Top superannuation fund performers and record low interest rates
According to leading research house SuperRatings, Suncorp was the top returning fund over the 12 months to the end of June, with the Suncorp Multi-Manager Growth Fund returning 3.8 per cent.
This was followed by BUSSQ and Australian Ethical Super, whose balanced options returned 2.5 per cent and 2.4 per cent respectively.
Over 10 years, the top performers are AustralianSuper, whose balanced option has returned 8.8 per cent a year, followed closely by UniSuper and Hostplus.
Performance for the median balanced option continues to hold strong, returning an annual estimated 7.6 per cent over the decade to 30 June 2020.
Time to refinance those home loans
Record low overall interest rates and falling fixed rate fixed term rates is really encouraging Australians to refinance old loans at old higher rates.
According to the Australian Bureau of Statistics, over 33,000 people refinanced their loans in May… up 30 per cent on April. I must admit Libby and I were amongst them as we took advantage of the great rates for fixing.
The total value of these refinanced home loans was $15 billion… up 26 per cent on April.
For example, on the average loan of $494,462, analysis from research group Finder shows the average standard variable rate from the Big Four banks is 4.04 per cent.
If that rate were to drop 0.5 per cent to 3.54 per cent, it would mean $36,287 saved over the life of the loan.
So start negotiating a better deal on your home loan now.