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Average home loan rates and fees fall in April

Average home loan rates and fees fall in April

Australia’s home loan marketplace may be becoming slightly more affordable, with average mortgage interest rates and fees falling across RateCity over the month of April.

The average variable interest rate on the RateCity database was found to have fallen to 4.63% at the end of April 2018, down from 4.64% at the end of March 2018.

This fall was consistent across both owner occupier and investor mortgage offers, which fell from 4.45% to 4.44% for owner occupiers and from 4.88% to 4.87% for investors.

As for home loan fees, the average upfront fee for a home loan on RateCity fell from $565 in March 2018 to $558 in April 2018 – the lowest average upfront fee in the past 12 months.

The average ongoing fee also fell over the past month, falling from $263 to $255. Meanwhile, the average home loan discharge fee remained steady at $294 – a 12 month high.

It’s important to consider the overall cost of a home loan when comparing mortgages, including the interest rate, the fees, and other costs, and to remember that the cheapest home loan is not always the best option for you and your finances.

DateAverage variable rateAverage owner occupier rateAverage investor rateAverage upfront fee Average ongoing feeAverage discharge fee
April 20174.55%4.39%4.74%$573$247$284
May 20174.57%4.41%4.78%$577$246$285
June 20174.62%4.44%4.84%$577$248$286
July 20174.65%4.46%4.89%$573$247$286
August 20174.66%4.47%4.91%$573$256$284
September 20174.65%4.46%4.90%$574$256$282
October 20174.65%4.45%4.90%$576$258$284
November 20174.67%4.47%4.93%$574$258$285
December 20174.67%4.47%4.93%$574$261$286
January 20184.66%4.47%4.91%$569$260$286
February 20184.65%4.46%4.91%$560$265$287
March 20184.64%4.45%4.88%$565$263$294
April 20184.63%4.44%4.87%$558$255$294

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This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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