Historical Home Loan Interest Rates

Rates and Fees verified correct on October 24th, 2016
Image: MrShearingEconomics

Image: MrShearingEconomics

Want to know the perfect time to lock in your interest rate for your mortgage? Check historical interest rates to see where you stand.

Using historical data to try and predict the future has been a strategy that many people have used. Investors have used past data to try and predict shares prices, historians have tried to information from the past to predict future social trends.

The same can be applied for home loan interest rates - you can analyse the past to see where in the economic cycle you currently stand with your mortgage.

The economic cycle is currently composed of peaks and troughs. When there is a peak, economic activity tends to be strong along with high interest rates. Likewise, a trough indicates low and weak economic activity with low interest rates to stimulate the economy. Generally, you would want to lock in your interest rate at it's lowest.

See historical interest rates sorted by financial institution below

Commonwealth Bank
Standard Variable Rate5.60
Official cash rate2.002.252.502.753.253.754.254.254.75

Click here to compare Commonwealth Bank home loans.

Standard Variable Rate5.68
Official cash rate2.002.252.502.502.50

Click here to compare Westpac home loans.

Standard Variable Rate5.56
Official cash rate2.002.252.502.503.25

Click here to compare ANZ home loans.

Standard Variable Rate5.60
Official cash rate2.002.252.502.502.50

Click here to compare NAB home loans.

Standard Variable Rate5.69
Official cash rate2.002.252.502.754.25

Click here to compare St.George home loans.

Standard Variable Rate5.73
Official cash rate2.002.252.502.50

Click here to compare AMP home loans.

Standard Variable Rate5.944.626.196.447.52
Official cash rate2.002.252.502.754.25

Click here to compare Citibank home loans.

Standard Variable Rate5.60
Official cash rate2.002.252.502.754.25

Click here to compare HSBC home loans.

Standard Variable Rate5.70
Official cash rate2.002.252.502.502.50

Click here to compare Suncorp home loans.

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The Reserve Bank of Australia

Monetary policy is the Reserve Bank of Australia's responsibility. The policy decisions are made by the board with the objective of achieving inflation within 2 - 3%. Other objectives include:

  • Maintaining the financial system and Australia's currency
  • The goal of full employment in Australia
  • The safety and efficiency of the payments system
  • The wellbeing of the Australian economy and its people

What methodology did we use?

Existing pages from current bank websites were searched using Internet Archive, an online tool that takes snapshots of pages published on the Internet in the past. Since this is a fairly new tool, the dates only go back to 2010. Should you require any dates prior to this period, it may be best to speak to your lender directly.

Are you taking advantage of low interest rates?

From the data you can see that interest rates are at an all time low, this could indicate a good time to be fixing your rates. A lower interest rate could potentially save you thousands over the course of your home loan. Variable loans tend to be more popular in Australia, but if you're thinking about refinancing or about to apply for a new loan then you may want to consider locking your rate.

How does the official cash rate affect my interest rate?

Banks and other lenders tend to add a margin to the official cash rate to get the rate at which they land to borrowers. If you have a variable rate loan then you lender will generally increase the interest rate when there is a rate rise and decrease it when there is a cut. However, financial institutions are not required to pass on rise or cut in full.

Find out if your bank passed the February 2014 rate cut.

Shirley Liu

Shirley is finder.com.au's publisher for banking and investments. She is currently studying a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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