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Homes used to cost a lot less, but in previous decades home loan interest rates were much higher.
Record low interest rates are great for homeowners – but not so good for anyone hoping to earn interest on money in the bank. Over recent years, anyone with money in a savings account or term deposit has seen their returns drop to virtually nothing. Term deposits are now paying up to 1 per cent a year for terms of five years, compared to a 10-year average of 4.39 per cent. Virtually all the return would be swallowed by inflation. Short-term deposits of 90 days are paying just 0.35 per cent compared to a 10-year average of 2.9 per cent.