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Fixed Rate Home Loans
Fixed home loan rates offer greater certainty because you lock in your repayments for a set period.
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Virgin Money Home Loan Offer
Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I)
fixed rate
comparison rate
Virgin Money Home Loan Offer
Apply for the Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I) and get a low interest rate with no application fee as well as a 100% offset account.
- Interest rate of 2.89% p.a.
- Comparison rate of 3.31% p.a.
- Application fee of $0
- Maximum LVR: 80%
- Minimum borrowing: $300,000
Compare the latest fixed rate home loans below
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Fixed home loan rates explained
The interest rate is the most important part of a mortgage. It determines how much interest you have to pay every month. The lower the interest rate, the better.
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.
The benefit to you 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.
Pros
- 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).
Cons
- 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 100% redraw facilities 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 on the market.
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
Home Loan Offers
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Ask an Expert
Are there any banks that will loan to a single mother receiving parenting payment and Family tax benefits A & B as well as weekly child support. I also have 2 thirds of the total value of the property as a deposit so for me it is more financially viable than to continue renting?
Hi Lauren,
Thanks for your inquiry. There are home loan options for single moms like you on this page. You will find brands that accept applications from single parents receiving benefits.
Most lenders will only accept certain types of Centrelink payments and may not take the whole amount of your payment. As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Regarding renting, this will ultimately depend on how your monthly income goes and how long you can afford to pay rent.
A mortgage broker is the best person to reach out to see your options for home loans. They can give you a multitude of options according to your situation. In the meantime, to give you an idea of how your monthly repayments will go, you may use the calculator we have on this page.
Hope this helps and reach out to us again for further assistance.
Best,
Nikki
I am already in fixed plan for 3 years. 1 and a half years have passed can I change my plan or my bank?
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.
if buying a brand new home in Brisbane ,do I still have to pay stamp duty? and iam a first home buyer
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
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
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.
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
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
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?
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
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.
Hi Joan,
thanks for the question.
You might want to read about and compare bridging home loans, or speak to a mortgage broker to find out more about what loans may suit your situation.
Cheers,
Marc.
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
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
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?
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
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
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