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Interactive Brokers charges less than 1.5% in the US on a margin loan, much better than property loans currently available.

Unfortunately it doesn't work that way in Australia and people put up with it. But there are better offers from international lenders.

The GFC was caused by bad property loans, not shares. Banks can quickly and easily get out of margin loans with no loss. With property they cannot. Margin loans from a banks perspective are lower risk and the interest rate should reflect this.

Volatility is irrelevant, the lenders protect themselves with maximum LVRs before closing positions. Banks lost far more on property loans during the GFC than on shares since they can't quickly close the loan when it approaches a loss.

Australian margin loan interest rates are a ripoff when you consider the low LVRs and liquidity and hence lower risk than property. Rates should be significantly lower, certainly lower than property loans. Some international margin loan lenders offer much lower rates than Australian brokers.