A 1.85% difference on standard variable home loans

Property Observer has looked at the highest, lowest and average interest rates on CANSTAR’s database for home loans, term deposits and credit cards.

Their research manager, Mitchell Watson said there were virtually no changes to home loan interest rates over the past week.

"Nor have there been any changes to term deposit rates.

“Mortgage holders in particular can still save significant money though by being aware of the interest rate they are being charged and what else is available.

"Currently on CANSTAR’s database there is a 1.85% difference between the highest and lowest standard variable home loan rate.

"On a $400,000 mortgage over a 25-year term, that potentially equates to around $440 in additional repayment cost per month.

"Even the difference between the average and lowest is around $210 per month.

"There are also some very competitive fixed-term deals, with offers as low as 3.95% for one year fixed and 5.30% for five-year fixed," said Watson.

Here is a rundown of the current state of the interest rate market.

Home Loans

Term Deposits 

Source: www.canstar.com.au.  Rates on the CANSTAR database as at 30/6/2014, based on a deposit amount of $250,000.

Credit cards 

Credit card interest rates remain stubbornly high compared to the official cash rate. Overall, the credit card products surveyed are as follows:

Low rate

Standard