What are the average interest rates on home loans?
How does your home loan stack up? If you’re keen to compare interest rates, we’ve taken a look at the rates on Canstar’s database, and found there’s a big difference between the highest and lowest rates.
How does your home loan stack up? If you’re keen to compare interest rates, we’ve taken a look at the rates on Canstar’s database, and found there’s a big difference between the highest and lowest rates.
Whenever the Reserve Bank of Australia (RBA) raises the cash rate, banks and lenders tend to be quick to pass the change on to home loan borrowers, with most major financial institutions passing the hike on in full.
While rates rose throughout much of last year, the RBA has held them steady throughout the first half of 2024, as inflationary pressures ease. Rates are tipped to fall at the end of this year, so if you’re currently wondering whether it’s a good time to fix your home loan, or whether to wait and see if the RBA makes its predicted cuts, some consideration of the pros and cons of fixing your home loan might assist.
Below is a summary of the current home loan rates for owner occupiers and investors on Canstar’s database. To explore in more detail, you can compare interest rates with Canstar’s home loan selector.
If you want to know more about investment loans, you can also compare investment home loans on our database.
Latest owner-occupier principal and interest home loans
Rate statistics, as at 1 April 2024
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Variable | ||||
---|---|---|---|---|
Basic | Standard | Package | Overall | |
Average | 6.59% | 7.16% | 6.79% | 6.90% |
Minimum | 5.89% | 5.89% | 5.99% | 5.69% |
Maximum | 9.29% | 9.39% | 8.76% | 9.39% |
Fixed | |||||
---|---|---|---|---|---|
1 Year | 2 Year | 3 Year | 4 Year | 5 Year | |
Fixed | Fixed | Fixed | Fixed | Fixed | |
Average | 6.44% | 6.32% | 6.26% | 6.41% | 6.43% |
Minimum | 5.79% | 5.63% | 5.48% | 5.69% | 5.63% |
Maximum | 7.64% | 7.79% | 7.29% | 7.14% | 7.44% |
Source: www.canstar.com.au. Based on owner occupier loans available for $600,000, 80% LVR and interest-only payments in Canstar’s database. Excludes first home buyer only and introductory home loans; except for minimum variable rates which include introductory loans.
Latest owner-occupier interest-only home loans
Rate statistics, as at 1 April 2024
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Variable | ||||
---|---|---|---|---|
Basic | Standard | Package | Overall | |
Average | 7.18% | 7.71% | 7.25% | 7.46% |
Minimum | 5.95% | 5.94% | 5.99% | 5.92% |
Maximum | 9.29% | 9.42% | 8.76% | 9.42% |
Fixed | |||||
---|---|---|---|---|---|
1 Year | 2 Year | 3 Year | 4 Year | 5 Year | |
Average | 6.84% | 6.72% | 6.68% | 6.82% | 6.88% |
Minimum | 5.89% | 5.69% | 5.79% | 6.04% | 5.94% |
Maximum | 8.24% | 8.29% | 7.59% | 7.69% | 7.84% |
Source: www.canstar.com.au. Based on owner occupier loans available for $600,000, 80% LVR and interest-only payments in Canstar’s database. Excludes first home buyer only and introductory home loans; except for minimum variable rates which include introductory loans.
Latest investment principal and interest home loans
Rate statistics, as at 1 April 2024
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Variable | ||||
---|---|---|---|---|
Basic | Standard | Package | Overall | |
Average | 6.87% | 7.47% | 7.05% | 7.19% |
Minimum | 6.09% | 6.04% | 6.19% | 5.94% |
Maximum | 9.29% | 9.70% | 9.38% | 9.70% |
Fixed | |||||
---|---|---|---|---|---|
1 Year | 2 Year | 3 Year | 4 Year | 5 Year | |
Average | 6.62% | 6.49% | 6.45% | 6.62% | 6.65% |
Minimum | 5.94% | 5.63% | 5.58% | 5.89% | 5.73% |
Maximum | 7.79% | 8.04% | 7.45% | 7.45% | 7.59% |
Source: www.canstar.com.au. Based on investment loans available for $600,000, 80% LVR and principal & interest repayments in Canstar’s database. Excludes first home buyer only and introductory home loans; except for minimum variable rates which include introductory loans.
Latest investment interest-only home loans
Rate statistics, as at 1 April 2024
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Variable | ||||
---|---|---|---|---|
Basic | Standard | Package | Overall | |
Average | 7.15% | 7.76% | 7.35% | 7.49% |
Minimum | 6.19% | 6.40% | 6.19% | 6.19% |
Maximum | 9.29% | 10.12% | 9.78% | 10.12% |
Fixed | |||||
---|---|---|---|---|---|
1 Year | 2 Year | 3 Year | 4 Year | 5 Year | |
Average | 6.80% | 6.65% | 6.64% | 6.80% | 6.82% |
Minimum | 6.19% | 5.63% | 5.78% | 6.09% | 5.93% |
Maximum | 7.85% | 7.85% | 7.85% | 7.85% | 7.85% |
Source: www.canstar.com.au. Based on investment loans available for $600,000, 80% LVR and interest-only payments in Canstar’s database. Excludes first home buyer only and introductory home loans; except for minimum variable rates which include introductory loans.
Compare Home Loans (Refinance with variable rate only) with Canstar
If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database with links to lenders’ websites that are available for homeowners looking to refinance. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest to highest). Products shown are principal and interest home loans available for a loan amount of $500,000 in NSW with an LVR of 80% of the property value. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s home loans comparison selector to view a wider range of home loan products. Canstar may earn a fee for referrals.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. If you decide to apply for a home loan, you will deal directly with a financial institution, not with Canstar. Rates and product information should be confirmed with the relevant financial institution. Home Loans in the table include only products that are available for somebody borrowing 80% of the total loan amount. For product information, read our detailed disclosure, important notes and additional information. *Read the comparison rate warning. The results do not include all providers and may not compare all the features available to you.
Home Loan products displayed above that are not “Sponsored or Promoted” are sorted as referenced in the introductory text followed by Star Rating, then lowest Comparison Rate, then alphabetically by company. Canstar may receive a fee for referral of leads from these products.
When you click on the button marked “Enquire” (or similar) Canstar will direct your enquiry to a third party mortgage broker. If you decide to find out more or apply for a home loan, you can provide your details to the broker. You will liaise directly with the broker and not with Canstar. When you click on a button marked “More details” (or similar), Canstar will direct your enquiry to the product provider. Canstar may earn a fee for referral of leads from the comparison table above. See How We Get Paid for further information.
Main image source: fizkes/Shutterstock. Original reporting by Amanda Horswill.
Thanks for visiting Canstar, Australia’s biggest financial comparison site*
This article was reviewed by our Editor-in-Chief Nina Rinella before it was updated, as part of our fact-checking process.
Alasdair Duncan is a Senior Finance Journalist at Canstar, specialising in home loans, property and lifestyle topics. He has written more than 200 articles for Canstar and his work is widely referenced by other publishers and media outlets, including Yahoo Finance, The New Daily, The Motley Fool and Sky News. He has featured as a guest author for property website homely.com.au.
In his more than 15 years working in the media, Alasdair has written for a broad range of publications. Before joining Canstar, he was a News Editor at Pedestrian.TV, part of Australia’s leading youth media group. His work has also appeared on ABC News, Junkee, Rolling Stone, Kotaku, the Sydney Star Observer and The Brag. He has a Bachelor of Laws (Honours) and a Bachelor of Arts with a major in Journalism from the University of Queensland.
When he is not writing about finance for Canstar, Alasdair can probably be found at the beach with his two dogs or listening to podcasts about pop music. You can follow Alasdair on LinkedIn and Twitter.
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