Australian Interest rates

For Reserve Bank ‘Cash Rate’ Interest Rates

See: www.britzinoz.com/australian-interest-rates-reserve-bank-of-australia

Where do you find the best Interest rates in Australia, both for Mortgages and Savings ?

Some options include these web sites:

• myrate
• www.infochoice.com.au
  Their web site says “Compare: 1,000s of financial products from 100s of providers…” and it does seem to have a good and easy to use system.
• www.cannex.com.au
  This is one that I have used many times, and seems to be pretty good. It is also used by other financial sites for their base data.
• www.ratecity.com.au
  Quote from the web site: “COMPARE credit cards, home loans, car insurance, savings accounts and personal loans from 325 Australian banks and institutions using CANNEX data.”

Mortgage Interest rates can be checked at the above sites.

With Mortgages, please note that the standard variable interest rate quoted, is only for people who do not ask for a discounted rate.

Most mortgage holders should be able to get at least 0.5% off that rate, and 0.7% is a common discount.

If you have Savings and a Mortgage, discuss the option of having a 100% offset account linked to your mortgage, it may save you $1,000’s.

Current Australian Mortgage Rates

Current Bank Mortgage rates can be checked at:

• ANZ Bank: Home Loan Rates
• Commonwealth Bank: Home Loan Rates
• National Australia Bank: Home Loan Rates
• St George Bank: Home Loan Rates
• Westpac Bank: Variable Home Loan Rates – Fixed Home Loan Rates

Historical Interest Rates

Mortgage Interest rates during the terms of the last few governments have been:

• 1972 – 1975 : rates went UP from 7% to 10.38% (up 3.38%)
• 1975 – 1983 : rates went UP from 10.38% to 12.5% (up 2.12%)
• 1983 – 1996 : rates went DOWN from 12.5% to 10.5% (down 2.00%)
• 1996 – 2007 : rates went DOWN from 10.5% to 8.55% (down 1.95%)
• 2007 – 2013 : rates went DOWN from 8.55% to 5.95% (down 2.60%)
• 2013 – xxxx :

The average mortgage interest rates during those last few government terms were:

• 11.94% 1983 -1996
•  7.32% 1996 -2007
• 7.30% 2007 – 2013
• 2013 –

Looking at rates from 1989 to 2009, the average rate for the last 20 years had been 9.12% !!

Looking at rates from 1994 to 2014, the average rate for the last 20 years had been 7.38% !!

The calculation of that average figure is from:

F5 INDICATOR LENDING RATES:  From the Reserve Bank of Australia

Housing loans, Banks,  Average Standard Variable Annual Interest rate for Owner Occupiers

• 5.650% from Nov-2015
• 5.450% from May-2015
• 5.650% from Feb-2015
• 5.950% from Aug-2013
• 6.200% from May-2013
• 6.450% from Dec-2012
• 6.650% from Oct-2012
• 6.850% from Jun-2012
• 7.050% from May-2012
• 7.400% from Feb-2012
• 7.300% from Dec-2011
• 7.550% from Nov-2011
• 7.800% from Nov-2010
• 7.400% from May-2010
• 7.150% from Apr-2010
• 6.900% from Mar-2010
• 6.650% from Dec-2009
• 6.300% from Nov-2009
• 6.050% from Oct-2009
• 5.800% from Jun-2009
• 5.750% from Apr-2009
• 5.850% from Feb-2009
• 6.850% from Dec-2008
• 7.750% from Nov-2008
• 8.350% from Oct-2008
• 9.350% from Sep-2008
• 9.600% from Jul-2008
• 9.450% from Apr-2008
• 9.350% from Mar-2008
• 9.000% from Feb-2008
• 8.700% from Jan-2008
• 8.550% from Nov-2007
• 8.300% from Aug-2007
• 8.050% from Nov-2006
• 7.800% from Aug-2006
• 7.550% from May-2006
• 7.300% from Mar-2005
• 7.050% from Dec-2003
• 6.800% from Nov-2003
• 6.550% from Jun-2002
• 6.300% from May-2002
• 6.050% from Dec-2001
• 6.300% from Oct-2001
• 6.550% from Sep-2001
• 6.800% from Apr-2001
• 7.300% from Mar-2001
• 7.550% from Feb-2001
• 8.050% from Aug-2000
• 7.800% from May-2000
• 7.550% from Apr-2000
• 7.300% from Feb-2000
• 6.800% from Nov-1999
• 6.550% from Jul-1999
• 6.500% from Dec-1998
• 6.700% from Aug-1997
• 7.200% from May-1997
• 7.550% from Feb-1997
• 8.250% from Dec-1996
• 8.750% from Nov-1996
• 9.250% from Aug-1996
• 9.750% from Jun-1996
• 10.500% from Dec-1994
• 9.550% from Nov-1994
• 9.500% from Sep-1994
• 8.750% from Sep-1993
• 9.500% from May-1993
• 10.000% from Aug-1992
• 10.500% from Jun-1992
• 11.000% from Feb-1992
• 12.000% from Dec-1991
• 12.500% from Oct-1991
• 13.000% from Jun-1991
• 14.000% from May-1991
• 14.500% from Jan-1991
• 15.000% from Dec-1990
• 15.500% from Nov-1990
• 16.000% from Oct-1990
• 16.250% from Sep-1990
• 16.500% from Apr-1990
• 17.000% from Jun-1989
• 16.000% from Mar-1989
• 15.500% from Feb-1989
• 15.000% from Dec-1988
• 14.500% from Jul-1988
• 13.500% from Feb-1988
• 14.000% from Nov-1987
• 14.500% from Oct-1987
• 15.000% from Aug-1987
• 15.500% from Apr-1986
• 13.500% from Oct-1985
• 13.000% from Sep-1985
• 12.500% from Jul-1985
• 12.000% from Apr-1985
• 11.500% from Jan-1984
• 12.000% from Sep-1983
• 12.500% from Feb-1983
• 13.500% from Apr-1982
• 13.000% from Mar-1982
• 12.500% from Oct-1981
• 12.000% from Aug-1981
• 11.500% from Jan-1981
• 11.000% from Dec-1980
• 10.250% from Jul-1980
• 9.875% from Apr-1980
• 9.625% from Mar-1980
• 9.125% from Dec-1978
• 9.375% from Feb-1978
• 9.625% from Jan-1978
• 9.875% from Feb-1976
• 10.375% from Sep-1975
• 10.125% from Apr-1975
• 10.375% from Jul-1974
• 8.375% from Oct-1973
• 7.000% from Feb-1972
• 7.250% from Apr-1970
• 5.875% from Aug-1968
• 5.375% from Apr-1965
• 5.125% from Jun-1964
• 5.000% from Apr-1963
• 5.500% from Jan-1961