Welcome back to Mozo Money Moves, your weekly finance fix where we dive into the latest changes in personal finance products. This week CommBank doubled down on its Reserve Bank of Australia rate cut call, the Mozo database tracked more fixed rate home loan cuts, term deposit rates continued to fall, and Macquarie boosted its savings account offer.
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Welcome back to Mozo Money Moves, your weekly finance fix where we dive into the latest changes in personal finance products. This week saw a number of fixed rate changes from the Big Four, including changes to personal loan fixed rates and home loan fixed rates, as well as a continuation of the tumbling term deposit rates we have been tracking on the Mozo database, apart from one bank that decided to hike to steal top spot.
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This week was another bumper week tracking movements in personal finance products, starting with the Mozo Banking Roundup for September 2024 on Monday, which dived into the flurry of cuts across fixed rate home loans and term deposits.
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This week, the RBA held the cash rate steady at 4.35% as fixed rates and term deposits continued to tumble. ANZ Plus also extended its home loan cashback offer and the Mozo research team tracked the shift in term deposit averages and leading rates since the start of the year, after Commbank slashed rates.
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This week, as the Federal Reserve followed other global central banks in cutting interest rates, Mozo tracked the highest savings rate in over 11 years, a savings cut from Westpac, 132 cuts to fixed rate home loans and uncovered new insights into Australians’ desire to dip into their superannuation early.
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This week’s Mozo Money Moves dives into the first online savings rate cut from a Big Four bank since November last year, the arrival of the lowest fixed home loan rate in over a year - that starts with 4 - and a flurry of term deposit rate cuts coming through the Mozo database.
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In this week’s Mozo Money Moves, our team digs into the latest data that shows average home loan sizes have once again reached record-highs, we look at a number of home loan rate cuts from lenders big and small, and analyse how Aussies’ obsession with houses over units is costing them more than they realise.
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As we close out August and head into the spring property season, this week’s money moves reveals ongoing turbulence in the term deposit market with significant shifts in leading rates as inflation shows signs of easing, while mortgage stress continues to escalate for many Australians.
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Mozo Money Moves is coming to you a day early after a massive week crunching the numbers.
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This week the Australian Bureau of Statistics (ABS) released some highly anticipated data, including figures on the labour force and wage growth.
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