Reserve Bank keeps rate steady
- Official Cash rate remains at 4.75%
- Flood impacts cited as key factor
- Rate rises still expected later in the year
It was a scorching hot day in Sydney today, but Glenn Stevens was his calm, cool and collected self when he announced the Reserve Bank Board’s decision not to lift the official cash rate.
With December’s CPI coming in at 2.3%, well within the RBA’s target range of 2-3%, there was seemingly no immediate need to lift the official cash rate, a fact confirmed by today’s decision. Governor Stevens also cited the economic uncertainty and impact created by the floods across Queensland and Victoria as a key factor in holding off raising rates.
For once the pundits were on the money, with ABC, Fairfax and News Ltd journalists all concurring in the lead up that a rise today was extremely unlikely. That being said, most are penciling in at least one or two hikes this year, so it will be interesting to see how their predictions pan out as the year unfolds.
As for the banks?
We all know the banks can’t be trusted to tow the line, particularly given their actions post-Melbourne Cup. To their credit, they played ball in December, but can they keep it up?
Keep your eyes here as Mozo’s rate chasers bring you all the latest news from the banking front lines.
How long before the Reserve Bank moves on interest rates again? Find out or join the conversation at the new Mozo Answers now!
Read last month's Reserve Bank interest rates update.
Top home loans - rates updated daily
Smart Booster Home Loan
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
Initial monthly repayment
1.99% p.a.variable for 12 months and then 2.48% p.a. variable2.47% p.a.A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
Smart Booster Home Loan
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
- interest rate
- 1.99% p.a.variable for 12 months and then 2.48% p.a. variable
- comparison rate
- 2.47% p.a.
- Upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - with 0.10% additional interest
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $1,000,000
- type of mortgage
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- Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Smart Booster Home Loan
Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
interest rate
comparison rate
Initial monthly repayment
2.09% p.a.
fixed 2 years2.56% p.a.Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
Basic Home Loan
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
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fixed 2 years
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- 2.56% p.a.
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- Redraw facility
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- Offset account
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Read our Mozo Review to learn more about the Basic Home Loan
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
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comparison rate
Initial monthly repayment
2.19% p.a. variable2.19% p.a.Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.
Celebrate Variable Home Loan
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.
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- 2.19% p.a.
- Upfront fees
- $0
- Ongoing fees
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- Discharge Fee
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- Extra repayments
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- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
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- Principal & Interest
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Read our Mozo Review to learn more about the Celebrate Variable Home Loan
UHomeLoan
Owner Occupier, Principal & Interest
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Initial monthly repayment
1.75% p.a.
fixed 3 years2.22% p.a.$0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
UHomeLoan
$0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
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fixed 3 years
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- Extra repayments
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- Redraw facility
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- Offset account
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- Maximum loan to value ratio
- 80.00%
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- $100,000
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- type of mortgage
- Fixed
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- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
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Read our Mozo Review to learn more about the UHomeLoan
Discount Great Rate Home Loan (Fixed, Owner Occupier, Principal & Interest)
LVR<90%, over $150k
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Initial monthly repayment
1.69% p.a.
fixed 1 year3.49% p.a.Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only. Mozo Experts Choice Awards - Home Lender Bank of the Year 2020.
Discount Great Rate Home Loan
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only. Mozo Experts Choice Awards - Home Lender Bank of the Year 2020.
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- Maximum loan to value ratio
- 90.00%
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- type of mortgage
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Read our Mozo Review to learn more about the Discount Great Rate Home Loan
^See information about the Mozo Experts Choice Home Loans Awards
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