Interest rate on bank loans reached 5.10 % in 2019 in Australia, according to the National Central Bank. This is 3.04 % less than in the previous year.
Historically, interest rate on bank loans in Australia reached an all time high of 16.5 % in 1989 and an all time low of 5.00 % in 1960. When compared to Australia's main peers, interest rate on bank loans in Indonesia amounted to 10.4 %, 4.88 % in Malaysia and 8.65 % in Papua New Guinea in 2019.
Australia has been ranked 78th within the group of 92 countries we follow in terms of interest rate on bank loans, 32 places above the position seen 10 years ago.
The lending interest rate is the rate charged by banks on loans to prime customers.