Looking for more competitive current rates? Check out our home loan comparison guide.
In the graphs below you can see average home loan interest rates from 1959 up until today. Although there is data as far back as 1959 for standard variable rates, the earliest available data starts much later in time for fixed rates and discounted variable rates.
As you can see, interest rates have risen and fallen several times over the last 60+ years. They reached record highs in 1989 and 1990, but have been steadily falling since. The rate rises we have seen since 2022 have been the most consistent but are not expected to continue up to anywhere near those record highs.
Using historical data to try to predict the future is not a new thing. Investors use past data to try to predict share prices and historians try to use information from the past to predict future social trends.
The same can be applied for home loan interest rates – you can analyse the past to see where in the economic cycle you currently stand with your mortgage.
The economic cycle is currently composed of peaks and troughs. When there is a peak, economic activity tends to be strong along with high interest rates. Likewise, a trough indicates low and weak economic activity with low interest rates to stimulate the economy. Generally, you would want to lock in your interest rate at its lowest.
Monetary policy is the RBA's responsibility. The policy decisions are made by the board with the objective of achieving inflation within 2–3%. Other objectives include:
Banks and other lenders will adjust their interest rates in line with the RBA cash rate. However, they will add a margin to get the rate at which they lend to borrowers.
If you have a variable rate home loan your interest rate will rise when there is a cash rate rise and decrease when there is a cut. However, financial institutions are not required to pass on a rise or cut in full.
| Response | Male | Female |
|---|---|---|
| 5-7% | 61.66% | 53.56% |
| 3-5% | 29.29% | 34.07% |
| 7-9% | 6.36% | 6.78% |
| 1-3% | 2.7% | 5.59% |
| Date | Standard variable rate | Cash rate | Margin |
|---|---|---|---|
| 2/11/2023 | 8.55 | 4.10 | 4.45 |
| 12/2022 | 7.55 | 3.10 | 4.45 |
| 2021 | 4.55 | 0.10 | 4.45 |
| 24/03/2020 | 4.55 | 0.25 | 4.30 |
| 22/10/2019 | 4.80 | 0.75 | 4.05 |
| 01/10/2018 | 5.37 | 1.50 | 3.87 |
| 07/7/2017 | 5.22 | 1.50 | 3.72 |
| 11/4/2016 | 5.60 | 2.00 | 3.60 |
| 2/3/2015 | 5.65 | 2.25 | 3.40 |
| 17/8/2014 | 6.15 | 2.50 | 3.65 |
| 22/6/2013 | 6.15 | 2.75 | 3.40 |
| 12/10/2012 | 6.60 | 3.25 | 3.35 |
| 19/12/2011 | 7.31 | 4.25 | 3.06 |
| 5/11/2010 | 7.81 | 4.75 | 3.06 |
| Date | Standard variable rate | Cash rate | Margin |
|---|---|---|---|
| 2/11/2023 | 6.09 | 4.10 | 1.99 |
| 12/2022 | 4.64 | 3.10 | 1.54 |
| 2021 | 2.19 | 0.10 | 2.09 |
| 18/09/2020 | 2.19 | 0.25 | 1.94 |
| 27/11/2019 | 3.18 | 0.75 | 2.43 |
| 27/12/2018 | 4.73 | 1.50 | 3.23 |
| 28/12/2017 | 4.59 | 1.50 | 3.09 |
| 11/4/2016 | 5.68 | 2.00 | 3.68 |
| 2/3/2015 | 5.70 | 2.25 | 3.45 |
| 8/8/2014 | 5.98 | 2.50 | 3.48 |
| 21/09/2013 | 5.98 | 2.50 | 3.48 |
| Date | Standard variable rate | Cash rate | Margin |
|---|---|---|---|
| 2/11/2023 | 6.99 | 4.10 | 2.89 |
| 12/2022 | 5.74 | 3.10 | 2.64 |
| 11/2020 | 4.39 | 0.10 | 4.29 |
| 11/10/2019 | 4.79 | 0.75 | 4.04 |
| 27/09/2018 | 5.36 | 1.50 | 3.86 |
| 16/6/2017 | 5.20 | 1.50 | 3.70 |
| 11/4/2016 | 5.56 | 2.00 | 3.56 |
| 2/3/2015 | 5.63 | 2.25 | 3.38 |
| 25/03/2014 | 5.88 | 2.50 | 3.38 |
| 19/08/2013 | 5.88 | 2.50 | 3.38 |
| 1/10/2012 | 6.80 | 3.25 | 3.55 |
| Date | Standard variable rate | Cash rate | Margin |
|---|---|---|---|
| 2/11/2023 | 6.59 | 4.10 | 2.49 |
| 12/2022 | 6.20 | 3.10 | 3.10 |
| 13/03/2020 | 3.45 | 0.10 | 3.35 |
| 11/10/2019 | 3.70 | 0.75 | 2.95 |
| 17/08/2018 | 4.17 | 1.50 | 2.67 |
| 11/4/2016 | 5.60 | 2.00 | 3.60 |
| 2/3/2015 | 5.63 | 2.25 | 3.38 |
| 31/08/2014 | 5.88 | 2.50 | 3.38 |
| 22/09/2013 | 5.88 | 2.50 | 3.38 |
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Hi, you have displayed a list of historical interest rates across the 4 big banks. I would like to find historical mortgage interest rates for the Commonwealth bank going back even further from 2010 back until 1998. Is there any possibility you can provide me with this information. Thanks
Hi Kerry, Unfortunately we don’t have any data for CommBank prior to 2010, so can’t help with this one. Sorry!
Hi there!
Great information. Thank you!
My son has had an NAB home loan for about 8 years. He originally got this loan through a broker. Despite never missing a home loan payment, his loan hasn’t reduced by much.
I saw on TV ages ago that there was some company where you could provide your repayment information and they would check the interest charged for each month. They were making the point that banks sometimes unintentionally miscalculate their figures.
My other concern is that my son has no idea of what the broker is charging. So, my first question is whether you know of any place where he could go to establish what he’s been charged for interest over the years?
My other question is whether he can approach NAB and find out what is the rate interest that’s been charged for each month of his loan and the actual interest he’s been charged for each month?
There are bank statements, but it’s not clear if the interest debited includes the broker’s fee.
I know it’s basic mathematics to work out interest for a month. However, he has as offset account whereby funds in there reduce the amount they charge interest on. So this is where it get messy.
Anyway, if you can provide some direction in this respect, it would be most appreciated.
Thanks for your anticipated help.
Cheers!
Hi Dean,
While we’re not aware of any companies offering the services you’re looking for, if it’s only for 1 mortgage, your son can request the information directly from NAB. They can provide him with a table where he would see the principal and monthly interest payments made over the years.
In regards to the broker, mortgage brokers will typically be paid through the bank and not through borrower repayments. Your son’s repayments will not be affected by him taking out the loan with a broker. Some brokers can charge upfront fees, but this would have been a separate payment.
Kind regards,
Rebecca
Looking for NAB SVR mortgage rates (owner occupied) from Feb 2008 to Sept 2013.
Hi Damien!
Thanks for the comment.
Our available statistics are the ones shown above.
You can contact NAB or RBA for your request of rates information.
Hope this clarifies.
Cheers,
Jonathan