Mozo Money Moves: Expert Predictions for 2024 and the new RBA meeting schedule

image of a woman on the phone to her home loan adviser

Welcome to the first edition of Mozo Money Moves for 2024. This weekly snapshot rounds up the latest in banking and interest rate news, sharing any key banking and rate changes in personal finance.

This week, as industry restarts for a new year, rate changes have been minimal. As such, the focus this week is on 2024 predictions, the new RBA meeting dates for the year ahead,  and (despite little movement in home loan rates in the festive season) the opportunity for borrowers to save $11,000 by switching to a home loan rate just 0.10% lower*.

Mozo Expert Predictions for 2024

RBA Meeting Moves

2024 is going to be a big year for the Reserve Bank of Australia (RBA), with the launch of a new meeting calendar and format, and a continued focus on navigating the ‘narrow path’ to the 2-3% inflation target.

Instead of meeting once per month (bar December), the RBA will hold eight two-day meetings followed by a press conference on the second day at 2.30pm.

New RBA Meeting Schedule for 2024


This new schedule is more in line with major central banks, like the Bank of England in the UK and the Federal Reserve in the US, and is reflective of the RBA’s renewed focus on better communication of monetary policy and reasons behind decisions to hike, pause or cut the cash rate.

This new format is a win for Mozo moneyvators, and financial literacy advocates, and the team is excited to see it in action.

NAB is predicting one more cash rate rise, before the RBA reaches the peak of the hiking cycle, so the RBA’s first meeting of 2024 will be watched closely not only due to its new format, but the impact it has on home loan rates for 2024.

Mozo Insights:

Home Loan Moves

It seems the banks took a break from major hikes to home loan rates in the festive season, with just a few small lenders increasing variable rates over Christmas and New Year. The fixed rate space saw even fewer changes, suggesting that banks are waiting for quarterly CPI data at the end of January (and the RBA’s first meeting in early February) before making any major money moves.

According to the Mozo database, there are currently 25 lenders offering rates starting with 5, 85 lenders offering rates starting with 6, 62 lenders offering rates starting with 7, and 39 lenders offering rates over 8% p.a. 

And, while there is ample opportunity to save money by switching from a home loan starting with 7 to a home loan starting with 5, the opportunity for borrowers to save tens of thousands of dollars in interest by switching to a rate just 0.5% lower cannot be forgotten. 

“As little as half a percentage point difference in home loan rates can equate to tens of thousands of dollars more in interest you’re paying over the course of the loan,” Mozo finance expert Rachel Wastell explains.

“When you look at the 0.10% difference in rates between the two lowest rate home loans on the Mozo database, you can see that 10 basis points equates to an extra eleven thousand dollars difference in interest paid over 25 years.”

“Decimal points can be deceiving in home loans. So if you can’t refinance due to serviceability, negotiating as little as a 0.10% drop in your rate with your current lender could save you tens of thousands of dollars.”


Home Loan
Variable Rate
Comparison Rate^
The Capricornian
Country to Coast Variable Rate Offset Home Loan
Northern Inland Credit Union
Dream Value Home Loan Special Offer
Owner Variable Home Loan
Pacific Mortgage Group
Standard Variable Home Loan
The Mutual Bank
Special Budget Home Loan
Community First Bank
Basic Variable Home Loan
Variable Home Loan
*source: as at 11 Jan 2024, leading variable rates for owner occupier, principal & interest home loans at 80% LVR, $610,000 loan amount, interest paid over a 25 year loan term, at the current variable rate.
^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.

Mozo Insights:

As a part of Mozo’s commitment to making your money count for more, each month we “roundup” the rate changes, key banking trends and money moves in the Australian personal finance market. 

If you’d like to see the analysis in full once it’s released, you can subscribe to receive the Mozo Banking Round Up here.

*Accurate as at 11 Jan 2024 according to the Mozo database, for the top two leading variable rates for owner occupier, principal & interest home loans at 80% LVR, $610,000 loan amount, interest paid over a 25 year loan term, at the current variable rate.

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