There were no surprises from the Reserve Bank today, as the cash rate was kept on hold at 2.50% for the seventh consecutive month at the RBA's monthly board meeting.
Governor Glenn Stevens said "monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates.."
Just because the official interest rate is at a standstill it doesn't mean that you can't get a better deal. In fact, because of the low interest rate environment banks are going the extra mile to get new customers. There are now over 20 providers offering tempting sweeteners to lure new customers so it's the perfect time to make the switch and score a better home loan.
Top home loan offers this month include:
To find out just how much money you could save by switching home loans, try Mozo's free award-winning Switch & Save Calculator. We compare your home loan against the market and show you how much you could save by switching, try it now here.
Unfortunately Term deposit rates are falling faster than Autumn leaves and according to Mozo's Rate Chasers there were 74 rate reductions last month for terms less than one year. The story isn't any better for at-call savings accounts either with some providers pulling back on their introductory rate offers. The average intro rate now stands at 4.02% p.a.. Survive the rate slump with one of the following deals:
Compare more savings account on the Mozo site here.
Average potential savings* by Mozo visitors:
Read our Last month Reserve Bank interest rates update
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