Average personal loan rate is now 14.55%

The latest Reserve Bank indicator lending rates, published yesterday, show that unsecured personal loan borrowers have got short shrift from recent interest rate cuts.

Unsecured variable personal loan rates came down an average of 35 basis points to 14.55 per cent and the standard credit card rate came down just five basis points to an average of 19.7 per cent.

Meanwhile the average standard variable mortgage rate for households has fallen 55 basis points during the last two months.

Source: Banking Day