August RBA Decision: Relief...RBA holds rates at 4.75%

By Mozo · · 2 min read
Fact Checked
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For the eighth consecutive meeting, the RBA has kept the cash rate steady at 4.75%.

The RBA board judged that it was prudent to maintain the current setting of monetary policy, particularly in view of the acute sense of uncertainty in global financial markets over recent weeks.

However, it was highlighted that there are concerns about the medium term outlook for inflation and the evolving outlook for growth and inflation would be assessed carefully in future meetings, pointing to the increased possibility of a rate rise later in the year.

Use your time and shop around.
With interest rates on hold for another month, now is the perfect time for Australian home owners to compare home loans, and switch to a better deal.

Mozo's home loan health check calculator will provide a customised diagnosis of the best 5 home loans that will save you the most in interest and fees if you switched loans.

Crunch the numbers
Mozo has a wide range of home loan calculators home loan calculators to help you with the number crunching. You can compare two home loans against one another with Mozos home loan comparison calculator or see how much you can save on your existing loan by making extra repayments on your home loan.

Read last month's Reserve Bank interest rates update.

Top home loans - last updated 25 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    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.

    Compare
    Go to site
    Details
  • 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.

    Compare
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    Details
  • 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).

    Compare
    Details
  • Basic Home Loan

    Fixed, Investment, Interest Only, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.49% p.a.
    fixed 2 years
    6.56% p.a.

    Compare
    Go to site
    Details
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Investment, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.29% p.a. variable
    6.20% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

    Compare
    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. 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

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.