Cash rate left on hold for October: Mozo’s five need to know numbers
The first meeting under the leadership of Philip Lowe has seen the Reserve Bank leave the cash rate on hold at 1.5 percent.
Mozo.com.au director Kirsty Lamont has shared the five must know figures after October’s rate decision:
The cash rate was left unchanged but prospective homebuyers can still bag a better deal this spring property season with 22 lenders dropping their variable rates last month by an average of 17 bps.
Fixed rates have also continued to come down with the top rate for one, two and three year terms now at 3.59 percent.
Borrowers are advised to make the most out of the low interest rate environment after Mozo calculated that the average borrower could save $13,737 over the life of the loan if they kept their repayments the same since the May rate cut.
This is how many providers slashed term deposit rates last month with some of the biggest cuts made by CommBank who scaled back their 1 and 2 year offers to almost exactly where they started in July.
The value of at-call savings accounts has continued to erode with 27 providers cutting rates last month alone, compared to just one provider that increased rates.
