Home Loan Interest Rate History
The average bank variable interest home loan interest rate rate over the past 59 years in Australia is 8.87 percent. (source Reserve Bank of Australia standard variable interest rate home loans, Jan 1959 to Feb 2008)
The same standard variable home loan interest rate was above 9 percent from July 1974 through to August 1993 when the rate dropped to 8.75 percent for 1 year then did not return to below 9 percent again until November 1996.
Current 2008 interest rates don’t seem that bad after all when viewed in this light!
Another Australian home loan interest rate history graph is located at Finance Broker Australia web site.