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/UHomeLoan---Offer/3790" 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/best-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/Ultimate-Home-Loan-Fixed,-Package/3796" 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/Fixed-Rate-Privileges-Package/3476" 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/Fixed-Rate-Home-Loan/6110" 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/Ultimate-Home-Loan-Fixed,-Package/3796" 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/Ultimate-Home-Loan-Fixed,-Package/3796" 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

ProductInterest rateSpecial conditions
<a href="https://mozo.com.au/savings-accounts/information/rabodirect/High-Interest-Savings-Account/3924" 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 Account3.20%Introductory rate for the first 4 months
<a href="https://mozo.com.au/savings-accounts/information/australian-unity/Easy-Saver/6274" 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 Saver3.15%Introductory rate for the first 4 months
<a href="https://mozo.com.au/savings-accounts/information/rams/Saver-Account/4073" 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 Account3.15%With a minimum deposit of $200 and no withdrawals in the month
<a href="https://mozo.com.au/savings-accounts/information/me/Online-Savings-Account/3925" 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 Account3.10%When you make a weekly Tap & Go purchase with your <a href="https://mozo.com.au/bank-accounts/information/me/Everyday-Transaction-Account/4167" 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/Online-Saver/3995" 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 Saver3.05%Introductory rate for the first 4 months

Best Term Deposits

  • 5 months - <a href="https://mozo.com.au/term-deposits/information/goldfields-money/Term-Deposit/6303" 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/Term-Deposit/4351" 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/Gold-Term-Deposit/4848" 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/Advance-Notice-Term-Deposit/5404" 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/Term-Deposit/4363" 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.

Top home loans - last updated 17 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

    Compare
    Details
  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.37% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    Compare
    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

    Compare
    Details
  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

    Compare
    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. 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.

^See information about the Mozo Experts Choice Home Loan Awards

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.