Your selected home loans
Owner Occupier, Principal & Interest
Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee.
Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee.
Read our Mozo Review to learn more about the Bendigo Bank Fixed Express Home Loan
Your selected home loans
Fixed, Owner Occupier, Principal & Interest, LVR<70%
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
Your selected home loans
Owner Occupier, Interest Only
Read our Mozo Review to learn more about the Bendigo Bank Fixed Express Home Loan
Your selected home loans
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
Read our Mozo Review to learn more about the ubank Flex Home Loan
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Orange Advantage, Owner Occupiers, Principal & Interest, LVR <80%
Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.
Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.
Read our Mozo Review to learn more about the ING Fixed Rate Loan with Orange Advantage
Your selected home loans
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After yet another Reserve Bank of Australia (RBA) cash rate hold in May, the Mozo database tracked a series of fixed home loan hikes, including one from a major bank.
While the average fixed home loan rate (OO, P&I loans at $400k with a <80% LVR) has grown slightly since the start of the month, the database did record a few notable cuts, coming mainly from mutual banks.
Macquarie increased rates on its Basic Home Loan and Offset Home Loan (Package) for all loan terms.
Great Southern Bank increased fixed rates across almost all term lengths on its Fixed Rate Loan.
Resi and Yellow Brick Road cut rates on 1- to 3-year Select Fixed Home Loans, but increased their 4- and 5-year rates.
MyState Bank increased its 2- and 3-year Fixed Rate Loan rates for owner occupiers and investors.
Bank of Sydney cut its fixed rates for investors on the Expect More Home Loan Package on most term lengths.
Southern Cross Credit Union raised its 3-year fixed rates on the Premium Home Loan for owner-occupiers and investors.
The Your Way Home Loan from Firefighters Mutual Bank, Health Professionals Bank, and Teachers Mutual Bank cut its 2- to 5-year rates. However, the packaged version, the Your Way Plus Home Loan which comes with an offset account, had some quite sharp increases.
The movements our database has tracked since 1 May 2024 have caused the average fixed home loan rate to rise across all loan terms.
In the Mozo database at 16 May 2024 for OO, P&I loans at $400k with a <80% LVR.
In the Mozo database at 16 May 2024 for OO, P&I loans at $400k with a <80% LVR.
It’s important to realise that, just because a fixed home loan has one of the best interest rates, it doesn’t make it suitable for everybody. That’s why you should always do your due diligence and compare fixed-rate home loans.
A fixed home loan rate is a mortgage with an interest rate that is set for a certain period of time (called a fixed term). Most banks in Australia offer fixed rate terms of between 1 and 5-years.
The key benefit of a fixed home loan is that during the fixed term, your home loan repayments won't change, which means you can budget accordingly.
Fixed rate home loans are less popular in Australia than variable rate home loans, but they can have advantages. It's important to weigh up the pros and cons when comparing home loans.
The revert rate of fixed rate loans (the rate you’ll get at the end of the fixed period) can often be higher than the market rate, so shop around at the end of the fixed term or negotiate a better deal with your lender to avoid getting stung.
At the end of the fixed term, borrowers have the option to select another fixed home loan term or switch to a variable interest rate loan.
The variable rate you roll onto at the end of a fixed term can sometimes be considerably higher than the fixed interest rate, which will increase your repayments.
You can try our fixed rate ending calculator to help you work out what your new home loan repayments might be when your fixed rate loan ends.
Ideally, you should be considering your options for refinancing at least 6 weeks prior to your fixed rate loan ending.
There are several factors that you should take in consideration when comparing fixed rate home loans.
No one home loan will suit everyone, but comparing fixed home loans can get you closer to finding the right one for your needs.
Knowing that your interest rate won’t change can make it easier to budget and provide peace of mind in times when interest rates are rising. But what’s the best amount of time to lock in a rate? And how can you be sure a loan is actually good value for money?
The fixed home loan table above provides a snapshot of some loans in the market, but you can browse the full range of fixed rate home loans we compare too. This can give you an idea of the rates currently being offered by the major banks and other lenders.
Make sure you’re familiar with all the details before you sign up. The product disclosure statement available on a lender’s website will outline all the important bits of information — including any fees, restrictions, and penalties that might apply.
Some of the main pros of a fixed home loan include:
Fixed rate home loans can be light on features, but some do carry the same interest-saving features as variable home loans these days.
These features include:
During periods when interest rates are heading up, signing up for a fixed rate and opting out of all the uncertainty might seem tempting. But you should weigh the pros and cons before making a decision.
One thing to keep in mind is that fixed rates tend to be more expensive than variable rates because if interest rates are predicted to rise, lenders will set their fixed rates higher to get ahead of the curve.
So instead of asking yourself whether a fixed rate will save you money, it might make more sense to ask what type of loan you want.
If you would rather one with predictable repayments and don’t mind a few restrictions when it comes to features, a fixed rate could suit you.
Free tools to help you crunch home loan costs! See more
A fixed rate home loan is a loan with an interest rate that is locked in for the duration of the fixed term. This means you’ll know exactly what your repayments will be from the start and won’t have to worry about them changing until the fixed term ends.
There are some common fees that are payable upfront, and some fees payable on an ongoing basis or at loan termination with fixed rate home loans.
These include:
If you decide to switch loans during the fixed period or pay out the loan early you might have to also pay a break fee that will be determined by your lender based on the rate you’re currently.
This is where Mozo's handy calculators come in. We can help you compare fixed rate home loans with variable rate loans or compare fixed rate terms to find the best home loan for you.
Here's a rundown of our top tools:
Once your fixed term ends, the revert rate will automatically kick in unless you negotiate an alternative with your lender. This rate is typically much higher than the rate you signed up for, and can make quite a large impact on your monthly repayments.
A fixed rate can be preferable if you want to know how much you’ll be repaying each month and don’t want to be blindsided by any rate hikes. In contrast, variable rates fluctuate over time and could require you to make constant adjustments to your monthly budget.
Fixed rates offer more predictability than variable rates when it comes to monthly repayments, but there are tradeoffs.
Fixed rates are priced according to future expectations, making them a good barometer for where interest rates are heading. For the fixed rate to be worthwhile, interest rates would need to rise beyond the lender’s expectations. This is why fixed rates are always a bit of a gamble — consumers will rarely have access to the same data lenders have, making it very difficult to beat them on pricing.
Yes. If you’re currently on a variable rate and want to switch, you can call your lender to do so or commence the process yourself via online banking or your lender’s app.
There are some aspects to a fixed rate home loan that borrowers might not appreciate. For one, many limit the amount of extra repayments you can make, or even restrict them altogether. If you come into a lump sum of money or generally have plans to pay off your loan ahead of schedule, this can be a major impediment.
Fixed rate home loans also come with some rather expensive break costs, which will apply if you want to sell your property, top up your loan, pay off your loan early, or refinance to a cheaper option.
Even if you’ve been approved for a fixed rate loan, your lender can change their rates in the time it takes to finalise your application and advance your funds. That means you might lose out on the low fixed rate that you were drawn to in the first place.
A mortgage rate lock can help by locking in the rate you were offered at the time of approval. Most lenders will charge a fee (either a flat fee or a percentage of the loan balance), but it can be worth it if you’re able to save money in the long run.
Learn what you need to know about home loans, including tips and traps, in our helpful guides. See all
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