Tell us what you think*
  • *Note that if you choose to provide your personal contact details above, we will only use these for the purposes of responding to your enquiry or feedback (if required). We will not provide it to any other organisation, or use it for any other purpose except for dealing with your enquiry or feedback.

  • Leave feedback

close

  • Sign up for the Mozo newsletter and special offers

One, two, three. Rates don't move.

Health check your home loan

Does your home loan need a reno? Give it a health check! Grab a free personalised report on the best loans for your situation.

Health check

  • RBA leaves official cash rate at 4.5% - again
  • Low inflation figures cites as key
  • Labor spared election rate rise woes
  • Next rise still months away say economists

Three in a row! Rates stay put for the third month in a row, heralding great relief for homeowners and Julia Gillard alike. After the Reserve Board's meeting, Glenn Stevens explained on-trend growth, inflation close to target and a still uncertain global outlook all led to the eventual decision.

In sweet relief for the embattled PM, unlike the Libs of three years ago, Labor has been spared millions of borrowers scorned by an ill-timed rate rise heading to the polls with empty pockets and itchy voter-fingers.

Despite what looked like strong impetus for change less than a fortnight ago, last week's release of weaker than expected inflation figures showing underlying inflation at just 0.5 per cent for the June quarter, and CPI barely outside the target band of 2-3% put the brakes on any potential rise. The decision to raise rates early in the post-recession recovery last year is now seen as pivotal for the current stability.

The release of 'soft' building approvals and retail sales data did not deviate far enough from expectations to influence the Board, SMH said. Whilst according to Sky News, mixed signals from the manufacturing and housing sectors only supported the hypothesis that the economy was not generating enough "heat" to warrant a cooling bucket of monetary (non) liquidity.

Is it only a holiday?

Economists are split over when the next interest rate rise will be, but are unanimous in agreeing there is one on the cards. Westpac economist Huw McKay posits a break from rate hikes until 2011, "once the consumer starts to calm down and basically stop worrying about what's happening in Europe". CommSec and NAB economists are predicting steady rates for months to come, but do not rule out a hike before the end of the year.

Whatever the case, the news is certainly good for Australian homeowners.

It's time to act

Just because rates are happy to stay where they are, doesn't mean you should be! The current period of steady rates means comparing home loans has never been easier. There are huge savings to be had out there, so put on your Mozo cap and start comparing, switching and saving.

Try Mozo's free online rate change calculator.

Compare home loans from all the major lenders

Compare savings accounts from all the major lenders

Compare term deposits from all the major lenders

Health check your home loan

Read our July Reserve Bank interest rates update

articles

Reserve Bank articles

All the latest RBA info

Stronger-than-expected data makes rate hike likely

Tuesday 31 August 2010

New retail trade and building approval figures suggest that an interest rate hike before the end of the year is now highly likely, an expert has said.


Read more...

RBA 'comfortable' with 4.5% rate

Wednesday 18 August 2010

Newly released minutes show that the Reserve Bank of Australia (RBA) was "comfortable" with leaving interest rates at 4.5 per cent at its board meeting earlier this month, suggesting a continued pause in rate movements is likely.


Read more...
Subscribe to the Reserve Bank RSS feed
 

Your shortlist

This is your product shortlist.

Add products by selecting a type of product above.

Credit cards

  • With Mozo you can easily add financial products to this shortlist - then compare them side-by-side.

    You can search for products that suit your needs here.

Debit cards

  • With Mozo you can easily add financial products to this shortlist - then compare them side-by-side.

    You can search for products that suit your needs here.

Personal loans

  • With Mozo you can easily add financial products to this shortlist - then compare them side-by-side.

    You can search for products that suit your needs here.

Car loans

  • With Mozo you can easily add financial products to this shortlist - then compare them side-by-side.

    You can search for products that suit your needs here.

Home loans

  • With Mozo you can easily add financial products to this shortlist - then compare them side-by-side.

    You can search for products that suit your needs here.

Savings accounts

  • With Mozo you can easily add financial products to this shortlist - then compare them side-by-side.

    You can search for products that suit your needs here.

Bank accounts

  • With Mozo you can easily add financial products to this shortlist - then compare them side-by-side.

    You can search for products that suit your needs here.

Term deposits

  • With Mozo you can easily add financial products to this shortlist - then compare them side-by-side.

    You can search for products that suit your needs here.

Car insurance

  • With Mozo you can easily add financial products to this shortlist - then compare them side-by-side.

    You can search for products that suit your needs here.