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2-year fixed rate home loans

Fix your home loan interest rate for 2 years and lock in a competitive rate without being stuck on a fixed loan for too long.

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1 - 9 of 9
Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest 2Y Fixed10% min. depositOwner-occupierOffset account
Interest Rate
6.29%
Comparison Rate
6.69%
Fees
Application: $0
Ongoing: $350 p.a.
Monthly Payment
$3,095
More Info
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
Interest Rate
6.54%
Comparison Rate
7.10%
Fees
Application: $0
Ongoing: $10 per month
Monthly Payment
$3,177
$2,000 cashback
Refinancers borrowing $250K+ can get a cashback of $2,000 with an LVR of 80% or less (terms & conditions apply).
Principal & Interest 2Y Fixed10% min. depositOwner-occupierOffset account
Interest Rate
5.99%
Comparison Rate
6.24%
Fees
Application: $345
Ongoing: $0 p.a.
Monthly Payment
$2,998
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
Interest Rate
6.59%
Comparison Rate
7.64%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$3,193
Principal & Interest 2Y Fixed5% min. depositOwner-occupier
Interest Rate
6.19%
Comparison Rate
6.38%
Fees
Application: $0
Ongoing: $299 p.a.
Monthly Payment
$3,063
Principal & Interest 2Y Fixed20% min. depositOwner-occupierOffset account
Interest Rate
6.15%
Comparison Rate
6.43%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,050
More Info
Principal & Interest 2Y Fixed5% min. depositOwner-occupier
Interest Rate
6.19%
Comparison Rate
6.17%
Fees
Application: $499
Ongoing: $0 p.a.
Monthly Payment
$3,063
Principal & Interest 2Y Fixed10% min. depositOwner-occupierOffset account
Interest Rate
5.99%
Comparison Rate
6.41%
Fees
Application: $150
Ongoing: $15 per month
Monthly Payment
$2,998
More Info
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
Interest Rate
6.15%
Comparison Rate
6.21%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,050
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Showing 9 of 9 results

What are the benefits of a 2-year fixed rate home loan?

  • Repayment certainty. The main reason borrowers fix is so they know their repayments won't change. This means you can budget accordingly.
  • Forget about rate rises. In times of rapid rate rises, fixed rate borrowers don't need to worry. While it's true that fixed rate loans are typically higher than variable rates, not having to worry about a rate rise just makes life a little simpler.
  • 2 years is a good sweet spot for many borrowers. How long you fix your rate depends on your goals and needs. For some borrowers, fixing for 1 year is simply not long enough. Fixing for a longer term like 4 or 5 years means a higher rate and less flexibility if you need to exit the loan. 2 years could be the perfect balance for some borrowers.

How do 2-year fixed rate home loans work?

A 2-year fixed rate home loan is like any other home loan: you borrow money and repay it over the loan term. The only difference is your interest rate won't move at all for the first 2 years of the loan.

After that, your loan reverts to a variable rate loan. Variable interest rate home loans can change at any time as lenders respond to changes in money markets and the overall economy.

Most lenders offer fixed rates between 1 and 5 years. Learn more about different fixed periods with these guides:

Are 2-year fixed rate loans higher than variable rate loans?

Over the last 2 years as interest rates have risen, fixed rates have been higher than comparable variable rates. But now, experts and borrowers are waiting for the RBA to start cutting interest rates at the end of 2024 or in 2025.

Because of this, many banks and lenders are cutting their fixed rates to entice borrowers to fix. There are now many 2-year fixed rate home loans on the market for a lower rate than variable rates.

Is it too late to lock in a low 2-year fixed rate?

You should consider fixing your rate if you want to forget about rate rises and enjoy knowing exactly how much you should budget on mortgage repayments each month.

But if you're trying to lock in the lowest rate on the market, that ship has sailed. If you want the lowest possible rate, you might be better off with a variable rate (even if rates are going to rise further).

You can see the current difference between fixed and variable rates on our average interest rates guide.

How do I compare 2-year fixed rate home loans?

To make sure you get a great deal on a 2-year fixed rate loan, pay attention to the rate, the fees and the loans' features.

Focus on the following:

Interest rate

Look for a lower rate

If you decide you want a 2-year fixed rate, compare your options to find a lower one. Why pay more interest for no reason?

Fees

Look for a loan with low fees

When some loans come with multiple fees and others almost none, a low-fee loan is a no-brainer.

A lower interest rate is more important, but low fees are another way to save on your loan costs.

Features

Loan features

Fixed rate loans have fewer features than variable rate loans, like 100% offset accounts or the ability to make extra repayments. But some do, so it's worth comparing.

But even if a 2-year fixed rate lacks these features, you'll be on a variable rate in 24 months. Then the loan will give you more features and repayment options.

What kind of 2-year fixed rate home loans are available?

Owner-occupiers and investors both have plenty of options if they want to lock in a fixed rate.

Examples of specific fixed rate home loan types include:

  • Fixed rate package home loans
  • Fixed rate interest-only investor loans
  • Low deposit fixed rate home loans
  • Bad credit fixed rate home loans

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Since 2014, we've helped 150,000+ people find a home loan by explaining the nitty gritty details simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

More questions about fixing your home loan rate for 2 years?

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2 Responses

    Default Gravatar
    StaceyOctober 4, 2022

    I paid the rate lock fee for an Anz 2yr fixed home loan on august 12th this year and now the loan has been approved they cannot find what the rate was on August 12th 2022 – where do I look to see what the 2 yr fixed home loan rate was in August before the last few rate hikes … all internet searches just show current rates and I dont want to get stung with a higher rate than what it was back then many thanks Stacey

      AvatarFinder
      RebeccaOctober 7, 2022Finder

      Hi Stacey,

      It is best to contact ANZ directly. They should have a record of the rates they previously offered.

      Kind regards,
      Rebecca

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