Personal loan interest rates are now at record highs, with the average interest rate on a 10-year personal installment loan now topping $1,300 per fortnight.

The average rate is up to $1.5 million, but there is still a wide range of rates.

Interest rates have also increased over the last year.

In July, the Consumer Price Index (CPI) was up 1.1 per cent in July and the CPI is expected to increase another 0.4 per cent this year.

The latest CPI figures showed Australia’s economy contracted for the third consecutive month.

But with the pace of growth slowing, it’s no surprise that interest rates on personal installment loans are up again.

Interest rate increases are a good sign for home buyers, as interest rates can help lower the cost of borrowing.

However, many borrowers have taken to using the money they receive for personal expenses such as childcare, children’s clothes, travel and so on.

It’s not just people who are borrowing money.

Interest on mortgage loans has also increased, with average rates increasing by 5.5 per cent over the year.

Interest for home loans is also rising, and it’s estimated to be $1 billion more than it was at the end of August. 

The average mortgage loan is a 10 year loan, and the maximum interest rate is $100,000 per year.

That means you can get a 5.9 per cent interest rate loan, or a 4.5 percent mortgage interest rate.

There are a range of mortgage interest rates, from 5.2 per cent for a 20 year loan to 5.8 per cent.

This is the cheapest interest rate, and is the lowest interest rate for a 10 years loan.

However, with a 10 per cent loan, you have to repay the whole loan within 20 years, and a 20 per cent mortgage will reduce your interest rate to 3.3 per cent when you reach the 30-year mark.

The cheapest interest rates available are a 2.2% mortgage interest and a 2 per cent credit card interest rate in most areas.

If you have a large down payment, a 2-year mortgage can be an option, although you will need to repay more. 

In the past, people would borrow more than they paid back on a loan. 

With the new low interest rates being charged, it might be tempting to borrow more on the spot rather than wait until the end.

Interest rates on home loans are rising for several reasons.

The rate increases come as a result of a number of factors, including the global economic slowdown, and more households are borrowing to fund their retirement, says Nick Hargreaves, head of research at mortgage lender QF Finance. 

“In recent months, the market has started to recover from the impact of the global financial crisis, and interest rates have started to rise again, especially on personal loan interest,” he said.

“That is an important reason for the increase in interest rates.”

The Australian Bureau of Statistics also said it expected interest rates to rise in coming months, but it wasn’t forecasting an increase of more than 3 per cent annually.

While interest rates for personal loans are high, there are also a number other benefits to using personal loans.

“Many people who have used personal loan debt are now using other forms of credit to supplement their income and that reduces their reliance on their own income,” Mr Hargres says.

Other benefits include having a lower mortgage payment because they can use their personal loans to supplement other types of debt, and can pay it off faster, compared to a mortgage that has to be paid off over time.