Mozo interest rate news and advice

Westpac raises interest rates

Thu, 09 Feb 2012 13:00:00 GMT

Westpac is the latest bank to hike its interest rates, following in the footsteps of ANZ earlier this week.

Bank of Queensland to keep interest rates the same

Wed, 08 Feb 2012 13:00:00 GMT

The Bank of Queensland has promised its customers that it will not be hiking its interest rates.

Slow inflation 'creates room for interest rate cuts'

Wed, 25 Jan 2012 13:00:00 GMT

It seems that further cuts to interest rates in early 2012 are a mere formality, as new figures have shown that inflation slowed down towards the end of 2011.

Interest rates 'need to be passed on by banks'

Tue, 24 Jan 2012 13:00:00 GMT

Interest rates need to be passed on by the major banks to businesses and the Aussie on the street, according to leaders at the Australian Chamber of Commerce and Industry (ACCI).

Cuts to interest rates 'not enough to please Aussies'

Mon, 23 Jan 2012 13:00:00 GMT

Aussie business owners still appear to be wary of the country's major banks, despite the fact that adjustments to interest rates were made at the end of last year.

Strong dollar could encourage interest rate cuts

Thu, 19 Jan 2012 13:00:00 GMT

The Reserve Bank of Australia (RBA) could cut interest rates further in order to maintain the growth that has seen the Aussie dollar strengthen considerably.

Unemployment figures could heighten need for interest rate cuts

Wed, 18 Jan 2012 13:00:00 GMT

Further cuts to interest rates are even more likely after new figures showed that levels of unemployment have increased across Australia.

Economists still predict cuts to interest rates

Mon, 16 Jan 2012 13:00:00 GMT

Economists still believe that interest rates will be cut again next month, despite the fact Aussies appear to be more confident about using credit. CommSec's chief economist Craig James told the Herald Sun that people were keen to enter the property market in November, which may have been due to the 0.25 per cent rate adjustment. A second cut of 0.25 per cent was also made in December, but Mr James feels there is still room for further reductions even though the first two changes appear to have had a positive effect. He said new inflation and employment figures show that interest rates need to be trimmed again when the board of the Reserve Bank of Australia meet in February. ANZ's job advertising index indicated that the number of roles being made available shrunk by 0.9 per cent in December. "(This) keeps alive the chance of a February rate cut," he was quoted as saying.

Welfare body issues warning about payday loans

Mon, 16 Jan 2012 13:00:00 GMT

Bosses at the SA Council of Social Service (SACOSS) are concerned about the high levels of debt that Aussies are racking up by using payday loans. The organisation stated that lenders are luring in struggling people with the promise of low interest rates, only to then hike their fees, the Advertiser reports. Executive director at SACOSS Ross Womersley told the news provider that excessive loan charges and complex repayment calculations have led to many Aussies coming unstuck. He added that many of the borrowers were already fighting to cope with the increased cost of living and these loans are pushing many further into debt. "Unfortunately many payday lenders - not all - really do exploit the vulnerability of people with interest rates that are just absurd and unreasonable," he was quoted as saying. According to figures released last week by the Australian Bureau of Statistics, levels of credit card debt have now surpassed the $50 billion mark - a record-high for the country.

Retailers call for further cuts to interest rates

Sun, 08 Jan 2012 13:00:00 GMT

Retailers across Australia believe that recent cuts to interest rates were not big enough to encourage more people to splash their cash. Chief executive of the Australian National Retailers Association Margy Osmond has called on the Reserve Bank of Australia (RBA) to make another adjustment in February in order to help out the industry, the Australian Associated Press reports. The RBA cut rates by 0.25 per cent in November and December, but Ms Osmond feels that this has done little to help out struggling storeowners. Despite the cut, new figures released by the Australian Bureau of Statistics showed that spending levels remained broadly flat in November when compared with October. "Certainly we would have thought in the past that two interest rates cutes would have been enough to stimulate spending - well maybe it takes three now," Ms Osmond told the news provider. Aussies may require some persuading before they start to flash their credit cards in high street stores, as a recent ING Direct study indicated that 34 per cent are planning to curb their spending in order to save money in 2012.

Pre-Christmas interest rate drop 'becoming more likely'

Sun, 27 Nov 2011 13:00:00 GMT

The ongoing eurozone crisis may force the Reserve Bank of Australia (RBA) to introduce further interest rate cuts before Christmas, it has been suggested.

Reserve Bank of Australia calls for action in Europe

Thu, 24 Nov 2011 13:00:00 GMT

The Reserve Bank of Australia has called on Europe to fast-track its response to the ongoing financial crisis.

ING Direct drops interest on fixed-rate home loans

Sun, 13 Nov 2011 13:00:00 GMT

ING Direct has announced that interest rates on its one and two-year fixed home loans have been cut further.

Home building 'would be boosted by December rate cut'

Tue, 08 Nov 2011 13:00:00 GMT

If the Reserve Bank of Australia (RBA) decides to reduce interest rates further next month, the home building sector in Australia would benefit, an expert has stated.

Rate cut 'won't kick-start property market'

Mon, 07 Nov 2011 13:00:00 GMT

The Reserve Bank of Australia's recent rate cut will not kick start the country's ailing property market, which witnessed a decline in value of 1.2 per cent in the third-quarter of this year.

UBank refinancing deal 'offers lowest interest rates'

Thu, 03 Nov 2011 13:00:00 GMT

National Australia Bank (NAB) has claimed that UBank's interest rate for those refinancing their home loans is the lowest available in the country.

NAB home loans customer to benefit from rate cut

Wed, 02 Nov 2011 13:00:00 GMT

National Australia Bank (NAB) has announced that it will be passing on the recent cash rate reduction by the Reserve Bank of Australia.

Cash rate reduction passed on by ANZ

Tue, 01 Nov 2011 13:00:00 GMT

ANZ has announced that it will bring its interest rates in line with the recent change to the cash rate that came into effect today (November 2nd).

Interest rate cut welcomed by MBA

Mon, 31 Oct 2011 13:00:00 GMT

Master Builders Australia (MBA) has asserted that the latest cut to the cash rate will be a welcome decision for the country's home loan customers.

Cash rate cut passed on to Commonwealth Bank customers

Mon, 31 Oct 2011 13:00:00 GMT

The Commonwealth Bank of Australia (CBA) has announced that the latest reduction in the cash rate by the Reserve Bank of Australia (RBA) will be passed on to its customers.

Fixed-rate home loans 'in high demand'

Mon, 31 Oct 2011 13:00:00 GMT

Aussies are increasingly keen to take out home loans with fixed interest rates, according to recent approval data.

Cash rate 'should remain at 4.75 per cent'

Sun, 30 Oct 2011 13:00:00 GMT

The latest TD Securities-Melbourne Institute inflation gauge rose by 0.1 per cent, which one expert has claimed means the cash rate should be kept at its current level.

Treasurer urges banks to mirror RBA rate cuts

Wed, 26 Oct 2011 13:00:00 GMT

Should the Reserve Bank of Australia (RBA) opt to cut interest rates at its next meeting on Tuesday (November 1st), banks in the country should follow suit, treasurer Wayne Swan has stated.

CBA home loan guarantee attracts 20k people

Tue, 11 Oct 2011 13:00:00 GMT

The Commonwealth Bank of Australia (CBA) has revealed that since offering to match the advertised interest rates of any of the other three major banks in the country, some 20,000 people have enquired about home loans.

Fixed-rate home loans 'ideal for those on financial tightrope'

Sun, 09 Oct 2011 13:00:00 GMT

Aussies considering going online to compare home loans have been advised to consider fixed-rate products if they are concerned about the impact an increase to the cash rate would have on their financial situation.

Gains from interest rate cut 'would be swallowed by fuel price increases'

Thu, 06 Oct 2011 13:00:00 GMT

If the Reserve Bank of Australia (RBA) decides to reduce interest rates at its next meeting in November, the savings Aussies make could be negated by the rising cost of fuel, it has been suggested.

Home loans customers 'want affordability and flexibility'

Wed, 05 Oct 2011 13:00:00 GMT

Aussies in the market for home loans are keen to find fixed rate mortgage products, according to an expert in the sector.

Interest rate decision 'may boost building sector'

Mon, 03 Oct 2011 13:00:00 GMT

Aussies considering taking out a new home loan in the near future may be encouraged by the recent announcement by the Reserve Bank of Australia that interest rates will remain at their current level.

Interest rates cut by Heritage Building Society

Thu, 29 Sep 2011 14:00:00 GMT

Heritage Building Society has announced that it has reduced its fixed-rate home loan interest rates to 6.35 per cent.

CUA reduces its interest rates on fixed home loans

Wed, 28 Sep 2011 14:00:00 GMT

Credit Union Australia (CUA) has announced a reduction to the interest charged on its fixed-rate home loans.

ACCI joins in calls for reduction in interest rates

Wed, 28 Sep 2011 14:00:00 GMT

The Australian Chamber of Commerce and Industry (ACCI) has added its voice to the calls for the Reserve Bank of Australia (RBA) to reduce interest rates.

Fixed-rate packages 'increasingly attractive to home loans customers'

Mon, 26 Sep 2011 14:00:00 GMT

Aussies hoping to get on the property market by taking out home loans appear to be showing increasing interest in fixed-rate packages, an expert has stated.

Westpac reduces fixed-rate home loans

Mon, 26 Sep 2011 14:00:00 GMT

Westpac has reduced the interest rate on its fixed home loan products, cutting its three-year package by 15 basis points.

Opposition calls on RBA to cut interest rates

Sun, 25 Sep 2011 14:00:00 GMT

Opposition finance spokesperson Andrew Robb has asserted that the Reserve Bank of Australia (RBA) should reduce interest rates.

Bank accounts customers urged to search for hidden costs

Mon, 12 Sep 2011 14:00:00 GMT

Aussies considering going online to compare bank accounts should try to check the products for any hidden costs they may incur before committing, an expert has stated.

Commonwealth Bank pledges to match the competition

Sun, 11 Sep 2011 14:00:00 GMT

The benefits of going online to find low interest home loans may be even more apparent to Aussies following the announcement by the Commonwealth Bank that it will match any advertised interest rates from three of its major competitors.

Aussies 'to pay back more on home loans if rates fall'

Wed, 07 Sep 2011 14:00:00 GMT

Should the central bank opt to reduce interest rates in the coming months, 57 per cent of Aussies plan to pay more back on their home loans than is required.

Interest rate on fixed home loan cut by UBank

Tue, 06 Sep 2011 14:00:00 GMT

Aussies concerned that interest rates may rise in the future might be interested to learn that UBank has reduced its fixed home loan rate to 6.59 per cent per anum.

Banks 'oversupplied with term deposits'

Sun, 21 Aug 2011 14:00:00 GMT

Aussies are so keen to save money in term deposits that many banks are oversupplied, something that has contributed to the recent slashing of interest rates, an expert has stated.

Interest rates likely to remain steady in 2011, says NAB chief

Thu, 18 Aug 2011 14:00:00 GMT

The Reserve Bank of Australia is unlikely to hike interest rates during 2011, according to the chief executive of National Australia Bank (NAB).

RBA 'will cut interest rates before Christmas'

Thu, 11 Aug 2011 14:00:00 GMT

An increase in unemployment and more people putting money into savings accounts will prompt the Reserve Bank of Australia (RBA) to cut interest rates before Christmas 2011, it has been claimed.

Interest rates 'affect Aussie holiday plans'

Thu, 04 Aug 2011 14:00:00 GMT

The movement of interest rates has a direct impact on the holiday plans of Australians, according to one expert.

Cautious home loans customers opt for fixed interest rates

Tue, 02 Aug 2011 14:00:00 GMT

Aussies have been increasingly eager to take out home loans with fixed interest rates over the past few weeks, new figures indicate.

IMF warns of impending hike in interest rates

Tue, 02 Aug 2011 14:00:00 GMT

The head of the International Monetary Fund's (IMF's) staff mission to Australia has warned that house prices are still too high and that interest rates will have to be increased in the near future.

Lower interest rates 'will boost consumer confidence'

Tue, 26 Jul 2011 14:00:00 GMT

Despite recent figures from IBISWorld suggesting that Aussies are better off now than in 2006, one expert has said the average consumer is still struggling financially.

CommSec disagrees with Westpac rates forecast

Mon, 18 Jul 2011 14:00:00 GMT

Westpac chief economist Bill Evans' forecast that interest rates are likely to drop in the coming 12 months is wrong, according to another expert from CommSec.

Interest rate rise 'will adversely affect 47 per cent of people'

Sun, 17 Jul 2011 14:00:00 GMT

If the Reserve Bank of Australia increases interest rates, some 47 per cent of the population believe the move will have a negative affect on their financial situation, a recent study has revealed.

RBA 'unlikely to raise rates on the back of strong employment figures'

Sun, 10 Jul 2011 14:00:00 GMT

Recent figures indicating an improvement in the nation's employment figures are unlikely to prompt the Reserve Bank of Australia (RBA) to raise interest rates, it has been claimed.

Raising interest rates 'will reduce consumer confidence'

Thu, 07 Jul 2011 14:00:00 GMT

If the Reserve Bank of Australia (RBA) raises interest rates soon, the effect could be a downturn in consumer confidence, according to building materials manufacturer CSR.

Businesses 'concerned about interest rates'

Tue, 05 Jul 2011 14:00:00 GMT

More than one-quarter of executives in Australia assert that interest rates are the primary influence on their business.

Economists 'expect interest rates to hit 5.25 per cent in 2011'

Wed, 15 Jun 2011 14:00:00 GMT

Most economists believe that interest rates in Australia are likely to reach either five or 5.25 per cent by the end of 2011.

HSBC bucks trend with interest rates forecasts

Wed, 11 May 2011 14:00:00 GMT

Unlike a number of other major financial institutions, HSBC has forecast that the Reserve Bank of Australia will not increase interest rates until July or August.

CBA to pass on interest rate rises to customers

Tue, 10 May 2011 14:00:00 GMT

The Commonwealth Bank of Australia (CBA) has announced that it is likely pass on any increases in interest rates announced by the Reserve Bank of Australia.

NAB joins Westpac and ANZ in forecasting early rate rise

Mon, 09 May 2011 14:00:00 GMT

The National Bank of Australia (NAB) has altered its forecasts for the next increase in interest rates by the Reserve Bank of Australia (RBA) to June this year.

Westpac and ANZ forecast interest rate rises next month

Thu, 05 May 2011 14:00:00 GMT

Economists from Westpac and ANZ have shifted their forecasts for the date of the next increase in interest rates by the Reserve Bank of Australia (RBA) to next month.

Australia 'is moving into a rising rate environment'

Wed, 04 May 2011 14:00:00 GMT

The country is beginning to enter a period in which interest rates are likely to start rising again, according to the chief executive of the National Bank of Australia.

HIA praises decision to keep cash rate at current level

Mon, 02 May 2011 14:00:00 GMT

The Housing Industry Association (HIA) has backed the decision made by the Reserve Bank of Australia (RBA) to keep the interest rates at 4.75 per cent.

RBA 'has to increase interest rates soon'

Tue, 26 Apr 2011 14:00:00 GMT

The Reserve Bank of Australia (RBA) may consider increasing interest rates in light of recent figures indicating an increase in the cost of groceries, petrol and utilities.

Interest rates 'likely to rise this year'

Mon, 25 Apr 2011 14:00:00 GMT

The Reserve Bank of Australia may be forced to increase interest rates this year in light of the increasing wages and prices in the country, an expert has asserted.

RBA 'will increase rates twice this year'

Wed, 20 Apr 2011 14:00:00 GMT

The Reserve Bank of Australia (RBA) is expected to increase interest rates on loans twice in 2011.

Steady cash rate has "neutralised interest rates" for homebuyers

Mon, 18 Apr 2011 14:00:00 GMT

People considering home loans may be encouraged by the fact that the official cash rate is being left alone in Australia, according to one expert.

Resources boom 'has put pressure on parts of the economy'

Mon, 11 Apr 2011 14:00:00 GMT

The boom in the resources industry in Australia has given a boost to the economy as a whole but also added pressure on some sectors, it has been claimed.

Westpac chief claims interest rates will rise in September

Mon, 11 Apr 2011 14:00:00 GMT

Interest rates in Australia will go up 25 basis points in September, according to Westpac chief executive officer Gail Kelly.

ANZ CEO predicts interest rates 'will stay steady then rise'

Thu, 07 Apr 2011 14:00:00 GMT

Interest rates are likely to remain steady for the near future, but a rate increase is expected at some point, according to ANZ Banking Group chief executive officer Mike Smith.

RBA to reduce interest rates in June?

Tue, 29 Mar 2011 13:00:00 GMT

The Reserve Bank of Australia (RBA) may start to cut interest rates in June, an expert has suggested.

Cost of living 'to have a greater influence on interest rates'

Sun, 27 Mar 2011 13:00:00 GMT

The cost of essentials such as food and power look set to have an even greater influence on the calculation of interest rates in light of a change to the consumer price index (CPI).

Rising interest rates 'fuelling job hunter activity'

Tue, 15 Mar 2011 13:00:00 GMT

With interest rates rising, increasing numbers of Aussies are searching for jobs or new employment possibilities, it has been claimed.

Interest rates on home loans 'might reach 8%'

Thu, 10 Mar 2011 13:00:00 GMT

Interest rates on home loans for Aussies could increase by as much as eight per cent during 2011, according to an expert in the sector.

RBA holds interest rate

Tue, 01 Mar 2011 13:00:00 GMT

Aussies looking to compare interest rates online could be among those interested in a recent announcement from the Reserve Bank of Australia (RBA).

Aussies warned against big bank loans

Sun, 27 Feb 2011 13:00:00 GMT

Australian consumers could be encouraged to compare interest rates on loans following the recent advice of one expert.

Quake could push insurance costs up in Australia

Wed, 23 Feb 2011 13:00:00 GMT

Households across Australia could be forced to dip into their savings accounts in order to pay for an anticipated increase in home insurance policy costs.

Discretionary spending power set to be hit by North African unrest

Tue, 22 Feb 2011 13:00:00 GMT

The discretionary spending powers of everyday Australian consumers could be hit further still by events happening thousands of miles away.

RBA minutes show interest rates set to remain static

Mon, 14 Feb 2011 13:00:00 GMT

Interest rates are unlikely to be put up any time soon, the board of the Reserve Bank of Australia (RBA) has suggested.

It's a case of when not if interest rates rise, experts say

Tue, 28 Dec 2010 13:00:00 GMT

Interest rates are almost certain to be increased over the coming months and the only question to ask is when this will happen.

Arrears down as Aussies get to grips with home loans

Tue, 02 Jun 2009 14:00:00 GMT

The interest rate cuts enacted by the Reserve Bank of Australia (RBA) before Christmas helped to reduce home loan arrears during the first quarter of 2009, new figures from Fitch Ratings show.

RBA interest rates to stay on hold

Sun, 31 May 2009 14:00:00 GMT

The Reserve Bank of Australia (RBA) will refrain from cutting interest rates when it meets later today (June 2nd), despite warnings that the country has entered recession.

Auction clearance rates hit 2007 levels

Sun, 31 May 2009 14:00:00 GMT

Auction rates across the country have hit a level last seen in the boom times of 2007, the latest data shows.

Reserve Bank interest rates could be lucky for Sydney punter

Wed, 27 May 2009 14:00:00 GMT

One Sydney punter hopes that the Reserve Bank interest rates remain at their 49-year low after placing a $45,000 bet on the outcome.

Interest rates make home ownership a stellar idea

Sun, 17 May 2009 14:00:00 GMT

Thanks to the combination of low interest rates and first-home buyers grants, there has never been a better time to buy a home, one commentator has claimed.

Grey reveals Aussies 'becoming smarter with money'

Tue, 12 May 2009 14:00:00 GMT

Australians are taking a keener approach towards money management as the economic crisis rumbles on and interest rates remain low.

RBA leaves interest rates on hold

Mon, 04 May 2009 14:00:00 GMT

At its monthly meeting yesterday (May 5th), the Reserve Bank of Australia (RBA) decided to hold off on any further interest rate cuts, leaving rates at three per cent.

Rents and interest rates 'won't be around forever'

Wed, 29 Apr 2009 14:00:00 GMT

The interest rate cuts enacted by the Reserve Bank of Australia (RBA) have spurred a flurry of activity in the Australian property market and spurred many people to consider investing in property to let.

Banks shy away from RBA cuts

Tue, 28 Apr 2009 14:00:00 GMT

With concerns growing about the bad debt soaked up by Australia's biggest bank, it is becoming increasingly unlikely that any further interest rate cuts from the Reserve Bank will trickle through to home loan interest rates, the Sydney Morning Herald warns.

New homes up for third straight month

Tue, 28 Apr 2009 14:00:00 GMT

Sales of new homes rose for the third straight month in March, the latest stats from the Housing Industry Association (HIA) show.

Experts insist rates will come down again

Thu, 23 Apr 2009 14:00:00 GMT

The Reserve Bank of Australia (RBA) will introduce more interest rate cuts before 2009 is through, CreditSuisse has insisted.

Interest rate cut too late for many

Tue, 14 Apr 2009 14:00:00 GMT

Thousands of consumers have seen the interest rate cut come too late, as new figures from the Insolvency and Trustee Service Australia (ITSA) show an increase in bankruptcies and insolvencies.

Rate cut 'could cause misery' for home loan holders

Tue, 07 Apr 2009 14:00:00 GMT

Although those looking to compare home loans may have welcomed the Reserve Bank of Australia's (RBA's) decision to cut the cash rate by 25 basis points, consumers stuck on fixed-rate home loan deals may have met the news with a groan.

Interest rates give breathing space for homeowners

Tue, 31 Mar 2009 13:00:00 GMT

The number of families facing home loan payment stress has fallen by 300,000 since the Reserve Bank of Australia's flurry of interest rate cuts began in September.

Buyers rush to home loans for property investment

Sun, 22 Mar 2009 13:00:00 GMT

Would-be investors are lining up to secure a new low-interest home loan deal to make some cash from record rental costs and the lowest interest rates seen in decades.

Interest rates in 1960s time warp

Mon, 09 Mar 2009 13:00:00 GMT

With Reserve Bank interest rates at their lowest level since 1964, many Australians are mulling over switching from a fixed to a variable home loan, overpaying on their mortgage to go debt-free more quickly, or even investing in additional property.

Rudd's FHBG to prevent recession

Sun, 08 Mar 2009 13:00:00 GMT

Kevin Rudd's first-home buyers grant may be enough to allow the country to sidestep a recession, one financial expert reckons.

UQ launches credit card and interest rate quiz

Wed, 25 Feb 2009 13:00:00 GMT

The University of Queensland has launched a new quiz designed to test the nation's financial literacy by asking questions about interest rates and credit cards.

Home loan profits slump at Mortgage Choice

Wed, 25 Feb 2009 13:00:00 GMT

Home loan brokerage firm Mortgage Choice has announced that its profits shrunk 22 per cent in the last six months of the year as the housing market tanked.

2009 will be a miserable year - despite interest rate cuts

Tue, 24 Feb 2009 13:00:00 GMT

This year is shaping up to be something of a shocker for the housing industry, despite the Reserve Bank of Australia's (RBA's) efforts to cut interest rates and support house prices.

Home loan defaults on millionaire's row

Tue, 24 Feb 2009 13:00:00 GMT

The number of multimillion-dollar properties that are going up for sale because their owner couldn't afford the home loan payment has shot up in recent months, new figures show.

Wizard Home Loans waves wand for last time

Mon, 23 Feb 2009 13:00:00 GMT

Wizard Home Loans has finally exited the realm of mortgage lending after Aussie finally brought up its book today (February 24th).

Pressure mounts on Rudd to offer relief on interest rates

Sun, 22 Feb 2009 13:00:00 GMT

Members of the opposition have been haranguing prime minister Rudd for his failure to support Aussies who are locked into fixed-rate home loans.

CBA's tighter home loans 'a Choice move'

Sun, 22 Feb 2009 13:00:00 GMT

Australian consumer watchdog Choice has thrown its weight behind a new policy from the CBA that will tighten up home loan approval criteria.

Brits' banks break under weight of celeb spending

Thu, 16 Oct 2008 13:00:00 GMT

A desire to get the latest celebrity look has left many Brits bank account balances looking less than healthy, one expert has pointed out.