Additionally Australia has a completely different mortgage system. They don't have a CMHC or similar entity to insure mortgages (from what I understand) and as such experience much higher interest rates then we do in Canada.
http://www.theaustralian.com.au/busi...-1226344969834
National Australia Bank's standard variable rate will fall from 7.31 per cent to 6.99 per cent, effective from Friday.
http://www.apimagazine.com.au/api-online/rate-update
I see a 5-year fixed as low as 6.20% and as high as 7.19%.