Home Loans

Compare Fixed Rate Home Loans from 3.47%

Looking to keep repayments consistent by fixing your interest rate? Compare fixed rates, repayments and features from top Australian lenders to lock in a great rate and save.

Lender

Fixed
More details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER
  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Own Home Loan Fixed (Principal and Interest) 1 Year (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
Fixed
More details
No ongoing feesFree redraw facility
  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
No ongoing feesFree redraw facility

Live-in Fixed Loan (Principal and Interest) 1 Year

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
Fixed
More details
FAST APPROVALS AND A DIGITAL APPLICATION
  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
FAST APPROVALS AND A DIGITAL APPLICATION

Own Home Loan Fixed (Interest Only) 1 Year (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
Fixed
More details
BORROW UP TO 95% OF PROPERTY VALUE
BORROW UP TO 95% OF PROPERTY VALUE

Fixed Rate Home Loan (Principal and Interest) 3 Years (LVR ≤ 80%)

    Fixed
    More details

    Tailored Home Loan Fixed (Interest Only in Arrears) 1 Year

      Fixed
      More details
      • Easy, digital application process
      • Market leading app to help you pay off your loan sooner
      • No on-going fees

      Own Home Loan Fixed (Principal and Interest) 5 Years (LVR < 80%)

      • Easy, digital application process
      • Market leading app to help you pay off your loan sooner
      • No on-going fees
      Fixed
      More details
      • Easy, digital application process
      • Market leading app to help you pay off your loan sooner
      • No on-going fees

      Fixed Rate Investment Loan (Interest Only) 1 Year (LVR < 80%)

      • Easy, digital application process
      • Market leading app to help you pay off your loan sooner
      • No on-going fees
      Fixed
      More details
      • Easy, digital application process
      • Market leading app to help you pay off your loan sooner
      • No on-going fees

      Fixed Home Loan (Principal and Interest) 1 Year

      • Easy, digital application process
      • Market leading app to help you pay off your loan sooner
      • No on-going fees

      Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of July 3, 2022. View disclaimer.

      What is a fixed rate home loan?

      A fixed rate home loan is a loan with the option to lock in or ‘fix’ your interest rate for a set period of time - typically between one and five years. However home loans with fixed periods as long as 10 years are available.

      During that set period, the interest rate will not change as it is fixed. This lies in contrast with variable rate home loans, which can ebb and flow as variable rates can be more acutely influenced by the Reserve Bank of Australia’s (RBA) cash rate, the Australian economy, and the home loan lender setting their own interest rates.

      Even though fixed interest rates remain constant during their fixed rate term, banks and mortgage lenders regularly reassess their home loan interest rates, including fixed rates for new customers. Between application and settlement, it’s possible for a fixed home loan product to increase its interest rate, prompting many to wonder whether ‘rate locking’ is a viable avenue.

      How do I compare fixed rate home loans?

      When narrowing down your options for a fixed rate home loan, it’s important to consider other costs and fees such as upfront or application fees, ongoing fees like annual package fees, and any break costs.

      Comparison rates take into consideration upfront and ongoing fees associated with the home loan, plus the revert rate that applies after the fixed period ends. If the comparison rate is significantly higher than the advertised rate, it’s an indicator that fees are high or the revert rate is high.

      Understanding how fees can impact your home loan decision, provides a more accurate picture of the 'true' cost of the fixed rate loan. To help you navigate the fixed home loan market and determine the true cost of a fixed rate home loan, check a mortgage repayment calculator


      Pros and cons of fixed rate home loans

      Pros

      The key advantage of a fixed rate loan is repayment certainty. By knowing exactly what your repayments will be, you’ll be able to budget for the future without having to factor in rate hikes or market volatility.

      With a fixed rate loan, interest rate rises won’t affect the amount of interest you will have to pay on your home loan for that given period.

      Cons

      If interest rates fall, this may result in you missing out on potentially lower mortgage repayments from a rate cut. As a result, fixed rate mortgages may be more limited in their flexibility.

      Variable rate home loans generally come with access to more home loan features, such as an offset account or a redraw facility, plus in some cases unlimited extra repayments. If you’re looking to get ahead on your mortgage, a variable product may offer more suitability.

      Further if you want to refinance your home loan and you've fixed your interest rate, you may have to pay break costs for ending the fixed rate period early. Depending on your circumstances this could add up to thousands of dollars.


      Is now the right time to fix my home loan?

      If there’s talk of mortgage rates increasing, borrowers may wonder about locking in a fixed home loan rate now to weather the storm of any RBA cash rate and home loan rate rises. In today’s low interest environment many home owners probably aren't familiar with the concept of an RBA rate increase.

      The trouble with locking in a low fixed rate is that borrowers could face much higher interest rates when they roll out of the fixed period - who knows what interest rates could look like in three, four or five years' time. However, it could be beneficial to fix your home loan to assure guaranteed repayments and provide consistency in your personal budget.


      Frequently Asked Questions

      Most lenders will offer the ability to have both fixed and variable rates through a ‘split’ loan option. With a split rate home loan, you essentially split your home loan balance into two different accounts, at different portions – one being charged a fixed interest rate and one charged a variable rate. In a low interest rate environment, having more of your loan as a variable-rate means you could potentially reap the rewards of falling interest rates and repayment flexibility, while fixing a greater portion of the loan could be more beneficial if interest rates were to rise. 

      Generally, major lenders will offer the option to fix your home loan for up to five years. Further, some lenders offer ten-year fixed home loans on the Australian market - Savings.com.au’s market research identified two at the time of writing - Newcastle Permanent and ANZ.

      If you repay your fixed rate home loan before the end of the fixed term, you will have to pay a break fee which may cost thousands. Other admin fees may also apply. If you want the freedom to repay your home loan early, a fixed rate home loan may not be the best option for you.

      A variable rate home loan, on the other hand, is a home loan where your interest rate will move along with changes to the market. So if you have a home loan with a variable rate of 2.50% p.a. interest rate, and your lender decides to drop rates by 25 basis points, your home loan rate should now be 2.25% p.a.

      Although variable rate home loans have a higher degree of uncertainty than fixed loans, they can be cheaper for you, particularly in times where rates are regularly falling. They also tend to have appealing features like the ability to make extra repayments, offset accounts and redraw facilities, which most fixed loans don’t allow. 

      See our article on fixed vs variable rates to learn more about which one you should choose, and see what interest rates are currently to give you an idea of whether they might rise or fall. 

      A fixed interest rate, as the name might suggest, fixes the interest rate you pay in place for the duration of the term specified. For example, a three-year fixed interest rate at 2.50% p.a. will stay at that 2.50% p.a. rate for three years regardless of economic pressures or the lender’s needs, before reverting to a standard variable rate. 

      Cash flow certainty is arguably the biggest advantage of a fixed-rate loan. Your repayments staying the same for a known period of time can make it much easier to budget, as you know exactly how much your repayments will be. This often makes fixed-rate home loans popular for investors and sfirst-time buyers over the first two-three years that they own a property for.

      Of course, this can also be a disadvantage if interest rates drop. The locked nature of a fixed rate home loan means any reductions in a lender’s interest rates for any reason (such as recent changes to the cash rate) won’t be passed on to you, which can cause you to lose out on hundreds if not thousands of dollars. Also the variable rate the loan will revert to at the end of the fixed-rate period (known as the revert rate) can be significantly higher than some of the lower variable rates on offer, so you may want to consider refinancing to a different loan around this time. 

      Let us come to you.
      Get Savings in your inbox.

      By subscribing you agree to the Savings Privacy Policy