Mozo Live: Experts weigh in on the budget, term deposit moves, savings tips for sports fans

Here at Mozo, we’re all about helping you save time, save money and make smarter money decisions. That’s why we love the latest campaign from the Financial Basics Foundation, launched ahead of Financial Literacy Month this April.

It’s aimed at helping young Australians spot the tricks used by ultra-cheap retailers like Shein and Temu: apps that feel fun and affordable but are designed to push you into spending more than you planned.

Not just cheap, but cleverly designed

Shein, Temu and platforms draw you in using sneaky tactics like:

• Gamification. Spin-to-win discounts, countdowns and “almost sold out” alerts to pressure you into quick decisions.
• Influencer videos. Big online “hauls” and product-pushing morning routines that make over-shopping look normal.
• Personalised ads. Algorithms that serve up just the right product at just the right time to tempt you back.

“Financial literacy isn’t just about saving, investing and interest rates,” says Katrina Samios, CEO of the Financial Basics Foundation. 

“It’s about being able to recognise value, make informed financial decisions and resist the draw of manipulative marketing campaigns.”

The toolkit helping you shop with intent

To push back, the foundation has created a free online toolkit with educational resources, practical tips, videos and interactive tools. Underpinning their message is the three “Financial Rules of Thumb”:

• Recognise Marketing Tactics: Understand how personalisation, influencer endorsements and gamification are designed to influence purchasing decisions.
• Practice Conscious Spending: Before making a purchase, consider its necessity and impact on your budget.
• Seek Financial Education: Engage with resources that enhance financial literacy, enabling more informed and sustainable spending habits.

We love the campaign because it encourages better decision-making, whether you’re spending, saving or skipping the sale.

Check out the toolkit at financialbasics.org.au. And if you’re looking to save, not spend, you can compare dozens of savings accounts right here on Mozo!

That’a a wrap! Check back in tomorrow for more up-to-date coverage of interest rates, home loans, savings and more!

Yesterday we reported that inflation dipped slightly in February, with the annual rate down to 2.4%. Core inflation also eased, and recent data on jobs and wages suggests the economy is losing steam.

That’s led to a new wave of commentary suggesting the Reserve Bank could cut interest rates again sooner than expected.

Outlets including News.com.au, Nine News, Yahoo Finance, and CBA have all pointed to the combination of falling inflation and soft labour market conditions as reasons to consider another cut.

But is that enough to prompt a cut on Tuesday?

Probably not. After the February rate cut, the minutes from that meeting gave us a peek behind the curtain; the RBA board made it clear they’re focused on the data in front of them, not outside pressure.

The board meets on Tuesday, and while yesterday’s data has certainly ignited some fresh debate, most economists still expect the RBA to hold steady - at least for now.

Things could change in May though. If the recent trend continues into April, the case for another cut will only get stronger. And the chorus could get louder.

Rate cut or no rate cut, there are definitely home loans that are more competitive than others. To keep tabs on who’s slashing their rates the most, make sure to check out our live interest rate tracker.

In its latest budget, the federal government has targeted energy bill relief for households, cheaper medicines, investment in Medicare, higher wages and what it's called "a fairer go for consumers."

How do we summarise all of this? Let's turn to some experts for their take:

1. Global uncertainty hinders growth

"With inflation predicted to be sustainably within the RBA's target by mid-2025, the Budget has moved away from the more cautious approach adopted in the 2024-25 Budget. However, global uncertainty has tampered growth expectations, with forecasts suggesting that the global economy may be experiencing the longest stretch of below-average growth since the early 1990s. While Australia's labour markets are expected to remain generally strong, economic growth is estimated to top out at only 2.75% over the next 5 years." - Minter Ellison 

2. Cost of living relief

"The Budget delivers new cost of living relief to households, including tax cuts, without damaging the budget bottom line in the near term or adding to inflationary pressures. However, by spending, rather than saving, a projected windfall from a stronger economy, the budget position continues to deteriorate over the longer-term and becomes more vulnerable to external shocks.” - CommBank chief economist, Luke Yeaman

3. Election on the mind

"This 2025-26 Budget has been a balancing act for the government – trying to appeal to voters before an election through personal income tax cuts and cost of living relief, while also demonstrating fiscal responsibility. While the government has committed to important new measures to provide cost of living relief, it would have been welcome to see a stronger focus on productivity and incentivising business investment." - KPMG chief executive, Andrew Yates and Chairman, Martin Sheppard

4. An unbalanced situation

"There seems to be no attempt to start to return to Budget balance any time in the next decade – and certainly not, in the more meaningful, forward estimates period. Basically, the Budget is spending nearly everything that the economy gives them. This lack of progress in addressing the structural deficit comes at a time of increased uncertainty globally and likely lower commodity prices." - NAB Research & Insights 

5. The challenges of housing

"This Budget provides extra support to Australians in the short-term whilst at the same time helping to address some of our longer-term challenges. There are modest measures to support small businesses and these build on the banking sector's focus on ensuring they can get the credit they need to grow and prosper. Getting more Australians into homes is a critical issue for our nation. There are further initiatives in this Budget to help with boosting supply, which needs to be the number one priority to address the current housing crisis." - Chief executive of Australian Banking Association, Anna Bligh

6. Eye-catching tax measures

"This Budget was focused more than anything on the next election, with a suite of tax policies designed to be eye catching to the maximum number of people. In particular, the cut in the headline rate of the bottom income tax band (from 16% now to 15% in 2026 and 14% in 2027) is pure eye candy, although the financial benefit is quite modest (worth about $5 a week for 2026 and $10 a week for 2027). The move is expected to counter bracket creep by lowering average tax rates for all taxpayers, especially for low- and middle-income earners." - H&R Block’s director of tax communications, Mark Chapman

7. Going greener

"The budget also provides important support for local jobs, now and in the future with investment in green metals, critical minerals and green hydrogen. This is about ensuring we make what we need here for the energy transition and the quality jobs of the future." - ACTU president, Michele O’Neil

In more uneven economic times, a good savings account becomes crucial. Be sure to check out our Savings Accounts hub page to start comparing rates.  

In the last few years Australians have endured fast-rising home loan rates, been priced out of major housing markets and slugged with surging costs at the supermarket. Despite all this, our passion for all things sport has not diminished or wavered. 

New research from ING has revealed the annual cost of being a sport fan in Australia equates to over $19 billion nationwide, with Aussies spending big going to games, buying merch, subscribing to sports streaming services, and skipping friend’s birthday celebrations, anniversary dinners and even family funerals to watch major events.

1.3 million Aussies “chucked a sickie” to watch a major sporting event.

Nearly 15% of all Australians (3.8 million) planned a holiday or weekend away to coincide with watching their favourite sport or team play. 

Here’s a breakdown of some of the average sports spending costs:

• $408 per game on tickets, travel including flights, accomm, food, and drink
• $44 per month on sports-related streaming platforms ($534 per year)
• Willing to spend up to $200 on a new jersey of their favourite player or team
• $138 to travel just one hour to watch their favourite sport or team play live

Smart savings strategies for super sports fans

ING Australia head of consumer and market insights Matt Bowen says it’s amazing how far fans will go to support their sports teams. Considering how impactful the cost can be on our wallets, Bowen offers some simple cost-cutting tips to balance your budget.

1. Buy secondhand merch. If you’re a merchandise collector, why not check out online marketplaces and secondhand stores? You might find a bargain. 
2. Travel smart. Consider carpooling with friends or using public transport if you’re heading to a game or venue, to help save on cabs and ride shares. 
3. Watch with friends. Host game-watching parties at home instead of going to a venue. Sharing the experience with friends can be just as fun and much more cost-effective, especially if everyone brings a plate.
4. Become a member at your local club. Some clubs may offer exclusive discounts on tickets, merchandise, and events. Make sure you do the maths though, to ensure the membership fees are worth the savings you get.
5. Pack your own snacks. Instead of buying an expensive pie and beer at the stadium, pack your own snacks and beverages. Some venues allow you to bring in food, but make sure to check rules on the venue website beforehand.

While other providers, including major banks like Commbank and Westpac, have been slashing term deposit interest returns, the Bank of Sydney just sweetened its 6-month online only term deposit rate by 0.15% p.a. – increasing from 4.70% p.a. to a very generous 4.85% p.a.

It's now the third highest on Mozo’s database for a 6-month deposit, just behind Judo Bank (4.90% p.a.) and Heartland Bank (4.89% p.a.).

The average 6-month term deposit rate on Mozo’s database is 4.25% p.a., meaning Bank of Sydney’s offer may be a rewarding option if you’re looking for somewhere to park some of your savings right now.

If you're seeking a sensible way to invest and grow your savings, but want to balance higher returns with flexible access to your funds, ‘term deposit laddering’ could be a strategy that works for you.

The rate of inflation has slowed slightly month-on-month, with the monthly consumer price index (CPI) indicator for February showing a small reduction from 2.5% to 2.4%.

According to the Australian Bureau of Statistics (ABS) data, the monthly CPI has still risen year-on-year – which means prices have been increasing over the past 12 months – but the rate at which this is occurring has slowed.

The RBA’s goal is to keep annual consumer price inflation between 2 and 3%, which it has managed to do by recent measures.

Low and stable inflation is said to be a prerequisite for a strong economy and sustained full employment and growth in real wages.

The ABS reports that the top contributors to annual inflation are:

• Food and non-alcoholic beverages (+3.1%)
• Alcohol and tobacco (+6.7%)
• Housing (+1.8%)

That’s it for today, join us again tomorrow for more banking and interest rate news.

In case you missed it, my colleague Peter Terlato has written about a possible ‘Trumpcession’ and what it might mean for Australia.

'Trumpcession' is a mash-up of 'Trump' and 'recession', and it refers to a potential economic downturn linked to US president Donald Trump’s infamous tariffs.

What might the flow-on effect be for Australian consumers? We’ve outlined a few concerns:

Higher prices: If tariffs expand beyond steel and aluminium, Aussie companies importing American goods – like cars, electronics, or agricultural products – might pass on extra costs.

Job uncertainty: If Australian exporters struggle to compete due to tariffs, industries like mining and manufacturing could see job losses.

Market volatility: Uncertainty around US trade policies can shake global markets, potentially impacting superannuation balances and investment portfolios.

Stronger Australian dollar: If trade tensions weaken the US dollar, it could make overseas travel cheaper for Aussies but also reduce demand for Australian exports.

If you’re keen to keep your money in good shape in these uneven economic times, start by taking a look at some of the best savings accounts.

With the Easter long weekend, school holidays, and Anzac Day fast approaching, real estate agency Raine & Horne says many property sellers are questioning whether now is the time to list their property - or after the break.

This year brings a rare super vacation event, with Easter (April 18–21) and Anzac Day (Friday, April 25) falling in the same week, also coinciding with the school holidays.

"While holiday periods typically see a dip in market activity as people travel and spend time with family, serious buyers remain engaged," according to a Raine & Horne. 

"Vendors are also set to benefit from a slowdown in the flow of freshly advertised ‘for sale’ listings."

This lines up with CoreLogic data which shows new listings across Australia’s combined capitals were tracking around 5% lower than a year ago over the four weeks to February 23, and total advertised stock is 8% below the five-year average.

Short supply amid high demand can be a recipe for good competition.

Finally, add to the mix that Raine & Horne data shows a surge in open-for-inspection numbers of late. 

Since the Reserve Bank of Australia’s 0.25% rate cut in February, home inspection attendances have jumped by:

41% - Victoria

31% - NSW

21% - Northern Territory

17% - Tasmania

10% - South Australia

6% - Western Australia

So the numbers, including many recent home loan rate cuts, point toward some solid property market activity despite the typical holiday pause. 

If buying is on your mind, you’ll want to get ahead of the crowd! Check out our home loans hub which provides some of the leading rates in our database. 

Bank of Queensland (BOQ) has today made a series of cuts to its variable home loan interest rates (announced in February) for both owner-occupiers and investors.

The rate reductions, ranging from 0.05% to 0.15%, apply to the bank's variable rate products only. 

For owner-occupiers, both the Economy Variable Home Loan and Clear Path Variable Rate Home Loan products have received cuts across various Loan to Value Ratio (LVR) tiers. 

Investors will benefit from reductions specifically on the Clear Path Variable Rate Home Loan range.

BOQ first made home loan cuts from 7 March after the RBA’s rate decision, reducing some of its variable rates by 0.25% per annum for new and existing customers.   

Today’s cuts are a further reduction in some cases. 

BOQ's Economy Variable Home Loan for owner-occupiers now starts from 5.88% p.a. (6.03% comparison rate) for loans with a 70% and 80% LVR.

Clear Path Variable Rate (owner-occupier) options begin at 5.99% p.a. (6.11% comparison rate) for the 80% LVR tier.

For property investors, the Clear Path Variable Rate has been reduced to rates starting from 6.24% p.a. (6.36% comparison rate) for the 80% LVR option.

Keep in mind, rates will vary depending on the LVR tier and so it’s important to check this. For more info on BOQ’s products, you can head over to our Bank of Queensland home loan review page.

Looking for more home loans? Head over to our hub page and compare providers today.

Good morning and welcome back to the Mozo live blog!

The federal government handed down its budget this week. From tax cuts for low-income earners to electricity bill relief, student loan reductions, and expanded first home buyer assistance, this budget has a few measures aimed at easing cost-of-living pressures for Aussies. 

Low-income earners: Reduction of the lowest income-tax threshold from 16% to 14% over the next two years (fully in place by mid-2027). An expected benefit of about $10 a week, with the cut costing the budget $17 billion. 

Electricity users: New direct government subsidies will reduce electricity bills by $150 for the last six months of this year. This follows an earlier $300 subsidy round that ended in June.

Aged care nurses: An additional $2.5 billion allocated to lift pay for aged care nurses and nearly $18 billion has already been spent on wage increases in the sector.

Employees: A proposed ban on most non-compete clauses for workers earning under $175,000 which could boost wages by up to $2,500 a year on average.

University students and graduates: A plan to wipe 20% off all student loans, potentially slashing total student debt by $19 billion (post-election)

Healthcare: $8.5 billion boost to make GP visits cheaper and $690 million to reduce the cost of a prescription to $25.

Beer drinkers: Freeze on the indexation of draught beer excise for two years, keeping pub costs stable.

Australian products: A $20 million investment in initiatives to encourage consumers to buy Australian-made products.

PBS (Pharmaceutical Benefits Scheme): Reduction in the cost of a script for PBS-listed medications from $31.60 to $25 for general users starting next year (concession card holders remain at $7.70).

First home buyers:

• Expansion of the Help to Buy scheme to allow more people to co-purchase homes with the federal government.
• Eligibility extended to single people earning up to $100,000 and couples earning up to $160,000.
• Government covers up to 40% of the cost and takes a share of the home’s equity, with the option for owners to eventually buy out the stake.
• Lifting of the cap on eligible properties, with price limits based on location; expansion costs an additional $800 million over four years, totalling $6.3 billion.

Read our full story on the 2025 federal budget and check out the latest interest rate moves on Mozo’s live rate tracker.

Most Australians think talking about scams is important, but almost no one wants to admit when they’ve been scammed.

New research by CommBank found that while over 90% of people believe conversations with loved ones can help raise awareness, only 8% say they’d actually feel comfortable talking to family if they were scammed.

At the same time, concern about scams is rising. Around 60% of people say they’re more worried than they were a year ago.

To help close the gap, CommBank has launched a campaign called Talk to a Loved One, featuring journalist Jess Rowe and her mum, Penelope. The campaign is encouraging Aussies to have regular conversations about scams with friends and loved ones, keep themselves informed about the latest scams, and take the following steps if they feel they’re being scammed:

• Stop if something feels off
• Check with someone you trust or contact the organisation the message claims to be from
• Reject anything suspicious, and update your passwords if needed

Staying alert to scams is one way to protect your finances. Keeping an eye on interest rates is another. Check out our live home loan rate tracker to see how rates are shifting in real time.

And that does it for today’s live blog coverage. Tune back in tomorrow for more up-to-date coverage of interest rates, home loans, savings and more!

With elections right around the corner, uncertainty is in the air - and we all know how much markets love uncertainty. Is the housing market any different? That’s what Domain put to the test in its newest report titled Mythbusting: The impact of a federal election on the property market. 

Here are 5 common myths surrounding elections and the housing market. Can you guess which ones are true? Let’s have a look:

Political uncertainty slows the market: True

Any type of uncertainty, political or otherwise, has been shown to dampen the property market.

Elections delay home buying: False

Personal finances and broader economic conditions play a much bigger role than a simple election.

Sellers avoid election day auctions: True 

Auction numbers drop by about half on election day, since sellers expect voters to be preoccupied. 

Election day auctions underperform: False

It may seem counterintuitive given the statement above, but with fewer auctions, committed buyers are more concentrated, leading to higher clearance rates on election day.

One party leads to better housing outcomes: False

House prices tend to grow faster under Liberal governments, while unit prices and first-home buyer activity have been stronger under Labor. 

The takeaway?

Elections might affect things around the edges, but they don’t shake up the property market as much as some people make out.

So do your civic duty, vote your conscience and get on with your property plans if the timing is right for you. And if you’re casting your vote for a new home loan, you can compare dozens of options right here on Mozo.

All the news on today’s budget is about it showing a deficit - the government spending more than it earns. 

This isn’t surprising however and has been forecast for some time. 

So following two consecutive surpluses, the Federal Government’s pre-election budget is expected to reveal an underlying cash deficit of $26.1 billion and revenue downgrades of $11.3 billion over four years, according to the latest forecasts from Deloitte Access Economics.

If a country is in a budget deficit it affects everyone, including businesses, and the economy at-large. Since the government budget is forced to adapt to lessen the national debt, spending needs to be cut and central banks are forced to raise inflation. This reduces the spending power of individuals and can lead to significantly less economic growth. 

With spending pressures escalating, particularly across health, aged care, the NDIS and defence, Deloitte expects the underlying cash balance to be cumulatively $13 billion worse off over the four years to 2027-28, compared to mid-year forecasts. 

The underlying cash balance is a cash measure that shows whether the government has to borrow from financial markets to cover its operating activities and net investments in non-financial assets used in the provision of goods and services.

Deloitte partner and report co-author, Cathryn Lee says the fiscal challenges facing the current government will be inherited by any incoming government. 

"Ideally, the abrupt shift in the fiscal narrative would inspire a robust competition of ideas going into the election, with voters then having their say on meaningful proposals to put Australia on a firmer fiscal footing," she said.

"Unfortunately, the election is more likely to put an outsized focus on flashy proposals designed to woo voters who are focused on their day to day. This will distract from a pressing policy issue facing the nation: the fiscal holes in Australia’s medium-term budget outlook are getting bigger, not smaller. And no politician is putting forward a credible plan to plug those holes.

"Deficits will not fix themselves. Plotting a path back to surplus will require hard decisions – including around how to best raise revenues to pay for the promises that both sides of politics want to keep. Today, the Australian conversation about the right level of revenue and the right mix of taxes is barely a murmur. It’s an increasingly important conversation for the nation’s future, and the volume needs to be turned all the way up."

It should be noted that the global economic outlook has changed significantly since mid-year forecasts, as per the Australian Institute of Company Directors. 

The domestic inflation-interest rate story has also shifted, if more modestly. And the economy has just taken a hit from Cyclone Alfred. 

Despite all this, budget forecasts are likely to continue to predict a soft landing and a recovery in economic growth through this year, but it will be interesting to see to what extent the Treasury has tweaked the outlook, the AICD says.

At Mozo we help you with personal finance and budgeting. For example, if you need help saving money, our expert team hand-picks some of the top savings accounts in our database to make the task easier. 

Good morning! Welcome back to our ongoing live coverage of interest rates and personal finance.

To start with, new research from Roy Morgan shows 29% of mortgage holders are now ‘at risk’ of mortgage stress.

NAB says mortgage stress is when your home loan repayments take a serious toll on your finances, stretching your budget to breaking point. 

The research was conducted in the three months to January 2025 and represents a third straight monthly increase since October.

Keep in mind, this is still well below the record high of 36% of mortgage holders in mortgage stress reached in mid-2008.

However, the number of Australians considered ‘extremely at risk’, is now numbered at 1,043,000 (19% of mortgage holders) which is significantly above the long-term average over the last 10 years of 15%.

Those seen to be in mortgage stress has notably climbed since May of 2022 when the RBA began a cycle of interest rate increases. It moved rates up 13 straight times to the end of 2023.

Now the cash rate is at 4.10% after the RBA cut in mid-February for the first time in over four years and there's hope among those with a home loan that their costs will further decrease.

Chief executive of Roy Morgan, Michele Levine says if the Reserve Bank cuts interest rates again it will lead to lower mortgage stress going forward.

"If the RBA cuts interest rates by +0.25% to 3.85% in April, the number of mortgage holders ‘at risk’ of mortgage stress would decline to 1,547,000 (27.4% of mortgage holders) by April 2024, a fall of 86,000 on current figures," Levine said.

"The signs are good that there will be further interest rate cuts in the months ahead, as long as official estimates of inflation stay within the 2-3% target range."

Looking for a better home loan? Our experts at Mozo hand-pick some of the leading home loans in our database for you to start comparing.  

The Federal Budget is shaping up as an ‘awkward’ one, according to Westpac analysts. 

This is because until recently the timing of the election had been expected to force a hold on the announcement. Now with the Budget on again, there will be tactical considerations about which measures get incorporated, Westpac reports. 

"There is still some tension between fiscal and monetary policy which will constrain the government’s policy options." as per Westpac’s Budget Preview. "The RBA will take the Budget into account, but it is unlikely to shift the bank’s view on the outlook by much."

Westpac estimates that new measures announced will take around $10.7bn off the government’s bottom line over the next four years. These include relief measures following Cyclone Alfred, a 6-month extension of the electricity rebates and a boost to Medicare spending. 

On top of this, Westpac expects around $5bn in additional measures to be announced, of which $2bn will be in forward estimates. These will include a boost to the Future Made in Australia initiative to enhance Australia’s capacity and supply chain resilience in renewables, batteries and critical minerals. 

Furthermore, the 2024/25 underlying cash deficit is estimated to be a smaller percentage of gross domestic product, compared to the December 2024 estimate. (A budget deficit occurs when government spending exceeds government revenue in a given period, which is why it’s cited in relation to GDP). 

It should be noted that Westpac thinks the budget deficit will widen over the coming three years. 

Westpac also says the Reserve Bank will take the Budget into account, but it is unlikely to shift its outlook by much. Westpac still expects three more rate cuts this year, bringing the cash rate down to 3.35%. 

Be sure to follow our live rate tracker for more.

And that’s a wrap for today, everyone. Join us tomorrow for more interest rate and finance news, including more coverage of this week’s big news event, the Federal Budget.

From April, Ubank’s High Interest Save Account will drop to 5.10% p.a. bonus interest on savings from $0 up to $100K, the bank has announced.

The next tier up, $100,000 up to $250,000, will now get 4.65% p.a. bonus interest from April 1, down from 4.75% p.a. previously. 

The NAB-owned bank had offered one of the better bonus interest savings rates on the market at 5.50% p.a. ($0 to $100k) but reduced rates by 25 basis points in February before this latest move.

In the Mozo database, the average on bonus savings accounts is currently 4.44% p.a. 

Remember, always check the conditions of bonus savings rates products because each has minimum requirements in order to get the best rate possible.

If you're looking to switch savers, be sure to check out our Savings Accounts hub page. 

Term deposit rates are seeing some changes across major banks. Commonwealth Bank (CommBank) has lowered its rates on several term deposit specials. The 10-month special now stands at 4.50% p.a., down by 0.10%, while the 6-month and 12-month term deposits also saw a 0.10% cut, now offering 3.30% p.a. and 4.10% p.a., respectively. 

Westpac and its regional brands (St.George, BankSA, Bank of Melbourne) made a similar move, reducing the rate on their 11-month term deposit special by 0.10%. The new rate stands at 4.50% p.a. for in-branch open or renewals, or 4.60% p.a. for those who opt for online applications. It's important to note that these rates are available exclusively to existing customers, which might limit options for new clients.

These changes reflect the ongoing adjustments in the banking sector, which can impact both new investors and those renewing their deposits.

With a cash rate decision due next week, it’s helpful to stay informed. For the latest info and updates, Mozo’s live blog offers a comprehensive overview of savings and term deposit changes across Australian banks.

As the 2025 Australian Federal Budget is set to be released this week, here are five insightful questions that may provide a clearer picture of how the budget impacts both the economy and your wallet:

1. What’s the budget deficit or surplus? Expect the budget to show a deficit as the government grapples with economic challenges.
2. How will revenue be generated? The budget will highlight the key revenue streams – income tax, corporate tax, and GST.
3. Where will government spending go? Watch for details on allocations for welfare, healthcare, defence, and education.
4. What steps are being taken to control spending? The government has planned $2.1 billion in savings and budget reprioritisation.
5. How will the budget tackle cost-of-living pressures? Look for measures that provide relief, including more energy bill rebates, healthcare support, and targeted welfare adjustments.

Two of Australia’s big four banks have made rate cuts to their personal loans in both the fixed and variable categories.

Firstly, CommBank has from today cut its Unsecured Personal Loan rates by 0.25% p.a., offering rates from 7.75% p.a. for fixed loans and from 8.25% p.a. for variable loans.

The new rate range on CommBank's fixed loans is 7.75% p.a. to 19.75% p.a. (comparison rate range 9.15% p.a. to 21.05% p.a).

The new rate range on its variable loans is 8.25% p.a. to 20.25% p.a. (comparison rate range 9.64% p.a. to 21.55% p.a.).

Meanwhile, NAB has cut its Unsecured Personal Loan rates by 1% p.a., offering from 7.49% p.a. minimum rate for both fixed and variable, with no change to the maximum rates. 

The new rate range on NAB's variable loans is 7.49% p.a. to 20.49% p.a. (comparison rate range 8.53% p.a. to 21.38% p.a.)

The new rate range on its fixed loans is 7.49% p.a. to 20.49% p.a. (comparison rate range 8.53% p.a. to 21.38% p.a.).

If you're in the market for a new loan, start comparing on our Personal Loans hub page.

Good morning and welcome back to Mozo's coverage of everything interest rates! Stay tuned as we dive into this week’s news.

The first cut to official interest rates in four years has prompted more home loan borrowers to refinance their mortgages, with the latest figures from digital property exchange platform PEXA showing a notable increase in refinancing activity across Australia.

PEXA, which handles all refinancing deals for Aussie properties, reported an 8.4% rise in refinancing across Australia’s mainland states in February 2024 compared to the same month last year, according to the SMH . 

While refinancing remains below the record highs seen in 2023, it is still well above pre-pandemic averages.

States' refinancing growth (February '24 vs February '23):

PEXA chief economist Julie Toth said the increase in refinancing activity reflected how quickly borrowers responded to the Reserve Bank of Australia’s (RBA) decision to lower the cash rate to 4.1%. She noted that Australian consumers had become increasingly proactive in seeking out cheaper home loan rates, reacting swiftly to changes in interest rates.

While mortgage competition has eased since its peak in 2023, when banks competed aggressively for borrowers exiting COVID-era fixed-rate loans, analysts see early signs of competition increasing again. Recent pricing moves from major banks, including Westpac and ANZ, suggest lenders are beginning to adjust their rates to attract new customers.

If you're considering refinancing, now could be an opportune time.