Mortgage Rates Compared
Rates updated: Dec 14, 2016
The Reserve Bank of Australia’s (RBA’s) official cash rate is currently 1.50 per cent. Mortgage lending rates are a few per cent higher than the official cash rate.
The RBA maintained the official cash rate at 4.75 per cent for most of 2011 and then, with the economy slowing, began progressively to reduce interest rates. The official cash rate reached 2.00 per cent in May 2015, and fell to 1.75 per cent in May 2016.
The current rate of 1.50 per cent has been in place since August 2016.
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|
|1 year fixed||4.54%||4.54%||4.24%||4.86%|
|2 years fixed||3.90%||4.14%||4.00%||4.39%|
|3 years fixed||3.99%||4.24%||3.99%||4.49%|
|5 years fixed||4.74%||4.74%||4.84%||4.79%|
|10 years fixed||7.69%||7.74%*||–||6.70%|
* 7 years