No fooling around for RBA: Cash rate remains at 2.50% at April meeting

By Mozo ·

The Reserve Bank of Australia board surprised no one with the announcement today that it was keeping the official cash rate at 2.50% for the eighth consecutive month.

Governor Glenn Stevens in his statement said that monetary policy "is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target" and that the most prudent course is "likely to be a period of stability in interest rates."

Borrower bargains

With housing prices continuing to soar nationwide, it's good news that interest rates remain at record lows. Banks are competing aggressively for new business so borrowers are in the hot seat when it comes to choice of lenders.

The market's best home loan rates are still with the non-majors. Loans.com.au has the lowest variable rate at 4.49% (4.51% comparison). The best fixed rates are with IMB (1 year at 3.99%) and eMoney (2 years at 4.65%).

Finding out how much you could save by switching loans doesn't have to be difficult. Try Mozo's Switch & Save Calculator. We've done all the hard work so that all you need to do is type in a few simple details like loan size and we'll show you how much you could save by switching.

If you want to talk to a home loan expert directly, try our free home loan negotiator service by calling 13 MOZO (13 6696).

Savers Saviours

Savings rates in general remain in the doldrums but there are still some providers who are offering special rates above 4.00% if you meet set criteria.

UBank USaver with Ultra will pay 4.62% as long as you deposit $2000 a month into the account and if you deposit at least $200 and make no withdrawals you'll get 4.11% interest with the RAMS saver. Other top offers include ME Bank's Online Savings Account which will pay 4.60% bonus interest for 5 months (must be linked to ME everyday transaction account) and ING Direct's 4.35% bonus welcome rate for 4 months.

To compare all savings rates head over to our savings account comparisons here

Read last month's Reserve Bank interest rates update.

Top home loans - rates updated daily

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • 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. variable
    2.47% 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.

    Go to site
    Details
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 2 years
    2.56% 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.

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    Details
  • Mozo Experts Choice 2020
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.19% 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.

    Go to site
    Details
  • Mozo Experts Choice 2020
    UHomeLoan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.75% p.a.
    fixed 3 years
    2.22% 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.

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    Details
  • Mozo Experts Choice 2020
    Discount Great Rate Home Loan (Fixed, Owner Occupier, Principal & Interest)

    LVR<90%, over $150k

    interest rate
    comparison rate
    Initial monthly repayment
    1.69% p.a.
    fixed 1 year
    3.49% 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.

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    Details

*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.

^See information about the Mozo Experts Choice Home Loans Awards

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