Mozo Live: HSBC & The Capricornian rate cuts take effect, Aussie rents up

Banks, insurers and super funds could face major leadership shake-ups under new governance rules proposed by APRA. The changes aim to prevent governance failures that can lead to misconduct, overcharging and poor customer outcomes, including in areas like home loans and super.

To learn more about the proposed rules and how they could impact you as a customer, read more here.

And that does it for the live blog today. Be sure to tune in tomorrow for more live coverage of all things interest rates and banking!

ANZ bank has stepped up its support for customers impacted by the recent cyclone on the east coast.

The bank has confirmed that 37 of its 55 branches previously closed in Southeast Queensland and Northern New South Wales will reopen today after cyclone Alfred. 

It reports 130 ATMs are now operational across affected regions, with mobile ATMs on standby for communities experiencing extended power and telecommunications outages.

"We are pleased that the majority of our branches are able to reopen today, so we can continue to support our customers with their banking needs," said Cameron Home, ANZ general manager.

ANZ also activated a financial relief package on March 5 for impacted customers, which includes short-term payment relief on loans, fee waivers for restructuring business loans and accessing term deposits early, and emergency support for insurance customers. 

Customers are advised to check branch status on the ANZ website before visiting and can contact the bank's dedicated financial hardship team at 1800 149 549 for assistance.

Other big banks have responded in a similar fashion and should be contacted if you need help directly.

Following the RBA’s cash rate decision a few weeks ago, Queensland-based credit union The Capricornian has slashed variable rate home loans for new customers by 0.25% p.a.

For example, the bank's No Frills Home Loan for owner occupiers with a principal and interest loan and loan-to-value (LVR) ratio of at least 90%, now offers a competitive 5.65% p.a. (5.68% p.a. comparison rate).

However, there's been no word on whether or not existing borrowers will receive a similar rate cut.

See more of The Capricornian’s fixed and variable home loan rates and be sure to compare a range of home loans, rates, fees and features before committing to a mortgage.

You can see if, how and when other banks cut interest rates by following Mozo’s live rate change table, found on our RBA rate tracker page. Additionally, if you’re looking to take out a new home loan or refinance an existing mortgage, be sure to compare rates, fees and features.

Very high rents might be the reason some young Aussies have turned to the homebuying market.

Consider that in our most recent Mozo Rental Report, Sydney weekly rents cost $775 (median price).

If you convert $775 weekly rent to a monthly cost of $3,100 (775 x 4), this actually isn’t far off what you might pay for a typical home loan bill per month, albeit a modest one.

Yes, this might require that all the stars - and numbers - align. But it's worth a closer look. Read the full story here >

Good morning and welcome back to Mozo's live coverage of everything interest rates! Stay tuned as we dive into today's news.

A few weeks ago HSBC announced that it would be passing on the Reserve Bank of Australia’s (RBA) rate cut, in full, to existing home loan customers, and those changes are effective today, 10 March 2025.

The bank trimmed 0.25% off its variable home loan interest rates.

A Mozo Expert’s Choice Awards winner, HSBC’s Discounted Home Value Loan for owner occupiers, paying principal and interest with a loan-to-value (LVR) ratio of 70-80%, is now 5.84% p.a. (comparison rate 5.85%).

This is a highly competitive rate, considering the average variable home loan rate on the Mozo database for loans of $400,000 (OO, P&I, 80% LVR) is 6.49% p.a. and the “best” rate in the database is currently 5.60% p.a.

Two weeks after the RBA delivered its first cash rate cut in over four years, the vast majority of home loan lenders have now followed suit. Last week, 49 lenders reduced their variable home loan rates, bringing the total number of lenders making variable rate cuts to 82.

You can see if, how and when other banks cut interest rates by following Mozo’s live rate change table, found on our RBA rate tracker page. Additionally, if you’re looking to take out a new home loan or refinance an existing mortgage, be sure to compare rates, fees and features.