Fixed Rate Home Loans
Fixed home loan rates offer greater certainty because you lock in your repayments for a set period.
On this page you can see a range of competitive fixed rate home loans, plus information to help you compare and make a better decision about your mortgage.
Greater Bank Home Loan
The Ultimate 1 Year Fixed Discounted Rate Home Loan offers a low interest rate, the ability to make extra payments and a redraw facility. You can borrow up to 90% of your home loan value. This loan is for NSW, QLD and ACT residents only.
- Interest rate of 2.79% p.a.
- Comparison rate of 4.04% p.a.
- Application fee of $0
- Maximum LVR: 90%
- Minimum borrowing: $150,000
Compare the latest fixed rate home loans below
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A fixed interest rate mortgage allows you to lock in a certain interest rate for a specified period (usually between 1 and 5 years). During the fixed period your rate will not rise. But it won't fall either. A variable loan can change at any time.
The benefit of fixing is certainty. Your rate might be slightly higher than a competitive variable rate but you know exactly what your repayments will be. This lets you budget accurately and offers some peace of mind.
Fast facts: fixed rates
- A fixed interest rate is typically higher than a variable rate, although many competitive offers are just as low now.
- A fixed rate mortgage is less flexible. You might not be able to make extra repayments and there may be higher costs for leaving the mortgage (to refinance). Always read the fine print.
- Once the fixed rate period ends you will go onto a variable rate. This is a really good time to look around and see if you can refinance to a better deal somewhere else.
Should I go for fixed or variable?
Let's weigh the positives and negatives of fixed rates in more detail.
- Repayment certainty. A fixed-rate home loan offers you peace of mind in knowing what your repayments will be. This allows you to budget more effectively.
- Security. With a fixed-rate home loan you are protected from interest rate rises as your interest rate is locked in for the specified term. If rates rise, you come out ahead.
- Flexible loan terms. Fixed-rate mortgages are available from many Australian lenders with a variety of fixed loan terms available.
- Low rate offers. Many lenders now offer very competitive fixed rates that are almost as low as competitive variable offers (and in some cases identical).
- Limited features. Fixed rate loans don't have a lot of flexibility compared to variable rate mortgages. Most lenders don’t offer fixed home loans with or 100% offset accounts.
- Break costs. If you decide to break out of a fixed rate loan before the end of the specified term, you may face a break cost. This can cost a few hundred dollars, or potentially thousands. Read this guide to learn more about breaking a fixed rate loan.
- Rates could drop. If the RBA slashes the cash rate you could end up with a higher rate compared to variable home loans.
In short, if you value certainty over flexibility then a fixed rate could be for you. If you care about extra repayments and mortgage features you might be better off with a variable rate.
Learn more about the benefits and drawbacks of fixed and variable rate loans and use our switching costs calculator to help you calculate whether refinancing your loan now will end up saving or costing you money.
More fixed rate questions answered
Here are some of the most common fixed rate questions and answers to them.
- How much will I have to pay if I exit the loan early? Breaking costs for ending a fixed rate loan early depend on how much time you still have left on your term, the rate you locked in your loan for and the rate your lender secured your funds for. Learn more about fixed rate breaking costs.
- Are there any other options available? You may want to consider applying for a split rate option as this gives you the best (and worst) of both worlds. You can read more about split loans here.
- What happens once my fixed term ends? Your lender will usually notify you that your loan term is going to end and give you the option to fix for another term or allow your loan to revert to a variable rate.
Home Loan OffersImportant Information*
Online only cashback offer: Refinancers borrowing $250,000 or more can get a $4,000 cashback for their first application (Other terms, conditions and exclusions apply). Buyers and refinancers can get this competitive variable interest rate. Application fee waived for loans above $150,000.
Take advantage of a low-fee mortgage with a special interest rate of just 2.84% p.a. and a 2.84% p.a. comparison rate.
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
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