Compare Fixed Rate Home Loans in Australia
RATE OF THE DAY
Variable
5.59%
Comparison Rate*
6.05%
This is our pick of the top rates available from the lenders we analysed. Rate shown is for investors making principal and interest repayments with a loan-to-value ratio of 80%
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Best fixed home loan rates right now

These are some of the best fixed home loan rates available from the major banks, plus the largest non-major banks and member-owned lenders.

The Big 5 Banks
Non-Major Banks
Member Owned
Lender
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
5.79%
Interest Rate
6.48%
Comparison Rate
5.89%
Interest Rate
6.46%
Comparison Rate
5.99%
Interest Rate
6.47%
Comparison Rate
6.09%
Interest Rate
6.50%
Comparison Rate
6.09%
Interest Rate
6.49%
Comparison Rate
6.44%
Interest Rate
5.70%
Comparison Rate
6.54%
Interest Rate
5.80%
Comparison Rate
6.59%
Interest Rate
5.89%
Comparison Rate
6.64%
Interest Rate
5.99%
Comparison Rate
6.74%
Interest Rate
6.11%
Comparison Rate
6.49%
Interest Rate
8.06%
Comparison Rate
6.34%
Interest Rate
7.89%
Comparison Rate
6.59%
Interest Rate
7.83%
Comparison Rate
6.64%
Interest Rate
7.75%
Comparison Rate
6.79%
Interest Rate
7.73%
Comparison Rate
5.99%
Interest Rate
6.89%
Comparison Rate
6.04%
Interest Rate
6.80%
Comparison Rate
6.14%
Interest Rate
6.57%
Comparison Rate
6.19%
Interest Rate
6.70%
Comparison Rate
6.34%
Interest Rate
6.71%
Comparison Rate
6.04%
Interest Rate
6.57%
Comparison Rate
6.09%
Interest Rate
6.54%
Comparison Rate
6.19%
Interest Rate
6.52%
Comparison Rate
6.19%
Interest Rate
6.50%
Comparison Rate
6.19%
Interest Rate
6.47%
Comparison Rate
Owner occupier loans with principal and interest repayments. Rates assume a borrower with 50% LVR
Lender
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
5.74%
Interest Rate
6.25%
Comparison Rate
5.74%
Interest Rate
6.24%
Comparison Rate
5.59%
Interest Rate
6.05%
Comparison Rate
5.99%
Interest Rate
6.30%
Comparison Rate
5.99%
Interest Rate
6.31%
Comparison Rate
6.14%
Interest Rate
6.34%
Comparison Rate
6.14%
Interest Rate
6.36%
Comparison Rate
6.24%
Interest Rate
6.40%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.34%
Interest Rate
6.49%
Comparison Rate
6.04%
Interest Rate
5.87%
Comparison Rate
6.04%
Interest Rate
5.89%
Comparison Rate
6.04%
Interest Rate
5.91%
Comparison Rate
6.19%
Interest Rate
5.98%
Comparison Rate
6.19%
Interest Rate
6.01%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.19%
Interest Rate
6.07%
Comparison Rate
5.79%
Interest Rate
6.13%
Comparison Rate
6.59%
Interest Rate
6.27%
Comparison Rate
6.59%
Interest Rate
6.32%
Comparison Rate
6.29%
Interest Rate
6.96%
Comparison Rate
6.19%
Interest Rate
5.98%
Comparison Rate
6.34%
Interest Rate
6.05%
Comparison Rate
6.34%
Interest Rate
6.08%
Comparison Rate
6.34%
Interest Rate
6.11%
Comparison Rate
Owner occupier loans with principal and interest repayments. Rates assume a borrower with 50% LVR
Lender
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
6.04%
Interest Rate
8.36%
Comparison Rate
6.09%
Interest Rate
8.12%
Comparison Rate
6.14%
Interest Rate
7.92%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.19%
Interest Rate
7.59%
Comparison Rate
5.94%
Interest Rate
7.71%
Comparison Rate
5.79%
Interest Rate
7.52%
Comparison Rate
5.94%
Interest Rate
7.41%
Comparison Rate
6.09%
Interest Rate
7.33%
Comparison Rate
6.14%
Interest Rate
7.25%
Comparison Rate
5.89%
Interest Rate
6.47%
Comparison Rate
5.99%
Interest Rate
6.46%
Comparison Rate
6.09%
Interest Rate
6.48%
Comparison Rate
6.29%
Interest Rate
6.54%
Comparison Rate
6.29%
Interest Rate
6.55%
Comparison Rate
6.09%
Interest Rate
5.68%
Comparison Rate
6.19%
Interest Rate
5.74%
Comparison Rate
6.09%
Interest Rate
5.95%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.49%
Interest Rate
6.01%
Comparison Rate
6.35%
Interest Rate
7.66%
Comparison Rate
6.40%
Interest Rate
7.53%
Comparison Rate
6.45%
Interest Rate
7.43%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.50%
Interest Rate
7.25%
Comparison Rate
Owner occupier loans with principal and interest repayments. Rates assume a borrower with 50% LVR

How to get the best fixed rate on a home loan

1.

Compare lenders: Fixed rates can vary significantly between banks (much more so than variable rates). By checking the loans’ features, rates and fees, you’ll help ensure you’re getting the most competitive and suitable fixed rate deal.

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2.
Consider the fixed term duration: Fixed home loan rates in Australia can be for a period of between 1-5 years (or longer in some rare cases). Rates generally get higher the longer the term is but it can make sense to fix for longer if rates in future will increase and stay higher for a longer period.
3.
‘Rate lock’ if rates are volatile: A rate lock prevents your interest rate from increasing before the fixed home loan settles. It comes with a fee (usually $750-$1,000), but it ensures that borrowers are getting the initially advertised fixed interest even if rates increase after you apply for the loan.
4.
Check for extra features: Getting a low rate on a fixed home loan will be all the better if that loan also allows you to repay extra on your loan. Not all fixed rate loans offer extra repayments and even if they do the amount may be capped, but it can still be a big help with reducing interest costs.
5.
Have an exit plan: Even if you secure a low fixed rate, your savings could be undone if your loan then reverts to a high variable rate. Make sure you make a deliberate decision about what you will do at the end of the fixed term. It’ll come around sooner than you think.
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What are the best fixed home rates in 2026?

Best 1-year fixed home loan rates

Product Interest rate Comparison rate* Max LVR
The Mac Credit Union Fixed Home Loan 5.49% p.a. 7.09% p.a. 80%
Move Bank Everyday Fixed Home Loan 5.54% p.a. 5.28% p.a. 95%
Woolworths Team Bank Fixed Interest Rates 5.56% p.a. 6.81% p.a. 80%
Regional Australia Bank Fixed Home Loan 5.59% p.a. 5.53% p.a. 60%
Regional Australia Bank Fixed Home Loan 5.62% p.a. 5.53% p.a. 70%
BankVic Home Buyer or Upgrade Fixed Rate 5.64% p.a. 5.65% p.a. 80%
Pacific Mortgage Group Fixed Home Loan 5.69% p.a. 5.42% p.a. 80%
Illawarra Credit Union Go Basic Fixed Home Loan 5.69% p.a. 5.74% p.a. 80%
South West Slopes Bank Optimum 1 Year Fixed Rate Home Loan 5.70% p.a. 6.06% p.a. 90%
Move Bank Offset Fixed Home Loan 5.74% p.a. 5.48% p.a. 95%

Best 2-year fixed home loan rates

Product Interest rate Comparison rate* Max LVR
Woolworths Team Bank Fixed Interest Rates 5.46% p.a. 6.67% p.a. 80%
Move Bank Everyday Fixed Home Loan 5.49% p.a. 5.24% p.a. 95%
BankVic Home Buyer or Upgrade Fixed Rate 5.54% p.a. 5.63% p.a. 80%
Pacific Mortgage Group Fixed Home Loan 5.59% p.a. 5.39% p.a. 80%
Regional Australia Bank Fixed Home Loan 5.68% p.a. 5.55% p.a. 70%
Move Bank Offset Fixed Home Loan 5.69% p.a. 5.44% p.a. 95%
Queensland Country Bank Ultimate Home Loan Package (Fixed) 5.69% p.a. 6.09% p.a. 95%
The Mac Credit Union Fixed Home Loan 5.69% p.a. 6.98% p.a. 80%
Greater Bank Ultimate Home Loan 5.69% p.a. 7.21% p.a. 95%
Newcastle Permanent Building Society Premium Plus Package Fixed Rate 5.69% p.a. 7.31% p.a. 80%

Best 3-year fixed home loan rates

Product Interest rate Comparison rate* Max LVR
in1bank in1offsethome 5.18% p.a.
Variable		 5.62% p.a. 50%
Australian Mutual Bank GumLeaf Standard Variable Rate 5.24% p.a.
Variable		 5.31% p.a. 60%
Horizon Bank Fixed Rate Home Loan 5.24% p.a.
Fixed 1 year		 6.00% p.a. 70%
Border Bank Customs Value 5.29% p.a.
Fixed 2 years		 5.56% p.a. 60%
ME Bank Flexible Home Loan Member Package 5.34% p.a.
Variable		 5.74% p.a. 60%

Best 4-year fixed home loan rates

Product Interest rate Comparison rate* Max LVR
Bank of us FlexiDiscount Fixed Home Loan 5.89% p.a. 5.68% p.a. 60%
People First Bank Fixed Rate Home Loan 5.99% p.a. 5.76% p.a. 80%
People’s Choice Credit Union Fixed Home Loan P&I 5.99% p.a. 5.76% p.a. 80%
HSBC Fixed Rate Home Loan (with Package) 5.99% p.a. 6.15% p.a. 60%
NAB Tailored Home Loan Fixed 5.99% p.a. 6.27% p.a. 60%
Defence Bank Essentials home loan - Ultimate Package (fixed) 5.99% p.a. 6.30% p.a. 90%
Greater Bank Ultimate Home Loan 5.99% p.a. 7.08% p.a. 95%
NAB Tailored Home Loan Fixed Choice Package 5.99% p.a. 7.24% p.a. 90%
BankVic Home Buyer or Upgrade Fixed Rate 6.00% p.a. 5.79% p.a. 80%
Tiimely Home Owner-occupied Principal & interest 6.03% p.a. 5.72% p.a. 90%

Best 5-year fixed home loan rates

Product Interest rate Comparison rate* Max LVR
Bank of us FlexiDiscount Fixed Home Loan 5.89% p.a. 5.70% p.a. 60%
Horizon Bank Fixed Rate Home Loan 5.94% p.a. 6.06% p.a. 70%
People First Bank Fixed Rate Home Loan 5.99% p.a. 5.80% p.a. 80%
People’s Choice Credit Union Fixed Home Loan P&I 5.99% p.a. 5.80% p.a. 80%
HSBC Fixed Rate Home Loan (With Package) 5.99% p.a. 6.17% p.a. 60%
Australian Military Bank DHOAS Fixed Rate Home Loan 5.99% p.a. 6.35% p.a. 98%
Australian Military Bank Fixed Rate 5.99% p.a. 6.38% p.a. 98%
BankVic Home Buyer or Upgrade Fixed Rate 6.00% p.a. 5.82% p.a. 80%
Move Bank Everyday Fixed Home Loan 6.04% p.a. 7.02% p.a. 95%
Greater Bank Ultimate Home Loan 6.04% p.a. 7.02% p.a. 95%

How does a fixed home loan rate work?

When it comes to home loans there are two types of interest rates to consider, fixed or variable. A fixed interest rate stays the same over a fixed-rate term, while a variable rate can change at any time – usually because of hikes or cuts to the cash rate. 

Most lenders allow borrowers to lock in a fixed rate for home loans between one to five years. During this period there won’t be any fluctuations to the amount of interest that borrowers pay on their loan. Then afterwards, the fixed rate it typically reverts into a variable interest rate, unless of course you choose to lock in another fixed-rate term. 

Most lenders allow borrowers to lock in a fixed rate for home loans between one to five years. During this period there won’t be any fluctuations to the amount of interest that borrowers pay on their loan. Then afterwards, the fixed rate it typically reverts into a variable interest rate, unless of course you choose to lock in another fixed-rate term.

What are your options with a fixed rate loan?

Fixed home loans generally are more restrictive than variable rate home loans, but there are some options you can consider:

Term durations

For most lenders the minimum fixed-rate term duration on a home loan is one year and the maximum is five years. But some lenders offer seven or ten-year fixed-rate options. 

Loan features

Fixed rate home loans are usually lighter on features compared to variable rate loans. But some will offer a limited set of features, such as the ability to make extra repayments (usually capped during the fixed-rate term). Or less commonly, some fixed rate loans come with an offset account. This is rare, however, and you’ll usually pay more in fees or have a higher rate if your loan has offset. 

Rate lock

The fixed rate on a home loan is usually actually locked in when the loan settles, not when the application is made  initially. This means the rate could actually change while your application is being assessed. 

A rate lock is an optional feature offered by most lenders that allows borrowers to lock in their fixed when they apply. That way the rate can’t go up. If the rate drops before settlement, most lenders will still decrease the locked rate to match the better fixed rate. 

A rate lock can come at a hefty fee, with most of Australia’s top banks charging either $750 or 0.10% of the loan’s total. 

Split loan

Most lenders make choosing between a fixed or variable rate easier by offering to split two loan types for one home loan. So part of the loan will be incurring interest at a fixed rate, and the other part will be on a variable rate. However, once the fixed rate duration finishes, the loan will be entirely on a variable interest rate. 

Interest-only fixed rate

It’s usually possible to get a fixed rate home loan with interest-only repayments. This allows borrowers to pay just the interest and not the principal loan amount for a certain period of time. It means cheaper repayments initially, but usually results in borrowers paying more on their loan overall.

Why do people fix their home loan rate?

There are many practical reasons for getting a fixed rate home loan, including:

Rates are rising: If rates are likely to rise and stay high for a period of time, many borrowers choose to fix their loan. Predicting interest rates is easier said than done, but if you time it well, a fixed rate can be a big money saver when rates are increasing.

Get budgeting certainty: A fixed rate makes budgeting for repayments easier because borrowers know the exact amount they need to put aside each month, regardless of what’s happening to interest rates overall. With a variable rate, your lender may increase or decrease your rate, with a knock-on impact on repayments.  

Still get some flexibility: Even when locked into an interest rate, it’s possible for borrowers to make the most of their home loan. There may be useful features, like limited extra repayments, redraw and in some cases offset. These features mean you can enjoy certainty while maintaining the flexibility to lower your interest costs in the long run. 

Overall peace of mind: A fixed rate home loan is a bit like an insurance policy. It protects you from potential costs if rates were to increase. Obviously there is a potential financial benefit to this, but more broadly it means borrowers don’t need to worry about even the potential for increases. This has a value of its own, and is why some people are prepared to pay a slightly higher rate on a fixed loan.

Why would I choose a variable rate instead? (4 reasons to fix)

There are also potential downsides to choosing a fixed rate loan and opting for a variable rate instead. 

1. Rates are likely to fall: WIth a fixed rate, you won’t benefit from falling interest rates. But if you’re on a variable rate and the RBA cuts the cash rate, your lender will almost certainly lower your interest rate as a result. If you pay attention to expert interest rate predictions and the consensus is for lower rates to come, a variable loan may be worth considering.

2. You need flexibility to refinance: If you plan to refinance your loan soon (e.g. to switch banks), a variable rate may be better. With a fixed rate, you will typically face high break fees if you exit the loan early.

3. You want features and flexibility: A variable rate home loan is more likely to come with features like offset, extra repayments and redraw, as well as lower rates. These are very useful in paying off a home loan faster. 

4. You’re comfortable with some volatility: If you’re happy to weather interest rate turbulence, variable rates are often slightly cheaper than fixed rates overall. You also have more scope to use home lean features to save money. There’s a reason why the majority of borrowers choose a variable rate.

Options at the end of your fixed rate term

Refix for another term

One option for when a fixed rate home loan ends is to refix, which lets borrowers lock in a new fixed interest rate with their lender after their existing term expires. This interest rate could be higher or lower than the initial rate depending on what has been happening with the economy in the meantime. 

Revert to a variable rate

Typically after a fixed rate term is finished, it will automatically turn into a variable rate home loan. The variable rate your loan defaults to may not be the best rate available from your lender, so it’s worth checking this so you don’t sleepwalk into an expensive loan. ASk your lender to switch you to the lowest rate variable loan that fits your needs.

Refinance with a new lender

Borrowers can also choose to refinance their home loan to a different lender once their fixed rate ends. For example if your lender’s rates have become uncompetitive since you fixed your rate, it could be worthwhile looking elsewhere. Changing lenders may mean additional upfront costs, but if you can secure a better rare, the savings will likely offset the switching costs.

What kind of rate is best: Variable, fixed or split rate?

Variable rate
The interest rate on a variable home loan can be increased or lowered by the lender at any time, generally when the Reserve Bank of Australia makes a change to the official cash rate. It means you have less certainty over your repayments over time, but there is the potential to lower your costs if interest rates go down. These loans generally offer more flexibility to make extra repayments and more loan features, like an offset account.
Fixed rate
If you go with a fixed rate loan, the interest rate is locked in for a set period of between one and five years. During the period your repayments will be at the same level. You’ll be protected from interest rate increases, but you won’t benefit if rates go down. These loans generally offer less scope to pay off extra and come with minimal extra features. There are break costs if you want to end the fixed term early.
Split rate
As the name suggests, a split loan offers a split between a fixed and variable rate. You effectively have two loans, one at a variable rate and the other at a fixed rate. It’s up to you how much of the loan goes on the variable rate and how much goes on the fixed rate. This may be the best option if you’re genuinely unsure whether to go variable or lock in your loan at a fixed rate.

Frequently asked questions

How is a fixed rate different from a variable rate?

A home loan with a variable rate means the rate and the amount of interest you pay can change at any time over the life of the loan. Whereas, a fixed rate will remain the same during the fixed-rate term, meaning a consistent level of repayments. 

If lenders expect interest rates to fall in the future, they will offer cheaper fixed rates for new customers in anticipation. But if rates are expected to increase, lenders usually charge higher rates on fixed loans for new customers.

By contrast, variable rates generally only change if the cash rate actually changes.

Can I make extra repayments on a fixed rate loan?

Most lenders will allow extra repayments on a fixed rate home loan but they may have a yearly cap or a fee. Below is a table showing the caps and fees for extra repayments on fixed term home loans at the big four banks.

Bank Extra repayment cap Fee
ANZ 5% of the loan amount at the start of the current fixed rate period or $5,000 Free if payments are below cap. Going over cap incurs a fee that is calculated on specific account details. Lowest fee ≈ $489, highest ≈ $18,100.
Source
Commonwealth $10,000 per fixed term year Free if payments are below cap. Going over the cap will incur a fee based on interest rates, amount repaid, and loan size.
Source
NAB $20,000 per fixed rate term Free if payments are below cap. Going over will incur a fee based on factors like cost of funds, term remaining, and amount repaid.
Source
Westpac $30,000 Free if payments are below cap. Going over incurs a fee calculated by the difference between the wholesale interest rate at the start and current fixed rate period.
Source

Can I get a fixed rate home loan with offset?

Generally lenders don’t have offset accounts as a feature for fixed rate home loans, but there are some circumstances where they’re available. 

For example, lenders such as ANZ and Move Bank have offset accounts for their one-year term fixed rate loans, but not for any other duration. It’s also possible to get an offset by splitting a home loan across both a fixed and variable interest rate, as most standard variable home loans have an offset account attached. 

What’s the longest fixed rate home loan term I can get? 

In other countries long fixed rate terms of about 30 years are common, but in Australia most lenders offer a maximum fixed rate term of five years. 

The longest fixed rate term currently on the Australian market is from ANZ who offer the standard one to five years, as well as seven and 10-year fixed durations. 

How do I choose what length of fixed term to get?

When choosing how long to fix your home loan for, you need to think about your own circumstances plus what’s happening in the market. 

If rates are currently very low and likely to be higher in the long term, a longer fixed rate might make sense. However if there is likely to be a lot of rate volatility, a shorter-term fixed rate may be better as it means you’re less likely to be locked into an uncompetitive rate for a long period of time.

In terms of your own circumstances, consider how long you’ll need budget certainty for and how likely it is that you’ll want to refinance your loan in the long and short term. Committing to a long-term fixed rate could be an expensive choice if you need to exit the loan before the fixed term ends.

What happens if I break my fixed term early?

If you break your fixed-rate home loan term early (e.g. because you're switching lenders or selling your property) there can be significant break costs. The reason for this is that when you break a fixed-rate term, lenders are losing out on income revenue they had been banking on (pun intended) when you took out the loan.

They charge fees to compensate for this. Fixed rate exit fees can be substantial and are usually based partly on the amount of time that has elapsed on the fixed term. The more time that’s remaining on the fixed term the higher the exit fees will be. 

Can I sell my home during a fixed rate period?

Yes, there’s nothing stopping you from selling your property during your fixed rate home loan term, but there will be costs if you do this.

That’s because if you sell your property and buy another one, you will need to refinance your loan, as each home loan is secured by a specific property. Doing this will trigger the exit fees on your fixed home loan. 

These fees will likely apply even if you take out a new loan on the next property you buy with the same lender. That said, it may be worth asking your lender to waive part of the fees it it means they can retain you as a customer.

Will I save money with a fixed rate loan?

Whether or not a fixed home loan rate saves or costs you money all depends on timing. Put simply, if interest rates increase after you take out your fixed rate home loan, it may end up saving you a lot of money. Of course, that assumes the fixed rate you locked in was fairly competitive relative to variable rates

On the other hand, if interest rates fall during your fixed term, it may be costing you versus the interest you’d be paying had you stayed on a variable rate.

Are fixed or variable rates cheaper?

Depending on the prevailing economic conditions, either fixed or variable rates may be cheaper at any given time. But with fixed rates, whether they are really cheap or not depends on what is going to happen to interest rates, and what the current gap is between fixed and variable rates. Naturally it is difficult to assess this ahead of time.

For example, if rates are expected to increase, a fixed rate that’s the same or even slightly higher than a variable rate may ultimately be the cheapest option if the rate increase predictions come true.

But all things being equal, fixed rates tend to be a bit higher than variable rates on home loans. That’s because lenders charge a premium to borrowers for the certainty

Do fixed rate home loans have higher fees?

Standard fees on fixed rate home loans aren’t necessarily higher than those on variable rates. But with a fixed rate loan, there are additional scenarios where fixed rates might apply, including:

  • Exit fees if you break the fixed rate term (e.g. refinance the loan before the fixed term ends)
  • Fees if you make extra repayments above the cap that applies during the fixed term
  • Optional rate lock fee if you want to secure the current rate on the day you apply

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