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.
16 Apr 2024
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.
Main image source: fizkes/Shutterstock. Original reporting by Amanda Horswill.
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This article was reviewed by our Editor-in-Chief Nina Rinella before it was updated, as part of our fact-checking process.
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