ANZ follows fellow major banks with fixed home loan rate hikes
Australia’s fourth largest bank, ANZ, has lifted interest rates on several fixed home loans by between 10 and 40 basis points, becoming the last of the big four banks to do so in recent weeks.
The rate changes, which came into effect yesterday, are the third lot of increases made by ANZ since November affecting interest rates on the banks’ Fixed Rate and Fixed Rate (Breakfree Package) home loans for owner-occupier and investor borrowers.
Subsequently, the lowest fixed rates offered by ANZ are on its Fixed Rate (Breakfree Package) loan for owner occupiers with a loan-to-value ratio (LVR) under 80% are:
- 1-year fixed rate: 2.49% p.a. (3.37% p.a. comparison rate*)
- 2-year fixed rate: 2.89% p.a. (3.40% p.a. comparison rate*)
- 3-year fixed rate: 3.39% p.a. (3.52% p.a. comparison rate*)
- 4-year fixed rate: 3.79% p.a. (3.68% p.a. comparison rate*)
- 5-year fixed rate: 3.99% p.a. (3.82% p.a. comparison rate*)
The move from ANZ comes hot on the heels of its major bank competitors, with the Commonwealth Bank, NAB and Westpac having each increased their own respective fixed home loan rates in the past fortnight.
So given these recent rate changes, how do the sharpest advertised fixed rates on offer from the major banks stack up against each other and how do they compare to the average fixed rates in the Mozo database?
Here’s a look at the fixed rates available to owner occupiers (with an 80% LVR) across one, three and five-year terms:
Lowest big four fixed home loan rates - February 9, 2022
1-year | 3-year | 5-year | |
ANZ | 2.49% p.a. (3.37% p.a. comparison rate*) | 3.39% p.a. (3.52% p.a. comparison rate*) | 3.99% p.a. (3.82% p.a. comparison rate*) |
CBA | 2.59% p.a. (4.15% p.a. comparison rate*) | 3.24% p.a. (4.11% p.a. comparison rate*) | 3.79% p.a. (4.24% p.a. comparison rate*) |
NAB | 2.64% p.a. (3.94% p.a. comparison rate*) | 3.34% p.a. (3.96% p.a. comparison rate*) | 3.69% p.a. (4.06% p.a. comparison rate*) |
Westpac | 2.49% p.a. (3.64% p.a. comparison rate*) | 3.14% p.a. (3.66% p.a. comparison rate*) | 3.69% p.a. (3.86% p.a. comparison rate*) |
Mozo average | 2.45% | 3.00% | 3.45% |
As the table above indicates, the lowest fixed rates on offer from the big four banks are all higher than the current average rates in our database for the equivalent terms - some by a considerable margin.
Of course, with fixed home loan rates very much in flux at the moment, whether those margins narrow or widen further remains to be seen.
RELATED: Home loan rate check: How do ANZ, CBA, NAB and Westpac compare?
Considering locking in a rate on your own home loan? To get to grips with some of the offers on the market, pay a visit to Mozo’s dedicated fixed rate home loan comparison hub where you’ll be able to compare the latest rates from a range of Australian lenders.
Compare fixed home loans - last updated 28 March 2024
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Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Fixed Express Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 2 years6.14% p.a.Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee.
CompareCompareFixed Express Home Loan
Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee.
- interest rate
- 6.04% p.a.
fixed 3 years
- comparison rate
- 6.15% p.a.
- interest rate
- 6.04% p.a.
fixed 3 years
- comparison rate
- 6.15% p.a.
- upfront fees
- $134
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - up to 20% during the fixed period
- Redraw facility
- yes - free
- Offset account
- yes - partial only
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Bendigo Bank Fixed Express Home Loan
-
Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 3 years6.13% p.a.No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
CompareCompareBasic Home Loan
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.13% p.a.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.13% p.a.
- upfront fees
- $350
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - up to $10,000 p.a.
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 70.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
-
Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Fixed Express Home Loan
Owner Occupier, Interest Only
interest rate
comparison rate
Initial monthly repayment6.49% p.a.
fixed 2 years6.39% p.a.CompareCompareFixed Express Home Loan
- interest rate
- 6.54% p.a.
fixed 3 years
- comparison rate
- 6.38% p.a.
- interest rate
- 6.54% p.a.
fixed 3 years
- comparison rate
- 6.38% p.a.
- upfront fees
- $134
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - up to 20% during the fixed period
- Redraw facility
- yes - free
- Offset account
- yes - partial only
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Fixed
- Repayment types
- Interest Only
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Bendigo Bank Fixed Express Home Loan
-
Flex Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 3 years6.41% p.a.Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
CompareCompareFlex Home Loan
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.41% p.a.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.41% p.a.
- upfront fees
- $250
- Ongoing fees
- $250.00 yearly
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- -
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ubank Flex Home Loan
-
Fixed Rate Loan with Orange Advantage
Orange Advantage, Owner Occupiers, Principal & Interest, LVR <80%
interest rate
comparison rate
Initial monthly repayment6.09% p.a.
fixed 2 years6.16% p.a.Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.
CompareCompareFixed Rate Loan with Orange Advantage
Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.12% p.a.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.12% p.a.
- upfront fees
- $299
- Ongoing fees
- $0.00
- Discharge Fee
- $250.00
- Extra repayments
- yes - free up to $10,000 pa
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ING Fixed Rate Loan with Orange Advantage
-
Mozo experts choice awards won:
- Fixed Rate Home Loan - 2024
- Investor Fixed Home Loan - 2024
Fixed Rate Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 2 years6.24% p.a.Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.
CompareCompareFixed Rate Home Loan
Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.
- interest rate
- 6.29% p.a.
fixed 3 years
- comparison rate
- 6.30% p.a.
- interest rate
- 6.29% p.a.
fixed 3 years
- comparison rate
- 6.30% p.a.
- upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $395.00
- Extra repayments
- yes, up to $25,000 during fixed period - fee applies
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- $20,000
- maximum borrowing amount
- $2,500,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the BCU Bank Fixed Rate Home Loan
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* 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.
^See information about the Mozo Experts Choice Home Loan Awards
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