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 2008 - The Cash Rate Target (base rate) set by the Reserve Bank of Australia is currently 7.25%. Australian rates hit a cycle low of 4.25% in Dec 2001 and have been rising very gradually since then (only by 0.25% each rise), with the latest increase in March 2008.

Source of data: Reserve Bank of Australia
Below are some rates offered by lenders as advertised in the WA press in May 2008.
- Intro mortgage rate = 8.24% - 8.41%
- Standard Variable rate = 8.54% - 9.37%
- 5 year fixed rate = 8.54% - 9.77%
- Typical setup fees = $600+
As in a lot of countries, the credit crisis in the US has resulted in mortgage rates rising recently, even more than the RBA's cash target rate has risen.
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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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