RBA opts for the safe bet: keeps rates on hold at 1.50%
Interest rates have been kept on hold at 1.50% again this month in new Governor Philip Lowe’s first cash rate announcement.
In a statement, Lowe said, "Inflation remains quite low. Given very subdued growth in labour costs and very low cost pressures elsewhere in the world, this is expected to remain the case for some time."
He also mentioned that, "Separately, a number of lenders are also taking a more cautious attitude to lending in certain segments. Growth in lending for housing has slowed over the past year."
No one was surprised that with no major economic changes to shake things up, the Reserve Bank opted to play it safe at the October Board meeting - experts almost unanimously disregarded the chance of a change this month, betting instead on a November rate cut.
At that point, after new data on inflation is made available in late October, the RBA will be in a position to re-evaluate and consider the benefits of a further rate cut.
Home loans up in the air
Although many lenders were still gradually lowering rates throughout September, others, reported Mozo Data Manager Peter Marshall, instead made increases.
Despite that, there are still some good deals to be found for savvy borrowers who keep on their toes. Check out where all the best home loan action is this month in the tables below:
| Mozo's Pick of the Month | ||
|---|---|---|
| <a href="https://mozo.com.au/home-loans/information/ubank" data-ldtx_html="UBank " class="ldtx-link-good ldtx-link-good-sameDomain-follow" data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="0">UBank UHomeloan (Mozo's <a href="https://mozo.com.au/expertschoice/home-loans" data-ldtx_html="Experts Choice Award " data-ldtx_powertrust="6" data-ldtx_trust="2" data-ldtx_power="3" class="ldtx-link-good ldtx-link-good-sameDomain-follow">Experts Choice Award Winner 2016) | 3.64% | 3.64% |
*All home loan rates based on owner occupiers with an LVR of 80%
Best fixed rate home loan offers
- 1 year – 3.59% from <a href="https://mozo.com.au/home-loans/information/greater-bank" data-ldtx_html="Greater Bank " class="ldtx-link-good ldtx-link-good-sameDomain-follow" data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="1">Greater Bank (comparison rate 4.42%)
- 2 years – 3.59% from QT Mutual Bank (comparison rate 4.42%)
- 3 years – 3.59% from <a href="https://mozo.com.au/home-loans/information/bank-of-queensland" data-ldtx_html="Bank of Queensland " data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="0" class="ldtx-link-good ldtx-link-good-sameDomain-follow">Bank of Queensland (comparison rate 4.99%) and <a href="https://mozo.com.au/home-loans/information/police-credit-union" data-ldtx_html="Police Credit Union " data-ldtx_powertrust="4" data-ldtx_trust="2" data-ldtx_power="2" class="ldtx-link-good ldtx-link-good-sameDomain-follow">Police Credit Union (comparison rate 4.80%)
- 4 years – 3.74% from <a href="https://mozo.com.au/home-loans/information/greater-bank" data-ldtx_html="Greater Bank " class="ldtx-link-good ldtx-link-good-sameDomain-follow" data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="1">Greater Bank (comparison rate 4.34%)
- 5 years – 3.74% from <a href="https://mozo.com.au/home-loans/information/greater-bank" data-ldtx_html="Greater Bank " class="ldtx-link-good ldtx-link-good-sameDomain-follow" data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="1">Greater Bank (comparison rate 4.32%)
You can find all the other great home loan offers available in our <a href="https://mozo.com.au/home-loans" data-ldtx_html="home loan comparison " data-ldtx_powertrust="12" data-ldtx_trust="3" data-ldtx_power="4" class="ldtx-link-good ldtx-link-good-sameDomain-follow">home loan comparison table.
Savings accounts an outside bet
Even without another rate cut it’s dire times for savers, with interest rates on saving accounts low and getting lower. In September, any action in this arena was mainly banks making further cuts - even term deposit rates, which saw a refreshing rise in August, were slumping once more. But it’s not all bad, and we’ve rounded up some of the best places to stash your cash.
Best savings accounts
| Product | Interest rate | Special conditions |
|---|---|---|
| <a href="https://mozo.com.au/savings-accounts/information/rabobank" data-ldtx_html="RaboDirect High Interest Savings Account " data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="1" class="ldtx-link-good ldtx-link-good-sameDomain-follow">RaboDirect High Interest Savings Account | 3.20% | Introductory rate for the first 4 months |
| <a href="https://mozo.com.au/savings-accounts/information/australian-unity" data-ldtx_html="Australian Unity Easy Saver " data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="0" class="ldtx-link-good ldtx-link-good-sameDomain-follow">Australian Unity Easy Saver | 3.15% | Introductory rate for the first 4 months |
| <a href="https://mozo.com.au/savings-accounts/information/rams" data-ldtx_html="RAMS Saver Account " data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="3" class="ldtx-link-good ldtx-link-good-sameDomain-follow">RAMS Saver Account | 3.15% | With a minimum deposit of $200 and no withdrawals in the month |
| <a href="https://mozo.com.au/savings-accounts/information/me" data-ldtx_html="ME Online Savings Account " data-ldtx_powertrust="2" data-ldtx_trust="1" data-ldtx_power="2" class="ldtx-link-good ldtx-link-good-sameDomain-follow">ME Online Savings Account | 3.10% | When you make a weekly Tap & Go purchase with your <a href="https://mozo.com.au/bank-accounts/information/me" data-ldtx_html="ME Everyday Transaction Account " class="ldtx-link-good ldtx-link-good-sameDomain-follow" data-ldtx_powertrust="1" data-ldtx_trust="1" data-ldtx_power="1">ME Everyday Transaction Account Debit MasterCard |
| <a href="https://mozo.com.au/savings-accounts/information/citibank" data-ldtx_html="Citibank Online Saver" class="ldtx-link-good ldtx-link-good-sameDomain-follow" data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="0">Citibank Online Saver | 3.05% | Introductory rate for the first 4 months |
Best Term Deposits
- 5 months - <a href="https://mozo.com.au/term-deposits/information/goldfields-money" data-ldtx_html="Goldfields Money " class="ldtx-link-good ldtx-link-good-sameDomain-follow" data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="0">Goldfields Money - 2.95%
- 9 months - <a href="https://mozo.com.au/term-deposits/information/credit-union-sa" data-ldtx_html="Credit Union SA " data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="0" class="ldtx-link-good ldtx-link-good-sameDomain-follow">Credit Union SA - 3.00%
- 11 months - <a href="https://mozo.com.au/term-deposits/information/bankwest" data-ldtx_html="Bankwest " data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="0" class="ldtx-link-good ldtx-link-good-sameDomain-follow">Bankwest - 3.00%
- 1 year - Big Sky - 3.05%
- 2 years - <a href="https://mozo.com.au/term-deposits/information/anz" data-ldtx_html="ANZ " class="ldtx-link-good ldtx-link-good-sameDomain-follow" data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="1">ANZ (advance notice term deposit) and <a href="https://mozo.com.au/term-deposits/information/peoples-choice-credit-union" data-ldtx_html="People's Choice Credit Union " class="ldtx-link-good ldtx-link-good-sameDomain-follow" data-ldtx_powertrust="0" data-ldtx_trust="0" data-ldtx_power="1">People's Choice Credit Union - 3.20%
To find more great places to park your stash, check out our <a href="https://mozo.com.au/savings-accounts" data-ldtx_html="saving accounts comparison " class="ldtx-link-good ldtx-link-good-sameDomain-follow" data-ldtx_powertrust="12" data-ldtx_trust="3" data-ldtx_power="4">saving accounts comparison table, and to keep up to date with the world of finance, don’t forget to subscribe to our monthly newsletter, the Mozo Banking Roundup
Read last month's Reserve Bank interest rates update.
-
Promoted
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
Unloan Variable Home Loan
- Owner occupier
- Principal & Interest
- 20% min deposit
- Redraw available
Go to site- Interest rate
-
5.19
%
p.a.
Variable
- Comparison rate
-
5.10
%
p.a.
- Initial monthly repayment
-
$2,742
- The first home loan with an automatic loyalty discount (conditions apply)
- No application or banking fees
- Built by CommBank
- interest rate
-
5.19% p.a. (5.10% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
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-
- Other benefits
-
Rate automatically discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special Offers
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Read reviews and learn more about Unloan home loans
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First Home Buyer Loan
- Owner occupier
- Principal & Interest
- 5% min deposit
- For first home buyers
- Offset available
- Redraw available
Go to site- Interest rate
-
4.99
%
p.a.
Variable
- Comparison rate
-
5.04
%
p.a.
- Initial monthly repayment
-
$2,681
- Competitive interest rate – 4.99% p.a. (comparison rate* 5.04% p.a.)
- Offset account to reduce interest and save on repayments
- No establishment or monthly fees, plus valuation fees waived up to $1,000 (limited time)
- interest rate
-
4.99% p.a. (5.04% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
-
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$100.00
- Offset account
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yes
- Split account
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yes
- Other restrictions
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First home buyers only. Legal, valuation and settlement fees at cost. New rate offer for new business only offer ends on 15th Dec 2025.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about G&C Mutual Bank home loans
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Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
Go to site- Interest rate
-
5.09
%
p.a.
Fixed 2 years
- Comparison rate
-
5.43
%
p.a.
- Initial monthly repayment
-
$2,712
- No ongoing annual fees
- Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
- Lock in for up to 5 years.
- interest rate
-
1 year - 5.24% p.a. (5.48% p.a. comparison rate)
2 years - 5.09% p.a. (5.43% p.a. comparison rate)
3 years - 5.29% p.a. (5.46% p.a. comparison rate)
4 years - 5.69% p.a. (5.58% p.a. comparison rate)
5 years - 5.69% p.a. (5.60% p.a. comparison rate)
- Fixed loan revert rate
-
5.48% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Additional repayments allowed up to $25,000 during the fixed period.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site -
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
Unloan Variable Home Loan
- Owner occupier
- Principal & Interest
- 20% min deposit
- Redraw available
Go to site- Interest rate
-
5.19
%
p.a.
Variable
- Comparison rate
-
5.10
%
p.a.
- Initial monthly repayment
-
$2,742
- The first home loan with an automatic loyalty discount (conditions apply)
- No application or banking fees
- Built by CommBank
- interest rate
-
5.19% p.a. (5.10% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
Rate automatically discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special Offers
-
-
Read reviews and learn more about Unloan home loans
Go to site -
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
- Investor Home Loan - 2025
Discount Great Rate Home Loan
- Owner occupier
- Principal & Interest
- 20% min deposit
- Redraw available
- Cashback
Go to site- Interest rate
-
5.19
%
p.a.
Variable
- Comparison rate
-
5.20
%
p.a.
- Initial monthly repayment
-
$2,742
- Get up to $3,000 cashback when you apply online (T&Cs apply)
- No paperwork or payslips required (see site for details)
- Low variable rate
- interest rate
-
5.19% p.a. (5.20% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$180.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
-
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal fees charged at cost.
- Other benefits
-
-
- Special Offers
-
Apply online cashback offer $2,500 for new loans of $250,000-$499,999 or $3,000 cashback for $500,000 or more for purchases or refinancing, LVR <80%. Up to $2,500 cashback for refinancers or first home buyers for applications made with lenders. T&Cs apply
Read reviews and learn more about Greater Bank home loans
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Mozo experts choice awards won:
- First Home Buyer Loan - 2025
Variable Home Loan 90
- Owner occupier
- Principal & Interest
- 10% min deposit
- Offset available
- Redraw available
Go to site- Interest rate
-
5.29
%
p.a.
Variable
- Comparison rate
-
5.33
%
p.a.
- Initial monthly repayment
-
$2,773
- No monthly or ongoing fees
- Option to add an offset for 0.10% p.a.
- interest rate
-
5.29% p.a. (5.33% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$530.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
$2,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
Offset sub-account available for additional +0.10%. $300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about loans.com.au home loans
Go to site -
Offset Home Loan
- Owner occupier
- Principal & Interest
- 40% min deposit
- Offset available
- Redraw available
Go to site- Interest rate
-
5.39
%
p.a.
Variable
- Comparison rate
-
5.42
%
p.a.
- Initial monthly repayment
-
$2,805
- No ongoing monthly loan maintenance fees to pay.
- Pre-approval valid for 3 months
- interest rate
-
5.39% p.a. (5.42% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
n/a
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
yes
- Split account
-
-
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site
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* 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. You can change the loan amount and term in the input boxes at the top of this table. 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.
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