Mozo Live: Int'l Women's Day, housing supply improves, top 5 savings rates

Virgin Money has revealed it won’t be passing on the Reserve Bank of Australia’s (RBA) cash rate cut of 0.25% to its home loan customers.

That means Virgin Money’s Variable Rate Home Loan will stay at 6.44% p.a. (6.58% p.a. comparison rate*).

Virgin Money’s call goes against how the vast majority of lenders have so far responded to the RBA decision, which has been to reduce variable rates by 0.25%.

About 93% of lenders in the Mozo database have already passed on the Reserve Bank’s cut at the time of writing, or have at least announced plans to do so.

Virgin Money is the first provider in our database to keep its variable rates on hold.

"Our rate decisions are well considered ensuring that we provide our customers with a competitive proposition aligned with our funding costs and the needs of all our stakeholders,” a spokesperson for the lender said.

“Virgin Money home loans are competitive and remain aligned with market.”

How does Virgin Money stack up?

Virgin Money says its home loans are aligned with the rest of the market, but how exactly does it compare?

With a variable interest rate of 6.44% p.a., Virgin Money does sit just below the average variable of 6.50% p.a. in our database† (as at 7 March, 2025).

However, there are now numerous lenders in our database offering a variable rate starting with 5.

The lowest rate we can find is 5.60% p.a. (5.88% p.a. comparison rate*) and it comes from Gateway Bank – note that it’s a ‘green’ home loan that comes with several conditions.

If you want a home loan that’s open to anyone, the next-lowest variable rate† in our database is HomeLoans360 with 5.64% p.a. (5.64% p.a. comparison rate*).

Mozo’s finance expert, Rachel Wastell, says it’s important to take notice now that most lenders are making rate moves.

“Aussie mortgage holders should be watching closely and considering whether it’s time to shop around to see if they could get a better deal elsewhere,” stresses Wastell.

“In this new rate cutting environment, a rate starting with 6 requires a review.”

As for Virgin Money’s decision, Wastell points out that before the RBA’s decision, some lenders were already offering home loans at less than 6.00% p.a.

“Before the cuts, some smaller lenders such as Move Bank, HomeLoans360 and Pacific Mortgage Group were offering rates starting with 5, and they have not held off passing on the cut for mortgage holders, regardless of having already competitive rates,” she says.

If you think you could be getting a better rate, take the time to compare home loans and find something that suits your needs.

† Average variable rates for owner occupiers with a $400,000 loan, making principal and interest repayments and <80% LVR, on 7 March, 2025.

Okay, that’s a wrap for this week’s interest rates live blog. We’ll be back Monday with more live updates on rates and banking. In the meantime, you can check Mozo’s interest rate tracker to see which lenders have passed on the latest rate cut.

I recently read some good advice from NAB retail executive, Larna Manson, who acknowledges that an interest rate cut isn’t a straightforward win for everyone. 

What matters, she rightly points out, is making an active choice about how to use the recent 0.25% rate reduction by the RBA to your advantage.

"Everyone’s situation is different," Manson says.

"This [rate cut] could be an opportunity for owner occupiers to get ahead on their mortgage, residential investors to advance their loan repayments, or simply use the extra cash. It’s also a good time to reassess overall lending needs.

"A rate cut doesn’t have to mean simply reducing your monthly payments."

Manson highlights a number of smart options home loan customers can consider:

• Reducing monthly repayments to free up cash flow
• Keeping repayments the same to pay off the loan faster
• Reviewing your current loan structure to ensure it still meets needs
• Considering the frequency of repayments
• Minimising interest repayments with multiple offset accounts.

Thinking of double checking how your home loan measures up? You can start comparing loans on our Home Loans hub page.

Bank of China announced cuts to interest rates across its banking products, which have already come into effect as of March 4, 2025.

The changes affect both deposit products and variable rate home loans. Term deposit rates have been reduced by up to 0.25%, with the 12-month Special Term Deposit dropping from 4.60% p.a. to 4.35% p.a. The Online Saver Account has also seen its interest rate trimmed from 2.10% p.a. to 1.85% p.a.

New rates for some of the other term deposit changes include: 

• Special Term Deposit - 3 Months: 4.30% p.a.
• Special Term Deposit - 6 Months: 4.35% p.a.
• Standard Term Deposit -1 Month: 3.75% p.a.
• Standard Term Deposit- 4 Months: 0.50% p.a.

Check Mozo’s rate change tracker for more on interest rates or compare savings accounts on our savings hub page.

Despite recent interest rate cuts, savers can still find high rates. Here are five savings accounts currently offering rates above 5%. 

1. Rabobank High Interest Savings Account - 5.45%

This challenger bank offers an impressive 5.45% intro rate, though it has some limitations. The high rate applies for the first 4 months from account opening before reverting to the standard variable rate of 4.10%. This account must be linked to a transaction account.

Last rate change: -0.15% on February 24, 2025

2. ING Savings Maximiser - 5.40%

ING's popular savings account offers a competitive 5.40% bonus rate, but you'll need to meet monthly conditions. Requirements include depositing $1,000 from an external source, making 5 eligible transactions, and growing your account balance each month. The bonus rate applies to balances up to $100,000.

Last rate change: -0.10% on February 28, 2025

3. Virgin Money Boost Saver with Go Account - 5.30%

Virgin Money's digital-only account has a 5.30% rate when you meet its requirements. The rate is structured as a 0.05% base rate plus a 4.70% bonus rate and 0.30% notice interest rate. To qualify, deposit $1,000 into your Go Account, make 5 debit card purchases, direct debit or BPAY payments in the previous month, and enable the Lock Saver feature.

Last rate change: +0.30% on February 28, 2025

4. IMB Bank Reward Saver Account - 5.25%

This customer-owned bank offers a 5.25% introductory rate for the first 4 months on balances up to $1,000,000. The catch? You'll need to make a minimum deposit of $50 and avoid any withdrawals. After the introductory period, the rate reverts to 3.25%.

Last rate change: +0.25% on September 1, 2023

5. MOVE Bank Growth Saver - 5.25%

Another customer-owned institution, MOVE Bank offers 5.25% on their Growth Saver account. The conditions are straightforward: deposit at least $200 monthly and make no withdrawals to maintain the bonus rate.

Last rate change: -0.25% on March 1, 2025

Looking for more interest updates? Check Mozo’s rate change tracker for more.

The Bank of China is reducing rates on its variable home loans effective from 4 March 2025, as per its website. 

The bank has a made a number of changes, so best to check on the specific product you're interested in. 

As an example, Bank of China's Standard Variable Rate Home Loan is now 8.14% p.a. (8.20% p.a. comparison rate).

The bank's Fixed Rate Home Loan is also a Mozo Experts Choice Award winner, which we review on our site. 

If you're considering a home loan, you can compare some of the best loans in our database on our Home Loans hub page.

Good morning and welcome back to our ongoing live interest rates and banking coverage!

March 8th is International Women's Day and to mark this occasion we have some interesting numbers on women's financial know-how.

Seven in 10 Aussie women (69%) say they manage their finances independently, according to a recent study by UK researcher YouGov.

This result is above average and one of the highest rates in the Asia-Pacific  region.

YouGov surveyed 17 international markets and found that two-thirds of women worldwide (67%) manage their finances independently. 

Women in Scandinavian countries tend to be most self-reliant, with 87% Danish women and 78% Swedish women managing their finances independently. 

In fact, European women are very strong on this front with at least three-quarters reporting managing finances on their own, including 77% in Germany and France, 76% in Poland, and 75% in the UK.

The survey also found that globally, only 30% of women report feeling confident in making financial decisions, with 45% feeling somewhat confident but seeking advice from others. 

On this question, Australia fares slightly better, with 34% of women feeling confident about making financial decisions, while 52% feel somewhat confident and rely on external advice.

Also of note is that Aussie women are highly engaged in managing their household budgets: 55% report creating and maintaining a household budget, 44% are actively saving for emergencies or retirement, and 41% are involved in managing insurance. 

Additionally, 38% of women in Australia are focused on managing debt or planning and saving for large purchases. Some women are also making decisions about real estate, investing in stocks and bonds, and managing tax planning.

If you're keen to improve your ability to save money, earning solid interest is a good place to start. We compare savings accounts on our savings hub page.

With the recent RBA rate cuts, most lenders have already dropped their home loan rates, giving borrowers some breathing room. Mozo ran the numbers, and if your mortgage is around the Aussie average of $665,978, you'll save roughly $104 per month - that's about $1,253 per year.

We get it, it's not massive. But in this economy, every little bit helps, right?

So what should you do with that extra cash? Well, you've got a few good options:

• Keep paying the same amount. If you stick to your old repayments, you'll chip away faster at your principal and save on interest over time.
• Chuck it in an offset account. According to a Mozo survey, more than half (54%) of Australians already use offset accounts. But a surprising 18% told Mozo they haven't bothered because they don't have enough savings. But the thing is, you don't need a ton of extra cash for an offset account to prove useful. An offset account can double as your everyday transaction account: your pay goes in, expenses come out, but whatever's left reduces your mortgage interest. Even averaging just $5,000 in there can shave about $24,453 off your interest payments and shorten your loan by roughly eight months.
• Build up an emergency fund. Given 75% of borrowers say they're worried about making their repayments, and 15% are seriously stressed (according to the same survey mentioned above), it might be smart to stash away this extra cash as a buffer.
• Use it for day-to-day living or invest it. If your cost-of-living pressures are real, you could put it toward bills, groceries or childcare. If you're fortunate enough to be comfortable, maybe it goes into investments or another goal.

Yeah, it's not exactly life-changing money, but a little extra breathing room never hurts.

That does it for today! Tune it bright and early tomorrow for more live updates on interest rates and banking. And for round-the-clock interest rate updates, be sure to check Mozo’s rate change tracker.

The total number of homes approved across Australia rose 6.3% in January to 16,579, according to seasonally adjusted data released today by the Australian Bureau of Statistics (ABS).

This follows just a 1.7% rise in December.

HIA Economist, Maurice Tapang says new housing approvals have been strengthening on the back of low levels of unemployment, recovering real wages and ongoing strong population growth, even before the recent interest rate cut was delivered by the RBA.

"Total dwelling approvals in the three months to January 2025 were 14% higher compared to the same quarter in the previous year, with detached approvals up by 6.1% and multi-units up by 27%," said Tapang.

"These increases in approvals signal positive momentum heading into the new year, with households slowly returning to the market and building new homes.

“It is great to see several of the underlying fundamentals for consistent supply of medium to high density housing starting to turn, which is a positive story for industry and households.

“Now we need to see the same level of recovery in detached approvals, particularly in greenfield areas." 

New detached home approvals are down unfortunately.

Specifically, the total number of detached houses approved in the three months to January 2025 was 5,300, which is 3.5 per cent lower compared to the previous quarterly period and 9.5 per cent lower compared to the same time in the previous year, as per the ABS.

House approvals have notably slumped in New South Wales, which fell by 9.5% over the same three month period because of the high cost of land in delivering new housing - particularly in Sydney.

Housing supply in Sydney has come under increasing focus of late, especially given the city's growing population and lack of affordable housing options.

To this end, the NSW Government has released 5-year housing completion targets for 43 councils across Greater Sydney, Illawarra-Shoalhaven, Central Coast, Lower Hunter and Greater Newcastle and 1 target for regional NSW.

The 5-year targets respond to the government's commitment under the National Housing Accord to deliver 377,000 new well-located homes across the state by 2029. 

If you're looking for a new home and are considering a home loan, you can compare some of the best loans in our database on our Home Loans hub page.

Just in, two of the major bank providers that historically offered the highest term deposit rates in our Mozo database have made some cuts - Judo Bank and Rabobank.

Judo Bank, which frequently offered the highest or above average rates last year, has made cuts between 10-15 basis points across terms ranging from 6 months to 2 years.

Rabobank, which has also offered high term deposit rates, cut rates by a more varied range, reducing 3 and 6 month rates by 20bp and 9 and 12-month rates by 10bp. Interestingly, the bank bucked the trend by increasing rates on longer-term deposits (3-5 years) by 30bp.

While term deposit rates have seen reductions in light of the RBA cuts, it’s important to remember that the central bank is likely to take a cautious approach to further cuts.

That means there is some time to lock in a good rate while they remain. 

You can compare some of the top term deposits in our database on our Term Deposits hub page.

The latest report from the Household, Income and Labour Dynamics in Australia (HILDA) Survey was released this week, highlighting how economic inequality down under has reached a high not seen in more than two decades.

Now in its 19th iteration, the annual report uses data collected over more than 20 years, with the same 17,000 respondents interviewed every year.

In an effort to avoid regurgitating the full results from the press release, we plucked an intriguing excerpt from the report that discloses the three habits that help Aussies accumulate wealth.

The primary factors associated with greater wealth aggregation are: 

1. Regular savings habits
2. A longer savings horizon
3. Greater preparedness to take financial risks

Interestingly, being a smoker reduced wealth accumulation over a four-year period by $90,400. However, the same effect was not observed for regular alcohol drinkers, despite similarly high excise tax indexation.

If you want to capitalise on the positive practices associated with wealth generation, it may be helpful to start by opening a high-interest savings account. Then you might consider laddering term deposits to develop a lengthier savings scope. Finally, you could try to build an investment portfolio and examine ways in which you can diversify assets, providing the ability to potentially grow your risk-appetite in a viable manner.

It’s sensible to seek professional advice with regards to personal finance.

As Tropical Cyclone Alfred tracks towards the south-east Queensland and northern New South Wales coast, the major banks have announced temporary branch closures and payment relief for affected customers.

ANZ, Commonwealth Bank and Westpac have each announced short-term payment relief for home loan, credit card, personal loan and some business loan customers, though you may still be charged interest.

While NAB has not specified payment relief plans at the time of writing, you’re encouraged to call 13 22 65 if you’re in need of financial assistance.

Each of the Big Four banks have also stated they will be temporarily closing branches in the impacted areas.

If you think you might be at risk of defaulting on your mortgage, speak to your lender as soon as possible.

A quick look at property...

The number of properties listed for sale in a given city offers more than mere bragging rights for local real estate agents - they tell us a lot about interest levels in property and therefore the home loans market too.

For example, Sydney's home selling market is especially becoming more active - but more on that in a second.

Nationally, residential property listings increased by 2.3% over the month of February 2025, reaching 249,325 listed properties, according to the most recent data from SQM Research. 

This marks a 4% rise compared to February 2024. 

Managing director of SQM Research, Louis Christopher says that overall it remains a strong start to 2025 listings activity.

"This in part driven by a rise in new listings activity, however I note that there has been a substantial rise in old listings for Sydney and Melbourne, indicating an overhang of sorts for those two cities," Christopher said. 

"Going forward, it is likely we will record another rise in listings for the current month of March."

But it should be noted that April is going to be a bit uneven. Christopher says there will be a bit of a hiatus over the April public holiday period until the Federal Election has concluded.

For now, the increase in listings was evident across most major cities, as Sydney recorded the highest monthly rise of 12%, with listings reaching 33,241—10.5% higher than the same time last year. 

Melbourne also experienced an increase of 5.5% month-on-month, bringing total listings to 39,956, reflecting a 4.8% yearly rise. 

Brisbane, Adelaide, and Hobart saw monthly gains of 1.1%, 4.8% and 1.1%, respectively, though Adelaide recorded a yearly decline of 5%. 

Canberra posted a strong yearly growth of 17%, with an 8% monthly increase in listings. 

Listings continue to be down in Perth and Darwin however.

You can compare some of the best home loans in our database on our Home Loans hub page.

The Reserve Bank's recent cash rate cut has triggered a wave of reductions across term deposit providers, with 40 out of 78 providers in the Mozo database adjusting their rates downward over the past month.

Of particular note, were the moves by the Big Four. 

Big Four banks lead the charge

ANZ implemented cuts between 5 and 20 basis points for shorter terms (3-9 months), while trimming 5bp from its 2-year rate.

• 3 Month Term - 3.00% p.a.
• 9 Month Term - 3.60% p.a.
• 2 Year Term - 3.75% p.a.

Commonwealth Bank has made changes to its special offers, replacing the 4.75% p.a. 8-month special with a lower 4.60% p.a. for 10 months. The standard 8-month rate saw a big 95 basis point reduction, though the 10-month option increased by 55bp. 

Other changes include cuts to:

• 3 month (-15bp) - 2.95% p.a. 
• 4 month (-5bp) - 3.10% p.a.
• 12 month (-10bp) - 4.15% p.a.

Westpac has removed its 8-month special entirely while reducing the 11-month special by 5 basis points to 4.60%. Standard rates across 3-11 month terms decreased by 10-25bp, with longer-term options (3-5 years) all down by 20bp.

• 3 Month - 3.00% p.a.
• 11 Month - 3.80% p.a. 
• 3,4, and 5 Year - 3.40% p.a. 

NAB reduced rates on terms from 3-5 months and 8-12 months by 10-20bp, with 3-5 year options also dropping by 20bp.

• 3 Month - 3.00% p.a.
• 12 Month - 4.00% p.a.
• 3, 4, and 5 Year - 2.90% p.a.

You can compare more term deposit or savings account providers on our hub pages to weigh different account options today.

Looking for more interest updates? Check Mozo’s rate change tracker for more.

Good morning and welcome back to our ongoing live coverage of interest rate and banking news!

First up, we wonder about the possibility of upcoming rate cutes and turn to an expert for some analysis. 

The most obvious impact of RBA easing the interest rate is to lower mortgage payments, freeing up spending in the economy and raising economic growth, according to Emma Lawson, who is the fixed interest strategist, macroeconomics, at Janus Henderson Investors.

She says that easing also shifts asset preferences - meaning that there’s less income made on savings products and that pushes people towards spending and higher returning assets such as credit.

In turn, this raises investment, also boosting economic growth.

Lawson and her team think the RBA will continue along this easing path, lowering the cash rate a number of times this year, taking it down to low of 3.35%. 

"The reason we are forecasting slightly more than the market is pricing, is that we place greater emphasis on the moderating inflation rate, than the stable unemployment rate,” Lawson says. "The RBA has dual goals - price stability and full employment.

"Demand driven inflation is currently moderating, and a range of sticky supply prices such as housing, are also moving lower. Household consumption is weak, which is easing price growth. This is all occurring at a time where employment growth is strong." 

Lawson says this suggests that an unemployment rate of 4.1% is not representative of full employment, and that it should be lower. Given this, she concludes there is no need to maintain monetary policy above what is considered neutral, acting as a handbrake to economic activity. 

Janus Henderson Investors suggest 25% probability for its 'high case" for the RBA path as having only two rate cuts and a long pause. 

Be sure to check Mozo’s rate change tracker for interest updates, many of which have hit the home loan market.

Similar to credit cards, there have been few changes to personal loans over the last month and certainly not many in direct response to the RBA's cash rate cut. 

More are likely to follow however, according to Mozo expert Peter Marshall, though it may take a few weeks until we get a full picture.

For now, the personal loan averages in our Mozo database are as follows:

• Unsecured personal loans: 10.28% p.a.

• Secured personal loans: 9.13% p.a.

These rates are based on a variable or fixed loan of $10,000.

Latest changes to personal loans

Here are a few recent moves worth noting, as per our most recent Mozo Banking Round-up:

Alex Bank dropped fixed rates for borrowers with an outstanding credit rating across its range of personal loan options by 425 basis points. 

Its EV Loan is now 6.49% (6.90% comparison rate), the Car Loan and Green Loan are 7.49% (7.91%/7.49% comparison rates), and the Unsecured option is 8.49% (8.49% comparison rate). 

Commonwealth Bank ended the $250 application fee waiver that had been available on its Unsecured Personal Loan and Unsecured Green Personal Loan. 

Police Credit Union increased its variable options by 24 basis points. The Low Rate Car Loan and Solar Eco Loan are both now 6.48% (6.48% comparison rate) and the Better Car Loan is at 7.48% (7.48% comparison rate). 

Qudos Bank took 25 basis points off all its loan options. 

And, The Capricorian took 111 basis points off the variable rate for its Car Loan, now 6.48% (6.83% comparison rate).

Okay, that’s a wrap for today! We’ll be back tomorrow with more live updates on interest rates and banking. In the meantime, you can check Mozo’s live tracker to see which lenders have passed on the latest rate cut.

There’s been a focus on home loan rates coming down, but the RBA’s decision has also impacted the amount of interest you can earn on savings accounts.

Now that most of these savings rate cuts have come through, we wanted to recap some of the most noteworthy changes.

• Bank of Queensland reduced the unconditional rate on its Simple Saver Account by 30bp to 4.55% p.a. However, it’s still one of the top base savings rates you can get according to the Mozo database at the time of writing.

• Commonwealth Bank reduced the intro rate on the NetBank Saver by 20bp, bringing it down to 4.90% p.a. for the first 5 months.

• ING took 10bp off the ongoing bonus rate on its Savings Maximiser, now 5.40% p.a. which makes it one of the top bonus savings rates in our database as at 5 March. However, it cut 50bp from the base rate, now only 0.05%.

• Newcastle Permanent took 30bp off the ongoing bonus rate on its Smart Saver Account, dropping it to 4.20% p.a.

• Westpac took 20bp off the conditional ongoing bonus rate for under 30s on the Life account – now 5.00% p.a.

BankWAW decreased its variable home loan rates by 25 basis points today.

Also of note today, the bank cut 1-year fixed home loan rates by 50 basis points.

BankWAW has a range of home loans, many of which offer an interest rate under 6% p.a., at the time of writing. (Of course qualification for these rates will depend on a range of factors such as the size of first deposit made and more).

As an example, among BankWAW's lower rates is the 'Back to Basics Introductory Offer' home loan (owner-occupiers, P&I, 40% minimum deposit) at 5.54% p.a. (5.75% p.a. comparison rate), as per the Mozo database. 

You can check how this home loan and others measure up on our Home Loans hub page. 

Don’t forget to check out our live tracker where we track which lenders have already passed on the rate cut.

Australia had seen much the same pick-up in inflation as other countries but our monetary policy required a different response, according to the Deputy Governor of the Reserve Bank, Andrew Hauser.

In a speech to The AFR Business Summit today, Hauser said the risks associated with the central bank's rate decision in February led the Board to walk a narrow path toward cutting.

"[It] was an explicit choice, grounded in our mission - to bring inflation down, but at a pace that helped preserve sustained full employment," he said. "An implication of this strategy, clear from the start, was that just as interest rates rose by less, they would also fall less far – and less quickly."

Hauser said there were always risks on both sides.

For example, some said the RBA should have tightened more to bring inflation down faster and earlier but that would have risked materially higher unemployment. 

Others said they should have eased more quickly to help kickstart economic activity but it would have risked inflation being higher for even longer. 

Ultimately, in the Board’s judgment, both alternatives would have left the Australian people worse off, Hauser said.

Also of note were Hauser’s comments on recently set trade tariffs by the US. 

Investor confidence has taken a bit of a knock in recent days with recognition that both companies and households may now proceed with caution, he noted. 

"Such watchful waiting could prove rational individually, but economically damaging in aggregate," warned Hauser. He said that uncertainty around tariffs can be as ruinous as tariffs themselves, a conclusion recently made by The Economist. 

All this is to say that the RBA had to factor in many possibilities at its recent Board meeting, which in the end prompted its cutting of the cash rate.  

Be sure to check Mozo’s rate change tracker for interest updates, many of which have hit the home loan market.

As markets look ahead to the Reserve Bank's April meeting, minutes from the central bank’s February meeting suggest that rate hikes are still a possibility if inflation proves more persistent than expected. 

As Mozo senior writer Brad Buzzard pointed out yesterday, the board made it clear that future policy decisions will be guided by economic data, leaving room for a return to monetary policy tightening if needed.

The minutes highlight a key consideration: If inflation begins to rise materially, the RBA may choose to hold rates at restrictive levels for an extended period or even tighten policy further. This signals that while borrowers and investors may be anticipating more rate cuts in 2025, there is no guarantee the easing cycle will continue.

The board also outlined alternative scenarios – If the cash rate were held at 4.35% for longer, inflation could have fallen below the midpoint of the RBA’s 2-3 per cent target range. However, with rates now at 4.10%, the central forecast sees inflation settling slightly above that midpoint over the medium term. The risk remains that inflation could stay elevated, prompting the RBA to reverse course and raise rates again.

This uncertainty suggests markets should not assume that the February cut signals a steady path downward for rates. Instead, the RBA has made it clear that its stance remains flexible, with the potential for a shift back to tightening if economic conditions warrant such a move.

With this in mind, now might be a strategic moment for existing and prospective mortgage holders to identify their borrowing capacity, compare a range of home loans, and explore refinancing options.

New research from Roy Morgan shows that 1.63 million Australians (28.9% of mortgage holders) were classified as ‘At Risk’ of mortgage stress in January 2025. That’s the third month in a row the numbers have inched higher, although it’s 1.4% lower than in June, before the Stage 3 tax cuts kicked in.

Now, there’s still hope that the RBA’s recent 0.25% rate cut will help ease things slightly, with the number of ‘At Risk’ mortgage holders expected to drop by 26,000 in February. 

For those in the ‘At Risk’ category, it might be time to review your home loan and see if you can land a better deal. Some lenders pass on rate cuts faster than others, and even a small difference can really add up. So if you haven’t checked your mortgage in a while, it might be a good time to compare.

Borrowers in the ‘Extremely At Risk’ category are under even more severe financial strain, with 1.04 million Australians (18.9% of mortgage holders) at high risk of falling behind on repayments. This is well above the long-term average. In this situation, refinancing might be an option to reduce some of the pressure - whether it’s by extending the loan term, adjusting repayment structures or switching to a lower-rate loan (if eligible).

If you’re unsure where you stand, our mortgage repayment calculator can help you understand your situation and determine whether it’s time to take action.

With more rate cuts potentially on the way, now might be the right time to reassess your mortgage and make sure you’re not paying more than you need to.

If you’re in the market for a new home loan, make sure to check out our home loans comparison hub.

Following the RBA’s rate cut, Easy Street is dropping variable home loan rates by 0.25% p.a., effective today, 5 March 2025. The change applies to most existing variable loan holders, including those funded before this date.

If your repayments are changing, you’ll see the new amount in internet banking, and it will take effect from your next scheduled payment that falls due after 5 March. Any repayments due before today remain unchanged.

For fixed-rate loans, the rate will roll over to the advertised standard rate when your fixed term ends.

More details are available on Easy Street’s website.

And don’t forget to check out our live tracker where we track which lenders have already passed on the rate cut.

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

National Australia Bank (NAB) has expanded its lender’s mortgage insurance (LMI) waiver, making it easier for more professionals to enter the property market. The move is expected to benefit a wider range of borrowers, particularly in high-income fields, by reducing upfront costs.

LMI is typically required by lenders when a borrower has a deposit of less than 20 per cent of a property’s value. It protects the lender – not the borrower – against financial loss if the borrower defaults on their home loan. While LMI can make homeownership accessible with a smaller deposit, it can be a significant expense, sometimes costing tens of thousands of dollars, depending on the loan size and property value.

Previously, NAB’s LMI waiver was available to select professionals, such as doctors and accountants. The expansion now includes a broader range of occupations, including engineers, IT professionals, and legal practitioners, provided they meet the bank’s eligibility criteria.

NAB’s move follows a growing trend among lenders to offer LMI waivers as a way to attract and support skilled professionals looking to enter the property market. It can provide significant savings for eligible borrowers.

If you're a professional considering buying a home, it’s worth checking if you qualify for an LMI waiver. Comparing home loans and speaking with a mortgage broker may help you find the best deal to suit your finances.

It’s easy for armchair economists to spin their own theories, but the latest RBA meeting minutes give us a clearer idea of what went into the recent interest rate cut. 

Clearly slowing inflation played a big role, but the Board also worried that holding rates high for too long could hurt the economy more than necessary.

“Members were particularly mindful of the risk of keeping monetary policy tight for too long, with adverse impacts on economic activity, the labour market and inflation,” the minutes read.

However, they are also cautious about reading too much into this move. Rather than signalling the start of a cutting cycle, the Board views it as a response to current conditions - just as future decisions will be.

So while further cuts are possible, tightening or holding steady are also in the cards.

"Members agreed that their decision at this meeting did not commit them to further reductions in the cash rate target at subsequent meetings,” the minutes read.

In other words, the RBA says it’s letting data guide its decisions, not just “vibes”.

That’s all for today. We’ll be back tomorrow with more live updates on interest rates and banking. In the meantime, you can check Mozo’s live tracker to see which lenders have already passed on the latest rate cut.

Now that ANZ, Commonwealth Bank, NAB and Westpac have passed on their variable interest rate cuts, we wanted to see how the Big Four stack up against each other.

We found that ANZ Plus – ANZ’s digital-only banking service – has the lowest variable rate among the major players, but it comes with a caveat.

ANZ Plus now offers a variable rate of 5.84% p.a. (5.85% comparison rate*), but you have to be refinancing your home loan in order to qualify. You also can’t be refinancing from ANZ or Suncorp Bank.

After ANZ Plus, the next lowest is from CommBank with a variable rate of 5.94% p.a. (6.07% comparison rate*), but again, it’s only available to refinancers who apply online.

These rates are the lowest among the Big Four, but in the market more broadly, there are more competitive offers available according to the Mozo database.

For example, the lowest variable rate† in our database that is available to anyone is HomeLoans360 with 5.64% p.a. (5.64% p.a. comparison rate*).

Rates are on the move, so if you’re looking for a better rate, you might want to consider refinancing your home loan.

† Lowest variable home loan rates for a $400,000 loan with principal and interest repayments and <80% LVR in the Mozo database on 4 March 2025.

RACQ Bank will issue its 0.25% cut on variable rate home loans from today, March 4.

This is for new and existing customers. 

RACQ Bank is a member-owned banking arm of the Royal Automobile Club of Queensland (RACQ).

A number of its home loans are award winners, including the Fair Dinkum Home Loan, which won a 2025 Mozo Experts Choice Award in the 'low cost home loan' category.

Likewise, South West Slopes Bank will also make 0.25% rate cuts to its variable home loans, effective today.

SWS Bank is a customer-owned bank operating in the South West country area of NSW. 

SWS Bank is also a Mozo Experts Choice Award winner in the fixed home loan category.

Check Mozo’s rate change tracker for more interest updates.

ING has cut its variable home loan interest rates by 0.25% p.a.

The rate change is effective from today (4 March), and applies to new and existing ING mortgage holders paying principal and interest on an owner occupier or investor home loan.

Following the cut, ING’s Mortgage Simplifier home loan now has a variable rate of 5.89% p.a. (5.92% comparison rate*), which is quite competitive considering the lowest rate in the Mozo database is 5.64% (5.64% comparison rate*) as at 4 March, 2025.

It’s also worth noting that ING’s Orange Advantage home loan won a Mozo Experts Choice Award in 2025 in the Packaged Home Loan category.

Think you could be getting a better rate? Why not compare home loans now and take a look at the latest offerings.

Community First Bank today announced that most of its existing variable home loan holders will receive a cut to their home loan rate by up to 0.25%p.a.

The changes are effective from 12 March and also apply to home loans funded prior to this date.

As a result, new repayments will be reflected in statements after 'due date 12 March', the lender said.

Community First Bank is the largest community based credit union operating throughout the Sydney and Central Coast region, and is the 23rd largest in Australia based on total assets. 

A number of its home loans are Mozo Experts Choice Award winners, including the Accelerator Home Loan, for example, which at the time of writing offers 6.04% p.a. (6.41% p.a.) variable interest (owner-occupier, P&I, minimum 5% deposit).

Be sure to compare some of the best home loans in our database on our Home Loans hub page.

Friday saw a raft of home loan providers cutting rates, and today we’ve seen lenders continue to lower them in light of the RBA rate cut.

Here are some of the banks reducing rates on variable rate home loans by 25 basis points as of this morning: 

• Abal banking
• Australian Military Bank
• Bank Australia
• Beyond Bank
• Firstmac
• Great Southern Bank
• Heritage Bank
• IMB Bank
• loans.com.au
• MyState Bank
• People's Choice
• Regional Australia Bank
• Summerland Bank

To compare more lenders, you can head over to our home loans hub page.

Looking for more interest updates? Check Mozo’s rate change tracker for more.

Westpac’s variable home loan interest rates have been reduced by 0.25% p.a. – effective from today (4 March).

This makes it the last of the Big Four banks to pass on the Reserve Bank of Australia’s (RBA) cash rate cut to borrowers.

ANZ, Commonwealth Bank and NAB were slightly ahead of Westpac, with each decreasing their variable rates by 0.25% on 28 February.

Westpac’s subsidiaries have also cut variable rates by 0.25% p.a. today, including St.George, Bank of Melbourne and BankSA.

Dozens of other lenders have also passed on the RBA’s cut, so if you’re not happy with your rate, compare home loans across our database and search for a better deal.

Good morning and welcome back to our live interest rate coverage!

First up today, Pacific Mortgage has dropped rates on variable rate home loans by 20-25 basis points.

The lender has also cut fixed home loan rates by 60-105 basis points.

These cuts are for new customers.

Pacific Mortgage Group started in 2000 as an online mortgage lender based in Sydney.

It offers a streamlined set of variable and fixed rate home loans for both investors and owner occupiers for which they've received numerous awards, including Mozo Experts Choice Awards.

Check Mozo’s rate change tracker for more interest updates.

Well folks, that’s a wrap on today’s finance news! In case you missed it, here are some highlights from today’s coverage:

• More lenders cut home loan rates. Unity Bank, Homeloans 360 and Northern Inland Credit Union have already passed on the full rate cut on a variety of variable-rate loans, with the new rates effective immediately. Illawara Credit Union will follow on 5 March.
• ASIC cracks down on scams. The regulator has shuttered 130 fraudulent investment sites per week since mid-2023, taking out fake crypto platforms, phishing links and dodgy investment sites.
• Credit card rates hold steady. Credit card providers tend to drag their feet on rate cuts, but Qudos Bank bucked the trend by lowering rates on its range of credit cards. Meanwhile, Citi has doubled its bonus Velocity Points to 200,000, and BOQ shortened the interest-free period on its balance transfer offer from 9 months to 6 months.
• Term deposit rates move differently. Banks often adjust term deposit rates ahead of an RBA decision, but there are still some great deals out there: the average 1-year term deposit is 4.32%, with some banks still offering up to 5.1%.
• Global rate moves are in focus. U.S. inflation data is coming soon and could shake up markets, while South Korea and Thailand have recently cut interest rates by 25bp each.

That’s it for today! We’ll be back bright and early tomorrow, so in the meantime, keep an eye on Mozo’s rate change tracker to stay on top of the latest moves.

One thing you should know about term deposits is that banks typically lower them in advance of an RBA rate cut. This is different from home loan and savings account rates, which we’ve seen throughout our coverage tend to move after the cut. Why is this?

• Unlike savings accounts, which banks can adjust at any time, term deposits lock in a fixed rate for a set period.
• This means banks lower TD rates ahead of a cut to avoid locking in higher payouts when market rates are about to fall. 

Unfortunately, this doesn’t always work in reverse; term deposit rates don’t necessarily rise ahead of an expected RBA hike.

But that doesn’t mean there aren’t deals to be had. 

In our database, we're showing that the average term deposit rate for a 1-year term is a not-too-shabby 4.32%, and you can even find rates as high as 5.1% (Defense Bank, 8-month term). In fact, plenty of banks are offering rates around the 4.85% mark.

If you’re considering a term deposit, locking in now could help you secure a solid rate rather than waiting and potentially missing out.

The Australian Securities and Investments Commission (ASIC) has been ramping up its fight against investment scams, shutting down an average of 130 fraudulent websites per week since July 2023. This crackdown is part of ASIC’s broader mission to protect Australians from financial scams and dodgy investment schemes.

What ASIC has taken down so far:

• Fake investment platforms: 7,227 sites
• Phishing scam links: 1,564 links
• Crypto investment scams: 1,257 sites

Why this matters:

• Scams are getting more sophisticated, with authentic-looking fake sites.
• ASIC is targeting these sites before they can trick unsuspecting investors.
• Legal action is being taken against banks that fail to protect customers.

ASIC’s latest enforcement highlights:

• Banks under fire: ASIC is taking legal action against HSBC Australia for allegedly failing to safeguard customers from scammers.
• More investigations: A 31% jump in new investigations, with 109 cases opened in the last six months of 2024.
• Court wins: $46.6 million in penalties and 13 criminal convictions.

In addition, Allianz and AWP have been fined a total $16.8 million for making false or misleading statements about travel insurance policies, reinforcing ASIC’s crackdown on misconduct across the financial sector.

What’s next?

• ASIC is doubling down on enforcement, focusing on banks, insurers, and super funds to ensure they step up their game.
• Major brands like NAB, QBE Insurance, and United Super are also in ASIC’s sights for allegedly misleading customers.
• More pressure on banks to refund fees charged unfairly to vulnerable customers ($28 million already refunded).

ASIC’s message is clear: scammers won’t get a free pass, and financial institutions need to do better at protecting their customers. By learning from other people’s stories, you can develop a keen eye for warning signs and safeguard yourself against potential financial harm. Always remain cautious, inquire thoroughly, and rely on your intuition.

While lenders have been quick to make rate changes for home loans and savings products, credit card rates have remained largely unchanged following the latest cash rate decision. Only a handful of providers typically adjust credit card rates in line with the RBA’s movements, and at the time of writing, only one provider has made changes.

However, there has been some shifts in credit card offerings, including adjustments to introductory offers, bonus points, and balance transfers.

What’s changed?

A few key credit card moves from Mozo's latest Banking Roundup:

• BOQ removed the 9-month introductory interest-free period on its Blue Visa credit card. The 0% balance transfer offer has been cut from 9 to 6 months. Instead, new customers could now be eligible for 50,000 Q Rewards points.
• Citi has significantly boosted the bonus Velocity Points available on its Premier card, increasing from 110,000 to 200,000 Velocity Points. Meanwhile, the Rewards card bonus points have been increased from 80,000 to 90,000.
• Kogan Money has temporarily paused new applications for its Black Card. A system update means no applications will be accepted until 17 March 2025.
• Qudos Bank reduced interest rates across its range of credit cards by 0.25%. The Lifestyle Plus card now offers one of the lowest rates at 12.59% p.a.

What this means for you

While some lenders are scaling back interest-free periods and balance transfer deals, others are increasing rewards points and cutting rates. If you’re considering applying for a new credit card or looking to switch providers, these changes highlight the importance of comparing offers.

Feels like we barely caught a breather, and now U.S. inflation might be once again inching the wrong way. 

Fresh numbers from across the pond will be dropping in less than a fortnight, and if the murmurs are to be believed, prices over there may be accelerating once again.

Could the Fed respond with another rate hike? And what would that mean for us?

It’s all speculation at this point, but it never hurts to engage in a little bit of game theory.

Higher U.S. rates tend to attract investors, boosting the greenback and weakening the Aussie. A weaker AUD means higher prices down under: not ideal.

On the flip side, if a tighter monetary policy in the US slows down global growth, that could actually take some of the heat off inflation here. But that clearly comes with its own set of challenges.

Suffice it to say we’ll be watching as the next data drop rolls in. In the meantime, why not check out our interest rate tracker where we track home loan interest rates for dozens of lenders.

Australia’s economy isn't the only one in a bit of a transition. Interest rate decisions are taking place around the globe, so let’s briefly check in on our neighbours in Asia.

The Bank of Korea has just lowered its base rate by 25 basis points to 2.75%, which is the third cut since October 2024, as reported in Westpac’s latest economics wrap. 

Along with this came a downgrade to the 2025 growth forecasts, from 1.9% for 2025 to 1.5%, owing to the impact of tariffs and dwindling domestic demand, Westpac notes. Core inflation is expected to be lower in 2025 at 1.8% (previously 1.9%). 

The Bank of Thailand also cut rates by 25bp to 2.0%, surprising markets, Westpac says.

The cut came as structural problems in the manufacturing sector threaten growth. Tariffs and trade tensions in the region will only further exacerbate existing problems.

Meanwhile, core consumer prices in Japan's capital rose 2.2% in February from a year earlier, slowing for the first time in four months, Reuters reports.

This is due to revived energy subsidies but remaining well above the central bank's 2% target. The persistently high inflation will likely support the case for the Japanese central bank to continue its monetary policy tightening campaign.

Finally, China’s inflation has been accelerating. Deflationary pressures are likely to persist in China this year, as reported by Reuters, unless policymakers can rekindle sluggish domestic demand.

Tariffs set by American President Donald Trump on Chinese goods have added pressure on Beijing to spur growth in its economy.

It’s worth remembering that Asian countries such as China, Japan, South Korea and others are key trade partners of Australia.

Check Mozo’s rate change tracker for more interest updates.

Illawarra Credit Union is cutting home loan rates effective 5 March 2025, the lender has announced.

Interest rates for existing variable home loans and those funded prior to 5 March will decrease by 0.25%. 

Customers can view new repayment amounts via the lender's internet banking portal after 5 March. Any repayments due before the effective date will remain at the old repayment amount, Illawarra CU says.

The credit union has also made some changes to insurance and deposit products effective from 28 February 2025.

You can find some of the leading home loan rates in the Mozo database on our home loans hub page.

News alert - Yard home loans said today it will cut its variable rate home loans following the RBA's recent rate reduction of 25 basis points. 

The cuts will be 0.25% p.a. to both owner-occupier and investor home loans.

Yard has a couple of home loan products in our database and has previously been a Mozo Experts Choice Award winner in the best 'Investor home loan 'category.

Based entirely online, Yard came on the scene in 2017 with a mission to design home loans for the digital generation.

Check Mozo’s rate change tracker for more interest updates.

Northern Inland Credit Union will be reducing all variable rate home loans and commercial loans by 0.25%, effective 1 March 2025, the lender says.

This excludes commercial overdrafts.

Northern Inland Credit Union was formed in 1988 with the merger of Namoi Credit Union, Oxley Mutual Credit Union and Tamworth Community Credit Union.

The credit union's 'Dream Value Home Loan Special Offer' was recently awarded a Mozo Experts Choice Award in the 'Offset home loan' category.

See our full interest rate coverage and check Mozo’s rate change tracker for more updates.

Just in, Homeloans 360 has made cuts to its variable home loan rates by 25 basis points for both new and existing customers.  

Homeloans 360 has a number of home loans in our database, including the Mozo Experts Choice Award winner, 'Owner Variable Home Loan.'

Based on today's announcement, this loan will drop from 5.89% p.a. (5.89% p.a. comparison rate) to 5.64% p.a. (5.64 p.a. comparison), as per Homeloans 360's website.

Notably, Homeloans 360 now has the lowest variable rate in our database, with its Owner Variable Home Loan (Plus, LVR <80%). It also has the lowest 1-year fixed rate after recently cutting by 0.60% p.a.

Be sure to check some of the leading home loan rates in the Mozo database on our home loans hub page. 

Following the RBA's 0.25% cash rate drop, Unity Bank has reduced interest rates on variable residential home and investment home loans by 0.25% - effective 1 March. 

Unity has a range of different interest rates on its owner-occupier home loans based on the loan-to-value ratio selected.

As an example, the bank's variable rate Advantage home loan (P&I) with an LVR of 60% has one the more attractive rates amid its options at 5.99% p.a. (6.06% p.a. comparison rate).

Be sure to stay on track with rate on our live tracker.

Good morning and welcome back to Mozo's live interest rates blog!

Last month's RBA meeting continues to impact the world of personal finance.

After all, it was the first change to the cash rate since November 2023, and the first time the cash rate was reduced since all the way back in November 2020.

As we covered here in the days that followed, lenders were ready to act with a rush of announcements confirming rate reductions.

At the time of writing, Mozo has recorded 72 of 95 lenders tracked in our database promising variable rates would go down 25 basis points.

The first to move was Athena on 18 February (the day of the RBA meeting) and the latest rate change date recorded so far is 12 March.

Soon after Athena, many of the big names followed with rate cuts of their own - including the Big Four banks. You can track each of those changes right here on our live blog page as well as on our Rate Change Tracker.

With all of these moves, many of which are already in effect, we've seen a slight shift in average home loan interest rates. 

Currently in the Mozo database, the average variable owner-occupier (P&I) home loan rate is 6.63% p.a., while the average owner-occupier (interest only) rate is 7.24% p.a. Each of these rates is based on a $400,000 loan with 80% LVR.

We'll continue to cover all the major interest rate and money news right here, so stay tuned.

You can also find some of the leading home loan rates in the Mozo database on our home loans hub page.