Room for RBA to move on rates, says Wayne Swan: Guide to the lowest rate mortgages, fixed and variable as of November 19

Federal Treasurer Wayne Swan has once again waded into the debate over whether the Reserve Bank should cut the cash rate on December 4.

In a Treasury note over the weekend, Swan says the government’s forecast of a return to a budget surplus in the current financial year “gives the Reserve Bank more room to move on interest rates”.

“That’s the equivalent of six cuts to the official cash rate. For a family with a $300,000 standard variable mortgage, our responsible budget management has helped deliver a saving of around $4,500 a year in repayments compared to when the Government came to office,” says Swan.

By a majority of one, economists polled by Bloomberg on Friday tip the RBA to leave the cash rate on hold on December 4.

Tomorrow’s release of the minutes of the November monetary policy meeting and a speech by RBA governor Glenn Stevens will give clues as to the thinking of the RBA about a possible rate cut in December.

These are the lowest advertised mortgage rates based on listings by ratecity.com.au, Mozo.com.au and infochoice.com.au as of November 19:

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.

For information on refinancing, watch our free webinar Refinancing and the Interest Rates Riddle