[macker]

Originally Posted by ranchlandsselling

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%.

Australia has also deleveraged to a greater extent vs Canada. Since the debt crisis in 2008 total debt % of GDP for Australia is down 14% and Canada we are actually up 17%. Deleveraging has just begun in the 10 largest developed economies and only Australia -14%, US -16%, and South Korea -16% have dropped their total debt % of GDP. Japan, UK, Spain, France, Italy, Canada and Germany have all increased total debt.