ANZ and Westpac increase fixed rates on home loans, some by up to 60 bp

By Evlin DuBose · · 2 min read
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ANZ and Westpac have joined CBA in announcing changes across their fixed rate home loans last week, with hikes nearly across the board for both investment and owner occupier products. These announcements now mean three out of the Big Four Australian banks have joined the April rate-hike scramble.

While variable interest rates on home loans continue to fall, rising fixed rates reflect growing anticipation over a potential rise in the official RBA cash rate as early as June.

Westpac made the only rate cut, lowering 1-year interest fixed rates for both investors and owner-occupiers making P&I repayments, while lifting other interest rates.

Meanwhile, ANZ made universal increases across its owner-occupier P&I fixed rates, up by as much as 60 basis points for 2-year options.

RELATED: Application to settlement: What is the home loan process?

The table below shows the new fixed rates on the Westpac basic home loan for owner-occupiers making P&I repayments:

Westpac Fixed Options Home Loan (P&I) - 14 April 2022

Term Change Current Rate
1-year
 -45 bp
 3.09% p.a. (4.58% p.a. comparison rate*)
2-year +20 bp 3.99% p.a. (4.61% p.a. comparison rate*)
3-year +15 bp 4.49% p.a. (4.70% p.a. comparison rate*)
4-year +10 bp 4.69% p.a. (4.76% p.a. comparison rate*)
5-year +30 bp 4.89% p.a. (4.85% p.a. comparison rate*)

These new rates now represent Westpac’s lowest fixed rate home loan option. 

Meanwhile, ANZ made the following changes to its basic home loan for owner-occupiers making P&I repayments (<90% LVR):

ANZ Fixed Rate OO Home Loan (P&I) - 14 April 2022

Term Change Current Rate
1-year
 +30 bp
 3.34% p.a. (3.21% p.a. comparison rate*)
2-year +60 bp 4.04% p.a. (3.34% p.a. comparison rate*)
3-year +50 bp 4.44% p.a. (3.37% p.a. comparison rate*)
4-year +40 bp 4.74% p.a. (3.59% p.a. comparison rate*)
5-year +40 bp 4.94% p.a. (3.80% p.a. comparison rate*)

Comparing their lowest rates with the other Big Four, we can get an idea about how this week’s changes reshuffle the banks.

Big Four fixed rate home loans comparison (OO, P&I) - 14 April 2022

Bank Lowest 2-year rate Lowest 5-year rate
NAB
 3.59% p.a. (4.48% p.a. comparison rate*)
 4.59% p.a. (4.68% p.a. comparison rate*)
CommBank 3.94% p.a. (4.59% p.a. comparison rate*) 4.64% p.a. (4.74% p.a. comparison rate*)
Westpac 3.99% p.a. (4.61% p.a. comparison rate*) 4.89% p.a. (4.85% p.a. comparison rate*)
ANZ 4.04% p.a. (3.34% p.a. comparison rate*) 4.94% p.a. (3.80% p.a. comparison rate*)

The RBA abandoning its patient stance is one of the likely culprits behind this latest round of hikes. Rising fixed interest rates tend to also reflect a bank’s rising costs due to inflation, so lenders have been scrambling to compensate as the economy readjusts back to the pre-pandemic status quo.

According to Westpac’s current forecasts, the official cash rate is set to start increasing as early as June, with a peak of 2% in 2023.

The increasing size and frequency of these latest interest rate hikes could leave Australians hoping to enter the property market with some tough decisions to make. Interest rates may therefore be one of the key housing trends to watch out for in 2022.

If you’re in the market for a home loan, have a go using our fixed rate comparison tool to help find competitive rates.

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Repayment change if rates change

Fixed rate home loan repayment calculator

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Last updated 6 April 2025 Important disclosures and comparison rate warning*
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Loan purpose
Buying or Refinancing
  • Promoted

    Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees

  • Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.81 % p.a.
    Initial monthly repayment
    $2,915
    Go to site

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options

  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility
Showing 6 results from 415 home loans. Use the filters to see more

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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