Anthony Albanese settles on clifftop mansion, but declines to reveal interest rate on his new mortgage

Anthony Albanese has declined to reveal the interest rate on his mortgage for the $4.3 million clifftop mansion he purchased with his partner this month.

Anthony Albanese has declined to reveal the interest rate on his mortgage for the $4.3 million clifftop mansion he purchased with his partner this month.

The Prime Minister and his fiancee Jodie Haydon are listed as joint owners of the Copacabana property on the NSW Central Coast, with Commonwealth Bank holding the mortgage.

A spokeswoman for the PM did not reveal the interest rate the couple had received on their loan for the property, saying “all appropriate declarations will be made”.

MPs and senators are required to declare on their register of interests if they or a spouse holds a loan and list the name of the bank institution, but further financial details are not required.

With interest rates, housing and cost-of-living issues dominating political debate, the timing of the PM’s purchase was criticised when it was revealed in October by 2GB host Ben Fordham.

Anthony Albanese has not revealed the interest rate on his new home. Picture: NewsWire / Martin Ollman

 Mr Albanese said at the time, “I’m about to get married to Jodie and start a new chapter of our lives”.

“Jodie is a coasty and spending time with her up there is awesome. It will be nice to be closer to her parents and family one day,” he said.

Anthony Albanese spent a whopping $4.3 million home on a cliff top home on NSW’s Central Coast. Picture: Realestate.com.au

Commbank’s variable loan rates advertised online for an owner-occupied home range from 6.34 per cent with a loan to value rate (LVR) of 60 per cent, up to 7.74 per cent if the buyer’s LVR is between 90.01 and 95 per cent.

The bank’s advertised variable rate for an investment mortgage ranges from 6.54 to 7.84 per cent.

On Tuesday the board of the Reserve Bank opted to hold the cash rate at the current 4.35 per cent, with economists forecasting mortgage holders should not expect a cut before February next year.

The house was on the market for a year before the PM and his fiance purchased it. Picture: Realestate.com.au

When asked about the optics of purchasing the house last month, the PM said he understood he was in a “fortunate position”.

“I earn a good income, I understand that,” he said.

The four-bedroom, three-bathroom home was sold for $1.7m in 2017 before being picked up by the current owners – health food professionals Stewart and Leanne Smith – in 2021 for $4.65m.

The property had been on the market for almost a full year, with Mr Albanese picking it up for more than $300,000 cheaper than what the current owners paid three years ago.

The Copacabana pad also features timber lined cathedral ceilings, open-plan living and dining spaces, a large downstairs guest room or children’s play area with bathroom, an additional north-facing entertaining deck bathed in sunlight, a huge double garage with internal access, and a turning bay.

“Enjoying one of the most commanding positions on the clifftop of Copacabana yet within easy walk of the beach, this large architecturally designed home has uninterrupted ocean and Sydney skyline views from all levels,” the listing on realestate.com.au said.