RBA leaves interest rates on hold at 1.50% this Melbourne Cup Day

If you bet on the Reserve Bank leaving the cash rate unchanged on Melbourne Cup Day, then come forward to collect your winnings.

As expected, the official cash rate has remained on hold at 1.50% for November, largely, it seems, because there was no strong case for a change up or down.

This is the sixth year in a row that the RBA has held rates steady on race day, despite November historically being a favourite time for rate changes, with moves from the RBA every year from 2006 to 2011, and Australia’s last rate rise in November 2010.

According to Mozo Data Manager Peter Marshall, with Central Banks in the UK and US lifting rates recently and domestic economic indicators starting to look up, the next move from the RBA may well be a rate rise.

“At the moment, the chances of the Reserve Bank starting to push rates up are looking good. Having said that, I wouldn’t expect it to happen for another 6 months or so, and a lot could change between now and then,” he said.

Home loan borrowers can pick a winner

Home loan lenders started cutting rates last month, and this month has continued the trend. In fact, as lenders slash rates, there’s a new frontrunner on the home loan scene with a rock bottom variable rate of 3.39%.

Yet again, owner-occupiers making principal and interest repayments came out on top with most of the recent rate cuts, particularly on variable rate mortgages and short fixed terms of 1 or 2 years.

Check out these hot home loans for November and pick yourself a winner:

Best variable rate home loan offers

Head over to our comparison table to see other top variable rate home loans.

Best fixed rate home loan offers

  • 1 year - 3.49% - Greater Bank (comparison rate: 4.47%)
  • 2 year - 3.65% - IMB Bank (comparison rate: 4.84%)
  • 3 year - 3.69% - Auswide Bank (comparison rate: 4.87%), Move (comparison rate: 3.96%)
  • 4 year - 3.99% - Greater Bank (comparison rate: 4.48%)
  • 5 year - 3.99% - Greater Bank (comparison rate: 4.47%) Suncorp (comparison rate: 3.88%)

Check out other fixed rate home loan options in our comparison table.

Rates for savers are off the pace

On the other side of things, savers aren’t quite so lucky. Most rate changes over the past month have been rate cuts, a trend continuing on from previous months. And although the next RBA change is set to be a rate increase, that may not happen until mid-way through next year.

So if you’re looking to grow your rainy day fund (with something a little more secure than a bet on the horses) then it’s more important than ever to make sure it’s sitting in the best possible savings account or term deposit.

Best savings accounts

  • RAMS Saver Account - 3.00% (with a minimum deposit of $200 and no withdrawals in the month)
  • ME Online Savings Account - 2.95% (when you make a weekly Tap & Go purchase with your ME Everyday Transaction Account Debit MasterCard)
  • UBank USaver - 2.87% (with a minimum deposit of at least $200 per month to linked transaction account)
  • Australian Unity Active Saver - 2.80% (with a minimum deposit of $250 and no withdrawals in the month)

Check out our savings account comparison table to find other high interest options.

Best term deposits

Check out other great term deposit options with our term deposit search tool.

Read last month's Reserve Bank interest rates update.

Top home loans - last updated 9 December 2023

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
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    Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.

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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.

^See information about the Mozo Experts Choice Home Loan Awards

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