June RBA Decision: Cash Rate on Hold..again!

By Mozo · · 2 min read
Fact Checked
Advertiser disclosure
  • Official Cash rate remains at 4.75%
  • Natural disasters & EU debt crisis cited
  • Rate rise before August expected

With a sigh of relief from mortgage owners across Australia, the Reserve Bank of Australia announced today that it will be keeping the cash rate steady at 4.75%.

The RBA's decision is aligned with the ongoing goal of strengthening the economy, on the back of the recent natural disasters that Australia has faced. The RBA's Governor Glenn Stevens also sited the uncertainty in the sovereign debt problems of Europe and the US's recovery, as reasons for the RB's decision to keep the cash rate steady.

Strike while you can…
Despite the holt in rate rises for June, economist believe that a rate rise before August is imminent. With this in mind now is a great time to compare home loans and make a switch, before rates rise.

Switching from a Big Four Bank is not difficult and could save you as much as 0.65 per cent interest. The dream loan express by loans.com.au has an incredible 6.58% variable rate, (compared to the CBA's 7.24% variable loan.) On a $300K loan over 25 years, by switching to the dream loan express you could save $125 on initial minimum monthly repayments. Another popular product is the Ubank UHomeLoan which has a 6.59% variable rate, a great product for home owners looking to refinance.

See for yourself how much you can save using Mozo's home loan comparison calculator.

Read last month's Reserve Bank interest rates update.

Top home loans - last updated 18 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
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    Unloan Variable

    Owner Occupier, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    5.90% p.a.

    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.

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  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

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  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.37% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

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  • Discounted Home Value Loan

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

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

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  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

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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.

^See information about the Mozo Experts Choice Home Loan Awards

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