Compare interest rates

Need info on the latest home loan rates? Or maybe you’re looking for a stellar savings account to help your stash grow? Mozo tracks interest rates of hundreds of Australian home loans, savings accounts, term deposits and more. If you need to find the best interest rates in Australia, Mozo has got you covered.

Current interest rates

0.75%

Unchanged in November

  • The RBA decided against cutting the cash rate in November.

  • Many are forecasting a cut early next year, most likely in February.

See more

Check our interest rates updates on...

Latest home loan interest rates

  • Smart Home Loan

    interest rate
    2.88% p.a. variable
    comparison rate*
    2.90% p.a.

    Promoted
  • Variable Home Loan

    interest rate
    2.84% p.a. variable
    comparison rate*
    2.80% p.a.

    Promoted
  • Discount Variable Home Loan

    interest rate
    3.07% p.a. variable
    comparison rate*
    3.09% p.a.

    Promoted
  • RateSaver

    interest rate
    3.49% p.a.
    fixed 3 years
    comparison rate*
    3.90% p.a.

    Promoted
See more

Latest personal loan interest rates

  • Personal Loan

    interest rate
    5.75% p.a.to 19.99% p.a.
    comparison rate**
    6.89% p.a.to 23.07% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,490.18 including fees.

    Promoted
  • Unsecured Personal Loan

    interest rate
    6.99% p.a.to 28.69% p.a.
    comparison rate**
    7.69% p.a.to 29.55% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,133.67 including fees.

    Promoted
  • Low Rate Personal Loan

    interest rate
    8.00% p.a.
    comparison rate**
    8.21% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 8.00% would cost $36,647.51 including fees.

    Promoted
  • Unsecured Personal Loan

    interest rate
    6.89% p.a.
    comparison rate**
    8.89% p.a.based on $10,000
    over 3 years

    Terms from 1 to 5 years. Representative example: a 3 year $10,000 loan at 6.89% would cost $11,396.66 including fees.

    Promoted
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Latest savings account interest rates

  • USaver with Ultra Transaction Account

    Maximum rate
    2.10% p.a. (for $0 to $200,000)
    standard interest rate
    1.04% p.a.(for $0 to $5,000,000)

    Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the month from an external source.

    Promoted
  • Bonus Saver Account

    Maximum rate
    2.00% p.a. (for $0 to $150,000)
    standard interest rate
    0.30% p.a.(for $0 and over)

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    Promoted
  • Growth Saver Account

    Maximum rate
    1.95% p.a. (for $0 and over)
    standard interest rate
    0.20% p.a.(for $0 and over)

    Grow your balance by $200 or more and make no more than one withdrawal in the month.

    Promoted
  • High Interest Savings Account

    Maximum rate
    2.50% p.a. (for $0 to $250,001)
    standard interest rate
    1.05% p.a.(for $0 to $250,001)

    Bonus rate for the first 4 months from account opening

    Promoted
  • Online Saver

    Maximum rate
    2.30% p.a. (for $0 to $500,000)
    standard interest rate
    0.85% p.a.(for $0 and over)

    Bonus rate for the first 4 months from account opening

    Promoted
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Latest term deposit interest rates

  • Term Deposit

    interest rate***
    2.00% p.a.
    6 months
    Minimum deposit
    $1,000

    Promoted
  • Term Deposit Special

    interest rate***
    2.00% p.a.
    3 months
    Minimum deposit
    $250,000

    Promoted
  • Term Deposit

    interest rate***
    2.00% p.a.
    1 year
    Minimum deposit
    $1,000

    Promoted
  • Green Term Deposit

    interest rate***
    1.60% p.a.
    5 months
    Minimum deposit
    $1,000

    Promoted
  • Term Deposit

    interest rate***
    2.00% p.a.
    1 year
    Minimum deposit
    $1,000

    Promoted
See more

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

**The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

***Different interest rates apply to different amounts or different interest payment frequencies.

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Interest Rate Resources

Reviews, news, tips and guides to help find the best interest rate for you.

The RBA and the official cash rate

The Reserve Bank of Australia is the body who sets the official cash rate, which is the standard against which banks set their own interest rates.

The RBA meets on the first Tuesday of every month and discusses the state of the national economy, including things like consumer confidence, inflation, economic growth and employment levels.  Based on these factors, the official cash rate either decreases, increases or stays the same.

This system is designed so that higher rates will discourage borrowing and spending, therefore lowering inflation. Lower rates do the opposite, increasing Australians’ ability to borrow and spend money, boosting the economy.

For the most recent information on the RBA cash rate, read our monthly reserve bank interest rate summary.

What influences Australian interest rates?

Official interest rates, also referred to as the cash rate, are set by the Reserve Bank of Australia (RBA), which is the country’s central bank and primary decision-maker when it comes to monetary policy. The RBA meets on the first Tuesday of every month to discuss the state of the national economy, including things like consumer confidence, inflation, economic growth and rates of employment. 

Based on these factors (and more), the official cash rate is either decreased, increased or left unchanged. The idea is that low interest rates will help boost the economy by encouraging Australians to spend, borrow and invest. Meanwhile, high interest rates will help rein in inflation by encouraging Australians to save their money instead.

Types of interest rates

  • A fixed interest rate means that the interest on your loan or savings is locked in at a certain value, and isn’t affected by rises or falls in the market. This can be both a blessing and a curse, but if you like a sense of certainty with your finances, a fixed interest rate might be for you. A fixed interest rate makes budgeting easier, because you’ll know what the amount will be each month, whether it’s a repayment or extra money in your account.
  • Variable interest rates are more flexible, and shift with the market. They are also based on the RBA’s official cash rate, but unlike a fixed interest rate, they don’t lock in at any time. So if your loan or savings are working on a variable interest rate, the amount of interest you pay or earn can change day-to-day. 

What to look for when you’re borrowing

Are you buying a new home, setting up a business or searching for a new car? Then you’re probably looking for a loan to help kick things off.

It’s important to do some research before you go ahead and choose a lender, because the current interest rate will not only affect your monthly repayments, but how much you’ll have paid by the time your loan term reaches its end.

The goal is to secure a low interest rate on your loan to minimise the amount of interest you’ll need to pay, but that isn’t all you need to consider. Fees, charges, penalties and extra features are all things you need to take into account when choosing the best loan.

It might seem like a hard task, but it’s made easier by using the comparison rate. This is a rate that providers are required by the National Credit Code to show, and it factors in interest, fees and charges for a clearer picture of the real cost of a loan. That’s why when you’re comparing products on Mozo, whether it’s home loans, car loans or personal loans, you’ll see an interest rate and a comparison interest rate.

Handy right? But there is one thing to keep in mind when using the comparison rate — it is a guide based on a specified loan amount and time frame (which is shown on Mozo’s comparison pages). Different loans will mean different comparison rates, so to find out exactly what you’ll be paying in interest, be sure to talk to your lender.

What to look for when you’re saving

The best place to keep your savings will depend on your goals. If you’re saving for a short term goal, a savings account with a high introductory interest rate might be just the boost your savings stash needs. Or, if you’ve got a decent chunk of funds but don’t need to access them, a term deposit might be a better space to park it for a while.

No matter how long you’re putting your savings away, the goal is to get a high return on your money, which means securing a high interest rate.

You should also consider special promotions like introductory interest rates or bonus interest rates, and be wary of account or transaction fees. Things like savings accounts or term deposits don’t show a comparison rate to keep track of these extra considerations, but here at Mozo, we’ll show them to you on our comparison pages.

FAQs about interest rates

Who controls interest rates?

Official interest rates are set by the Reserve Bank of Australia (RBA), the country’s central bank. Each month, it examines the state of the economy and decides whether to move the cash rate up or down, or keep it unchanged. Lenders will then set their own home loan and deposit interest rates based on the RBA’s decision.

Why do interest rates change?

The cash rate is more than just a benchmark rate for home loans, it’s an important tool used to steer the Australian economy in the right direction. Let’s say the economy is underperforming. The RBA might lower interest rates to help boost spending, borrowing and investment. If, on the other hand, the economy is booming and the cost of goods is being driven up, the RBA might raise interest rates to help stave off inflation.

Why do different banks have different interest rates?

While banks’ own interest rates move in line with the cash rate, it’s just one of many factors they have to consider when pricing their home loans, deposits, and other products. That’s why when the RBA reduces official interest rates, banks aren’t guaranteed to cut their own home loan rates in kind.

While online banks can typically afford to charge less on their home loans (and offer better returns on their savings accounts), many larger banks have much higher overhead costs which prevent them from doing the same. Chances are they’ll have also prioritised other areas over their interest rates, like technology, staff and customer service.

Can interest rates fall to 0%?

There’s no real limit to how low interest rates will go, at least in theory. A number of countries have already adopted negative interest rates - most notably Japan, Sweden, Switzerland and Denmark - and many more are hovering pretty close to the mark. Reserve Bank Governor, Philip Lowe has expressed that interest rates in Australia are unlikely to cross over into negative territory. But if more countries, such as the United States, bring theirs below zero, Australia could be forced to move with them.

Will interest rates increase?

Official interest rates have been dropping steadily since June of 2019, and things aren’t set to change course any time soon. In fact, the Reserve Bank has flagged that we should expect an extended period of abnormally low interest rates, which could easily last a number of years. The situation in Australia mirrors what’s going on in many countries around the world, and until global economic conditions start to change direction, there’s no reason for the RBA to consider raising rates.

How can I find the best interest rate?

We can’t stress enough the importance of comparing interest rates before you make a decision about your finances. At Mozo, that’s what we’re all about, but we know it can sometimes be hard, because not only do you need to consider the best interest rate available, but also any extras fees and charges that you might get hit with. So we’ve made it easier with some tools and resources that will guide you through securing yourself a great interest rate.

Check out our comparison pages! This is the first stop when looking for a great interest rate. You can see a side-by-side comparison of all the best offers on the market.

Home loans
Personal loans
Car loans
Savings accounts
Term deposits

Take a look at our easy to use calculators. Whether you’re working out what your loan repayments will be or planning your savings goals, we’ve got a calculator ready to crunch those numbers!

Home loans calculators
Personal loans calculators
Car loans calculators
Savings accounts calculators
Term deposits calculators

Read our dedicated guides. For a more in depth explanation check out our guides which cover everything from working out how much you can afford to borrow on your home loan, to how to make the most out of your savings account.

Home loan guides
Personal loan guides
Car loan guides
Savings account guides
Term deposit guides