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.

Read last month's Reserve Bank interest rates update.

Top home loans - last updated 24 January 2022

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
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    interest rate
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    interest rate
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    Initial monthly repayment
    1.89% p.a. variable
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    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

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  • Variable Home Loan
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    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Same low variable rate for all. No upfront or ongoing fees. Approval in minutes not weeks with a fast digital application. 100% offset sub account with no account or redraw fees. Comes with a Visa debit card, mobile App, and digital wallet (Apple and Google Pay). Refinance only. 25% deposit or equity required.

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    Variable Home Loan Special
    interest rate
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    Initial monthly repayment
    1.99% p.a. variable
    2.02% 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 January 2022. Low Cost Home Loan winner in the Mozo's Experts Choice award 2021.

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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.

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.