RBA March meeting: Another rate cut for 2015!

By Mozo · · 2 min read
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The official cash rate has been slashed once again by 25 basis points to 2.00%, at today’s Reserve Bank of Australia board meeting.

This is the second time the RBA board has cut the official cash rate in 2015, following February’s rate cut from 2.50% to 2.25%.

The 2015 RBA rate cuts come after the official cash rate was kept on hold for 17 consecutive months - one of the longest periods of rate stability in Australian history.

So why is the RBA board slashing rates to record lows? One of the main reasons suggested by financial experts is a weak Australian economy, poor non-mining business investment and falling employment.

Governor Glenn Stevens said in a statement xx

Home loan hotspots

Was your home loan lender naughty or nice after February’s rate cut? Mozo’s number crunchers were on the case and found that most home loan providers passed on the full 25 basis point rate cut to customers, with Westpac taking it one step further cutting all its variable rates by 0.28%.

Leading the charge with the best variable rate for home loans over $500,000 and an LVR below 80% was eMoney cutting itsPrime Propack home loan by 25 basis points to a market low 4.20%.

In the fixed rate home loan world, Newcastle Permanent’s took out the top spot for its 1, 2 and 3 year fixed rates at 3.89%, 4.04% and 4.09%. As well as 4 and 5 year fixed rate home loans at 4.29%.

Want to see more great rate home loans? Discover your best borrowing match, in Mozo’s home loan comparison tables here.

Savings saviours

While home owners and investors across the country are sure to be cheering at today’s RBA rate cut, times are tough for savers, as savings accounts risk more rate cuts.

After last month’s RBA rate cut, all of the big four banks slashed their savings account rates by 25 basis points, along with 45 other savings account providers. But that doesn’t mean you can’t get a decent return from a savings account, it’s just about finding the right one.

While UBank cuts its USaver with Ultra Transaction Account to 3.77%, making it now the third best conditional ongoing rate, thankfully two of Australia’s best savings account providers, decided to leave their ongoing savings account interest rates as is.

ING DIRECT kept its Savings Maximiser at a market best 4.00%, as long as you link it with your Orange Everyday Account and deposit $1,000 or more a month. And RAMS’ 3.91% ongoing interest rate continued to shine, as long as you don't make any withdrawals and deposit at least $200 each month.

If meeting conditions isn’t your thing, then check out Rural Bank ONE's Saver with a 3.00% interest rate, the best non-conditional savings account rate in the market.

Want to see the other savings account saviours? Then search the savings account market today!

Read last month's Reserve Bank interest rates update.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 5 December 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • First Home Buyer Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Offset available
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable
    Comparison rate
    5.04 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • 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)

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.09 % p.a.
    Fixed 2 years
    Comparison rate
    5.43 % p.a.
    Initial monthly repayment
    $2,712
    Go to site
    • 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.

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • 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

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.33 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.39 % p.a.
    Variable
    Comparison rate
    5.42 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
Showing 6 results from 380 home loans. Use the filters to see more

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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.

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.