The best interest rates for loans and credit cards in January

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Good year! While progress is still being made in addressing many of the issues that have (literally) plagued the world in 2020, if one of your resolutions is to get your personal finances under control in 2021, there are plenty of options to consider.

Mortgage rate starting with 1

Around the same time last year, we were noticing how mortgage interest rates had fallen to the point where some had a 2 up front. A pandemic-related recession later, plus a few emergency reserve bank cash rate cuts, and it’s increasingly common to see mortgage interest rates with a 1 at the start.

Of course, successfully applying for these home loans can be difficult, depending on your financial situation. You may need a large deposit or a lot of available equity, and you may not be able to use these loans for investment property. Additionally, some of these low rates are fixed for a limited time and may cost more once the loan reverts to a variable rate.

These include:

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Credit cards for travel or spending

With international travel largely on hold for much of last year, frequent flyer points may not have had the same appeal as before. But if you’re anxiously awaiting the prospect of international borders reopening, some bonus points on your credit card may not go astray, like these options:

On the flip side, if you’ve spent more of your daily spending on your credit card over the past few months, you might enjoy one of the following options along with a low interest rate that can help. to minimize ongoing costs.

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Clear unpaid debts

Many of us spend too much money on vacation. And after 2020 has already put a strain on our finances, you may be juggling more than one outstanding debt.

A personal debt consolidation loan is an option to take back control of your money. By using this loan to pay off your other debts, you will only have one repayment to manage and one interest.

However, you might want to do some math to determine if any of these loans could end up costing you more in total interest if you pay it off in the longer term:

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Save money

Unfortunately, it’s not easy to save money right now. Many banks have reduced interest rates on savings accounts, so there aren’t many options available to dramatically increase your wealth over time.

But if you have a savings goal in mind, check the bonus rate terms and conditions for the different savings account options. If you find one that suits your savings strategy, it can earn you interest at a slightly higher rate and help you reach your goal a little faster.

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