Home Loan Interest Rate Update: Stability in the Market as RBA Holds Steady

Home Loan Interest Rate Update: Stability in the Market as RBA Holds Steady

As of October 23, 2024, residential home loan interest rates in Australia are averaging approximately 6.15% for variable-rate loans and 5.90% for fixed-rate loans. This reflects the steady environment following the Reserve Bank of Australia’s (RBA) decision to maintain the official cash rate at 4.10%. Investment loan rates are slightly higher, with variable rates around 6.50% and fixed rates nearing 6.85%.

The RBA’s cautious approach to rate adjustments, aimed at balancing economic growth with inflation control, has contributed to a stable lending environment. This consistency is crucial for both homebuyers and investors as they navigate the current market.

Below is a summary of the current interest rates available:

Home Loans – Owner Occupied

 

Investment Property Loans

Loan Type Interest Rate Loan to Value (Up to) Quotes
Variable Interest Rates        
Variable to $1 million 6.24% CPR 6.26% 95% Enquire
Variable Over $1 million 6.18% CPR 6.37% 95% Enquire
Variable 100% Offset 6.18% CPR 6.37% 95% Enquire
Line of Credit 6.81% CPR 6.99% 95% Enquire
Fixed Interest Rates        
1 Year Fixed 5.89% CPR 6.34% 95% Enquire
2 Year Fixed 5.64% CPR 6.25% 95% Enquire
3 Year Fixed 5.64% CPR 6.19% 95% Enquire
4 Year Fixed 5.69% CPR 6.47% 95% Enquire
5 Year Fixed 5.64% CPR 6.31% 95% Enquire
7 Year Fixed 6.89% CPR 6.98% 95% Enquire
10 Year Fixed 7.24% CPR 7.27% 95% Enquire
 
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