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.
Skip ahead to the historical rates you'd like to see
See historical interest rates sorted by financial institution below
Commonwealth Bank
| Date | 11/4/2016 | 2/3/2015 | 17/8/2014 | 22/6/2013 | 12/10/2012 | 11/5/2012 | 20/02/2012 | 19/12/2011 | 5/11/2010 |
| Standard Variable Rate | 5.60 (Owner-Occupier) | 5.65 | 6.15 | 6.15 | 6.60 | 7.01 | 7.41 | 7.31 | 7.81 |
| Official cash rate | 2.00 | 2.25 | 2.50 | 2.75 | 3.25 | 3.75 | 4.25 | 4.25 | 4.75 |
| Margin | 3.60 | 3.40 | 3.65 | 3.40 | 3.35 | 3.26 | 3.16 | 3.06 | 3.06 |
More Commonwealth Bank home loans
Westpac
| Date | 11/4/2016 | 2/3/2015 | 8/8/2014 | 21/11/2013 | 21/09/2013 |
| Standard Variable Rate | 5.68 (Owner-Occupier) | 5.70 | 5.98 | 5.98 | 5.98 |
| Official cash rate | 2.00 | 2.25 | 2.50 | 2.50 | 2.50 |
| Margin | 3.68 | 3.45 | 3.48 | 3.48 | 3.48 |
ANZ
| Date | 11/4/2016 | 2/3/2015 | 25/03/2014 | 19/08/2013 | 1/10/2012 |
| Standard Variable Rate | 5.56 (Owner-Occupier) | 5.63 | 5.88 | 5.88 | 6.80 |
| Official cash rate | 2.00 | 2.25 | 2.50 | 2.50 | 3.25 |
| Margin | 3.56 | 3.38 | 3.38 | 3.38 | 3.55 |
NAB
| Date | 11/4/2016 | 2/3/2015 | 31/08/2014 | 17/12/2013 | 22/09/2013 |
| Standard Variable Rate | 5.60 (Owner-Occupier) | 5.63 | 5.88 | 5.88 | 5.88 |
| Official cash rate | 2.00 | 2.25 | 2.50 | 2.50 | 2.50 |
| Margin | 3.60 | 3.38 | 3.38 | 3.38 | 3.38 |
St.George
| Date | 11/4/2016 | 2/3/2015 | 21/12/2014 | 29/05/2013 | 6/1/2012 |
| Standard Variable Rate | 5.69 (Owner-Occupier) | 5.74 | 5.99 | 6.24 | 7.42 |
| Official cash rate | 2.00 | 2.25 | 2.50 | 2.75 | 4.25 |
| Margin | 3.69 | 3.49 | 3.49 | 3.49 | 3.17 |
AMP
| Date | 11/4/2016 | 2/3/2015 | 9/12/2014 | 5/12/2014 |
| Standard Variable Rate | 5.73 (Owner-Occupier) | 4.70 | 6.00 | 6.00 |
| Official cash rate | 2.00 | 2.25 | 2.50 | 2.50 |
| Margin | 3.73 | 2.45 | 3.50 | 3.50 |
Citibank
| Date | 11/4/2016 | 2/3/2015 | 7/10/2014 | 6/6/2013 | 4/1/2012 |
| Standard Variable Rate | 5.94 | 4.62 | 6.19 | 6.44 | 7.52 |
| Official cash rate | 2.00 | 2.25 | 2.50 | 2.75 | 4.25 |
| Margin | 3.94 | 2.37 | 5.79 | 3.69 | 3.27 |
HSBC
| Date | 11/4/2016 | 2/3/2015 | 23/07/2014 | 15/6/2013 | 20/1/2012 |
| Standard Variable Rate | 5.60 (Owner-Occupier) | 5.95 | 5.95 | 6.20 | 7.24 |
| Official cash rate | 2.00 | 2.25 | 2.50 | 2.75 | 4.25 |
| Margin | 3.60 | 3.70 | 3.45 | 3.45 | 2.99 |
Suncorp
| Date | 11/4/2016 | 2/3/2015 | 9/5/2014 | 3/11/2013 | 9/8/2013 |
| Standard Variable Rate | 5.70 (Owner-Occupier) | 5.99 | 5.99 | 5.99 | 6.24 |
| Official cash rate | 2.00 | 2.25 | 2.50 | 2.50 | 2.50 |
| Margin | 3.70 | 3.74 | 3.49 | 3.49 | 3.74 |
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.
