Discount rates are the special interest rates that apply to the different packages that the banks offer (for example, there is the Westpac Premier Advantage package and the CAB MAV package). The data set includes the historical discount interest rates back to 2004. Historical Home Loan Variable Rates, Fixed Rates and Discount Rates With the recent COVID QE response from the RBA by reducing the 3 years official rate to be the same as the cash rate, fixed rates will be low for some time. Since September 2010, 3 year fixed rates have been less than variable rates.

It is also interesting to compare how often the fixed rate exceeds or is exceeded by the variable rate. If you fixed interest rates at about July 2007 (7.7%), the variable rates that applied when your loan came out of its fixed rate period would have been about the same (variable rate in July 2010 was about 7.5%). If you fixed at any time between these dates you will have been locked into that interest rate and you would have been likely to miss the period of lower interest rates between about October 2008 and July 2010. If you fixed rates up until 3 years before the peak you would have been fine (the peak was August 2008 so the last date to fix would have been August 2005). This is because if you fixed a rate until then, the trend was for rates to be reducing and so a fixed rate loan would have missed out on the trend downwards.

We consider 3 year interest rates to be relevant because in Australia the average home loan runs for between 3 and 4 years before it is refinanced, paid out or the property/properties the subject of the loan are sold (and so the loan is paid out).Ĭlearly, you will have been worse off if you selected a 3 year fixed rate loan at any time up until about November 2001. RBA Interest Rate Announcement February 2020.RBA Interest Rate Announcement February 2021.RBA Interest Rate Announcement March 2021.RBA Interest Rate Announcement October 2021.RBA Interest Rate Announcement March 2023.Banking Royal Commission Recommendations.What does $500,000 buy you in Perth, Sydney and Melbourne?.RBA Interest Rate Announcement July 2018.RBA Interest Rate Announcement March 2018.RBA Interest Rate Announcement February 2018.RBA Interest Rate Announcement December 2017.RBA Interest Rate Announcement May 2017.RBA Interest Rate Announcement March 2017.RBA Interest Rate Announcement September 2015.How long does a home loan application take?.CBA New Digital Businesses Pty Ltd is not an Authorised Deposit-taking Institution for the purposes of the Banking Act 1959 and its obligations do not represent deposits or other liabilities of Commonwealth Bank of Australia. CBA New Digital Businesses Pty Ltd is a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. “Home-in” is a trademark of CBA New Digital Businesses Pty Ltd ABN 38 633 072 830 trading as “Home-in Digital”. Conditions apply. Home-in reserve the right to terminate the offer at any time You can find out more about this offer and how to lock it in when you log into the App. To secure the offer you will need to engage the services of Home-in’s partner law firm via the Home-in app. *CommBank Exclusive Offer: You’re eligible for the offer if you 1) Settle on a property with a CommBank home loan, and 2) Use the in-app legal services provided through Home-in. App Store is a service mark of Apple Inc. For example, a loan held in the name of “John Smith ITF The Smith Family Trust” can have a package established in the name of John Smith as the trustee.Īpple, the Apple logo and iPhone are trademarks of Apple Inc., registered in the U.S. Trust loans can however be linked to the trustee package (personal or company package) where the trustee is an applicant (i.e. It cannot be established in the name of a business or family investment trust. The package can be established in the name of one or two individual’s name/s, or in the name of a corporate entity. To be eligible for Wealth Package, you must have a current eligible home loan or line of credit with an initial package lending balance of at least $150,000 when you apply for Wealth Package.

The estimates are not a quote or a loan offer. Our calculators and tools provide estimates for your general information only and are based on the accuracy of information input. Full terms and conditions will be included in the Bank's loan offer. Applications for finance are subject to the Bank's normal credit approval.

Commonwealth bank home loan calc