What are the current interest rates on home loans?

AMANDA HORSWILL
Digital Editor · 6 April 2021
Interest rates have never been as low in Australia as they are right now. How does your home loan stack up? We’ve taken a look at the current interest rates on Canstar’s database of more than 4,000 loans, and found there’s a big difference between the highest and lowest rates.

Competition is fierce in the home loan market right now. With the property market rebounding strongly from the economic impacts of COVID-19, lenders have slashed their home loan interest rates – with some having now fallen to less than 2%.

Below is a summary of the current home loan rates on Canstar’s database. To explore rates in more detail, compare them with Canstar’s home loan selector.


Latest Owner-Occupier Principal and Interest Home Loans

Rate Statistics, as at 6 April, 2021
Variable Fixed
Basic Standard Package Overall 1 Year 2 Year 3 Year 4 Year 5 Year
Average 3.06% 3.36% 3.09% 3.28% 2.28% 2.24% 2.27% 2.36% 2.64%
Min 2.14% 1.99% 1.99% 1.99% 1.69% 1.74% 1.75% 1.94% 2.19%
Max 5.04% 5.49% 4.14% 5.49% 4.25% 4.33% 4.49% 3.64% 4.06%

Source: www.canstar.com.au. Based on owner-occupier loans of $400,000, at 80% LVR with principal & interest repayments on Canstar’s database. Includes new-to-bank interest rates (including specials). Excludes honeymoon, intro-rate, and first home buyer-only home loans.



Latest Owner-Occupier Interest-Only Home Loans

Rate Statistics, as at 6 April, 2021
Variable Fixed
Basic Standard Package Overall 1 Year 2 Year 3 Year 4 Year 5 Year
Average 3.50% 3.82% 3.59% 3.74% 2.99% 3.00% 3.01% 3.31% 3.42%
Min 2.69% 2.44% 2.95% 2.44% 1.79% 1.89% 1.99% 2.19% 2.29%
Max 4.52% 5.39% 4.35% 5.39% 4.55% 4.63% 4.79% 5.32% 5.32%

Source: www.canstar.com.au. Based on owner-occupier loans of $400,000, at 80% LVR with interest-only payments on Canstar’s database. Includes new-to-bank interest rates (including specials). Excludes honeymoon, intro-rate, and first home buyer-only home loans.


Latest Investment Principal and Interest Home Loans

Rate Statistics, as at 6 April, 2021
Variable Fixed
Basic Standard Package Overall 1 Year 2 Year 3 Year 4 Year 5 Year
Average 3.42% 3.70% 3.47% 3.63% 2.66% 2.60% 2.62% 2.87% 3.00%
Min 2.43% 1.99% 1.99% 1.99% 2.09% 1.99% 2.09% 1.99% 2.49%
Max 5.04% 5.62% 4.49% 5.62% 4.64% 4.57% 4.09% 4.09% 5.18%

Source: www.canstar.com.au. Based on investment loans of $400,000, at 80% LVR with principal & interest repayments on Canstar’s database. Includes new-to-bank interest rates (including specials). Excludes honeymoon and intro-rate home loans.


Latest Investment Interest-Only Home Loans

Rate Statistics, as at 6 April, 2021
Variable Fixed
Basic Standard Package Overall 1 Year 2 Year 3 Year 4 Year 5 Year
Average 3.59% 3.98% 3.76% 3.88% 2.85% 2.83% 2.84% 3.07% 3.20%
Min 2.89% 2.49% 2.69% 2.49% 2.09% 2.09% 2.09% 2.29% 2.59%
Max 5.14% 5.87% 5.53% 5.87% 4.84% 4.77% 5.07% 4.39% 5.38%

Source: www.canstar.com.au. Based on investment loans of $400,000, at 80% LVR with interest-only payments on Canstar’s database. Includes new-to-bank interest rates (including specials). Excludes honeymoon and intro-rate home loans.


Compare Home Loans

Lowest interest rates for 1-year fixed home loans

The comparison table below displays some of the 1-year fixed rate investment home loan products on Canstar’s database with links to lenders’ websites available for a loan amount of $350,000 at 80% LVR in NSW, with Principal and Interest repayments. The results are sorted by ‘current rate’ (lowest to highest), then by provider name (alphabetically).

*Comparison rate based on a loan amount of $150,000. Read the Comparison Rate Warning.

Lowest interest rates for 3-year fixed home loans

The comparison table below displays some of the 3-year fixed rate investment home loan products on Canstar’s database with links to lenders’ websites available for a loan amount of $350,000 at 80% LVR in NSW, with Principal and Interest repayments. The results are sorted by ‘current rate’ (lowest to highest), then by provider name (alphabetically).

*Comparison rate based on a loan amount of $150,000. Read the Comparison Rate Warning.

Lowest interest rates for 5-year fixed home loans

The comparison tables below displays some of the 5-year fixed rate investment home loan products on Canstar’s database with links to lenders’ websites available for a loan amount of $350,000 at 80% LVR in NSW, with Principal and Interest repayments. The results are sorted by ‘current rate’ (lowest to highest), then by provider name (alphabetically).

*Comparison rate based on a loan amount of $150,000. Read the Comparison Rate Warning.

Compare Home Loans

Main image source: Nattakorn_Maneerat/Shutterstock.com

Article updated by Tom Letts.