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

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.

Switching from a big four bank is not as difficult as one might think and could land you huge savings. For instance, on a $300,000 loan over 25 years, with repayments of $2500 per month, switching from Westpacs 7.86% rocket repay home loan to the dream loan express by loans.com.au at 6.69% would save you a massive $94,361 over the life of the loan.

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.