All bets off as Reserve Bank keeps rates on hold

As history has proved time and time again, there is no safe bet on Melbourne Cup day. Today, the reserve bank stunned the nation's punters, economists, and banks alike at 2.30pm when it announced the official cash rate would be kept on hold at 4.75% for another month.

This is the longest period without a change in the last 5 years and the first time the reserve bank hasn't moved on a Melbourne Cup day since 2005.

In his statement, Governor Glenn Stevens referred to...

Snap up a bargain home loan

Just as now is a great time to snap up some early Christmas bargains for your friends and family, it's an even better time to shop around for a new home loan. You could literally save thousands (and fund Christmas for the next 10 years) by switching to a more competitive home loan.

This year alone, homeowners who have run their home loan through the Mozo Health Check Tool (on average) had potential savings of over $39,000 on their home loan by switching to a better deal. Give your home loan a health check now.

For instance, on a $300,000 loan over 25 years by switching from say Westpac's Rocket Repay Home Loan to one of the market's top 5 best rates you could save over $90,000!

Fixed or Variable?

In recent months many home loan lenders have cut fixed rates meaning that now is a great time to lock in a low fixed rate loan.

Standard variable rates of the Big 4 banks range from 7.67 to 7.86% p.a. Right now borrowers can lock in a one or three year fixed rate for well under 7%. Even if you take into account a .25% drop many fixed rate loans are still cheaper. One year fixed rates start at 5.89 for the Better Options Fixed. Lenders with rates under 7% include Greater Building Society (5.94%) , Newcastle Permanent (5.99%) and Resi (5.99%).

Three year fixed rates start at 5.89% for the Better Option fixed rate loan. Lenders with rates 6.3% and under include Newcastle Permanent (5.99%), Citibank (6.25%), ANZ (6.28%), ING Direct (6.29%) and Greater Building Society (6.30%). Search the fixed rate home loan market now.

Compare all home loans on Mozo in one quick step.