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Average home loan rates and fees fall in April
Australia’s home loan marketplace may be becoming slightly more affordable, with average mortgage interest rates and fees falling across RateCity over the month of April.
The average variable interest rate on the RateCity database was found to have fallen to 4.63% at the end of April 2018, down from 4.64% at the end of March 2018.
This fall was consistent across both owner occupier and investor mortgage offers, which fell from 4.45% to 4.44% for owner occupiers and from 4.88% to 4.87% for investors.
As for home loan fees, the average upfront fee for a home loan on RateCity fell from $565 in March 2018 to $558 in April 2018 – the lowest average upfront fee in the past 12 months.
The average ongoing fee also fell over the past month, falling from $263 to $255. Meanwhile, the average home loan discharge fee remained steady at $294 – a 12 month high.
It’s important to consider the overall cost of a home loan when comparing mortgages, including the interest rate, the fees, and other costs, and to remember that the cheapest home loan is not always the best option for you and your finances.
| Date | Average variable rate | Average owner occupier rate | Average investor rate | Average upfront fee | Average ongoing fee | Average discharge fee |
|---|---|---|---|---|---|---|
| April 2017 | 4.55% | 4.39% | 4.74% | $573 | $247 | $284 |
| May 2017 | 4.57% | 4.41% | 4.78% | $577 | $246 | $285 |
| June 2017 | 4.62% | 4.44% | 4.84% | $577 | $248 | $286 |
| July 2017 | 4.65% | 4.46% | 4.89% | $573 | $247 | $286 |
| August 2017 | 4.66% | 4.47% | 4.91% | $573 | $256 | $284 |
| September 2017 | 4.65% | 4.46% | 4.90% | $574 | $256 | $282 |
| October 2017 | 4.65% | 4.45% | 4.90% | $576 | $258 | $284 |
| November 2017 | 4.67% | 4.47% | 4.93% | $574 | $258 | $285 |
| December 2017 | 4.67% | 4.47% | 4.93% | $574 | $261 | $286 |
| January 2018 | 4.66% | 4.47% | 4.91% | $569 | $260 | $286 |
| February 2018 | 4.65% | 4.46% | 4.91% | $560 | $265 | $287 |
| March 2018 | 4.64% | 4.45% | 4.88% | $565 | $263 | $294 |
| April 2018 | 4.63% | 4.44% | 4.87% | $558 | $255 | $294 |
Disclaimer
This article is over two years old, last updated on May 3, 2018. 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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Product database updated 15 Nov, 2024
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