Are You Missing Out on Better Interest Rates? 

There isn’t a day that goes by without the word “interest rate” popping up—whether it’s in conversation, the news, or even just scrolling online. 

Interest rates affect everyone: 

• If you have debt, you’re probably looking for the lowest rate possible. 
• If you’re a saver, you’re hunting for the highest rate to make your money work harder. 

But here’s the thing: convenience and busy lives often keep people stuck with less-than-ideal rates. 

For Those with Debt: 

If your interest rate is over 6.3%, it’s time for a review with your lender. According to the Reserve Bank of Australia, the average variable rate as of June 2024 was 6.22%. 

To give you a clearer picture, here are some competitive rates currently available through our 30+ lenders: 

• Home Loan Rates: 5.79% – 6.20% (range) 
• Investment Loan Rates (Interest Only): 6.50% – 6.70% (range) 

We’re already seeing some lenders lowering their variable rates and offering fixed rates with a 5 in front of it, in anticipation of possible rate cuts early next year.  Things are heating up! 

For the Savers: 

Don’t just stick with your bank out of convenience! Shopping around for a better rate means more money in your pocket. At the very least, ask your bank if they can offer you a higher rate. 

Currently, there are around 27 banks offering over 5% on high-interest savings accounts, with the highest rate we’ve seen at 5.55% (and the lowest at just 2%). 

If you’d like to explore your interest rate options—whether it’s for debt or savings—contact us here with “interest rate,” and we’ll guide you through the next steps to make sure you’re winning, not your bank or lender. We do the work, not you! 

We hope you enjoyed reading this blog post and found it useful. If you have any questions, comments, or feedback, we would love to hear from you.  

7Wealth Pty Ltd ABN 44609210246 is a Corporate Authorised Representatives and is authorised through Cobalt Advisers Pty Ltd ABN 64 628 654 099 who is an Australian Financial Services Licensee 512550. 7Wealth Pty Ltd is a Credit Representative of Australian Finance Group Ltd ABN 11 066 385 822 (AFG) Australian Credit Licence 389087.  
This blog contains information that is general in nature. It does not constitute financial or taxation advice. The information does not take into account your objectives, needs and circumstances. We recommend that you obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs before making any investment decision or acting on any of the information contained in this document. Subject to law, Cobalt Advisers Pty Ltd nor their directors, employees or authorised representatives, do not give any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting, on the basis of the information contained in this document.