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May 18 2011

Interest rates in Australia – April 2013

Australian Interest rates

Reserve Bank ‘Cash Rate’ Interest Rates

2 April 2013: At its meeting today, the Board decided to leave the cash rate unchanged at 3.0 per cent.

  • 3.00% March 2013
  • 3.00% February 2013
  • 3.00% December 2012
  • 3.25% November 2012
  • 3.25% October 2012
  • 3.50% September 2012
  • 3.50% August 2012
  • 3.50% July 2012
  • 3.50% June 2012
  • 3.75% May 2012
  • 4.25% April 2012
  • 4.25% March 2012
  • 4.25% February 2012
  • 4.25% December 2011
  • 4.50% November 2011
  • 4.75% October 2011
  • 4.75% September 2011
  • 4.75% August 2011
  • 4.75% July 2011
  • 4.75% June 2011
  • 4.75% November 2010
  • 4.50% October 2010
  • 4.50% September 2010
  • 4.50% August 2010
  • 4.50% July 2010
  • 4.50% June 2010
  • 4.50% May 2010
  • 4.25% April 2010
  • 4.00% March 2010
  • 3.75% February 2010
  • 3.75% January 2010
  • 3.75% December 2009
  • 3.50% November 2009

Where do you find the best Interest rates in Australia, both for Mortgages and Savings ?

Some options include these web sites:

  • myrate
  • www.infochoice.com.au
    Their web site says “Compare: 1,000s of financial products from 100s of providers…” and it does seem to have a good and easy to use system.
  • www.cannex.com.au
    This is one that I have used many times, and seems to be pretty good. It is also used by other financial sites for their base data.
  • www.ratecity.com.au
    Quote from the web site: “COMPARE credit cards, home loans, car insurance, savings accounts and personal loans from 325 Australian banks and institutions using CANNEX data.”

Mortgage Interest rates can be checked at the above sites.

With Mortgages, please note that the standard variable interest rate quoted, is only for people who do not ask for a discounted rate.

Most mortgage holders should be able to get at least 0.5% off that rate, and 0.7% is a common discount.

If you have Savings and a Mortgage, discuss the option of having a 100% offset account linked to your mortgage, it may save you $1,000’s.

Current Australian Mortgage Rates

Current Bank Mortgage rates can be checked at:

Historical Interest Rates

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 –

Looking at rates from 1989 to 2009, the average rate for the last 20 years has been 9.12% !!

The calculation of that average figure is from:

F5 INDICATOR LENDING RATES:  From the Reserve Bank of Australia

Housing loans, Banks, Standard Variable

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

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