Average Mortgage Rates in Australia

Historical Interest Rates in Australia..

Mortgage Interest Rates generally rise and fall in line with the Reserve Bank of Australia’s (RBA) Cash Rate which is reviewed every month except January.

The RBA charts the standard mortgage rates in its F5 INDICATOR LENDING RATES series, details of which are shown below.

These figures do NOT include the discounted rates that are almost always available.

Examples of six banks ACTUAL discounted rates, when the Indicator rate is 6.45%

5.49% Bank West
5.53% NAB
5.70% Commonwealth Bank
5.70% ANZ
5.73% St George
5.86% Westpac

0.70% is the normal discount from standard rates, when you ask for it.

Historical Australian Mortgage Interest Rates..

Looking at rates from 1989 to 2009, the average standard variable home loan rate for that 20 year period has been 9.12% !!

The following calculation of that average figure is from:

F5 INDICATOR LENDING RATES: From the Reserve Bank of Australia

Housing loans, Banks, Standard Variable
Date of last change: (updated August 2013)

5.00 % from Jan-1959 to Dec-1960 24 months at this rate
5.50 % from Jan-1961 to Mar-1963 27 months at this rate
5.00 % from Apr-1963 to May-1964 14 months at this rate
5.13 % from Jun-1964 to Mar-1965 10 months at this rate
5.38 % from Apr-1965 to Jul-1968 40 months at this rate
5.88 % from Aug-1968 to Mar-1970 20 months at this rate
7.25 % from Apr-1970 to Jan-1972 22 months at this rate
7.00 % from Feb-1972 to Sep-1973 20 months at this rate
8.38 % from Oct-1973 to Jun-1974 9 months at this rate
10.38 % from Jul-1974 to Mar-1975 9 months at this rate
10.13 % from Apr-1975 to Aug-1975 5 months at this rate
10.38 % from Sep-1975 to Jan-1976 5 months at this rate
9.88 % from Feb-1976 to Dec-1977 23 months at this rate
9.63 % from Jan-1978 to Jan-1978 1 months at this rate
9.38 % from Feb-1978 to Nov-1978 10 months at this rate
9.13 % from Dec-1978 to Feb-1980 15 months at this rate
9.63 % from Mar-1980 to Mar-1980 1 months at this rate
9.88 % from Apr-1980 to Jun-1980 3 months at this rate
10.25 % from Jul-1980 to Nov-1980 5 months at this rate
11.00 % from Dec-1980 to Dec-1980 1 months at this rate
11.50 % from Jan-1981 to Jul-1981 7 months at this rate
12.00 % from Aug-1981 to Sep-1981 2 months at this rate
12.50 % from Oct-1981 to Feb-1982 5 months at this rate
13.00 % from Mar-1982 to Mar-1982 1 months at this rate
13.50 % from Apr-1982 to Jan-1983 10 months at this rate
12.50 % from Feb-1983 to Aug-1983 7 months at this rate
12.00 % from Sep-1983 to Dec-1983 4 months at this rate
11.50 % from Jan-1984 to Mar-1985 15 months at this rate
12.00 % from Apr-1985 to Jun-1985 3 months at this rate
12.50 % from Jul-1985 to Aug-1985 2 months at this rate
13.00 % from Sep-1985 to Sep-1985 1 months at this rate
13.50 % from Oct-1985 to Mar-1986 6 months at this rate
15.50 % from Apr-1986 to Jul-1987 16 months at this rate
15.00 % from Aug-1987 to Sep-1987 2 months at this rate
14.50 % from Oct-1987 to Oct-1987 1 months at this rate
14.00 % from Nov-1987 to Jan-1988 3 months at this rate
13.50 % from Feb-1988 to Jun-1988 5 months at this rate
14.50 % from Jul-1988 to Nov-1988 5 months at this rate
15.00 % from Dec-1988 to Jan-1989 2 months at this rate
15.50 % from Feb-1989 to Feb-1989 1 months at this rate
16.00 % from Mar-1989 to May-1989 3 months at this rate
17.00 % from Jun-1989 to Mar-1990 10 months at this rate
16.50 % from Apr-1990 to Aug-1990 5 months at this rate
16.25 % from Sep-1990 to Sep-1990 1 months at this rate
16.00 % from Oct-1990 to Oct-1990 1 months at this rate
15.50 % from Nov-1990 to Nov-1990 1 months at this rate
15.00 % from Dec-1990 to Dec-1990 1 months at this rate
14.50 % from Jan-1991 to Apr-1991 4 months at this rate
14.00 % from May-1991 to May-1991 1 months at this rate
13.00 % from Jun-1991 to Sep-1991 4 months at this rate
12.50 % from Oct-1991 to Nov-1991 2 months at this rate
12.00 % from Dec-1991 to Jan-1992 2 months at this rate
11.00 % from Feb-1992 to May-1992 4 months at this rate
10.50 % from Jun-1992 to Jul-1992 2 months at this rate
10.00 % from Aug-1992 to Apr-1993 9 months at this rate
9.50 % from May-1993 to Aug-1993 4 months at this rate
8.75 % from Sep-1993 to Aug-1994 12 months at this rate
9.50 % from Sep-1994 to Oct-1994 2 months at this rate
9.55 % from Nov-1994 to Nov-1994 1 months at this rate
10.50 % from Dec-1994 to May-1996 18 months at this rate
9.75 % from Jun-1996 to Jul-1996 2 months at this rate
9.25 % from Aug-1996 to Oct-1996 3 months at this rate
8.75 % from Nov-1996 to Nov-1996 1 months at this rate
8.25 % from Dec-1996 to Jan-1997 2 months at this rate
7.55 % from Feb-1997 to Apr-1997 3 months at this rate
7.20 % from May-1997 to Jul-1997 3 months at this rate
6.70 % from Aug-1997 to Nov-1998 16 months at this rate
6.50 % from Dec-1998 to Jun-1999 7 months at this rate
6.55 % from Jul-1999 to Oct-1999 4 months at this rate
6.80 % from Nov-1999 to Jan-2000 3 months at this rate
7.30 % from Feb-2000 to Mar-2000 2 months at this rate
7.55 % from Apr-2000 to Apr-2000 1 months at this rate
7.80 % from May-2000 to Jul-2000 3 months at this rate
8.05 % from Aug-2000 to Jan-2001 6 months at this rate
7.55 % from Feb-2001 to Feb-2001 1 months at this rate
7.30 % from Mar-2001 to Mar-2001 1 months at this rate
6.80 % from Apr-2001 to Aug-2001 5 months at this rate
6.55 % from Sep-2001 to Sep-2001 1 months at this rate
6.30 % from Oct-2001 to Nov-2001 2 months at this rate
6.05 % from Dec-2001 to Apr-2002 5 months at this rate
6.30 % from May-2002 to May-2002 1 months at this rate
6.55 % from Jun-2002 to Oct-2003 17 months at this rate
6.80 % from Nov-2003 to Nov-2003 1 months at this rate
7.05 % from Dec-2003 to Feb-2005 15 months at this rate
7.30 % from Mar-2005 to Apr-2006 14 months at this rate
7.55 % from May-2006 to Jul-2006 3 months at this rate
7.80 % from Aug-2006 to Oct-2006 3 months at this rate
8.05 % from Nov-2006 to Jul-2007 9 months at this rate
8.30 % from Aug-2007 to Oct-2007 3 months at this rate
8.55 % from Nov-2007 to Dec-2007 2 months at this rate
8.70 % from Jan-2008 to Jan-2008 1 months at this rate
9.00 % from Feb-2008 to Feb-2008 1 months at this rate
9.35 % from Mar-2008 to Mar-2008 1 months at this rate
9.45 % from Apr-2008 to Jun-2008 3 months at this rate
9.60 % from Jul-2008 to Aug-2008 2 months at this rate
9.35 % from Sep-2008 to Sep-2008 1 months at this rate
8.35 % from Oct-2008 to Oct-2008 1 months at this rate
7.75 % from Nov-2008 to Nov-2008 1 months at this rate
6.85 % from Dec-2008 to Jan-2009 2 months at this rate
5.85 % from Feb-2009 to Mar-2009 2 months at this rate
5.75 % from Apr-2009 to May-2009 2 months at this rate
5.80 % from Jun-2009 to Sep-2009 4 months at this rate
6.05 % from Oct-2009 to Oct-2009 1 months at this rate
6.30 % from Nov-2009 to Nov-2009 1 months at this rate
6.65 % from Dec-2009 to Feb-2010 3 months at this rate
6.90 % from Mar-2010 to Mar-2010 1 months at this rate
7.15 % from Apr-2010 to Apr-2010 1 months at this rate
7.40 % from May-2010 to Oct-2010 6 months at this rate
7.80 % from Nov-2010 to Oct-2011 12 months at this rate
7.55 % from Nov-2011 to Nov-2011 1 months at this rate
7.30 % from Dec-2011 to Jan-2012 2 months at this rate
7.40 % from Feb-2012 to Apr-2012 3 months at this rate
7.05 % from May-2012 to May-2012 1 months at this rate
6.85 % from Jun-2012 to Sep-2012 4 months at this rate
6.65 % from Oct-2012 to Nov-2012 2 months at this rate
6.45 % from Dec-2012 to Apr-2013 5 months at this rate
6.20 % from May-2013 to Jul-2013 3 months at this rate
5.95 % from Aug-2013 to

Mortgage Interest rates during the terms of the last 4 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 – xxxx : rates went xxxx from 8.55% to …. ?

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

11.94% 1983 -1996
7.32% 1996 -2007
?? 2007 –

94.1 - 816,060

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