Fixed Rate Home Loans Comparison

Rates and fees last updated on

Remove the uncertainty of rate rises with a fixed-rate home loan

Fixed rate home loans offer peace of mind against rising repayments, which allows you to budget with confidence. Unlike a variable rate home loan where repayments move up and down in accordance with the cash rate, fixed rate repayments remain unchanged throughout the loan term.

This means that for the length of your fixed rate term — usually between one and five years — you’ll know what your repayments will be.

Fixed rate home loans are a common type of home loan offered by most banks, mortgage brokers, credit unions, building societies and Australian lenders, so there's a range to choose from.

Greater Bank Home Loan

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier)

3.49 % p.a.

fixed rate

4.47 % p.a.

comparison rate

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. Borrow up to 90% of your home loan value. NSW, QLD and ACT residents only.

  • Interest rate of 3.49% p.a.
  • Comparison rate of 4.47% p.a.
  • Application fee of $0
  • Maximum LVR: 90%
  • Minimum borrowing: $150,000
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Compare the latest fixed rate home loans below

Rates last updated October 18th, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.49%
4.47%
$0
$375 p.a.
90%
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.65%
4.84%
$0
$395 p.a.
90%
A 2 years fixed platinum package that has $0 application and a loan redraw facility.
3.69%
4.15%
$395
$0 p.a.
80%
A one year fixed rate offer with no ongoing bank fees.
3.65%
4.10%
$500
$0 p.a.
95%
Get a discounted fixed interest rate for the first 12 months while you settle into your new loan.
3.69%
4.86%
$0
$395 p.a.
90%
A special rate for first home buyers buying residential property and borrowing over $150K. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.69%
4.45%
$0
$375 p.a.
90%
Discount off an already competitive 2 year fixed rate for loans over $150k. NSW,QLD and ACT residents only.
3.69%
4.00%
$0
$350 p.a.
95%
Fix your rate for 3 years and borrow up to 95% LVR.
3.84%
4.83%
$0
$0 p.a.
95%
Get a competitive 2-year fixed rate with no application or ongoing fees.
3.85%
4.10%
$500
$0 p.a.
95%
Apply for Easy Street fixed rate home loans and get a competitive loan with a fixed interest rate.
3.89%
4.72%
$445
$6 monthly ($72 p.a.)
90%
3 years fixed interest terms and free access to redraw facility online.
3.99%
4.08%
$395
$0 p.a.
80%
An online home loan offer with a fixed interest offer for 3 years.
3.84%
4.21%
$0
$395 p.a.
95%
Lock in a competitive rate for owner occupiers for two years. Extra repayments up to $30,000 over the life of the fixed period can be made.
3.79%
4.00%
$0
$10 monthly ($120 p.a.)
90%
Get a competitive interest rate for 3 years and a discounted variable rate when the fixed period ends.
3.74%
4.42%
$0
$375 p.a.
90%
Enjoy discounts on banking products and insurance with this package loan. NSW, QLD and ACT residents only.
3.88%
4.89%
$0
$395 p.a.
95%
A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.94%
3.71%
$0
$0 p.a.
80%
Apply online for this fixed rate, low-fee loan with redraw facilities and an optional offset account.
3.99%
4.77%
$0
$0 p.a.
95%
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
4.59%
5.01%
$0
$395 p.a.
95%
A competitive loan with flexible features. 350K NAB Rewards Points offer available. Terms and conditions apply.
4.44%
3.94%
$0
$0 p.a.
80%
This is a fixed rate loan for owner occupiers with few fees and a fast online approval process. Offset accounts are an optional extra.
3.99%
3.84%
$0
$0 p.a.
80%
A two year fixed rate home loan with no annual or application fees.
3.88%
4.94%
$0
$395 p.a.
95%
This 2 year fixed ANZ Breakfree Package rate comes with package discount and product bundle. Terms and conditions, package fee and fees, charges & eligibility criteria apply.
3.99%
4.99%
$0
$395 p.a.
95%
A package home loan with fee free extra repayments available during the fixed term.
4.03%
5.04%
$600
$10 monthly ($120 p.a.)
95%
Get a 2-year fixed rate with flexible repayment options to help you save.
3.85%
4.95%
$0
$395 p.a.
95%
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cashback available for refinancers. Conditions apply.
3.99%
5.03%
$0
$8 monthly ($96 p.a.)
95%
Enjoy a 2-year fixed rate with interest-only options and a partial offset account.
4.09%
4.98%
$0
$395 p.a.
90%
Lock your rate in for 3 years and enjoy a discount on your loan of $150,000 -$249,000.
3.88%
4.88%
$0
$395 p.a.
95%
Lock in a discounted fixed rate with a low service fee.

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Compare the latest fixed rate home loans below

Rates last updated October 18th, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.69%
4.00%
$0
$350 p.a.
95%
Fix your rate for 3 years and borrow up to 95% LVR.
3.74%
4.42%
$0
$375 p.a.
90%
Enjoy discounts on banking products and insurance with this package loan. NSW, QLD and ACT residents only.
3.99%
4.80%
$0
$0 p.a.
95%
A low 3-year fixed rate with the option to split your loan for free.
3.89%
4.72%
$445
$6 monthly ($72 p.a.)
90%
3 years fixed interest terms and free access to redraw facility online.
3.94%
4.84%
$0
$395 p.a.
95%
Receive discounts on interest rates with the Choice Package. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.99%
4.77%
$0
$0 p.a.
95%
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
3.99%
4.08%
$395
$0 p.a.
80%
A competitive refinance offer on a 3 year fixed rate.
4.04%
5.05%
$600
$8 monthly ($96 p.a.)
95%
Flexible fixed rate home loan which will allow you to take break from repayments if you're ahead of scheduled repayments.
3.79%
4.00%
$0
$10 monthly ($120 p.a.)
90%
Get a competitive interest rate for 3 years and a discounted variable rate when the fixed period ends.
4.32%
3.85%
$0
$0 p.a.
80%
A fixed rate loan with free redraws, few ongoing fees. Apply online with a fast approval process.
3.79%
4.44%
$300
$10 monthly ($120 p.a.)
80%
This fixed rate loan includes a special offer for new lending of $150000 with an LVR of 80% or less. Offer extended.
4.94%
5.00%
$0
$0 p.a.
95%
A 3 year fixed rate offer from Homeloans.
4.09%
4.98%
$0
$395 p.a.
90%
Lock your rate in for 3 years and enjoy a discount on your loan of $150,000 -$249,000.
4.14%
5.07%
$600
$8 monthly ($96 p.a.)
95%
A fixed rate home loan offer from Commonwealth Bank.
4.38%
5.21%
$295
$12 monthly ($144 p.a.)
90%
Get budgeting certainty with a competitive 3-year fixed rate.
4.29%
4.63%
$0
$350 p.a.
80%
Enjoy the certainty of a fixed rate home loan along with additional repayments up to $1,000 per month without penalty.
4.39%
5.42%
$300
$10 monthly ($120 p.a.)
95%
Principal and Interest or Interest only terms, lock in a 3 year fixed rate.
4.09%
5.08%
$600
$10 monthly ($120 p.a.)
95%
Redraw facility and interest-only repayments available.
4.19%
5.09%
$600
$8 monthly ($96 p.a.)
95%
Ability to make extra repayments during the fixed term and access the money through redraw.
4.09%
4.96%
$0
$8 monthly ($96 p.a.)
95%
Enjoy a 3-year fixed rate along with additional features.
3.94%
4.90%
$0
$395 p.a.
95%
A 3 years fixed rate that allows borrowers to borrow from $150000 up to $10000000.
3.99%
4.90%
$0
$395 p.a.
95%
A competitive three year fixed rate with discounts on fees.
3.93%
4.70%
$0
$299 p.a.
95%
A competitive and flexible package that offers discounts and a sharp 3-year fixed rate.
3.99%
4.54%
$0
$299 p.a.
95%
A low 3-year fixed rate with no ongoing fees.

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Compare the latest fixed rate home loans below

Rates last updated October 18th, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.49%
4.47%
$0
$375 p.a.
90%
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.69%
4.15%
$395
$0 p.a.
80%
Refinance with UBanks low 1 year fixed rate offer. No application fee.
3.94%
4.98%
$0
$0 p.a.
95%
Investors can take advantage of a short term fixed rate with no application or ongoing fees.
3.94%
3.71%
$0
$0 p.a.
80%
Apply online for this fixed rate, low-fee loan with redraw facilities and an optional offset account.
4.29%
4.93%
$445
$6 monthly ($72 p.a.)
90%
Lock in a rate for one year and get the ability to make additional repayments for 12 months without penalty.
3.99%
5.25%
$600
$8 monthly ($96 p.a.)
95%
Enjoy a low rate fixed home loan with the ability to borrow up to 95% of the property value. 350K NAB Rewards Points offer available. Terms and conditions apply.
4.11%
4.01%
$0
$0 p.a.
80%
Enjoy a fast application process and flexible repayment options with this fixed rate investment loan.
4.14%
5.26%
$600
$8 monthly ($96 p.a.)
95%
A 1 year fixed rate home loan from Commonwealth Bank.
4.09%
5.65%
$399
$8 monthly ($96 p.a.)
90%
Get a competitive 1-year fixed rate from an international bank.
4.14%
5.28%
$600
$10 monthly ($120 p.a.)
95%
Enjoy a 1-year fixed rate with flexible features such as redraw, rate lock, a partial interest offset facility, repayment pause and more.
3.99%
4.96%
$0
$395 p.a.
95%
Secure a competitive 1-year fixed rate with low ongoing fees.
3.99%
5.02%
$0
$395 p.a.
95%
A competitive package home loan with 100% offset account.
4.39%
5.79%
$600
$8 monthly ($96 p.a.)
95%
A competitive fixed rate home loan with extra repayments available.
5.99%
6.72%
$1,500
$12 monthly ($144 p.a.)
70%
Borrow from $100000 up to $2000000.
6.44%
7.25%
$1,500
$12 monthly ($144 p.a.)
70%
Enjoy a partial offset account and interest-only options.

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Compare the latest fixed rate home loans below

Rates last updated October 18th, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.65%
4.84%
$0
$395 p.a.
90%
A 2 years fixed platinum package that has $0 application and a loan redraw facility.
3.69%
4.86%
$0
$395 p.a.
90%
A special rate for first home buyers buying residential property and borrowing over $150K. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.69%
4.45%
$0
$375 p.a.
90%
Discount off an already competitive 2 year fixed rate for loans over $150k. NSW,QLD and ACT residents only.
3.94%
4.88%
$0
$0 p.a.
95%
Enjoy a low interest rate and borrow up to 95% (with LMI) of your property's value.
3.75%
4.78%
$445
$6 monthly ($72 p.a.)
90%
Fixed home loan.
3.84%
4.83%
$0
$0 p.a.
95%
Get a competitive 2-year fixed rate with no application or ongoing fees.
4.19%
3.78%
$0
$0 p.a.
80%
Tic:Toc's fixed rate owner occupier loan has a competitive rate, limited fees and a fast, easy online application process.
3.85%
4.97%
$300
$10 p.a.
95%
3.84%
4.21%
$0
$395 p.a.
95%
Lock in a competitive rate for owner occupiers for two years. Extra repayments up to $30,000 over the life of the fixed period can be made.
3.98%
5.13%
$600
$8 monthly ($96 p.a.)
95%
A fixed rate home loan with additional repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
4.29%
4.05%
$0
$0 p.a.
80%
This fixed rate investor loan has limited fees and flexible repayment options. 100% online application process.
3.99%
3.84%
$0
$0 p.a.
80%
Fix a low rate home loan for 2 years with Aussie Home Loans.
4.09%
5.51%
$399
$8 monthly ($96 p.a.)
90%
Enjoy a low rate on a 2-year fixed home loan.
4.03%
5.04%
$600
$10 monthly ($120 p.a.)
95%
Flexible repayment options to help you save.
4.09%
4.59%
$0
$350 p.a.
90%
Get a 2-year fixed rate with a high maximum LVR and no application fees.
3.85%
4.95%
$0
$395 p.a.
95%
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cashback available for refinancers. Conditions apply.
3.88%
4.88%
$0
$395 p.a.
95%
Lock in a discounted fixed rate with a low service fee.
4.14%
5.16%
$600
$8 monthly ($96 p.a.)
95%
Peace of mind for two years with a fixed interest rate.
5.99%
6.67%
$1,500
$12 monthly ($144 p.a.)
70%
Lock in a competitive 2-year fixed rate on your SMSF property
4.08%
5.16%
$600
$8 monthly ($96 p.a.)
95%
Get the stability of a 2-year fixed rate with the flexibility of great features.
Gateway Credit Union Investment Land Fixed - 2 Years
4.59%
5.57%
$200
$0 p.a.
0%

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Compare the latest fixed rate home loans below

Rates last updated October 18th, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
4.09%
4.25%
$0
$0 p.a.
90%
A low-fee fixed rate home loan with a redraw facility. NSW, QLD and ACT residents only.
4.39%
4.78%
$445
$6 monthly ($72 p.a.)
90%
Borrow up to 90% of your home’s value and lock in your rate for 5 years.
4.39%
4.23%
$395
$0 p.a.
80%
An online only home loan with a great 5 year fixed rate. Available for refinance and purchases.
4.54%
4.04%
$0
$0 p.a.
80%
Get quick online approval for Tic:Toc's fixed rate owner occupier home loan. Low fees, flexible repayments.
4.59%
5.01%
$0
$395 p.a.
95%
A competitive loan with flexible features. 350K NAB Rewards Points offer available. Terms and conditions apply.
4.64%
4.27%
$0
$0 p.a.
80%
This fixed rate investment loan has a competitive interest rate, limited fees and flexible repayment options. Apply online and get quick approval.
4.64%
4.89%
$445
$6 monthly ($72 p.a.)
95%
Enjoy the low ongoing fee and borrow up to 95%.
4.69%
5.14%
$600
$8 monthly ($96 p.a.)
95%
A flexible five year fixed rate home loan.
4.49%
5.01%
$0
$395 p.a.
95%
A discounted rate and fee waivers are available with this loan.
4.34%
5.00%
$600
$8 monthly ($96 p.a.)
95%
A fixed home loan rate from Commonwealth Bank.
4.44%
5.06%
$600
$10 monthly ($120 p.a.)
95%
Enjoy a 5-years fixed rate with great features such as rate lock, a partial interest offset facility, repayment pause and more
4.64%
5.04%
$600
$10 monthly ($120 p.a.)
95%
Borrow up to 80% of your home loan value.
4.59%
5.35%
$399
$8 monthly ($96 p.a.)
90%
Borrow up to $4 million on a competitive 5-year fixed rate
4.19%
4.83%
$0
$395 p.a.
95%
You can save on a host of Westpac products by packaging your 5-year fixed rate home loan.
6.84%
7.22%
$1,500
$12 monthly ($144 p.a.)
70%
SMSF investors can lock in their rate for 5 years.
4.49%
4.97%
$0
$8 monthly ($96 p.a.)
95%
A 5-year fixed rate that allows for extra repayments.
5.89%
6.39%
$0
$10 monthly ($120 p.a.)
50%
Fix your rate for 5 years and pay no application fee.
4.19%
4.90%
$0
$395 p.a.
95%
A competitive interest rate with a range of repayment choices.

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How do I find a low fixed rate on finder.com.au?

In the table above, you can sort the interest rates in ascending order by clicking on the sorter buttons. This will order the products from lowest to highest so you can see which one offers the lowest interest out of those in the table.

How does a fixed rate benefit borrowers?

A fixed rate home loan benefits those who want to budget with confidence and don’t want their repayments rising due to higher interest rates. A fixed rate home loan can be a good option for borrowers who want to budget with certainty, first home buyers who are adapting to the routine of making regular repayments, and investors who want to ensure that their cash flow isn't affected by rising interest rates.

If you fix your rate at the bottom of the market, you can reap the benefit of a secure and competitive rate when the rest of the market bears the risk of higher interest rates.

Hypothetical case study: Phoebe locks in her rate

Fixed rate case study PhoebePhoebe and her husband have decided to purchase a property in West Pennant Hills, NSW. After speaking with a local mortgage broker, Phoebe learns that she needs to borrow $790,000 to complete the purchase.

After comparing different home loans recommended by her broker, Phoebe is torn about whether they should opt for a fixed rate or a variable rate mortgage. Phoebe knows that she and her husband anticipate to have children in the near future and as a result she is concerned about how they would manage their repayments if interest rates rose.

While she is drawn to the competitive features offered with a variable rate loan, such as a 100% offset account and the ability to make additional repayments without penalty, Phoebe believes that the certainty and security of a fixed rate loan will better suit their lifestyle.

She decides to lock in a competitive rate of 4.57% over a 5 year term.

How does a fixed home loan work?

Most fixed rate loan terms vary from one to five years.

When you apply for a fixed rate home loan, your lender will typically offer you something called a rate lock. There's a chance that interest rates will change between the time you apply and when you settle so a rate lock ensures that the rate you applied for stays with you through that process, which is usually about a month.

Unlike a variable rate home loan, additional repayments are either not allowed or limited to a certain amount each year. This is because your lender has secured your home loan from funding sources at a fixed rate as well, and paying your loan off early could result in financial loss for your lender.

Additional repayments have another effect on fixed rate loans, which doesn't apply to variable rate loans — early repayment fees. Paying off a fixed rate home loan during the fixed term usually comes with early repayment fees, also known as break costs. Break costs are determined using the amount of time you still have left in your term, the amount you borrowed, and the interest rate you locked in compared to what your lender secured funds for.

Fixed rate home loans also usually don’t offer features such as 100% offset accounts, although some fixed home loans will offer a partial offset account. Otherwise, a fixed rate home loan works in the same way as a variable home loan: you make your repayments each week, fortnight or month.

What are the pros and cons of a fixed rate mortgage?

A range of benefits and drawbacks are associated with a fixed rate home loan which are discussed below.

Pros

  • Repayment certainty. One of the benefits of opting for a fixed-rate home loan is that it offers you the peace of mind in knowing what your periodic repayments will be. This allows you to budget more effectively as repayments remain the same until the fixed rate period ends.
  • 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.
  • Flexible loan terms. Fixed-rate mortgages are available from many Australian lenders with a variety of fixed loan terms available.

Cons

  • Limited features. You'll find that fixed rate loans don't have a lot of flexibility compared to variable rate mortgages. Typically, lenders will restrict or altogether not let you make additional repayments on the fixed portion of your home loan. Other restrictions may include not having access to a 100% redraw facility which is generally only offered with variable rate loans. While most lenders don’t offer fixed home loans with a 100% offset account, you can compare those lenders that do provide this feature with fixed rate mortgages.
  • Break costs. If you decide to break out of a fixed rate loan before the end of the specified term, you may face a significant break cost.
  • Lower rates. If the RBA slashes the cash rate, you could end up with a higher rate compared to variable home loans on the market.

Are there any risks in taking out a fixed rate home loan?

The greatest risks associated with fixed rate home loans are lowering interest rates and costly break or refinancing fees.

Lowering interest rates

Remember that if you take out a fixed rate loan and the official cash rate falls, then you may be missing out on big savings. A good way to hedge this risk is to observe cash rate patterns and to see what the experts are saying. Fix your interest rate when you think rates will start to go up.

Expensive break fees

Should you decide to exit your loan for any reason before the fixed rate period is over, remember that you will liable for hefty exit fees that could outweigh any savings you have made.

Helpful article: How to avoid early repayment fees when repaying a home loan.

Less flexibility

Fixed rate home loans usually don't come with money-saving features such as an offset account, additional repayments and redraw facilities. These options are quite rare in the fixed rate home loan market.

Fixed vs variable rate loanApproval tick

Many homeowners face the dilemma of making the decision between a fixed and variable rate loan. While this depends on your personal situation, you need to carefully consider the benefits and risks of each rate type. For example, although a fixed rate offers you repayment and budget certainty, a variable rate also offers advantages such as the ability to benefit from interest rate falls which would lower your repayments.

Learn more about the benefits and drawbacks of fixed and variable rate loans.

When is it not a good idea to opt for a fixed rate?

As interest rates are unpredictable, you generally shouldn’t take out a fixed rate loan if you are simply trying to beat the market-- this should not form the basis of your decision. A fixed interest rate may not be a good idea if you:

  • Plan to increase your loan
  • Intend to sell your property
  • Want to make additional repayments
  • Want to refinance to a variable rate loan during the fixed term
  • Want competitive and flexible features such as a 100% offset account and a redraw facility

Different fixed rate scenarios

Let's look at some different situations to see if a fixed rate home loan is suitable.

I'm planning to move houses soon, does a fixed rate home loan suit me?

It's best to avoid moving out until the fixed term has finished to avoid refinancing. Refinancing during the fixed rate period and will incur break costs.

One option is to opt for a fixed rate home loan that comes with a portability option that lets you transfer your existing loan to the new property.

I'm currently stuck with a fixed rate home loan that has a high interest rate. Can I refinance?

Unfortunately, refinancing during the fixed term period will incur a range of fees. However, if your current interest rate is very high, it may be worth refinancing to a lower interest rate.

Use our switching costs calculator to help you calculate whether refinancing your loan now will end up saving or costing you money. You can also find out what happens if you break a fixed rate loan contract.

Can I negotiate a fixed interest rate?

You can definitely negotiate your interest rate before you settle your home loan. However, it's not possible to negotiate your rate during the term.

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. While you have some element of stability with your budget, you can also benefit from the flexibility of a variable rate. You can read more about split loans here.

Frequently asked questions

This will depend on a number of factors:

  • How much time you still have left on your term
  • The rate you locked in your loan for
  • The rate your lender secured your funds for

For an accurate fee estimate, contact your lender and ask for a quote.

A 100% offset account substitutes a part of the principal in your home loan by the full amount in your offset account, effectively reducing the amount of interest you pay. For example, an offset account with $50,000 on a home loan of $400,000 would see you pay interest on only $350,000. A partial offset account might only reduce the interest payable on your home loan by 5% or 10%. For example, a partial offset account in the example above might see you pay a slightly lower interest rate on $50,000 worth of your home loan.

The most common loan terms for fixed rates are between one and five years. Terms over five years are generally only offered by large banks and brands.

Many fixed rate home loans allow you to make additional repayments, but the amount is restricted per year or per term. Some lenders will allow you to make as much as $30,000 in extra repayments each year. Making extra repayments towards your home loan over the set limit will attract fees.

Many lenders will allow you to switch between loan rates, although you might have to pay break fees if you're switching from a fixed rate, just as if you were leaving your lender for another. If you're switching from a variable rate home loan to a fixed rate with the same lender, you'll usually need to pay a renegotiation fee, which can cost between $200 and $400.

This depends on your particular lender and loan type, but 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. Keep tabs on your fixed term and conduct your research before the fixed term ends.

This depends on your lifestyle, future goals and appetite for risk. If your budget can't handle an increase in mortgage repayments in the short term, it may be a good idea to fix in a rate, but you should also take into account whether or not you will be selling your property during the fixed term. For more information read our guide about which rate to choose.

Exit fees have only been banned on variable rate loans that were taken up after 1 July 2011. Exit fees may still be charged for fixed rate loans.

Yes, we do. You can compare a range of fixed rate personal loans here.

We display a range of historical home loan interest rates on this page against the cash rate.

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This page was last modified on 13 October 2017 at 12:03pm.

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18 Responses

  1. Default Gravatar
    MalkitMay 14, 2016

    I am already in fixed plan for 3 years. 1 and a half years have passed can I change my plan or my bank?

    • Staff
      MarcMay 16, 2016Staff

      Hi there,
      thanks for the question.

      Borrowers can leave a fixed rate home loan early, but doing so can come with expensive break fees. You can read more about them here.

      I hope this helps,
      Marc.

  2. Default Gravatar
    WaleedJune 21, 2015

    if buying a brand new home in Brisbane ,do I still have to pay stamp duty? and iam a first home buyer

    • Staff
      JodieJune 22, 2015Staff

      Hi Waleed,

      Thank you for contacting finder.com.au, a financial comparison website.

      First home buyer schemes vary between each state and territory nationwide, please see our page on the scheme and the information for each state.

      Stamp duty is also something that varies by state and territory country wide, please see our page on how to work out your stamp duty for further information.

      To get the most accurate information it would be best to contact your local state revenue service.

      Regards
      Jodie

  3. Default Gravatar
    SharonMay 4, 2015

    Just wanted to ask all the things that need to be considered when getting a home loan. The things I can think of are
    Application fee
    On going fees
    Off set accounts

    What other things are there.
    Sharon

    • Staff
      MarcMay 5, 2015Staff

      Hi Sharon,
      thanks for the question, it’s great to see someone serious about home loan comparison.

      I would also add to this list:
      - Interest rate
      - Comparison rate
      - What type of interest rate you’d like e.g fixed, variable or split
      - Can you make extra repayments on your loan (important if you fix in a rate)
      - What level of customer service you need

      We’ve written a detailed guide on all of these factors in our page here.

      I hope this helps,
      Marc.

  4. Default Gravatar
    LyndaApril 19, 2015

    I have a housing loan with Westpac bank and had to lock it in for 3 years. I have one year to go, can I break that agreement and go to a variable loan as the rates are much lower

    • Staff
      JodieApril 28, 2015Staff

      Hi Lynda,

      Thank you for getting in touch with finder.com.au.

      You might be able to break from your fixed loan however there are fees involved in doing this before the fixed period is over, see more information on these here. Before making any decisions you should contact Westpac and see what these fees are charged for your particular loan.

      Regards
      Jodie

  5. Default Gravatar
    GivernyApril 19, 2015

    Currently I’m looking at fixed interest rate of 4.00% however I am wondering can banks beat it or let you have that interest rate to keep you at that bank your with?

    • Staff
      JodieApril 28, 2015Staff

      Hi Giverny,

      Thank you for your inquiry.

      Each individual institution sets their own interest rates based on specific internal calculations and forecasts.You can compare different home loans by their interest rate by clicking on the ‘interest rate’ heading in our comparison tables.

      In general, negotiation with banks over rates is definitely something that is possible, so when discussing loan possibilities with a lender always ask if they can offer a better rate.

      Regards
      Jodie

  6. Default Gravatar
    JoanJanuary 23, 2015

    Is there a loan available to cover the difference between the price of a three bedroom house in the country and a 3 bedroom unit close to the Queen Elizabeth Hospital in or near woodville s.a.

  7. Default Gravatar
    RachelJanuary 16, 2015

    Hi, We have 2 home loans and one is locked into a fixed interest rate of 8.09% until 2017. We want to change it but the breakout fee is really high. What options do we have?
    Any help would be great thanks

    • Staff
      ShirleyJanuary 19, 2015Staff

      Hi Rachel,

      Thanks for your question.

      Unfortunately since you have entered a binding contract, you’ll be liable to pay break costs. Please see this page for more information.

      You may want to speak to a mortgage specialist about your options as they may be able to provide you with more information.

      Cheers,
      Shirley

  8. Default Gravatar
    DamianJuly 1, 2014

    Why does the 5.21% comparison rate for the Members Equity 3 year fixed rate vary so much from the 4.69% interest rate advertised? The fee structure does not differ much from the other loan providers?

    • Staff
      ShirleyJuly 2, 2014Staff

      Hi Damian,

      Thanks for your question.

      The comparison rate calculated on a loan of $150,000 for a term of 25 years repaid monthly. Please note that this comparison rate is only an indication and true only for the examples given and may not include all fees and charges.

      Your personal loan terms may result in a different comparison rate.

      Cheers,
      Shirley

  9. Default Gravatar
    LewisJuly 16, 2013

    Hi There,

    Great website!

    I noticed that there is an advertisement for a 4.59%pa 2 year fixed rate loan with HSBC on your website yet it is not listed in your ‘Best Fixed Rate Loans’ Why is that?

    I would also love to see this website allow you to list loans by maximum LVR over 90%, non-bank/bank loans, Home Loans with Offset etc.

    Thanks.

    Lewis

    • Staff
      ShirleyJuly 16, 2013Staff

      Hi Lewis,

      Thanks for your comment.

      For our review on the 2 year fixed HSBC home loan, please see this page. All products are subject to our disclaimer.

      For loans with a LVR over 90%, please see this page.

      Hope this helps,
      Shirley

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