What Is the Lowest Home Mortgage Rate in History?
While researching and comparing the home mortgage rates available, potential borrowers and current homeowners may wonder what the lowest home mortgage rate in Australian history is. Well, the lowest home mortgage rate in Australian history occurred in March of 2021 at the extremely low rate of 2.14%. To compare, the highest home mortgage rate in Australian history is recorded as 15.5% in September of 1990, a whopping 13.36% higher than the lowest rates recorded.
Potential borrowers can find the lowest mortgage rates available to them today by comparing the various lenders and loan types available to them. Working to improve low credit scores and decrease the amount of personal debt owed, like credit card debt, personal loans, or high-interest-rate debt can help make an applicant seem financially dependent and increase the chances of approval for a low-interest mortgage loan.
Remember, lenders, perform credit score and financial history checks on all home loan applicants to understand their current financial standing and determine the overall risk of lending. Pre-approval largely depends on your credit score and history, but family size, income and loan repayment history of individual applicants.
At Mortgage House, our professional lending specialists have been helping Australians reach homeownership since 1986 and have all of the resources necessary to assist potential borrowers through comparing loan rates, successfully applying, and planning monthly loan repayments. Reach out to us today for personalized assistance, and check out our Best Rate Mortgage Calculator to easily compare rates and evaluate your options.