Credit Cards
All credit card companies offer an interest-free service up to 55 days from the date of purchase of a product using a credit card. When the outstanding amount is paid within the due date, companies normally offer reward points. On the other hand, the company charges a low interest rate on the outstanding amount when it is not paid within the due date.
People who are prompt payers would benefit from credit cards that have attractive reward programs. Those who use credit cards for the short-term loan aspect would find low-interest credit cards useful.
The Top Credit Cards in Australia for the moment are:
HSBC Low Rate Credit Card
Macquarie Bank Visa Rate Saver Credit Card
ANZ Low Rate MasterCard
Commonwealth Bank Low Rate Card
Aussie MasterCard
ANZ Balance Visa
Commonwealth Bank Awards Card
NAB Low Rate Visa Credit Card
ANZ First Visa
Citibank Clear Card
Home Loans
There are literally thousands of home loans offered by various banks in Australia. All of them have different benefits, features and interest rates. “Standard variable rate” loans provide good features where you have the option to make additional repayments when you have funds and redraw a portion of the funds when you are in need. A variation to this is the “Basic variable rate” which has lesser features, but also charges a lower interest rate. You can always upgrade when you need additional features.
You also have “Fixed rate loans” where the interest rate is guaranteed to remain the same for a pre-determined period. “Combination or split rate” loans give you the option to fix a portion of the loan on a fixed interest rate and the rest on a variable rate. Apart from the above, you also have “Non-Conforming and Lo-Doc loans”, “Home Equity Loans”, “Line of Credit loans” and “All-in-one loans”.
AdelaideBank, AMPBanking, ANZBank, BankofQueensland, BankWest, Commonwealth Bank, Citibank, HSBC, MembersEquityBank, St.GeorgeBank and WestpacBanking Corporation to name a few, are popular banks that offer home loans to residents in Australia.
The following are their interest rates:
Bank |
Variable Rate |
Basic Rate |
Adelaide Bank |
9.00% |
8.47% |
AMP Banking |
8.52% |
8.22% |
ANZ Bank |
9.02% |
8.42% |
Bank of Queens- |
8.97% |
8.39% |
Bank West |
8.23% |
8.43% |
Commonwealth Bank |
8.97% |
8.46% |
Citibank |
8.43% |
8.44% |
HSBC |
8.94% |
8.31% |
Members Equity Bank |
8.44% |
- |
St. George Bank |
9.02% |
8.39% |
Westpac Banking Corporation |
8.97% |
8.39% |
Transaction Accounts
Bank Accounts that have no restrictions on the number or amount of transactions are known as Transaction Accounts. The flexibility that the account provides usually comes at a cost. Many banks in Australia offer attractive rates for their transaction account services. Some banks also have zero-fee transaction account services that they provide their customers.
Personal Loans
People might need financial help at short notice sometimes. Banks can come to the rescue with Personal Loans. These loans can be availed for a variety of needs. The interest rates are usually low, and the personal banking divisions of various banks in Australia have attractive schemes that make this a viable option for an emergency.