RBA holds on rates: Mozo’s five-need-to-know numbers
Further cuts are predicted later this year, but for now the RBA has decided to leave interest rates on hold. Mozo Director Kirsty Lamont shares the five numbers you need to know:
One month has passed since the RBA’s record rate cut and the new average variable rate has settled at 4.53 percent.
This is how much the average borrower could save in monthly repayments if the RBA slashes the cash rate to 1% as predicted by some economists.
This is the measly rate paid by the average at-call savings account after rates fell by 25 bps across the board in May.
Savers may find relief by stashing their cash in a term deposit account with 13 providers raising their rates by an average of 28 bps across various terms last month.
The average credit card rate is virtually unchanged at 17.44 percent despite the record low cash rate. In fact, Mozo found the average credit card rate is now 10 times higher than official rates.
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