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March home loan interest rate update

March home loan interest rate update

The Reserve Bank of Australia board has met for March 2017 and decided to leave official interest rates at the historically low level of 1.5 per cent. Interest rates have been at record low settings for three years and are unlikely to rise significantly in 2017. The RBA governor Phillip Lowe has stated clearly in recent months that he is reluctant to cut interest rates further and inflame already booming property prices.

Chief economist at National Australia Bank, Ivan Colhoun said the RBA is concerned that further rate cuts could encourage some households to borrow beyond their means.

 

It is likely that the RBA will leave interest rates unchanged at least for the next six months,” Mr Colhoun told Business Insider.

 

However, NAB is forecasting weaker than expected economic growth in 2018.

 

This could see the RBA considering a further cut to interest rates late in 2017,” said Mr Colhoun.

 

Senior economist at UBS, Scott Haslem said rates could move higher early in 2017.

 

The recent re-acceleration in housing lending and prices raises the risk the current record low cash rate might now just be too low.”

 

Economist Kristina Clifton from Commonwealth Bank expects no change to rates this year.

 

The cash rate is unlikely to move any lower,” said Ms Clifton, “we expect the cash rate to remain at 1.5 per cent throughout 2017.”

 

What are the average home loan interest rates in Australia?

Infochoice reports that the average standard variable home loan rate is now 4.74 per cent (March 2017).

 

The average three year fixed home loan rate is 4.28 per cent in March 2017.

 

What are the lowest home loan interest rates in Australia?

The lowest home loan interest rates now available from Australian lenders are well below four per cent.

 

The lowest standard variable home loan rate is 3.69 per cent from HSBC’s Premier Variable Rate Loan - Owner Occupied and HSBC’s Premier Home Smart Loan - Owner Occupied.

 

The lowest discount variable home loan rate is 3.49 per cent from Mortgage House’s Pure & Simple Summer Special.

 

The lowest three year fixed home loan rate is 3.64 per cent from Morgan Brooks DIRECT’s Fixed 3 year combination variable home loan.

 

You can research and compare home loans from all of Australia’s major lenders here.

 

Source: Infochoice.com.au



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Today's Home Loan Rates

Institution Product
Title
Standard
Rate^ (%)
Comparison
Rate* (%)
Details
Essentials Home Loan 60 3.49 3.51 Go to site
Advantage Home Loan 70 (No Offset) 3.64 3.66 Go to site
Home Value Loan - Owner Occupied 3.65 3.66 Go to site
Orange Advantage ($500k+ where LVR <=80% O/Occ) - Principal & Interest 3.74 4.06 Go to site
UHomeLoan SVR Value Offer (P&I) 3.74 3.74 Go to site
Institution Product
Title
Standard
Rate^ (%)
Comparison
Rate* (%)
Details

^Standard rate for a $250,000 standard loan. The 3 year table shows loans that are fixed for 3 years.
*Comparison rates shown are based on a home loan of $150,000 for 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
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