RBA's September decision: rates on hold at 3.50%

By Mozo · · 2 min read
Fact Checked
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Spring has sprung, bringing with it a welcome change in the weather, a not so welcome change in pollen levels (sniffle sniffle), and, for the third month in a row, no change in Reserve Bank interest rates.

Yes, Governor Glenn Stevens has today yet again announced that the official cash rate will be held at 3.50%, in reaction to an entirely mixed bag of national and international fiscal signs.

In a statement, Stevens declared that the current monetary policy "remained appropriate", due to a "subdued international outlook" and local growth "close to trend".

No change again, RBA? This is really starting to get dull.

Not so! Ostensibly dull it may be, but there’s more to this month's decision than meets the eye.

Locally, August saw better than expected national employment rates, coupled with lacklustre retail figures and markedly fewer numbers of building approvals.

Internationally, the EuroZone has been relatively stable, while further afield, economists have revised growth figures for China, predicting the next quarter will produce negative results for the market superpower.

Such contrary and confusing monetary signs have informed this month's Reserve Bank rate decision. The RBA is playing it cool, still closely monitoring the effects of its cumulative 0.75% cut over the May/June period, and waiting to see what the next few months bring internationally.

And never fear the decision doldrums aren't expected to last for too much longer: economists are expecting another rate cut in November, so stay tuned.

Get specific. What does this all mean for borrowers?

The RBA certainly ain’t shaking things up this month, but that doesn’t mean you can't! Now is as good a time as any to shop around, find a better deal and refinance.

Unfortunately, it's pretty unlikely this month that any of the banks will cut their rates on variable home loans. There continues to be, however, a nice downward trend in fixed rate home loans.

As per usual, the eagle-eyed team of Mozo Rate Chasers will be keeping a close eye on things, ensuring no sneaky rate changes go unnoticed.

And for savers?

Although rates in this area are static, and have been for a few months now, there are still a few banks out there who are competing fiercely for your money. Take the time to scout around and check out some of the great deals on offer.

UBank's 404 1 year term deposit is looking mighty fine at 5.35%, while the RAMS Saver account leads the way on at call rates, sitting pretty on 5.75%.

Read last month's Reserve Bank interest rates update.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 15 January 2025 Important disclosures and comparison rate warning*
What are your home loan needs?

Your loan-to-value ratio (LVR): 50%

Loan amount and LVR will affect interest rates.

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    Basic Variable Home Loan

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    Competitive interest rate. No ongoing monthly loan maintenance fees. Buy your home with as little as a 5% deposit. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

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    Fixed Rate Home Loan

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    Offset Variable Home Loan

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  • Optimum Fixed Rate Home Loan

    • Owner Occupier
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    • LVR <80%
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    5.89 % p.a.
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    Initial monthly repayment
    $2,962
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    5.69 % p.a.
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    Initial monthly repayment
    $2,899
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    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

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    Initial monthly repayment
    $2,899
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  • Offset Home Loan

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    Initial monthly repayment
    $2,899
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    Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Fixed Rate Home Loan

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  • Unloan Variable

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    $2,995
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  • OMG Home Loan

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    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
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    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

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    • Principal & Interest
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    Interest rate
    5.99 % p.a.
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    Comparison rate
    6.03 % p.a.
    Initial monthly repayment
    $2,995
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  • Budget Home Loan

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    6.04 % p.a.
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    6.07 % p.a.
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  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Basic Variable Home Loan

    • Owner Occupier
    • LVR <60%
    Interest rate
    6.13 % p.a.
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    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,040
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    Competitive interest rate. No ongoing monthly loan maintenance fees. Buy your home with as little as a 5% deposit. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

  • Basic Home Loan

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    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Offset Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    100% offset account so you can save on interest and reduce the amount you pay on your home loan. Free redraw. 100% offset account. Only 5% deposit required. No ongoing monthly loan maintenance fees to pay. Tiered interest rates so you can benefit from a lower rate when you borrow less.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
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    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Offset Variable Home Loan

    • Principal & Interest
    • LVR <60%
    Interest rate
    6.34 % p.a.
    Variable
    Comparison rate
    6.37 % p.a.
    Initial monthly repayment
    $3,108
    Go to site

    Competitive interest rate. 100% offset account so your savings can reduce the amount of interest you pay on your home loan. No ongoing monthly fees. Buy your home with as little as a 5% deposit. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

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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.

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.