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Thursday, 19 February 1987
Page: 269


Senator BUTTON —Yesterday at Question Time Senator Peter Baume asked me a question about the current level of interest rates, and I undertook to provide him with precise details. I think that Senator Baume could have obtained the information by reading any one of the daily newspapers, but I did not have them with me at the time so I was no better informed than he was. I advise the honourable senator that statistics published by the Reserve Bank indicate that in January 1987 bank home mortgage rates were 13.5 per cent for loans advanced prior to the April 1986 housing package, and 15.5 per cent for loans advanced since. Bank overdraft rates for amounts less than $100,000 varied between 17.5 per cent and 20.5 per cent. Bank overdraft rates for amounts greater than $100,000 varied between 17.5 per cent and 18.25 per cent. Building society home mortgage rates were on average 15.63 per cent.