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Home loan rates now lower than in the 1950s
Towards the end of the 1950s in Australia, $7000 bought you a house, interest rates were around 5% and most people drove a Holden.
Fast-forward to today and much has changed. In the past 12 months, the Reserve Bank of Australia (RBA) has cut the cash rate three times! This has led to extraordinary competition in the home loan market.
Right now, RateCity research shows that 52 lenders have home loan rates under 2%, including three of the Big 4 banks. That’s considerably lower than what was on offer in the ‘50s.
If you haven’t got around to refinancing or you’re buying your first home, there has never been a better time to shop around. To compare some of Australia's lowest home loan rates, and potentially save thousands, keep reading.
Disclaimer
This article is over two years old, last updated on February 16, 2021. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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