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RBA holds cash rate at 1.5 per cent
The Reserve Bank of Australia has kept the cash rate on hold at 1.5 per cent at its September meeting today.
In little surprise to the market, outgoing governor Glenn Stevens said a wait and see approach would be necessary after the August cut as household debt grows, despite a volatile Aussie dollar and weak US jobs data.
“Taking account of the available information, and having eased monetary policy at its May and August meetings, the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time,” he said.
The RBA has only cut the cash rate twice at its September meeting in the last decade and after a cut last month, few economists expected further intervention today.
The August rate cut saw the Big Four banks withhold an average of about half of the rate cut, much to the chagrin of borrowers.
For someone on a $500,000 loan, a fully passed on rate cut could equal a saving of $70 a month.
Disclaimer
This article is over two years old, last updated on September 6, 2016. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
Compare home loans in Australia
5.99%
5.90%
$3,218
Australian Credit Licence 234945
Fees & charges apply
- Promoted
- 2024 Award Winner
- Special
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.39%
6.40%
$3,342
Australian Credit Licence 233714
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- Promoted
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.29%
6.20%
$3,311
Australian Credit Licence 234945
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- Investor
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- 20% min deposit
- P&I
6.84%
7.16%
$3,611
Australian Credit Licence 233714
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- Promoted
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- 5% min deposit
- P&I
7.09%
7.09%
$3,563
Australian Credit Licence 234527
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- Cashback
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.95%
7.15%
$2,896
Australian Credit Licence 234945
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- Promoted
- Investor
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- 20% min deposit
- Interest Only
7.20%
6.90%
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- Interest Only
6.49%
7.25%
$2,704
Australian Credit Licence 234527
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- Promoted
- Cashback
- Owner Occupied
- Fixed 2 years
- 10% min deposit
- Interest Only
7.24%
7.56%
$3,183
Australian Credit Licence 233714
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- Promoted
- Investor
- Variable
- 30% min deposit
- Interest Only
7.46%
7.27%
$3,108
Australian Credit Licence 230686
Fees & charges apply
Tailored Home Loan
- Owner Occupied
- Variable
- 10% min deposit
- Interest Only
7.84%
7.84%
$3,806
Australian Credit Licence 234527
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Standard Variable Investment Loan
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- Investor
- Variable
- 20% min deposit
- P&I
9.38%
9.52%
$4,327
Australian Credit Licence 234945
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Investment Standard Variable Rate Home Loan
- Investor
- Variable
- 5% min deposit
- P&I
Product database updated 29 Dec, 2024
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Promoted home loans
Variable Rate Home Loan LVR < 80%
Real Time Rating™
- 2024 Award Winner
- Special
- Owner Occupied
- Variable
Interest rate p.a.
5.99%
Comparison rate* p.a.
5.90%
Australian Credit Licence 234945
Fees & charges apply
Basic Home Loan
Real Time Rating™
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
Interest rate p.a.
6.39%
Comparison rate* p.a.
6.40%
Australian Credit Licence 233714
Fees & charges apply
Variable Rate Home Loan LVR < 80%
Real Time Rating™
- Special
- Investor
- Variable
- 20% min deposit
Interest rate p.a.
6.29%
Comparison rate* p.a.
6.20%
Australian Credit Licence 234945
Fees & charges apply
Basic Variable Rate (Flexi First Option) Home Loan
Real Time Rating™
- Owner Occupied
- Variable
- 5% min deposit
- P&I
Interest rate p.a.
6.84%
Comparison rate* p.a.
7.16%
Australian Credit Licence 233714
Fees & charges apply
Product data updated on 29 Dec 2024
