Australian Bank Home Loan Interest Rate History
Mon, 2008-03-31 12:13 — wes@ability
Did you know that the average bank variable interest home loan interest rate rate over the past 59 years in Australia is 8.87 percent? (source Reserve Bank of Australia standard variable interest rate home loans, Jan 1959 to Feb 2008)
The same standard variable home loan interest rate was above 9 percent from July 1974 through to August 1993 when the rate dropped to 8.75 percent for 1 year then did not return to below 9 percent again until November 1996.
Interest rates will no doubt continue to rise and fall over time. Borrowers who utilise the services of a finance broker who is equipped with an advanced home loan comparison software package such as the ActiveClient system used by Ability Finance brokers are often able to avoid additional costs that can be encountered when borrowing from many lenders.
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