RBA leaves rates unchanged at record low of 0.75%

MEDIA RELEASE
Tuesday 3 December 2019

The Reserve Bank of Australia has left the Official Overnight Cash Rate (OCR) unchanged at 0.75 per cent.

ASX interest rates futures markets had priced in a 9 per cent expectation of a cut this month.

“Banks, credit unions and other lenders are still slicing rates and adjusting deals,” said Vadim Taube, CEO of leading Australian financial comparison site InfoChoice.com.au.

Top Low-rate variable home loans December 2019

There are 10 variable rate home loans under 2.9 per cent pa now listed on InfoChoice’s database of 1800 home loans from 145 institutions.

The lowest variable home loan comparison rate is 2.71 % pa with 110 variable home loan products for owner -occupiers now charging advertised rates less than 3.3 per cent pa.

Top Low-rate fixed home loans December 2019

Borrowers can lock in a fixed mortgage rate under 3 per cent for five years – until December 2024 – or early 2025 assuming a 6 week settlement period.

“There are now twenty-eight home loans with advertised fixed five-year rates under three per cent listed on InfoChoice,”said Vadim Taube, CEO of leading Australian financial comparison site InfoChoice.com.au.

“A standout deal in the fixed rate market is UBank’s 2.69% pa (comparison rate 3.19% pa) fixed for three years,” said Vadim Taube.

There are 36 one-year fixed rate home loans under 3% pa.

There are 76 two-year fixed rate home loans under 3% pa.

There are 73 three-year fixed rate home loans under 3% pa.

There are 20 four-year fixed rate home loans under 3% pa.

How much can I save by switching? December 2019

Switching from a $300,000, 25 year home loan charging 4.0 per cent pa to a loan charging 2.9 per cent pa could save a borrower  $52,929 over the life of the loan according to the InfoChoice refinancing calculator.

“Even switching from a loan charging 3.5 per cent to a really low-rate mortgage of 2.9 per cent pa or less can save you almost one hundred dollars per month and $28K over the loan,” said Vadim Taube.

“The RBA has reported that borrowers are getting rate cuts themselves by comparing, switching and negotiating with lenders.

There’s no better time to refinance than right now to a super low rate and the RBA has reported last week that many Aussie borrowers are doing just that.

“If your bank is not offering you a great rate, you can find alternatives that can reduce your repayments by hundreds of dollars per month easily at the moment.

Compare 1800 home loans from 145 institutions at InfoChoice.

Go straight to the latest rates information from individual banks and other institutions here.

For more information on Savings account rates, data and commentary, please contact:

Jason Bryce, Media Manager on 0428 777 727 jason.bryce@infochoice.com.au

For more comments, please contact: Vadim Taube, Chief Executive on 0403 580 794

InfoChoice compares financial products from 145 banks, credit unions, authorised deposit-taking institutions, non-bank lenders and other financial product providers in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.

Comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: These comparison rates apply 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 costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan

InfoChoice is a leading Australian comparison website for retail banking and personal finance products. We’ve been helping Aussies find great offers on credit cards, home loans, savings accounts, term deposits, personal loans and car loans for over 25 years. Our mission is to help consumers make an informed purchasing by bringing together the most comprehensive list of financial products on the market today.

At InfoChoice, we strive to be:

1. Comprehensive. We compare more than 3500 individual products from 145 providers within Australia to offer you the best value.

2. Informative. We know how important it is for you to crunch the numbers before buying. Our calculators help you understand the cost of different products over the long term and show you the potential savings.         


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