Australian Home Loan Interest Rates in October 2019.
The RBA reduced the Reserve Bank Cash Rate down to 0.75% at the beginning of October 2019.
Most banks have indicated they will bring their rates down, but not all will drop by the full 0.25%.
NAB are in the news stating that they will increase their Standard Variable Loan Interest Rate to 5.36% effective from January 31st 2019.
Headlines and stories such as this, have some people worried:
The following figures are calculated from the Australian Bureau of Statistics:
5609.0 – Housing Finance, Australia
6302.0 – Average Weekly Earnings, Australia
2010 – First Home Mortgages
|March 2010||June 2010||October 2012||Ave Value||No of Loans||Ave Value||No of Loans||Ave Value|
The RBA increased the Base rate by 0.25 to 3.25% in Oct 2009
The big banks are now quoting the following rates for their Standard Variable Rate Home loans in October 2009.
These rates are to come into effect in … Read the rest