Compare 5 Year Fixed Rate Home Loans

Locking in a rate for five years means your payments won't change during this time. This allows you to plan ahead by knowing exactly how much you need to repay every month. Five-year fixed rate home loans are a common type of loan and are offered by almost all lenders.

5 Years Fixed Rate Home Loan Offer

UBank UHomeLoan - 5 Year Fixed Rate (Owner Occupier, P&I)

2.59 % p.a.

fixed rate

2.53 % p.a.

comparison rate

5 Years Fixed Rate Home Loan Offer

The UBank UHomeLoan - 5 Year Fixed Rate (Owner Occupier, P&I) offers a low fixed interest rate with no ongoing fees. Requires a 20% deposit.

• Interest rate of 2.59% p.a.
• Comparison rate of 2.53% p.a.
• Application fee of $395
• Maximum LVR: 80%
• Minimum borrowing: $100,000
• Max borrowing: $1,000,000

Go to site

More info

Compare 5 year fixed rate home loans

• Home Loans
• Speak to a Mortgage Broker

Enter your details and get a free consultation with an expert broker from Aussie.

First Name

Last Name

Phone

Email

Postcode or Suburb

After entering your details a mortgage broker from Aussie will call you. They will discuss your situation and help you find a suitable loan.

• A comparison of home loans from multiple lenders.
• Expert guidance through the entire application process.
• Free suburb and property reports.

---

The Adviser’s number 1 placed mortgage broker 8 years running (2013-2020)

Borrowing amount

$

Period 1 year2 years5 years10 years15 years20 years25 years30 years

Calculate Advanced Search

Loan purpose

Show all Owner occupier Investment Construction

Offset account

Show all Yes No

Loan type

Show all Fixed Variable

Repayment type

Show all Principal & Interest Interest only

Your filter criteria do not match any product Reset

Sort by:

Name	Product	Interest Rate (p.a.)	Comp Rate^ (p.a.)	Application Fee	Ongoing Fees	Max LVR	Monthly Payment	Short Description
UBank UHomeLoan - 5 Year Fixed Rate (Owner Occupier, P&I)		2.59%	2.53%	$395	$0 p.a.	80%		An online only home loan with a great 5 year fixed rate. Available for refinance and purchases.	Go to site More info	Compare	loading Fetching your data...
UBank UHomeLoan - 5 Year Fixed Rate (Owner Occupier, IO)		2.74%	2.59%	$395	$0 p.a.	80%		A fixed home loan with no ongoing fee.	Go to site More info	Compare	loading Fetching your data...
AMP Bank Basic Package Fixed Loan - 5 Year (Owner Occupier, P&I)		4.06%	3.73%	$0	$0 p.a.	90%			Enquire now More info	Compare	loading Fetching your data...
UBank UHomeLoan - 5 Year Fixed Rate (Investor, P&I)		2.74%	2.83%	$395	$0 p.a.	80%		Lock in a 5 year fixed rate on your investment loan and pay no ongoing fees.	Go to site More info	Compare	loading Fetching your data...
UBank UHomeLoan - 5 Year Fixed Rate (Investor, IO)		2.89%	2.89%	$395	$0 p.a.	80%		Forget about rate rises for 5 years and minimise repayments on your investment mortgage.	Go to site More info	Compare	loading Fetching your data...

loading

Load More

Compare up to 4 providers

Clear selection

Compare

What is a five-year fixed rate home loan?

A fixed rate home loan locks in your interest rate for a fixed period - in this case, five years. During the course of your term, your repayments won’t change. This is in contrast to variable interest rate home loans, which can change according to your bank's response to economic factors. A fixed rate home loan is very secure, and is ideal for those on a tight budget who can’t afford increasing monthly mortgage repayments. A five-year fixed rate home loan is also appropriate for investors who need to keep track of their cash flow.

How do these loans work?

When you sign up for a five-year fixed rate home loan, your lender will lock in the interest rate. Once the loan term ends, your loan will either revert to the lender's standard variable rate, or you'll be offered the option to fix your loan for a new period.

With fixed home loans, you generally can’t make additional repayments during the fixed term. If you are permitted to make additional repayments, these are usually limited to a certain amount per year. If you do repay your home loan within the fixed five years, you may need to pay an early repayment fee.

A look at early repayment fees

Fixed rate home loans also tend to have fewer additional features. For example, you may not get the option of a 100% offset account or a partial offset account. Some fixed home loans do offer these features, but it’s not the norm.

What are the types of five year fixed rate mortgages on offer?

Full featured home loans

Full featured home loans come with a complete range of features that may include the option to make additional repayments, or 100% offset accounts. However, these types of home loans do tend to attract higher fees, and fixed rate home loans seldom offer these features.

Package home loans

Package home loans bundle your home loan with other products such as credit cards, personal loans and savings and transaction accounts. They often carry annual maintenance fees.

Basic home loans

These home loans are your foundation home loans. They don’t have the frills and additional features that other home loans have, but they do offer very competitive rates and fees. Basic home loans are a good way to help you save money, especially if you don’t require any additional features.

Credit impaired home loans.

It can be difficult for those with a bad credit rating to be successful in their home loan applications. Fortunately, there are fixed rate home loans available for those with bad credit. You may be charged a higher rate or fee with this type of home loan to compensate for your credit risk.

Loans for the self employed

These are typically referred to as low doc home loans. Low doc home loans are designed for those who are self-employed or investors who are unable to provide the proper proof of income required in their home loan application. Low doc home loans allow you to provide less documentation, or alternate documentation for your application.

How to compare home loans

Once you have decided that a five year fixed rate home loan is right for you, there are some easy ways to compare the home loans available to help you select one that suits your needs. You should first consider your lifestyle, income and how you plan on using your home loan to help you decide what features are important to you from a home loan. Some points to use in your comparison include:

Rates

Make sure you compare both the interest rate and comparison rate to ensure you are getting a great fixed rate. The interest rate you lock in will have a direct impact on your repayments so it’s worth taking the time to compare your options and find a good rate.

Fees

It’s important to compare all the fees you may be liable for over your five-year fixed term. Fees can include rate lock fees, annual fees, establishment fees and fees for making additional repayments. Fees tend to add up so it’s important to look for a home loan with lower fees over the duration of your fixed term.

Features

Although fixed rate home loans do typically have fewer features than variable rate home loans, it is still worth comparing the features of each home loan and what they can offer you. For example, can your home loan offer you an offset account? Or redraw facility? Or can you make additional repayments?

Pros and cons of a home loan fixed for five years

Things to keep in mind with five-year fixed rate home loans

With a five-year fixed rate home loan, it’s important to ensure you don’t exit the home loan during the five year fixed period to avoid exit fees. Also, it’s important not to make extra payments if your lender doesn’t permit them. Otherwise, you may again be hit with additional fees.

FAQ about five-year fixed rate home loans

• What lenders offer five-year fixed rate home loans?

  The majority of lenders offer five-year fixed rate home loans. If a five-year fixed rate home loan is something you want, make sure you compare them above.

• Is five years the longest fixed rate term I can get?

  In Australia, the maximum length of a fixed rate mortgage, depending on the lender, is usually 10 or 15 years. Usually most smaller lenders will only offer popular fixed terms of between one and five years.

• Are there any other options other than fixed or variable rates?

  Yes, there’s also the option of having a split loan. This is where your home loan is split between both a fixed and variable scheme so you can get the best of both worlds.