Overview

As in many other countries, Australia has a large selection of banks, financial institutions and "securitised lenders", each offering a wide variety of home loan products. We have links to a number of lenders under Mortgage Links.

The sheer number of mortgage products can be confusing and it is certainly time-consuming to compare them all. As a result, a great number of mortgage advisors/brokers have come into being.

Mortgage brokerage has become so accepted that over 30% of all Home loans in WA are put through the Lenders' Third Party or Broking channels. Usually this is a free service to the borrower, in that the broker's commission is paid by the lending organisation.

Please read our disclaimer statement.

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Current Mortgage Rates

May 2010 - The Cash Rate Target (base rate) set by the Reserve Bank of Australia is currently 4.5%. As shown in the chart below, Australian rates rose steadily from 2002 until mid 2008 as Australia's economy boomed and containing inflation became a priority.

Of course, when the GFC (Global Financial Crisis) hit in late 2008, policy was reversed and rates came down very quickly to a low of 3% in April 2009. Since then, unlike many other countries, Australia's economy has been growing and interest rates have gone back on the increase - now back to 4.5% and recently described by the RBA as "normal".

Source of data: Reserve Bank of Australia

It should be noted that retail mortgage rates are always quite a lot higher than the RBA Cash Rate. Below are some rates offered by Australian lenders in May 2010.

• Intro mortgage rate = 5.90% - 6.49%
• Standard Variable rate = 6.34% - 7.26%
• 5 year fixed rate = 7.79% - 8.49%
• Typical setup fees = $700

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Mortgage Links

Banks

• Westpac
• ANZ Bank
• Commonwealth Bank
• National Australia Bank
• BankWest
• St George Bank

Non-Bank Lenders

• Aussie Home Loans
• Home Building Society
• Homeloans Ltd
• IMB Banking & Financial Services
• Keystart Home Loans (WA)
• Members Equity
• Nationwide Mortgage
• RAMS Home Loans
• Resi Mortgage Corporation
• Suncorp
• Wizard Home Loans

Other Information Websites

• Infochoice
• Reserve Bank of Australia

  These links are provided as an information source only - we have no control over content in these sites and make no recommendation about their services or products.

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Disclaimer

Information on this website is intended to give the reader an overview of many aspects of life in Australia, such as healthcare, real estate, tax, superannuation etc.

While we at Aussiemove.com have performed a large amount of research on each subject area, we do not claim to be experts in those fields and we recommend that migrants discuss their requirements with companies specialising in those fields before making purchases, investments or other decisions concerning their move.

The content of this website is general in nature - no specific advice is intended. Specifically, no advice about mortgage rates or lenders should be construed from the content of this webpage.

We provide information about and links to certain companies as a service to migrants. We also act as a referral agent for some (eg. Select Mortgage Services) and may receive a small commission from them for referrals.

We make all referrals in good faith. However, we make no specific claims or guarantees regarding the performance of these companies and we accept no liability regarding their products or services. All individuals should do their own research.

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