Fixed Rate Home Loans Comparison

Rates and Fees verified correct on September 27th, 2016

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, but sometimes as great as 10 or even 15 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.

Compare the latest fixed rate home loans below

Rates last updated September 27th, 2016.

ME Bank Flexible Home Loan Fixed - 2 Year Fixed Rate (Owner Occupier)

ME Bank have lowered their 2yr fixed Flexible Home Loan to 3.89%

October 16th, 2015

NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)

Interest rate dropped by 0.10% p.a.

November 11th, 2015

UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier)

Interest rate dropped by 0.09%

December 18th, 2015

View latest updates

Jodie Humphries Jodie
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Product nameInterest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier)
An online home loan offer with a fixed interest offer for 3 years.
3.69% 3.92% $395 $0 p.a. 80% Go to site More info
CUA Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
A fixed home loan with no ongoing fees and flexible repayments options.
3.96% 4.61% $600 $0 p.a. 95% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.59% 4.42% $0 $375 p.a. 85% Go to site More info
UBank UHomeLoan - 1 Year Fixed Rate (Owner Occupier)
A one year fixed rate offer with no ongoing bank fees.
3.69% 4.06% $395 $0 p.a. 80% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)
A fixed rate package loan with flexible repayments options. 250,000 Velocity Frequent Flyer point offer, conditions apply.
3.75% 4.87% $0 $395 p.a. 95% Go to site More info
IMB Platinum Package Fixed Home Loan - 3 Year Fixed (LVR < 90% Owner Occupier)
3 years fixed platinum package with a low interest rate and $0 application fee.
3.75% 4.62% $0 $395 p.a. 90% Go to site More info
ME Bank Flexible Home Loan Fixed - 3 Year Fixed Rate (Owner Occupier)
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
3.69% 4.62% $0 $0 p.a. 95% Go to site More info
Switzer Fixed Rate Home Loans - 2 Years Fixed Rate
A competitive 2 year fixed rate with your very own lending service manager.
3.97% 3.99% $0 $0 p.a. 80% Go to site More info
Bank Australia Premium Home Loan Package - 2 Year Fixed (Owner Occupier)
Buy a new home even if you haven't yet sold your existing one with the bankmecu Bridging Loan
3.69% 4.24% $0 $350 p.a. 95% Go to site More info
CUA Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier)
Pay no ongoing fees and lock in your rate for 3 years to organise your budget.
3.99% 4.56% $600 $0 p.a. 95% Go to site More info
3.69% 4.29% $0 $395 p.a. 90% Go to site More info
Switzer Fixed Rate Home Loans - 3 Years Fixed Rate
Fix this competitive rate for 3 years and pay no monthly or annual fees.
4.12% 4.02% $0 $0 p.a. 80% Go to site More info
ME Bank Flexible Home Loan Fixed - 2 Year Fixed Rate (Owner Occupier)
No application or ongoing fees and a competitive 2 year fixed rate.
3.69% 4.72% $0 $0 p.a. 95% Go to site More info
UBank UHomeLoan - 5 Year Fixed Rate (Owner Occupier)
A five year fixed rate offer with no ongoing bank fees.
4.27% 4.12% $395 $0 p.a. 80% Go to site More info
NAB Choice Package Home Loan - 5 Year Fixed (Owner Occupier)
A competitive loan with flexible features. 250,000 Velocity Frequent Flyer point offer, conditions apply.
4.59% 5.02% $0 $395 p.a. 95% Go to site More info
ANZ Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
Lock in your rate for 2 years with an interest only option.
3.90% 5.06% $600 $10 monthly ($120 p.a.) 95% More info
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier)
Fee free extra repayments available during the fixed term. $1,250 cash back offer for refinancers. Conditions apply.
3.84% 4.97% $0 $395 p.a. 95% More info
Suncorp Home Package Plus Fixed - 3 Year Fixed Rate (Special Offer $150k+ LVR <=90% Owner Occupier)
Lock in a special offer rate for 3 years for loans over $150k with LVR below 90%.
3.64% 4.33% $0 $375 p.a. 90% More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier)
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card.
3.75% 5.03% $0 $395 p.a. 95% More info
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years
A low interest rate home loan and competitive two year fixed rate.
3.75% 4.85% $0 $395 p.a. 95% More info

Compare the latest fixed rate home loans below

Rates last updated September 27th, 2016.

UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier)

Interest rate dropped by 0.09%

December 18th, 2015

IMB Fixed Rate Home Loan - 3 Year Fixed (LVR < 90% Owner Occupier)

Interest rate dropped by 0.09% p.a.

February 12th, 2016

Bankwest Fixed Rate Home Loan - 3 Year Fixed Rate (Owner Occupiers)

Interest rate increased by 0.10%

February 23rd, 2016

View latest updates

Jodie Humphries Jodie
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Product nameInterest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier)
A competitive refinance offer on a 3 year fixed rate.
3.69% 3.92% $395 $0 p.a. 80% Go to site More info
ME Bank Flexible Home Loan Fixed - 3 Year Fixed Rate (Owner Occupier)
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
3.69% 4.62% $0 $0 p.a. 95% Go to site More info
IMB Platinum Package Fixed Home Loan - 3 Year Fixed (LVR < 90% Owner Occupier)
3 years fixed platinum package with a low interest rate and $0 application fee.
3.75% 4.62% $0 $395 p.a. 90% Go to site More info
NAB Choice Package Home Loan - 3 Year Fixed (Owner Occupier)
Receive discounts on interest rates with the Choice Package. 250,000 Velocity Frequent Flyer point offer, conditions apply.
3.89% 4.84% $0 $395 p.a. 95% Go to site More info
Aussie Select Basic Fixed Rate Home Loan - 3 Year Fixed LVR up to 80% (Owner Occupier)
Lock in a 3 year fixed rate with no upfront or ongoing fees.
3.89% 3.95% $0 $0 p.a. 80% Go to site More info
CUA Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier)
Pay no ongoing fees and lock in your rate for 3 years to organise your budget.
3.99% 4.56% $600 $0 p.a. 95% Go to site More info
3.99% 4.13% $0 $0 p.a. 95% Go to site More info
Switzer Fixed Rate Home Loans - 3 Years Fixed Rate
Fix this competitive rate for 3 years and pay no monthly or annual fees.
4.12% 4.02% $0 $0 p.a. 80% Go to site More info
IMB Fixed Rate Home Loan - 3 Year Fixed (LVR < 90% Owner Occupier)
3 years fixed interest terms and free access to redraw facility online.
3.85% 4.57% $445 $6 monthly ($72 p.a.) 90% Go to site More info
NAB Tailored Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier)
Flexible fixed rate home loan which will allow you to take break from repayments if you're ahead of scheduled repayments.
3.99% 5.04% $600 $8 monthly ($96 p.a.) 95% Go to site More info
RAMS Fixed Rate Home Loan - 3 Year Fixed Rate
Fix your home loan for 3 years and you could save on your home loan with principal and interest repayments.
3.99% 4.99% $595 $20 monthly ($240 p.a.) 95% More info
Homeloans Ultra - 3 Year Fixed Rate
A 3 year fixed rate offer from Homeloans.
4.94% 5.00% $0 $0 p.a. 95% More info
Commonwealth Bank Fixed Rate Home - 3 Year Fixed Rate (Owner Occupier)
A fixed rate home loan offer from Commonwealth Bank.
4.04% 5.05% $600 $8 monthly ($96 p.a.) 90% More info
Bankwest Fixed Rate Home Loan - 3 Year Fixed Rate (Owner Occupiers)
Fix your home loan for 3 years and be able to work out your budget knowing your loan repayments.
3.99% 5.04% $295 $12 monthly ($144 p.a.) 90% More info
Citibank Mortgage Plus Fixed Rate - 3 Year Fixed Rate (Owner Occupier)
A competitive fixed interest rate for three years.
3.99% 4.52% $0 $350 p.a. 80% More info
St.George Fixed Rate Home Loan - 3 Year Fixed Rate (Owner Occupier)
Redraw facility and interest-only repayments available.
4.00% 5.14% $600 $10 monthly ($120 p.a.) 95% More info
Westpac Fixed Options Home Loan - 3 Years
Ability to make extra repayments during the fixed term and access the money through redraw.
4.05% 5.12% $600 $8 monthly ($96 p.a.) 95% More info
Heritage Bank Fixed Rate Home Loan - 3 Year Fixed Rate (Owner Occupier)
Enjoy a fixed rate for three years along with additional features.
3.99% 4.83% $600 $5 monthly ($60 p.a.) 95% More info
AMP SuperEdge Loan - 3 Year Fixed Rate
Enjoy a 3 years fixed rate with AMP SuperEdge Loan to borrow and purchase investment property through your SMSF.
5.29% 5.75% $0 $10 p.a. 70% More info
5.49% 5.83% $375 $15 monthly ($180 p.a.) 80% More info

Compare the latest fixed rate home loans below

Rates last updated September 27th, 2016.

UBank UHomeLoan - 1 Year Fixed Rate (Owner Occupier)

Interest rate dropped by 0.19% p.a.

February 18th, 2016

View latest updates

Jodie Humphries Jodie
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Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Product nameInterest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.59% 4.42% $0 $375 p.a. 85% Go to site More info
UBank UHomeLoan - 1 Year Fixed Rate (Owner Occupier)
Refinance with UBanks low 1 year fixed rate offer. No application fee.
3.69% 4.06% $395 $0 p.a. 80% Go to site More info
NAB Choice Package Home Loan - 1 Year Fixed (Owner Occupier)
A low interest rate home loan with flexible repayment options. 250,000 Velocity Frequent Flyer point offer, conditions apply.
3.99% 4.98% $0 $395 p.a. 95% Go to site More info
IMB Fixed Rate Home Loan - 1 Year Fixed (LVR < 90% Owner Occupier)
Lock in a rate for one year and get the ability to make additional repayments for 12 months without penalty.
4.29% 4.75% $445 $6 monthly ($72 p.a.) 90% Go to site More info
NAB Tailored Fixed Rate Home Loan - 1 Year Fixed (Owner Occupier)
Enjoy a low rate fixed home loan with the ability to borrow up to 95% of the property value. 250,000 Velocity Frequent Flyer point offer, conditions apply.
4.09% 5.27% $600 $8 monthly ($96 p.a.) 95% Go to site More info
IMB Fixed Rate Home Loan - 1 Year Fixed (LVR >80% to <90% Investor)
Enjoy a 1 year fixed Investor with $0 valuation fee and $0 discharge fee.
4.64% 5.08% $445 $6 monthly ($72 p.a.) 80% Go to site More info
Aussie Optimizer Fixed Rate Home Loan - 1 Year Fixed Rate (Owner Occupier) P&I
Take advantage of a competitive 1 year fixed rate from the Aussie.
3.99% 4.16% $0 $0 p.a. 95% Go to site More info
Commonwealth Bank Fixed Rate Home - 1 Year Fixed Rate (Owner Occupier)
A 1 year fixed rate home loan from Commonwealth Bank.
4.54% 5.30% $600 $8 monthly ($96 p.a.) 90% More info
3.79% 4.04% $0 $330 p.a. 80% More info
4.17% 4.63% $0 $0 p.a. 95% More info
4.19% 4.76% $399 $8 monthly ($96 p.a.) 90% More info
4.24% 4.89% $0 $295 p.a. 85% More info
St.George Fixed Rate Home Loan - 1 Year Fixed Rate (Owner Occupier)
Enjoy a 1 year fixed rate with great features such as redraw, rate lock, a partial interest offset facility, repayment pause and more!
4.54% 5.43% $600 $10 monthly ($120 p.a.) 95% More info
4.49% 3.63% $0 $395 p.a. 90% More info
Westpac Fixed Options Home Loan Premier Advantage Package - 1 Year
Secure a low fixed rate offer plus low ongoing fee.
4.39% 4.99% $0 $395 p.a. 95% More info
ANZ Breakfree Package Home Loan Fixed - 1 Year Fixed (Owner Occupier)
A competitive package home loan with 100% offset account.
4.39% 4.75% $0 $395 p.a. 95% More info
4.86% 5.66% $600 $8 monthly ($96 p.a.) 95% More info
5.19% 5.79% $1,500 $12 monthly ($144 p.a.) 80% More info
St.George Fixed Super Fund Home Loan - 1 Year Fixed Rate
Lock in a competitive rate for 1 year and save on costs related to your SMSF investment.
5.19% 5.80% $1,500 $12 monthly ($144 p.a.) 70% More info

Compare the latest fixed rate home loans below

Rates last updated September 27th, 2016.

St.George Fixed Rate Advantage Package - 2 Year Fixed Rate (Owner Occupier)

Advertised rate dropped from 4.59% to 4.19% for Owner Occupiers

July 1st, 2015

ME Bank Flexible Home Loan Fixed - 2 Year Fixed Rate (Owner Occupier)

ME Bank have lowered their 2yr fixed Flexible Home Loan to 3.89%

October 16th, 2015

NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)

Interest rate dropped by 0.10% p.a.

November 11th, 2015

View latest updates

Jodie Humphries Jodie
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Product nameInterest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
Switzer Fixed Rate Home Loans - 2 Years Fixed Rate
A competitive 2 year fixed rate with your very own lending service manager.
3.97% 3.99% $0 $0 p.a. 80% Go to site More info
CUA Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
A fixed home loan with no ongoing fees and flexible repayments options.
3.96% 4.61% $600 $0 p.a. 95% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)
A fixed rate package loan with flexible repayments options. 250,000 Velocity Frequent Flyer point offer, conditions apply.
3.75% 4.87% $0 $395 p.a. 95% Go to site More info
3.69% 4.29% $0 $395 p.a. 90% Go to site More info
Bank Australia Premium Home Loan Package - 2 Year Fixed (Owner Occupier)
Buy a new home even if you haven't yet sold your existing one with the bankmecu Bridging Loan
3.69% 4.24% $0 $350 p.a. 95% Go to site More info
CUA Premium Fixed Rate Home Loan - 2 Year Fixed Rate (Owner Occupier)
Enjoy a 2 years fixed rate with $0 ongoing fees, free multi-account offset, flexible repayment options and easy access to your cash with a redraw facility.
4.18% 4.65% $600 $0 p.a. 95% Go to site More info
NAB Tailored Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
A fixed rate home loan with the ability to lock the interest rate at the time of loan approval for up to 3 months. 250,000 Velocity Frequent Flyer point offer, conditions apply.
3.85% 5.12% $600 $8 monthly ($96 p.a.) 95% Go to site More info
ME Bank Flexible Home Loan Fixed - 2 Year Fixed Rate (Owner Occupier)
No application or ongoing fees and a competitive 2 year fixed rate.
3.69% 4.72% $0 $0 p.a. 95% Go to site More info
Citibank Fixed Rate Loan - 2 Year Fixed Rate (Owner Occupier)
One of Citibank's best fixed rate on offer.
4.19% 4.74% $399 $8 monthly ($96 p.a.) 90% More info
ANZ Breakfree Package Home Loan Fixed - 2 Year Fixed (Owner Occupier)
A package home loan with fee and rate discounts.
3.75% 4.62% $0 $395 p.a. 95% More info
ANZ Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
Flexible repayment options to help you save.
3.90% 5.06% $600 $10 monthly ($120 p.a.) 95% More info
3.99% 4.54% $0 $350 p.a. 90% More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier)
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card.
3.75% 5.03% $0 $395 p.a. 95% More info
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years
A low interest rate home loan and competitive two year fixed rate.
3.75% 4.85% $0 $395 p.a. 95% More info
Westpac Fixed Options Home Loan - 2 Years
A fixed rate with redraw facility and portability options.
3.95% 5.21% $600 $8 monthly ($96 p.a.) 95% More info
Commonwealth Bank Fixed Rate Home - 2 Year Fixed Rate (Owner Occupier)
Peace of mind for two years with a fixed interest rate.
3.99% 5.13% $600 $8 monthly ($96 p.a.) 90% More info
4.17% 4.59% $0 $0 p.a. 95% More info
BankSA Super Fund Home Loan - 2 Year Fixed
A rate locked in for 2 years on your SMSF property.
4.99% 5.72% $1,500 $12 monthly ($144 p.a.) 80% More info
5.09% 5.39% $200 $0 p.a. 0% More info

Compare the latest fixed rate home loans below

Rates last updated September 27th, 2016.

Aussie Optimizer Fixed Rate Home Loan - 5 Year Fixed Rate (Owner Occupier) P&I

Interest rate dropped by 0.16% p.a.

February 26th, 2016

View latest updates

Jodie Humphries Jodie
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Product nameInterest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
UBank UHomeLoan - 5 Year Fixed Rate (Owner Occupier)
An online only home loan with a great 5 year fixed rate. Available for refinance and purchases.
4.27% 4.12% $395 $0 p.a. 80% Go to site More info
IMB Fixed Rate Home Loan - 5 Year Fixed (LVR < 90% Owner Occupier)
Borrow up to 90% of your home’s value and lock in your rate for 5 years.
4.39% 4.67% $445 $6 monthly ($72 p.a.) 90% Go to site More info
Switzer Fixed Rate Home Loans - 5 Years Fixed Rate
Fix a rate for 5 years and pay no application or settlement fees.
4.77% 4.31% $0 $0 p.a. 80% Go to site More info
NAB Choice Package Home Loan - 5 Year Fixed (Owner Occupier)
A competitive loan with flexible features. 250,000 Velocity Frequent Flyer point offer, conditions apply.
4.59% 5.02% $0 $395 p.a. 95% Go to site More info
NAB Tailored Fixed Rate Home Loan - 5 Year Fixed (Owner Occupier)
Enjoy an interest only payment option for up to 5 years. 250,000 Velocity Frequent Flyer point offer, conditions apply.
4.69% 5.15% $600 $8 monthly ($96 p.a.) 95% Go to site More info
Aussie Select Basic Fixed Rate Home Loan - 5 Year Fixed LVR up to 80% (Owner Occupier)
A 5 year fixed home loan with a low interest rate for owner occupiers.
4.19% 4.06% $0 $0 p.a. 80% Go to site More info
Aussie Optimizer Fixed Rate Home Loan - 5 Year Fixed Rate (Owner Occupier) P&I
Borrow up to 90% and enjoy a low interest rate and no ongoing fee.
4.19% 4.19% $0 $0 p.a. 95% Go to site More info
ANZ Fixed Rate Home Loan - 5 Year Fixed (Owner Occupier)
Borrow up to 80% of your home loan value.
4.74% 5.12% $600 $10 monthly ($120 p.a.) 95% More info
Commonwealth Bank Fixed Rate Home - 5 Year Fixed Rate (Owner Occupier)
A fixed home loan rate from Commonwealth Bank.
4.14% 4.91% $600 $8 monthly ($96 p.a.) 90% More info
St.George Fixed Rate Home Loan - 5 Year Fixed Rate (Owner Occupier)
Enjoy a 5 years fixed rate with great features such as rate lock, a partial interest offset facility, repayment pause and more!
4.00% 4.95% $600 $10 monthly ($120 p.a.) 95% More info
4.37% 4.54% $0 $0 p.a. 95% More info
4.39% 4.77% $399 $8 monthly ($96 p.a.) 90% More info
4.44% 4.60% $0 $375 p.a. 95% More info
Bankwest Fixed Rate Home Loan - 5 Year Fixed Rate (Owner Occupiers)
Lock in your rate for 5 years with the ability to make additional repayments up to $10,000 per year.
4.55% 5.08% $295 $12 monthly ($144 p.a.) 90% More info
Westpac Fixed Options Home Loan Premier Advantage Package - 5 Years
A competitive interest rate with a host of other discounts on Westpac products.
3.99% 4.75% $0 $395 p.a. 95% More info
4.93% 5.07% $330 $0 p.a. 95% More info
St.George Fixed Super Fund Home Loan - 5 Year Fixed Rate
A super fund home loan with low monthly fee, partial offset account and borrow up to 70% LVR.
5.39% 5.75% $1,500 $12 monthly ($144 p.a.) 70% More info
5.59% 5.84% $0 $10 p.a. 70% More info
Commonwealth Bank Wealth Package Fixed Home Loan - 5 Year Fixed (Owner Occupier)
A competitive interest rate with a range of repayment choices.
3.99% 4.83% $0 $395 p.a. 95% More info

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Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a partly owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. © 2016 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786. Credit services for Aussie Select and Aussie Optimizer products are provided by AHL Investments Pty Ltd ACN 105 265 861 ("Aussie") and its appointed credit representatives, Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133. Credit for Aussie Optimizer products is provided by Perpetual Ltd ACN 000 431 827.

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Aussie’s Mortgage Brokers can save you time and effort by helping you research, organise and apply for your home loan, at no cost to you. They compare hundreds of home loans to help find the right deal for you. Fill out the form on the left and an Aussie Mortgage Broker will meet you at a time of your choosing to discuss your needs and help you find the right loan.

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How do I find the lowest 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 on our site.

How does a fixed rate benefit me?

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 is ideal 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.

In an economic climate of low interest rates, opting for a fixed interest rate could help you pay off your home loan faster. By making the same periodic repayments, you'll generally repay the principal down quicker than you would with a variable rate loan.

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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?

You can choose a fixed rate term of up to 15 years, but most Australians choose between one, three and five year fixed terms.

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 has 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.

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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 from one year through to 15 years.

Cons

  • Limited features. You'll find that fixed rate loans don't have a lot of flexibility compared to variable rate mortgages. Typically, lenders won't let you make additional repayments on the fixed portion of your home loan, so you may incur a fee for depositing a work bonus or tax return into 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 here.
  • 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.
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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.

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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.

Is a fixed rate the right option for me?

You may want to consider a fixed interest rate if you want the reassurance of knowing what your repayments will be over the loan period and the confidence to budget effectively to plan your finances. It may also be a good idea to lock in your rate if you’re concerned that interest rates will rise in the near future.

Before applying for a fixed rate loan, you should assess factors of your personal situation, such as:

  • Current employment
  • Current and expected future income
  • Whether you plan to sell your property in the near future
  • Family situation

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
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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

How much will I have to pay if I exit the loan early?

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.

What’s the difference between a 100% offset account and a partial offset account?

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.

What fixed terms are usually available in Australia?

The most common loan terms for fixed rates are between one and five years. The maximum fixed rate term available in Australia is 15 years, with 10-year and 7-year terms also available. Terms over five years are generally only offered by large banks and brands.

Can I make extra repayments on a fixed rate mortgage?

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.

Can I switch between a fixed and variable rate loan?

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.

What happens once my fixed term ends?

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.

Should I choose a fixed or variable rate home loan?

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 about which rate to choose, read our guide.

Are exit fees banned on fixed rate loans?

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.

Does finder.com.au compare fixed rate personal loans?

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

Do you publish any historical interest rates?

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 19 September 2016 at 12:20.

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A low variable rate loan with no application or ongoing fees.

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A basic mortgage available only to customers who switch their everyday banking to CUA.

NAB Choice Package Home Loan - 3 Year Fixed (Owner Occupier)

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18 Responses to Fixed Rate Home Loans Comparison

  1. Default Gravatar
    Malkit | May 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
      Marc | May 16, 2016

      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
    Waleed | June 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
      Jodie | June 22, 2015

      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
    Sharon | May 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
      Marc | May 5, 2015

      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
    Lynda | April 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
      Jodie | April 28, 2015

      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
    Giverny | April 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
      Jodie | April 28, 2015

      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
    Joan | January 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
    Rachel | January 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
      Shirley | January 19, 2015

      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
    Damian | July 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
      Shirley | July 2, 2014

      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
    Lewis | July 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
      Shirley | July 16, 2013

      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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