Lenders may be putting up home loan rates but the trend in personal loans is down. With some offers now under 6 percent, consumers have an opportunity to move out of high-cost credit card finance or budget for a major purchase.
Last month, Auswide cut its Fixed New Car Loan rate from 6.99 per cent to 5.9 per cent – one of the lowest secured loan rates in the Mozo database.
Greater Bank cut the fixed rate on its Unsecured Personal Loan from 11.45 per cent to 8.95 per cent.
Heritage Bank cut 100 basis points from its personal loan products. Its car loan has dropped to 5.99 per cent and its unsecured Standard Personal Loan to 9.99 per cent.
Hume Bank cut 100 bps from its Secured Personal Loan (now 6.95 per cent) and Unsecured Personal Loan (11.95 per cent).
St George Bank, BankSA and Bank of Melbourne (all part of Westpac) are offering a special on their Unsecured Personal Loan until the end of March. The rate has been cut 100 bps to 11.99 per cent for the offer period.
The rate leaders in the personal loan market are loans.com.au, which is offering 4.74 per cent on its secured Clean Green Car Loan, and G&C Mutual Bank, which is offering 5.99 per cent on its unsecured Fair Rate Personal Loan.
Among the big banks, Commonwealth Bank and Westpac are offering 8.49 per cent on their secured personal loans. Westpac is offering 11.99 per cent on its unsecured personal loans, while the other three banks have unsecured rates above 12 per cent.