Graph 5  Housing Interest Rates %  %  Standard variable rates*  5  5  Variable – existing loans** Variable – new loans** 4  4  3  2  3  Fixed***  2015  2016  2017  2018  2019  2020  2  * Average of the major banks ** Series breaks in July 2019, thereafter, data based on EFS collection *** 3-year advertised rates for owner-occupiers Sources: APRA; Banks’ websites; CANSTAR; RBA Securitisation System  These declines in mortgage rates have boosted the cash flows of households with mortgages.
The early superannuation withdrawals also provided a sizeable boost to cash flows. At the same time, household incomes have been boosted by the support through the JobSeeker and JobKeeper programs. These have all contributed to a very large increase in household savings, further bolstered by the constraints on household spending through the period.