Mozo's five need to know numbers after the July RBA decision

GUEST OBSERVER

Undeterred by the pending election result and Britain’s shock exit from the EU, the RBA has announced that the cash rate will be kept on hold for another month:

This is how many lenders have slashed three year fixed rates since May’s rate cut making a good case for home borrowers who want to lock in a competitive interest rate. The lowest three year fixed rate is now 3.67 percent from loans.com.au.

This is the lowest variable rate on the market right now from online lender Reduce Home Loans. With experts predicting another rate cut in August, it may be possible that we’ll start to see the most competitive home loans in the 2% territory.

Fifty-five lenders have made cuts to investor rates since the start of the year in a bid to scale up investor lending again.

This is the percentage difference between the average Big 4 ongoing savings account rate and the best savings account rate on the market, despite 3 of the 4 majors actually increasing headline rates last month.  

While most credit cardholders missed out on the May rate cut, four providers are now rewarding customers with cash back offers on purchases. The most competitive offer is from Bankwest that has a 12.99 percent purchase rate and 5 percent cashback on purchases (up to $300) for the first three months. 

Kirsty Lamont is marketing director of Mozo.