RBA holds interest rates steady at 1.50% for Easter

Unsurprisingly, the Reserve Bank announced today that interest rates would stay put at 1.50% for April.

This was the popular prediction for this month’s decision, with most economists expecting that Australia won’t see another official cash rate change until late this year, or even 2018.

In his statement, Reserve Bank Governor Philip Lowe said there were a number of positive economic indicators and that, “The outlook continues to be supported by the low level of interest rates."

Steep property prices have been a concern for regulation authorities lately, but given the widespread out-of-cycle rate hikes by banks and recent lending restrictions imposed by APRA it’s likely the Reserve Bank will avoid making a move for the near future.

In his statement, Lowe said, "Growth in household borrowing, largely to purchase housing, continues to outpace growth in household income. By reinforcing strong lending standards, the recently announced supervisory measures should help address the risks associated with high and rising levels of indebtedness."

Mortgage rate hikes multiplying like bunnies

The Reserve Bank may be standing still, but the same cannot be said for banks. In March, Mozo recorded interest rate hikes from 32 lenders, including all four big banks. Add to this tightened restrictions on lending for interest-only borrowers and investors, and things aren’t looking bright for home loan hopefuls.

And all indications seem to point toward more rate hikes on the horizon, so before you jet off for an Easter break, make sure you check that your home loan is the best deal for you. To get you started, here are some of the top home loan offers in the market:

Best variable rate home loan offers

And for those looking to lock in a great rate before any more rate hikes happen, there are still some good fixed rate offers around:

Best fixed rate home loan offers

  • 1 year - 3.59% - Greater Bank (comparison rate: 4.42%)
  • 2 year - 3.59% - Select Encompass Credit Union (comparison rate: 4.12%)
  • 3 year - 3.59% - Easy Street (comparison rate: 4.01%)
  • 4 year - 3.75% - BCU (comparison rate: 4.24%)
  • 5 year - 4.10% - BCU (comparison rate: 4.37%)

Need help finding the best mortgage offer for you? Drop a line to our resident home loan negotiator and he'll help you haggle a great deal.

Where does this leave savers?

Savings interest rates have stagnated a bit lately, with no really notable changes to mention. So those looking to really make the most of their rainy day funds will need to get proactive about finding a great deal.

Here are some of the best savings account offers around for your stash.

Best savings accounts

Head over to our savings account comparison table to see some of the other deals around.

For savers looking to lock in a great rate, there are still some decent deals around if you know where to look. Check out these term deposit offers:

Best term deposits

Take our term deposit search tool for a whirl if you’re looking for a different term or offer.

Top home loans - rates updated daily

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    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. Winner of two Mozo Expert's Choice Award for 2021.

    Go to site
    Details
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    UHomeLoan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.
    fixed 3 years
    2.24% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    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 and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.

    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Variable Home Loan Special

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a. variable
    2.12% p.a.

    Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 31st May 2021. Low Cost Home Loan winner in the Mozo Expert's Choice Award for 2021.

    Go to site
    Details
  • placeholder
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.43% 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.

    Go to site
    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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