Mortgage Rates Compared
Rates updated: Jul 22, 2019
The Reserve Bank of Australia’s (RBA’s) official cash rate is currently 1.00 per cent. Mortgage lending rates are a few per cent higher than the official cash rate.
Rates have been falling steadily since November 2011, reaching an official cash rate of 1.50 per cent in September 2016. This was reduced further to 1.25 per cent in June 2019. The current cash rate of 1.00 per cent was announced on 3 July 2019.
Most borrowers should find little difficulty securing a mortgage in Australia, although finding a lender who will offer a 100 per cent mortgage is much harder than it once was.
Here are current mortgage interest rates offered by the country’s big four banks.
Mortgage Interest Rates in Australia
| Type of Mortgage | ANZ Bank | CBA | NAB | Westpac |
|---|---|---|---|---|
| Variable Rate | 5.25% | 5.27% | 5.27% | 4.67%* |
| 1 year fixed | 4.96% | 5.16% | 5.15% | 4.70%* |
| 2 years fixed | 4.81% | 5.04% | 4.99% | 4.58%* |
| 3 years fixed | 4.76% | 4.95% | 4.86% | 4.56%* |
| 5 years fixed | 4.89% | 4.90% | 4.75% | 5.00%* |
| 10 years fixed | 6.98% | – | – | – |
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*For total package home loans above $150,000.
