Average home loan rates and fees fall in April


Mark Bristow

Mark Bristow

( 2 min read )

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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.

Date Average variable rate Average owner occupier rate Average investor rate Average upfront fee  Average ongoing fee Average discharge fee
April 2017 4.55% 4.39% 4.74% $573 $247 $284
May 2017 4.57% 4.41% 4.78% $577 $246 $285
June 2017 4.62% 4.44% 4.84% $577 $248 $286
July 2017 4.65% 4.46% 4.89% $573 $247 $286
August 2017 4.66% 4.47% 4.91% $573 $256 $284
September 2017 4.65% 4.46% 4.90% $574 $256 $282
October 2017 4.65% 4.45% 4.90% $576 $258 $284
November 2017 4.67% 4.47% 4.93% $574 $258 $285
December 2017 4.67% 4.47% 4.93% $574 $261 $286
January 2018 4.66% 4.47% 4.91% $569 $260 $286
February 2018 4.65% 4.46% 4.91% $560 $265 $287
March 2018 4.64% 4.45% 4.88% $565 $263 $294
April 2018 4.63% 4.44% 4.87% $558 $255 $294
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