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

By Mozo ·
  • 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 February 27, 2021

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
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    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.

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  • Basic Home Loan

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

    interest rate
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    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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  • Mozo Experts Choice 2020
    UHomeLoan - Discount Offer

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.34% p.a. variable
    2.34% p.a.

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

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  • 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.^

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  • Special Fixed Rate Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.
    fixed 4 years
    3.45% p.a.

    Ability to split your loan between fixed and variable. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply

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