RBA April decision: Cash rate remains at 3.0%
The Reserve Bank of Australia has kept the cash rate on hold for the fourth consecutive month at 3.0%.
The decision to keep rates where they are comes as no surprise. In his statement Glenn Stevens said that the easing of monetary policy during late 2011 and 2012 is having an expansionary effect on the economy. However the exchange rate remains higher than might have been expected, given the observed decline in export prices. The Board would continue to assess the outlook and adjust policy as needed but felt it was prudent to leave the cash rate unchanged.
Is this the bottom of the rates cycle?
Glenn and Co at the RBA did today again state that the inflation outlook would afford scope to ease policy further should that be necessary to support demand. Some economists still believe there is room for a further 25 basis point rate cut later in the year but we are already seeing some indicators that suggest that lenders are starting to move their home loan rates higher.
Westpac is one lender that has increased its fixed rate home loans in recent weeks. Fixed rate loans are still at historically low levels and in the Mozo database we currently have 18 providers that have 1 year fixed rates at or below 5%. See here for fixed rate home loans.
On the variable rate side, if you are refinancing and have over 80% LVR UBank offers the best variable rate at 5.12%. Loans.com.au has lifted its rate from 5.08% to 5.22% on the Blackboard Special home loan but even at 5.22%, this is still the best rate for new loans and a LVR over 80%. Check out our variable rate home loans page for more variable rate deals.
What to do with your savings?
Good news is that unlike the savers of Cyprus, we have a government guarantee on deposits of up to $250,000. If you have some cash that you want to put away right now you'll get the best return on your money from RAMs with its Saver account at 5.01% but there are minimum monthly deposit requirements of $200 or more. ING also have a 5.00% rate for its Savings Maximiser account for the first 4 months.
If you want to lock away your money for a set term, the best 1 year term deposit rate is 4.55% with ME bank and the best 5 year rate is 5.00% with RaboDirect.
See here for savings account or compare term deposits.Read last month's Reserve Bank interest rates update.
-
Promoted
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
5.90
%
p.a.
- Initial monthly repayment
-
$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- interest rate
-
5.99% p.a. (5.90% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
Rate discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special Offers
-
-
Read reviews and learn more about Unloan home loans
Go to site -
Promoted
Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
- Interest rate
-
5.55
%
p.a.
Fixed 2 years
- Comparison rate
-
6.28
%
p.a.
- Initial monthly repayment
-
$2,855
Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Fast approval times. Min 30% deposit required. Borrow up to $10,000,000.
- interest rate
-
1 year - 5.69% p.a. (6.34% p.a.*)
2 years - 5.55% p.a. (6.28% p.a.*)
3 years - 5.55% p.a. (6.22% p.a.*)
4 years - 5.69% p.a. (6.23% p.a.*)
5 years - 5.69% p.a. (6.20% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge Fee
-
$400.00
- Package
-
Package
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Promoted
Mozo experts choice awards won:
- First Home Buyer Loan - 2025
Variable Home Loan 90
- Principal and Interest
- LVR <90%
- Interest rate
-
6.04
%
p.a.
Variable
- Comparison rate
-
6.08
%
p.a.
- Initial monthly repayment
-
$3,011
Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.
- interest rate
-
6.04% p.a. (6.08% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$530
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
$2,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
Offset sub-account available for additional +0.10%. $300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about loans.com.au home loans
Go to site
-
Basic Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR<70%
- Interest rate
-
5.55
%
p.a.
Fixed 2 years
- Comparison rate
-
6.05
%
p.a.
- Initial monthly repayment
-
$2,855
No upfront or ongoing fees. Free extra repayments and redraw facility. Fast approval times. Min 30% deposit required. Borrow up to $10,000,000.
- interest rate
-
1 year - 5.69% p.a. (6.12% p.a.*)
2 years - 5.55% p.a. (6.05% p.a.*)
3 years - 5.55% p.a. (6.00% p.a.*)
4 years - 5.69% p.a. (6.00% p.a.*)
5 years - 5.69% p.a. (5.97% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge Fee
-
$400.00
- Package
-
-
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
- Interest rate
-
5.55
%
p.a.
Fixed 2 years
- Comparison rate
-
6.28
%
p.a.
- Initial monthly repayment
-
$2,855
Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Fast approval times. Min 30% deposit required. Borrow up to $10,000,000.
- interest rate
-
1 year - 5.69% p.a. (6.34% p.a.*)
2 years - 5.55% p.a. (6.28% p.a.*)
3 years - 5.55% p.a. (6.22% p.a.*)
4 years - 5.69% p.a. (6.23% p.a.*)
5 years - 5.69% p.a. (6.20% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge Fee
-
$400.00
- Package
-
Package
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.20
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.30% p.a.*)
2 years - 5.69% p.a. (6.20% p.a.*)
3 years - 5.69% p.a. (6.16% p.a.*)
4 years - 5.89% p.a. (6.19% p.a.*)
5 years - 5.89% p.a. (6.17% p.a.*)
- Fixed loan revert rate
-
6.24% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
- Interest rate
-
5.74
%
p.a.
Fixed 2 years
- Comparison rate
-
6.16
%
p.a.
- Initial monthly repayment
-
$2,915
Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.
- interest rate
-
1 year - 6.49% p.a. (6.28% p.a.*)
2 years - 5.74% p.a. (6.16% p.a.*)
3 years - 6.29% p.a. (6.27% p.a.*)
4 years - 6.49% p.a. (6.35% p.a.*)
5 years - 6.49% p.a. (6.37% p.a.*)
- Fixed loan revert rate
-
6.23% p.a.
- Upfront fees
-
$300
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Additional repayments allowed up to $25,000 during the fixed period.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site -
Fixed Rate Home Loan
- Owner Occupier
- LVR<80%
- Interest rate
-
5.74
%
p.a.
Fixed 2 years
- Comparison rate
-
6.21
%
p.a.
- Initial monthly repayment
-
$2,915
Get repayment security with fixed rates from one to five years. Free extra repayments of up to $25,000 during the fixed rate period. Fix a portion of your loan and leave the rest variable. Choose to repay weekly, fortnightly, or monthly.
- interest rate
-
1 year - 6.54% p.a. (6.34% p.a.*)
2 years - 5.74% p.a. (6.21% p.a.*)
3 years - 6.39% p.a. (6.35% p.a.*)
4 years - 6.49% p.a. (6.39% p.a.*)
5 years - 6.49% p.a. (6.41% p.a.*)
- Fixed loan revert rate
-
6.29% p.a.
- Upfront fees
-
$300
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
Go to site -
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
- Investor Home Loan - 2025
Everyday Home Loan
- Owner Occupier
- LVR <80%
- Interest rate
-
5.94
%
p.a.
Variable
- Comparison rate
-
5.99
%
p.a.
- Initial monthly repayment
-
$2,978
- interest rate
-
5.94% p.a. (5.99% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$600
- Ongoing fees
-
$0.00
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$100,000
- maximum borrowing amount
-
$3,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$1.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
To be eligible for this rate, a salary credit of $1500 a month must be deposited into a MOVE Bank transaction account. Interest Only monthly repayment available for construction only for a maximum of 12 months
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about MOVE Bank home loans
Go to site -
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
5.90
%
p.a.
- Initial monthly repayment
-
$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- interest rate
-
5.99% p.a. (5.90% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
Rate discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special Offers
-
-
Read reviews and learn more about Unloan home loans
Go to site
Your selected reserve bank interest rates
* 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.