October 2009
The RBA increased the Base rate by 0.25 to 3.25% in Oct 2009
The big banks are now quoting the following rates for their Standard Variable Rate Home loans in October 2009.
- 5.99% NAB
- 5.99% CBA
- 6.06% ANZ
- 6.06% Westpac
These rates are to come into effect in the week starting 12th October 2009
Some examples of Fixed Rate Home loans are:
3 Year Fixed Rate:
- 6.69% NAB at September 2009 (before the Oct rate rise)
- 6.99% ANZ at September 2009 (before the Oct rate rise)
- 7.19% Westpac at September 2009 (before the Oct rate rise)
- 7.29% CBA at September 2009 (before the Oct rate rise)
Although all banks are free to set their own mortgage rates in Australia, the majority do seem to set them at very similar levels.
The Reserve Bank of Australia (RBA) also issue a monthly spreadsheet detailing the changes in what they call the “F05 Indicator Lending Rates”.
One of these rates is the Banks Variable Standard Housing Loan rates.
A graph of these rates, from 1969 to 2009, using a 3 monthly average, is shown here:
The original, and updated, RBA data file can be found at: