October RBA Decision: Global uncertainty halts rates

With offshore global pressures bearing down on the Australian economy, the RBA has for the tenth consecutive meeting kept the cash rate steady at 4.75%.

Govenor, Glenn Stevens stated that “with labour market conditions now a little softer and households more concerned about the possibility of unemployment rising, the likelihood of a significant acceleration in labour costs outside the resources and related sectors is lessening.”

European and US recession concerns and the slowing Chinese growth have been contributing factors to the RBA’s decision to maintain the cash rate. However, many economists are predicting a rate cut in the near future on the back of the falling Aussie dollar, a decrease in the housing market and increases in the employment rate.

Switch to the best rated.

Despite the global financial outlook, home owners can benefit by taking advantage of the great home loan deals on offer. Just compare home loans to see how much you can save by switching today.

Check out Mozo's People's Choice Awards to see how your bank stacks up. The Greater Building Society topped the charts as having the best rated home loan products by their customers. By becoming a member of Mozo’s top rated home loan provider you could save up to $50,712 on a $300,000 loan over 25 years, when compared to ANZ’s 7.80% standard variable rate loan.

Want to see how your home loan rates against the market? Use the Mozo home loan health check calculator to compare your current loan to the market's top 5, to see how you can save by switching.

Read last month's Reserve Bank interest rates update.

Top home loans - last updated 16 January 2022

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Smart Booster Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.variable for 24 months and then 2.25% p.a. variable
    2.21% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

    Details
  • Mozo Expert Choice Badge
    UHomeLoan - Discount Offer
    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.

    Details
  • Mozo Expert Choice Badge
    Celebrate Variable Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

    Details
  • Variable Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Same low variable rate for all. No upfront or ongoing fees. Approval in minutes not weeks with a fast digital application. 100% offset sub account with no account or redraw fees. Comes with a Visa debit card, mobile App, and digital wallet (Apple and Google Pay). Refinance only. 25% deposit or equity required.

    Details
  • Mozo Expert Choice Badge
    Variable Home Loan Special
    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    2.02% p.a.

    Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 31st January 2022. Low Cost Home Loan winner in the Mozo's Experts Choice award 2021.

    Details

* 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.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.