From: RBAInfo [mailto:RBAInfo@rba.gov.au]
Sent: Tuesday, November 22, 2022 5:36 PM
To: 'Philip Johnston' <scribepj@bigpond.com>
Subject: RE: Would you email to me the RBA Excel file that lists the ave
monthly unsecured variable interest rate for personal loans and also RBA's
methodology to determine the ave interest rate from a welter of different loan
interest rates? [SEC=OFFICIAL]
Hi Philip,
Thank you for your email.
The data the below article is referring to is published in
Statistical Table F5, column V (Lending rates; Personal loans; Term loans
(unsecured); Variable). The respective interest rate (cash rate) is published on
our website under
Cash Rate Target or in
Statistical Table F1.
Regarding the methodology, Statistical Table F5 publishes averages of advertised
interest rates collected from banks’ websites on the last working day of the
month. Note that due to the nature of these data sources, these rates are
indicative only and are likely to be regularly revised. The RBA continuously
reviews a variety of sources for lending rate data and may make changes to the
series provided here as a result. For further information, please refer to the
Notes of Statistical Table F5.
Kind Regards,
Anna
Communications Division
RESERVE BANK OF AUSTRALIA | 65 Martin Place, Sydney NSW 2000
ph: +61 2 9551 9830 | e:
rbainfo@rba.gov.au
| w:
www.rba.gov.au
From: Philip Johnston [mailto:scribepj@bigpond.com]
Sent: Monday, 21 November 2022 5:29 PM
To: RBAInfo <RBAInfo@rba.gov.au>
Subject: Would you email to me the RBA Excel file that lists the ave
monthly unsecured variable interest rate for personal loans and also RBA's
methodology to determine the ave interest rate from a welter of different loan
interest rates?
Below
is an extract from my 1st Attachment (an article by
John
Collett –
SMH- Sept. 8, 2019) -
"Personal loan interest rates remain static despite plunging cash rate":
“Figures
from comparison site RateCity, using RBA data, show the typical rate on unsecured
variable-rate personal loans is about 14.4 per cent, while
the cash rate is at a record low of just 1 per cent.
In January 2006,
the average personal loan rate
was 12.2 per cent, with a cash rate at 5.5 per cent.”
My
2nd Attachment is RBA Excel file
f08hist.xls. Column H ‘Lending
rates; Personal credit; Outstanding; Fixed-term loans; Variable-rate’ lists
an interest rate of 6.35% for Aug 2019 which is well below the above quoted 14.4
per cent.
Would
you email to me the RBA Excel file, and an embedded thread to it, that John
Collettt relied upon?
Would
you also provide any methodology information that the RBA employs to arrive at
average interest rates when so many lenders have different loan interest rates?
CBA’s
Variable Rate Personal Loans range from
7.50% p.a. to
19.50% p.a. Its ‘Representative rate’ is 13.50% p.a.
Phil
Johnston aka Bank
Teller
0434 715.861