All quiet on the Reserve Bank front

  • Official Cash rate remains at 4.75%
  • Political and Environmental impacts cited as key factors
  • Rate rises still expected later in the year

For the third straight month Governor Glenn Stevens has kept his rate gun holstered, as the Reserve Bank of Australia decided not to increase the official cash rate this afternoon. Governor Stevens cited the economic uncertainty and impact created by the natural disasters across both Australia and New Zealand as well as political instability in the Middle East and Africa as a key factors in holding off raising rates.

It came as no surprise, with economists and experts from the ABC, Fairfax and News Ltd journalists all all declaring that there was slim to no chance of a rise today. Despite this predictable result, an economy with near full employment and strong resources sector means a rate rise is looming over the coming months.

As for the banks?

Just because the Reserve Bank hasn’t moved it certainly does’t mean the banks won’t. The home loan war has intensified of late, will anyone dare sticking their necks out and making a move? Keep your eyes here as Mozo’s rate chasers bring you all the latest news as it happens.

How much longer till 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

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    Variable Home Loan

    Owner Occupier, Principal & Interest

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    1.99% p.a. variable
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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, 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.

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