ANZ follows fellow major banks with fixed home loan rate hikes

By Tom Watson · · 2 min read
Fact Checked
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Australia’s fourth largest bank, ANZ, has lifted interest rates on several fixed home loans by between 10 and 40 basis points, becoming the last of the big four banks to do so in recent weeks.

The rate changes, which came into effect yesterday, are the third lot of increases made by ANZ since November affecting interest rates on the banks’ Fixed Rate and Fixed Rate (Breakfree Package) home loans for owner-occupier and investor borrowers.

Subsequently, the lowest fixed rates offered by ANZ are on its Fixed Rate (Breakfree Package) loan for owner occupiers with a loan-to-value ratio (LVR) under 80% are:

  • 1-year fixed rate: 2.49% p.a. (3.37% p.a. comparison rate*)
  • 2-year fixed rate: 2.89% p.a. (3.40% p.a. comparison rate*)
  • 3-year fixed rate: 3.39% p.a. (3.52% p.a. comparison rate*)
  • 4-year fixed rate: 3.79% p.a. (3.68% p.a. comparison rate*)
  • 5-year fixed rate: 3.99% p.a. (3.82% p.a. comparison rate*)

The move from ANZ comes hot on the heels of its major bank competitors, with the Commonwealth Bank, NAB and Westpac having each increased their own respective fixed home loan rates in the past fortnight.

So given these recent rate changes, how do the sharpest advertised fixed rates on offer from the major banks stack up against each other and how do they compare to the average fixed rates in the Mozo database?

Here’s a look at the fixed rates available to owner occupiers (with an 80% LVR) across one, three and five-year terms:

Lowest big four fixed home loan rates - February 9, 2022

1-year 3-year 5-year
ANZ 2.49% p.a. (3.37% p.a. comparison rate*) 3.39% p.a. (3.52% p.a. comparison rate*) 3.99% p.a. (3.82% p.a. comparison rate*)
CBA 2.59% p.a. (4.15% p.a. comparison rate*) 3.24% p.a. (4.11% p.a. comparison rate*) 3.79% p.a. (4.24% p.a. comparison rate*)
NAB 2.64% p.a. (3.94% p.a. comparison rate*) 3.34% p.a. (3.96% p.a. comparison rate*) 3.69% p.a. (4.06% p.a. comparison rate*)
Westpac 2.49% p.a. (3.64% p.a. comparison rate*) 3.14% p.a. (3.66% p.a. comparison rate*) 3.69% p.a. (3.86% p.a. comparison rate*)
Mozo average 2.45% 3.00% 3.45%

As the table above indicates, the lowest fixed rates on offer from the big four banks are all higher than the current average rates in our database for the equivalent terms - some by a considerable margin.

Of course, with fixed home loan rates very much in flux at the moment, whether those margins narrow or widen further remains to be seen.

RELATED: Home loan rate check: How do ANZ, CBA, NAB and Westpac compare?

Considering locking in a rate on your own home loan? To get to grips with some of the offers on the market, pay a visit to Mozo’s dedicated fixed rate home loan comparison hub where you’ll be able to compare the latest rates from a range of Australian lenders.