Can I get a 30 year fixed-rate mortgage in Australia?

Australian banks do not offer a 30-year fixed rate. Typical fixed-rate terms on Australian home loans range from 1 year to 5 years. In countries like the U.S., 30-year fixed rates are more common.

Is a 30 year fixed loan a good idea?

A 30-year fixed home loan would last for the entire duration of home ownership. Australia doesn't currently offer 30-year fixed loan terms, but if they did, they would offer stability with predictable repayments. Our banks charge a fee to "break" a fixed loan and that fee is equal to how much the lender would lose from losing your interest and repayments for the remainder of the term – so if we did offer 30-year terms in Australia, they could be very expensive to end early.

What is the average fixed mortgage rate?

The average fixed mortgage rate in Australia ranges, but a 3-year term is very common. You can choose from 1, 2, 3, 4 or 5 year fixed terms.

Why 30-year fixed mortgage rates don't exist in Australia

In the USA it's possible to fix a mortgage for 20 or 30 years. This is not the case in Australia, where fixed rate terms are between 1 and 5 years.
If you really do want to fix for the long term, there are a handful of 10 year fixed rate loans. But these loans have very high rates.
Fixing for the long term in Australia also limits your options if you want to sell or refinance because of the high break fees.

What is a 30-year fixed rate home loan?

A fixed rate home loan has a flat interest rate that doesn't change for a set amount of time. In Australia that's usually a term of 1 to 5 years.

In countries like the USA, 30-year fixed rate mortgages are very popular. But you can't get 30-year fixed rate home loans in Australia.

Why aren't 30-year fixed rates offered in Australia?

The main reason 30-year fixed rates don't exist in Australia is the lack of a well-developed secondary mortgage market.

In the United States, home loans are guaranteed by two government entities: the Federal National Mortgage Association, or Fannie Mae, and the Federal Home Loan Mortgage Corporation, or Freddie Mac.

These government agencies buy home loans from lenders, bundle them as securities and then sell the securities to investors. The government assumes the risk for the home loans.

In Australia there's no equivalent protection. So long term fixed rate loans represent a risk to lenders. If rates change dramatically, a bank could be stuck with a 30-year loan term that's no longer favourable to them.

Whereas with a variable rate loan, lenders can simply increase or decrease the rate borrowers get in line with market movements.

What is the longest fixed mortgage rate in Australia?

10 years is the longest fixed home loan rate term on offer in Australia. And there's only 2 lenders that offer 10-year fixed rate home loans, so they're very rare.

These home loans have much higher interest rates than other Australian home loans too.

The risks of lengthy fixed term home loans

Most people fix their home loan rate because they want to know exactly how much they have to pay each month and forget about rate rises. But when you fix for a very long time lenders charge higher interest rates. It gets very expensive.

And there are other problems with long fixed terms.

Lack of flexibility and break costs

If you decide you want to sell your property or refinance your home loan, a long fixed term makes that harder. This is because lenders charge a break fee when you exit a fixed rate home loan before the fixed term ends.

The break fee is higher if your fixed rate is longer. It can end up costing you thousands of dollars.

According to NAB, this is because of how fixed rate loans are funded. The lender's funding costs remain fixed, so if you repaid the loan early the lender would lose money.

Fixed rate break costs are "a kind of penalty for changing a fixed rate loan early, and it's designed to protect the lender from losses."

Long term fixed rate home loans

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Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Features	Monthly Payment
Finder score 4 Basic Pepper Money Essential Prime Full Doc Fixed Home Loan	Finder score 4 Basic	Interest Rate 8.59%	Comparison Rate 8.42%	Fees Application: $599 Ongoing: $120 p.a.	Principal & Interest 10Y Fixed10% min. equityInvestmentNo LMI	Monthly Payment $1,164 per month	View details Compare product selectionCompare	loading
Finder score 4.7 Basic Pepper Money Essential Prime Full Doc Fixed Home Loan	Finder score 4.7 Basic	Interest Rate 8.39%	Comparison Rate 8.22%	Fees Application: $599 Ongoing: $0 p.a.	Principal & Interest 10Y Fixed5% min. equityOwner-occupierNo LMI	Monthly Payment $1,143 per month	View details Compare product selectionCompare	loading
Finder score 7.2 Great ANZ Fixed Rate Home Loan	Finder score 7.2 Great	Interest Rate 7.24%	Comparison Rate 7.31%	Fees Application: $0 Ongoing: $120 p.a.	Principal & Interest 10Y Fixed20% min. equityOwner-occupier	Monthly Payment $1,024 per month	Enquire now View details Compare product selectionCompare	loading
Finder score 7.4 Great ANZ Fixed Rate Home Loan	Finder score 7.4 Great	Interest Rate 7.24%	Comparison Rate 7.49%	Fees Application: $0 Ongoing: $120 p.a.	Interest only 10Y Fixed20% min. equityInvestment	Monthly Payment $1,024 per month	Enquire now View details Compare product selectionCompare	loading
Finder score 5.9 Standard ANZ Fixed Rate Home Loan	Finder score 5.9 Standard	Interest Rate 7.69%	Comparison Rate 7.87%	Fees Application: $0 Ongoing: $120 p.a.	Interest only 10Y Fixed10% min. equityInvestmentLMI	Monthly Payment $1,070 per month	Enquire now View details Compare product selectionCompare	loading
Finder score 6.3 Standard ANZ Fixed Rate Home Loan	Finder score 6.3 Standard	Interest Rate 7.69%	Comparison Rate 7.69%	Fees Application: $0 Ongoing: $120 p.a.	Principal & Interest 10Y Fixed10% min. equityOwner-occupierLMI	Monthly Payment $1,070 per month	Enquire now View details Compare product selectionCompare	loading
Finder score 7.4 Great ANZ Fixed Rate Home Loan	Finder score 7.4 Great	Interest Rate 7.24%	Comparison Rate 7.47%	Fees Application: $0 Ongoing: $120 p.a.	Principal & Interest 10Y Fixed20% min. equityInvestment	Monthly Payment $1,024 per month	Enquire now View details Compare product selectionCompare	loading
Finder score 6.3 Standard ANZ Fixed Rate Home Loan	Finder score 6.3 Standard	Interest Rate 7.69%	Comparison Rate 7.85%	Fees Application: $0 Ongoing: $120 p.a.	Principal & Interest 10Y Fixed10% min. equityInvestmentLMI	Monthly Payment $1,070 per month	Enquire now View details Compare product selectionCompare	loading

Showing 8 of 8 results

Frequently asked questions

A 30-year fixed home loan would last for the entire duration of home ownership. Australia doesn't currently offer 30-year fixed loan terms, but if they did, they would offer stability with predictable repayments. Our banks charge a fee to "break" a fixed loan and that fee is equal to how much the lender would lose from losing your interest and repayments for the remainder of the term – so if we did offer 30-year terms in Australia, they could be very expensive to end early.

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Finder's home loan rate database, accessed July 2025
2. Would 30-year fixed-rate mortgages be viable in Australia?, accessed July 2025
3. Economic costs on a fixed rate loan, NAB, accessed July 2025

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Richard Whitten

Senior Money Editor

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Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

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Why 30 year fixed mortgage rates don’t exist in Australia

In the US many borrowers fix their home loan rate for 30 years. But in Australia 5 years is the longest fixed rate most lenders offer.