A guide to the lowest rate home loan offerings fixed and variable as of October 30 as RBA leaves cash rate at 3.25%

The decision by the RBA to leave the cash rate on hold at 3.25% on Melbourne Cup Day took many economists, punters and borrowers by surprise.

Three out of four of the major banks had tipped the cash rate to fall to 3% with only ANZ making the correct prediction.

Westpac chief economist Bill Evans called yesterday’s post-decision statement by RBA governor Glenn Stevens “perplexing” noting that “comments on the domestic economy seem to be straining to identify good news”.

“Some signs of ongoing growth in consumption were identified; some indications of a prospective improvement in investment in dwellings were also noted while the housing market was described as "has strengthened" and business credit had increased. All these signs are correct but the improvement is tepid and should be further boosted with lower rates,” says Evans.

Despite the official borrowing rate remaining unchanged, borrowers can still find very low fixed and variable offerings.

The following results are based on advertised mortgage rates listed by ratecity.com.au, Mozo.com.au and infochoice.com.au as of November 7:

Lowest variable rate offerings:

Lowest one-year fixed-rate offerings

Lowest three-year fixed-rate offerings

*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.

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