4-year fixed rate home loans

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What different scores mean

9+

Excellent

These home loans offer low costs, coupled with a host of features, giving the best overall value.

7+

Great

These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.

5+

Standard

Usually the home loans would offer above average rates. They may still include some competitive features.

0+

Basic

Higher costs and/or fewer features.

Compare 4-year fixed rate home loans

1 - 18 of 18

Updated regularly

Name	Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
Westpac Fixed Options Home Loan Principal & Interest 4Y Fixed20% min. depositOwner-occupier Westpac Fixed Options Home Loan Principal & Interest 4Y Fixed20% min. depositOwner-occupier Details Fees Pros & cons Product Name Westpac Fixed Options Home Loan Interest Rate Type Fixed rate Repayment Type Principal & Interest Interest Rate p.a. 6.19% Comp. Rate p.a. 7.94% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Yes Extra Repayments Yes - up to $30,000 Application Fee $600 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $8 monthly ($96 p.a.) Settlement Fee $150 Discharge Fee $350 Pros You can make extra payments during the fixed term without penalty. You can access any excess funds in your mortgage through the redraw facility. Cons A $600 application fee applies. An $8 monthly account fee applies. A discharge fee of $350 applies when you close your home loan account.	Finder score 8.1 Great	Interest Rate 6.19%	Comparison Rate 7.94%	Fees Application: $600 Ongoing: $8 per month	Monthly Payment $919	Compare
Beyond Bank Total Home Loan Package Fixed Principal & Interest 4Y Fixed20% min. depositOwner-occupier Beyond Bank Total Home Loan Package Fixed Principal & Interest 4Y Fixed20% min. depositOwner-occupier Details Fees Pros & cons Product Name Beyond Bank Total Home Loan Package Fixed Interest Rate Type Fixed rate Repayment Type Principal & Interest Interest Rate p.a. 6.59% Comp. Rate p.a. 7.68% Minimum Loan Amount $50,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee At Cost Ongoing Fees $395 p.a. Settlement Fee $0 Discharge Fee $350 Pros Cons	Finder score 6.2 Standard	Interest Rate 6.59%	Comparison Rate 7.68%	Fees Application: $0 Ongoing: $395 p.a.	Monthly Payment $958	Compare
Newcastle Permanent Premium Plus Package Fixed Rate Principal & Interest 4Y Fixed20% min. depositOwner-occupier Newcastle Permanent Premium Plus Package Fixed Rate Principal & Interest 4Y Fixed20% min. depositOwner-occupier Details Fees Pros & cons Product Name Newcastle Permanent Premium Plus Package Fixed Rate Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 5.79% Comp. Rate p.a. 7.38% Minimum Loan Amount $5,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Yes Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros No application fee Discounted fixed rates Loan can be packaged with other financial products Cons A $395 annual fee applies No offset account	Finder score 8.5 Great	Interest Rate 5.79%	Comparison Rate 7.38%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $881	Compare
ANZ Fixed Rate Home Loan Principal & Interest 4Y Fixed20% min. depositOwner-occupier ANZ Fixed Rate Home Loan Principal & Interest 4Y Fixed20% min. depositOwner-occupier Details Fees Pros & cons Product Name ANZ Fixed Rate Home Loan Interest Rate Type Fixed rate Repayment Type Principal & Interest Interest Rate p.a. 6.74% Comp. Rate p.a. 7.06% Minimum Loan Amount $20,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility No Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $10 monthly ($120 p.a.) Settlement Fee $160 Discharge Fee $160 Pros Your interest rate won't change over the course of the fixed term Interest only options available for a period of up to 10 years The ability to split your loan in a fixed portion and a variable portion Full offset available for the 1 year fixed rate product Cons $0 valuation fee $160 settlement fee $10 per month account fee	Finder score 7.3 Great	Interest Rate 6.74%	Comparison Rate 7.06%	Fees Application: $0 Ongoing: $10 per month	Monthly Payment $973	Compare
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Greater Bank Great Rate Fixed Home Loan Interest only 4Y Fixed10% min. depositInvestment Greater Bank Great Rate Fixed Home Loan Interest only 4Y Fixed10% min. depositInvestment Details Fees Pros & cons Product Name Greater Bank Great Rate Fixed Home Loan Interest Rate Type fixed rate Repayment Type Interest Only Interest Rate p.a. 6.04% Comp. Rate p.a. 7.42% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Yes Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $180 Discharge Fee $300 Pros High maximum LVR of 90% Redraw facility No monthly or annual fees Cons No offset account $300 exit fee	Finder score 8.1 Great	Interest Rate 6.04%	Comparison Rate 7.42%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $905	Compare
Tiimely Home Own Fixed Rate Home Loan Principal & Interest 4Y Fixed10% min. depositOwner-occupierOffset account Tiimely Home Own Fixed Rate Home Loan Principal & Interest 4Y Fixed10% min. depositOwner-occupierOffset account Details Fees Pros & cons Product Name Tiimely Home Own Fixed Rate Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 6.14% Comp. Rate p.a. 6.16% Minimum Loan Amount $50,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility No Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $325 Pros Redraw facility Limited fees Cons Optional offset account incurs a $10 monthly fee A $325 discharge fee applies	Finder score 8.7 Great	Interest Rate 6.14%	Comparison Rate 6.16%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $914	Compare
Greater Bank Ultimate Fixed Home Loan Principal & Interest 4Y Fixed10% min. depositInvestment Greater Bank Ultimate Fixed Home Loan Principal & Interest 4Y Fixed10% min. depositInvestment Details Fees Pros & cons Product Name Greater Bank Ultimate Fixed Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 5.94% Comp. Rate p.a. 7.59% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Yes Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $180 Discharge Fee $300 Pros Free internet redraws High maximum LVR of 90% Pay $0 application fee. Cons Annual service fee of $395 Settlement fee of $180 Discharge fee of $300	Finder score 8.9 Great	Interest Rate 5.94%	Comparison Rate 7.59%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $895	Compare
Tiimely Home Own Fixed Rate Home Loan Principal & Interest 4Y Fixed10% min. depositOwner-occupier Tiimely Home Own Fixed Rate Home Loan Principal & Interest 4Y Fixed10% min. depositOwner-occupier Details Fees Pros & cons Product Name Tiimely Home Own Fixed Rate Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 6.14% Comp. Rate p.a. 6.05% Minimum Loan Amount $50,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $325 Pros Redraw facility Limited fees Cons Optional offset account incurs a $10 monthly fee A $325 discharge fee applies	Finder score 8.2 Great	Interest Rate 6.14%	Comparison Rate 6.05%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $914	Compare
Greater Bank Ultimate Fixed Home Loan Principal & Interest 4Y Fixed10% min. depositOwner-occupier Greater Bank Ultimate Fixed Home Loan Principal & Interest 4Y Fixed10% min. depositOwner-occupier Details Fees Pros & cons Product Name Greater Bank Ultimate Fixed Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 5.84% Comp. Rate p.a. 7.33% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Yes Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $180 Discharge Fee $300 Pros Free internet redraws High maximum LVR of 90% Pay $0 application fee. Cons Annual service fee of $395 Settlement fee of $180 Discharge fee of $300	Finder score 8.7 Great	Interest Rate 5.84%	Comparison Rate 7.33%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $885	Compare
Greater Bank Great Rate Fixed Home Loan Principal & InterestInterest only 4Y Fixed10% min. depositOwner-occupier Greater Bank Great Rate Fixed Home Loan Principal & InterestInterest only 4Y Fixed10% min. depositOwner-occupier Details Fees Pros & cons Product Name Greater Bank Great Rate Fixed Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Only Interest Rate p.a. 5.84% Comp. Rate p.a. 7.12% Minimum Loan Amount $250,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Yes Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $180 Discharge Fee $300 Pros High maximum LVR of 90% Redraw facility No monthly or annual fees Cons No offset account $300 exit fee	Finder score 8.3 Great	Interest Rate 5.84%	Comparison Rate 7.12%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $885	Compare
ING Fixed Rate Home Loan Principal & Interest 4Y Fixed5% min. depositOwner-occupier ING Fixed Rate Home Loan Principal & Interest 4Y Fixed5% min. depositOwner-occupier Details Fees Pros & cons Product Name ING Fixed Rate Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 6.14% Comp. Rate p.a. 6.51% Minimum Loan Amount $50,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 95% Loan Redraw Facility No Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Yes Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee covers up to $225, for the first valuation/property only Ongoing Fees $299 p.a. Settlement Fee $299 Discharge Fee $250 Pros $0 ongoing fees Make additional repayments up to $10,000 per settlement anniversary before incurring fees Cons $499 application fee $250 discharge fee when you close out your home loan No offset account	Finder score 7.2 Great	Interest Rate 6.14%	Comparison Rate 6.51%	Fees Application: $0 Ongoing: $299 p.a.	Monthly Payment $914	Compare
Macquarie Bank Offset Home Loan Package Fixed Loan Principal & Interest 4Y Fixed20% min. depositOwner-occupierOffset account Macquarie Bank Offset Home Loan Package Fixed Loan Principal & Interest 4Y Fixed20% min. depositOwner-occupierOffset account Details Fees Pros & cons Product Name Macquarie Bank Offset Home Loan Package Fixed Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 5.89% Comp. Rate p.a. 6.33% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $248 p.a. Settlement Fee $350 Discharge Fee $400 Pros Cons	Finder score 9 Excellent	Interest Rate 5.89%	Comparison Rate 6.33%	Fees Application: $0 Ongoing: $248 p.a.	Monthly Payment $890	Compare
ING Fixed Rate Home Loan Interest only 4Y Fixed5% min. depositInvestment ING Fixed Rate Home Loan Interest only 4Y Fixed5% min. depositInvestment Details Fees Pros & cons Product Name ING Fixed Rate Home Loan Interest Rate Type fixed rate Repayment Type Interest Only Interest Rate p.a. 6.04% Comp. Rate p.a. 6.23% Minimum Loan Amount $50,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 95% Loan Redraw Facility No Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Yes Extra Repayments Yes Application Fee $499 Lender's Legal Fee $0 Valuation Fee covers up to $225, for the first valuation/property only Ongoing Fees $0 p.a. Settlement Fee $299 Discharge Fee $250 Pros $0 ongoing fees Make additional repayments up to $10,000 per settlement anniversary before incurring fees Cons $499 application fee $250 discharge fee when you close out your home loan No offset account	Finder score 6.8 Standard	Interest Rate 6.04%	Comparison Rate 6.23%	Fees Application: $499 Ongoing: $0 p.a.	Monthly Payment $905	Compare
Macquarie Bank Basic Fixed Home Loan Principal & Interest 4Y Fixed20% min. depositOwner-occupier Macquarie Bank Basic Fixed Home Loan Principal & Interest 4Y Fixed20% min. depositOwner-occupier Details Fees Pros & cons Product Name Macquarie Bank Basic Fixed Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 5.89% Comp. Rate p.a. 6.11% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility No Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $350 Discharge Fee $400 Pros Borrow with as little as 5% deposit No application fee No valuation fee for properties up to $2 million No annual fee Cons Monthly repayments only	Finder score 8.6 Great	Interest Rate 5.89%	Comparison Rate 6.11%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $890	Compare
People's Choice Credit Union Home Loan Package Fixed Principal & Interest 4Y Fixed5% min. depositOwner-occupier People's Choice Credit Union Home Loan Package Fixed Principal & Interest 4Y Fixed5% min. depositOwner-occupier Details Fees Pros & cons Product Name People's Choice Credit Union Home Loan Package Fixed Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 6.39% Comp. Rate p.a. 6.82% Minimum Loan Amount $100,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 30 years Maximum LVR 95% Loan Redraw Facility No Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee At cost Ongoing Fees $395 p.a. Settlement Fee $0 Discharge Fee $350 Pros Cons	Finder score 7.7 Great	Interest Rate 6.39%	Comparison Rate 6.82%	Fees Application: $0 Ongoing: $395 p.a.	Monthly Payment $939	Compare
Commonwealth Bank Fixed Rate Home Principal & Interest 4Y Fixed5% min. depositOwner-occupier Commonwealth Bank Fixed Rate Home Principal & Interest 4Y Fixed5% min. depositOwner-occupier Details Fees Pros & cons Product Name Commonwealth Bank Fixed Rate Home Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 6.44% Comp. Rate p.a. 8.03% Minimum Loan Amount $10,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 95% Loan Redraw Facility No Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Yes Extra Repayments Yes Application Fee $600 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $8 monthly ($96 p.a.) Settlement Fee $200 Discharge Fee $350 Pros You can pay extra payments during the fixed term without penalty You can borrow up to 95% of the property value Cons There is a $600 application fee There is an $8 per month account fee A discharge fee of $350 applies when you close your home loan account	Finder score 7.7 Great	Interest Rate 6.44%	Comparison Rate 8.03%	Fees Application: $600 Ongoing: $8 per month	Monthly Payment $944	Compare
Commonwealth Bank Wealth Package Fixed Home Loan Principal & Interest 4Y Fixed5% min. depositOwner-occupier Commonwealth Bank Wealth Package Fixed Home Loan Principal & Interest 4Y Fixed5% min. depositOwner-occupier Details Fees Pros & cons Product Name Commonwealth Bank Wealth Package Fixed Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 6.29% Comp. Rate p.a. 7.77% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 95% Loan Redraw Facility No Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Yes Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $395 p.a. Settlement Fee $200 Discharge Fee $350 Pros Refinance cashback for eligible borrowers $0 application fee Get a discount off the advertised fixed rates for choosing the Wealth Package $0 upfront fees (with Wealth Package) Cons There is a $395 annual package fee $200 settlement fee $350 discharge fee for closing your loan	Finder score 7.9 Great	Interest Rate 6.29%	Comparison Rate 7.77%	Fees Application: $0 Ongoing: $395 p.a.	Monthly Payment $929	Compare
ING Fixed Rate Home Loan Principal & Interest 4Y Fixed20% min. depositOwner-occupier ING Fixed Rate Home Loan Principal & Interest 4Y Fixed20% min. depositOwner-occupier Details Fees Pros & cons Product Name ING Fixed Rate Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 5.74% Comp. Rate p.a. 6.02% Minimum Loan Amount $50,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility No Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Yes Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee covers up to $225, for the first valuation/property only Ongoing Fees $299 p.a. Settlement Fee $299 Discharge Fee $250 Pros $0 ongoing fees Make additional repayments up to $10,000 per settlement anniversary before incurring fees Cons $499 application fee $250 discharge fee when you close out your home loan No offset account	Finder score 8 Great	Interest Rate 5.74%	Comparison Rate 6.02%	Fees Application: $0 Ongoing: $299 p.a.	Monthly Payment $876	Compare

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What is Finder Score?

The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.

Read the full Finder Score breakdown

Why should I fix my home loan rate for 4 years?

Most Australians go for variable rate home loans. Borrowers who do fix, typically do so for 1-3 years.

Fixing your rate for 4 years means your interest rate will be higher (and thus more expensive). And if you want to refinance the loan or end it during the 4-year fixed period, you'll pay a hefty fixed rate break cost.

But there are some reasons people choose these loans:

• Repayment certainty. Your repayments won't change for 4 years. This means you know exactly how much to budget for your mortgage repayments for quite a long time. For some people, that beats the savings that come with a lower interest rate.
• Forget about rate rises. Borrowers on variable rate home loans know that their home loan rate could rise at any time. With fixed rate loans, you don't have to worry. For some borrowers, this peace of mind is worth getting a higher rate.
• Fixing for the long term. Fixing your rate for 4 years appeals to a borrower who wants to "set and forget" their rate.

Why are 4-year fixed rate loans less popular?

There are a couple of downsides to fixing for a long time that put off many borrowers:

• Higher rates. Rates for a 4-year home loan tend to be higher than most fixed rate loans. This makes your monthly repayments more expensive.
• Higher break costs. If you exit a home loan early or need to refinance suddenly, you have to pay a break fee if you have a fixed rate loan. The fixed rate break cost is determined partly by your loan amount, your rate and how long is left on your fixed period. The longer you have left, the higher the cost will be.

How do 4-year fixed rate home loans work?

A 4-year fixed rate home loan is like any other home loan – you borrow money and repay it over the loan term. But for the first 4 years of the loan, your repayments will stay the same every month.

The revert rate

After the fixed period, 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.

When your fixed rate ends, it's a good time to compare home loans and see if you can get a better deal on a new variable rate loan. You could also get a new fixed rate loan instead.

Other fixed rate periods

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

• 1-year fixed rate loans
• 2-year fixed rate loans
• 3-year fixed rate loans
• 5-year fixed rate loans

Are 4-year fixed rates higher than variable rates?

Typically, interest rates for 4 year fixed rate loans are higher than variable rates. But at the moment, as lenders wait for interest rates to start falling, lenders have reduced their fixed rates.

The average owner occupier 4 year fixed rate for September 2024 is 6.61%.

The average owner occupier variable rate for September 2024 is 7.08%.

For a brief period in 2021, several lenders offered incredibly low rates for 4-year fixed rate loans. These products had rates under 2.00%.

If you'd fixed for 4 years at that point, you'd have one of the lowest rates on record until 2025. That's incredible, considering that variable rates are now around 6% at the lowest.

Is it too late to lock in a low 4-year fixed rate?

If you want a really low fixed rate, a 1- or 2-year rate will probably be lower than a 4-year rate now.

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

How do I compare 4-year fixed rate home loans?

To make sure you get a great deal on a 4-year fixed rate loan, pay attention to the rate, the fees and the loan's features.

Focus on the following:

Get a lower rate

Even if fixed rates are higher than variable rates, it's important to compare multiple 4-year fixed rates to find a good deal. Why pay more interest for no reason?

Get a loan with low fees

Some home loans have lots of fees and others have none. A lower interest rate is more important, but the fewer the fees, the cheaper the loan will be.

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.

More questions about fixing your home loan rate for 4 years

• Can I make extra repayments on a 4-year fixed rate?

  Most fixed rate loans don't let you make extra repayments. Some do, but charge an early repayment fee, while other loans limit the extra amount you can repay (usually to around $15,000 a year).

  If you want to pay off your loan faster, you should get a loan with an offset account or find a loan with unlimited extra repayments. This is probably a variable rate loan.

• Is now a good time to fix for 4 years?

  If your only concern is getting the lowest rate possible, you've missed your chance with a fixed rate. Rates have been rising since May 2022, and fixed rate loans are now higher than variable rate loans.

  This is true for all fixed rate loans, including 4-year fixed rates. If your reason for fixing is to get the lowest rate, you're better off going with a competitive variable rate loan.

• How do I know when interest rates are going to rise?

  It's hard for the average person to understand interest rate moves. Lenders and banks are largely free to set their own rates on home loans, but they are guided by the broader economy and how easy (and cheap) it is for them to borrow the money to fund home loans.

  The Reserve Bank of Australia also plays a big role. The bank sets the official cash rate, which sets a benchmark for the cost of institutions to lend and borrow money. When the cash rate goes up, lenders raise variable interest rates for borrowers. But they also start to raise fixed rate loans for new customers.

  Follow Finder's monthly cash rate predictions to find out where the experts think rates are heading.

• What's a split rate home loan?

  A split rate loan allows you to divide your loan into fixed and variable rate portions. This means you can lock in 50% of your loan for 4 years and have the remaining 50% on a variable rate.

  A split rate lets you have the best of both worlds and is a way of hedging your bets if you're concerned about rate rises but still want the extra features and repayment options on a variable rate loan.

Written by

Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise

Richard has written 537 Finder guides across topics including:

• Home loans
• Property
• Personal finance
• Money-saving tips