as of 02/09/22.

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Car loans

Did you know that electric vehicle (EV) sales in Australia nearly tripled last year? And while federal and state governments have yet to make a decisive commitment to support the adoption of electric vehicles, many Australians are considering an electric option for their next vehicle purchase.

But the stumbling block for many would-be EV drivers is the price, which remains significantly higher than the average gasoline consumer. Some lenders offer green personal loans and green car loans specifically to finance the purchase of electric vehicles, hybrid vehicles and other fuel-efficient cars, often with relatively low interest rates:

Source: RateCity.com.au. Data accurate as of 02/09/22.

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Credit card

Are you still struggling to pay off your vacation debts? After putting a record $25.7 billion on plastic in November last year, it wouldn’t be surprising if there were still interest charges to cover. And if you have a family, back-to-school costs may have further inflated your budget, with three in five parents saying they plan to manage school expenses with credit cards or Buy Now Pay Later.

One way to manage outstanding credit card debt is to move it to a balance transfer credit card with a 0% introductory rate. With no interest charges to increase your debt, you can focus on settling the outstanding balance before the interest-free period ends.

Of the more than 70 credit cards with 0% balance transfer, here are some of the choices with the longest balance transfer introductory periods:

Source: RateCity.com.au. Data accurate as of 02/09/22.

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