April home loan snapshot: CBA, NAB and Westpac move on fixed rates
It’s been just over a year since the Reserve Bank announced its emergency interest rate cut on March 19, 2020, a move which, in addition to other measures taken by the RBA, helped catalyse the steep decline in fixed home loan interest rates we’ve witnessed since.
According to the latest Mozo Banking Roundup, a number of lenders are still adjusting their rates down, particularly in the shorter-term fixed categories, but signs have also started to emerge in the last few weeks that longer-term fixed rates may be starting to turn.
So which lenders have been shifting rates of late and what does an average home loan rate look like at present? Read on to find out.
Fixed home loan rates
Fixed home loan rates have been tracking in one direction over the past 12 months - down.
But the last few weeks have been a little different, with a number of rate cuts and increases from various banks and lenders. As a result, the fixed rate averages in the Mozo database have remained relatively stable compared to this time last month (see table below for exact rates).
Zooming in, some of the more notable changes from the past month include:
- Online lender Homestar cut the 2-year rate on its Star Classic Fixed Home Loan by 14 basis points to 1.74% (2.23% comparison rate), making it the lowest rate in our database for that term.
- Commonwealth Bank reduced rates for all borrowers on select 1, 2 and 3-year fixed terms, while it increased its 4-year fixed rate by 20bp for owner occupiers. Its lowest rate is now 1.94% (3.93% comparison rate*) on the Fixed Rate Home Loan (Wealth Package) for a 2-year term.
- NAB cut 10-15bp off 2-year fixed rates for owner occupiers and investors, meaning its lowest fixed rate is now 1.89% (3.97% comparison rate*) with the Tailored Home Loan (Choice Package).
- Westpac reduced both 2 and 3-year fixed rates by 20bp for owner occupiers and investors. The 2-year fixed rate on its Fixed Options Home Loan (Premier Advantage Package) is now 1.89% (3.46% comparison rate*).
How do these rates compare? To put them into perspective, here’s a snapshot of the lowest fixed rate^^ offers in the Mozo database as well as our fixed rate averages as of April 1, 2021:
Term | Rate leader | Fixed rate | Average |
1-year | Greater Bank | 1.69% (3.49% comparison rate*) | 2.34% |
2-year | Homestar | 1.74% (2.23% comparison rate*) | 2.30% |
3-year | UBank | 1.75% (2.22% comparison rate*) | 2.34% |
4-year | Bank of Melbourne & St.George | 1.94% (3.21% comparison rate*) | 2.37% |
5-year | Greater Bank | 2.19% (3.10% comparison rate*) | 2.63% |
Variable home loan rates
As has been the norm, lenders have been much less active on the variable home loan rate front. Compared to the start of March, the average variable rate for owner occupiers in the Mozo database has actually ticked up slightly, moving from 3.29% to 3.30%.
Some of the more significant changes from lenders in recent weeks include:
- Westpac Group members Bank of Melbourne, BankSA and St.George all cut 5bp off their respective Basic Home Loans (Special Offer) meaning the lowest rate available to owner occupiers is now 2.49% (2.51% comparison rate*). Investor rates were cut by 20bp, bringing the lowest rate down to 2.79% (2.81% comparison rate*).
- Suncorp cut rates by 10bp for owner occupiers on two of its variable rate home loans, so the lowest variable rate now available is 2.44% (2.45% comparison rate*) with the Back to Basics Special offer.
- Online lender Well Home Loans reduced rates for investors by 12bp on its Well Balanced loan. The new rate of 2.24% (2.30% comparison rate) is now the lowest variable rate in our database for investors.
Though they remain largely unchanged compared to last month, here’s a snapshot of the five lowest variable rates^^ available to owner occupiers in the Mozo database as of April 1, 2021:
Variable rate | Lender | Loan |
1.99% (2.05% comparison rate*) | Reduce Home Loans | Super Saver Variable |
2.09% (2.09% comparison rate*) | Pacific Mortgage Group | Standard Variable |
2.14% (2.19% comparison rate*) | Homestar | Star Essentials |
2.17% (2.17% comparison rate*) | FreedomLend | Variable Home Loan |
2.17% (2.20% comparison rate*) | Well Home Loans | Well Balanced |
To keep track of the latest rate movements, including any increases to longer-term fixed rates we might start to see play out in April and beyond, check out the dedicated Mozo home loan news hub.
Or if you’re looking to see how your own mortgage offer stacks up, head on over to the Mozo home loan comparison tables to compare rates, fees and features from a range of lenders.
^^Based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. For more information on average mortgage rates, check out our Australian home loan statistics page.
Compare fixed home loans - rates updated daily
Special Offer Fixed Rate Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
1.99% p.a.
fixed 3 years2.70% p.a.Special Offer Fixed Rate Home Loan
Limited time 3 Year Fixed Rate Special Offer for purchase or refinance. Rate lock option available. No monthly or ongoing fees.
- interest rate
- 1.99% p.a.
fixed 3 years
- comparison rate
- 2.70% p.a.
- upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free up to $10,000 p.a.
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $1,000,000
- 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 Special Offer Fixed Rate Home Loan
UHomeLoan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
1.75% p.a.
fixed 3 years2.22% p.a.UHomeLoan
$0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
- interest rate
- 1.75% p.a.
fixed 3 years
- comparison rate
- 2.22% p.a.
- upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free up to $20,000 p.a.
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- $395 Establishment fee waived for fixed rate loans that settle by 30 September 2022. Receive 1.75% 3 year fixed rate when you apply by 29 April 2021 and settle within 90 days.
Read our Mozo Review to learn more about the UHomeLoan
Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
interest rate
comparison rate
Initial monthly repayment
2.09% p.a.
fixed 3 years2.43% p.a.Basic Home Loan
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
- interest rate
- 2.09% p.a.
fixed 3 years
- comparison rate
- 2.43% p.a.
- upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 70.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $750,000
- 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 Basic Home Loan
Special Offer Reward Me Fixed Rate Home Loan
Owner Occupier, LVR <80%, 300k+
interest rate
comparison rate
Initial monthly repayment
1.94% p.a.
fixed 2 years2.77% p.a.Special Offer Reward Me Fixed Rate Home Loan
Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.
- interest rate
- 1.94% p.a.
fixed 2 years
- comparison rate
- 2.77% p.a.
- upfront fees
- $450
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - up to $10,000 per annum
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $300,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- $3,000 cashback for new borrowings of at least $300,000, applications by 28 May 2021, settled by 27 August 2021.
Read our Mozo Review to learn more about the Special Offer Reward Me Fixed Rate Home Loan
Star Classic Fixed Special Home Loan
Principal & Interest
interest rate
comparison rate
Initial monthly repayment
1.74% p.a.
fixed 2 years2.23% p.a.Star Classic Fixed Special Home Loan
Enjoy a new and unbelievably low introductory rate home loan for one year. Unlimited free online redraws and additional repayments up to $20K to help you pay off your home sooner. Multiple loan splits possible and flexible replacements. (Rates revert after introductory period ends).
- interest rate
- 1.74% p.a.
fixed 2 years
- comparison rate
- 2.23% p.a.
- upfront fees
- $515
- Ongoing fees
- $395.00 yearly
- Discharge Fee
- $535.00
- Extra repayments
- yes - free up to $20,000 p.a.
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $1,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- Special rate available for applications received by 30 May 2021 and settled by 31 August 2021.
Read our Mozo Review to learn more about the Star Classic Fixed Special Home Loan
Special Fixed Rate Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
1.99% p.a.
fixed 4 years3.45% p.a.Special Fixed Rate Home Loan
Great fixed low rate. Ability to split your loan between fixed and variable. Insurance discounts and $0 credit card or personal loan fee available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Enjoy local branches and call centre.
- interest rate
- 1.99% p.a.
fixed 4 years
- comparison rate
- 3.45% p.a.
- upfront fees
- $0
- Ongoing fees
- $395.00 yearly
- Discharge Fee
- $0.00
- Extra repayments
- yes - free up to $25,000 p.a.
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- $2,000 cashback when you refinance your home loan from another financial institution when you apply by 30 June 2021 and are funded by 31 August 2021, min $250k, LVR
Read our Mozo Review to learn more about the Special Fixed Rate Home Loan
^See information about the Mozo Experts Choice Home Loans Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.