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Current
Prime Rate 13.00%
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Below is a historical view of the
prime interest rate.
This is the base rate financial institutions use to calculate your home
loan interest rate.
| Date | Rate |
| 2001/10 | 13.00 |
| 2002/01 | 14.00 |
| 2002/03 | 15.00 |
| 2002/06 | 16.00 |
| 2002/09 | 17.00 |
| 2003/06 | 15.50 |
| 2003/08 | 14.50 |
| 2003/09 | 13.50 |
| 2003/10 | 12.00 |
| 2003/12 | 11.50 |
| 2004/08 | 11.00 |
| 2005/04 | 10.50 |
| 2006/06 | 11.00 |
| 2006/08 | 11.50 |
| 2006/10 | 12.00 |
| 2006/12 | 12.50 |
| 2007/06 | 13.00 |
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The bank calculates your interest
rate by establishing 3 factors.
These 3 factors are used in a basic mathematical formula to establish the your rate concession. The basic rule is that an applicant with a good credit score¸ who is buying a property well within his financial means and who has a deposit will attract the best rate concession.
- The value of the property you are borrowing money against relative to the loan.
- The gap between your disposable income and the money you are borrowing.
- Your general credit worthiness.
These 3 factors are used in a basic mathematical formula to establish the your rate concession. The basic rule is that an applicant with a good credit score¸ who is buying a property well within his financial means and who has a deposit will attract the best rate concession.
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