Best savings rate and home loan on the market
If women will inherit much of the intergenerational wealth in the world over the next decade, it is time to start thinking about how to get the best savings rate around the negotiating table.
According to a study by McKinsey & Company published in 2020, about $ 30 trillion in wealth will change hands over the next decade, and women are ready to inherit a large stake.
In Australia, there are currently gender wealth gaps in wealth and retirement planning, and the rest of them favor women.
However, this global trend of inheritance is likely to be felt on our shores as well, and many women will benefit from a wealth transfer from the baby boomer generation. It also comes at a time when women’s participation in the labor force and women’s financial advancement are on the rise, according to the Financy Women’s Index.
So if you want to invest in real estate or park some money in a cash account, it is time to be smart in your negotiations and get the best deal.
Here’s the bottom line about what prices are doing right now, according to Canstar’s financial comparison website.
- 5 lenders cut 10 floating rates by an average of -0.16%
- No lenders raised the floating rate
- 7 lenders cut 53 fixed interest rates by an average of -0.33%
- 6 lenders increased 22 fixed interest rates by an average of 0.19%
- The average floating rate for owner-occupiers paying principal and interest is 3.22% and the lowest floating rate is 1.77% (60% LVR) or 1.99% (80% LVR)
- The average floating rate for investors paying principal and interest is 3.56% and the lowest rate is 1.89% (60% LVR) or 1.99% (80% LVR).
- 1 provider lowered 1 base rate by -0.05%
- 4 providers reduce 4 bonus rates by an average of -0.09%
- 2 providers have reduced 2 promotional prices by -0.05%
- Bonus savings accounts: The maximum rate is 1.35% and the average rate is 0.65%. BOQ has a rate of 3% for 14-24 year olds for balances up to $ 10,000 and Westpac has a rate of 3% for 18-29 year olds for balances up to $ 30,000
- Promotional savings accounts: the maximum rate is 1.50% (available for a period of 4 months) and the average rate is 0.63%
- Current savings accounts: the maximum rate is 0.90% and the average rate is 0.24%
- 4 providers reduced the interest rates of 27 time deposits by an average of -0.13%
- 1 provider increased 2 term deposit rates by an average of 0.05%
- The average 1-year time deposit rate is 0.51% and the maximum rate is 1.00%.
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