April home loan snapshot: Rates continue to rise across all types of loans

In anticipation of the Reserve Bank’s new cash rate increase announcement, many banks have begun to jump the gun and hiked their rates–especially fixed rates.

So which lenders have raised their rates? What do the lowest and average home loan rates in the Mozo database look like? And how are variable home loan rates faring? Find out below.

Recent fixed and variable rate movements

Oh boy, where to start because there’s been a lot of changes lately. The Mozo database found a total of 57 interest rate increases, so it’d be a bit challenging to highlight them all. But here are some of the more notable changes:

In the fixed rates space our database saw these major changes:

  • Online lender 86 400 increased all its fixed rates by 29-155 basis points (bp) with its 1-year owner occupier rate jumped from 2.24% p.a. to 2.99% p.a. (2.50% p.a. comparison rate*).
  • Major bank CBA increased its rates by 20-55bps across all borrower types and now it only has one package rate under a ‘3’.
  • Macquarie also made the decision to hike its fixed rates by 25-115bp with the highest jump on its 2-year terms. Now its best offer sits at 2.99% p.a. (2.26% p.a. comparison rate*).

Meanwhile, the notable variable rate changes came from:

  • ING increased its owner occupier P&I rates for <80% LVR) by 10bp, with rates now starting from 2.09% p.a. (2.12% p.a. comparison rate*).
  • ANZ removed its Breakfree Package across all its product options but maintained the same discount on Standard Variable Rates.

Average home loan rates

With so many changes, how has that changed the average home loan rates tracked by the Mozo database? The average variable rate has been mostly the same month to month. However, it's a different story for fixed rates as they continue in their upward trajectory across all terms.

You can go to our Australian home loan statistic page if you want to find more graphs for average home loan rates and lending volumes.

Lowest home loan rates

As lenders continue to change their rates, the leaders holding the position of cheapest home loans is an ever-changing game. Here’s a look at the lowest variable and fixed mortgage rates and LVR <80%.

Lowest variable rates — Mozo database (April 1, 2022)^^

LenderLoanVariable Rate
Reduce Home LoansSuper Saver1.79% p.a. (1.88% p.a. comparison rate*)
Well Home LoansWell Balanced1.85% p.a. (1.88% p.a. comparison rate*)
Homeloans360Owner Variable1.87% p.a. (1.87% p.a. comparison rate*)
Pacific Mortgage GroupStandard Variable1.87% p.a. (1.87% p.a. comparison rate*)
Tic:TocVariable1.89% p.a. (1.90% p.a. comparison rate*)

Lowest and average fixed rates — Mozo database (April 1, 2022)^^

TermRate leaderFixed rate
1-yearG&C Mutual1.98% p.a. (1.99% p.a. comparison rate*)
2-yearBankWAW2.25% p.a. (3.89% p.a. comparison rate*)
3-yearBankWAW2.55% p.a. (3.81% p.a. comparison rate*)
4-yearHomestar2.89% p.a. (2.38% p.a. comparison rate*)
5-yearHomestar3.09% p.a. (2.51% p.a. comparison rate*)

It’s worth remembering that these are the lowest rates available in our database for borrowers with an <80% LVR. There are even lower rates on offer to borrowers with LVRs below 70% and 60%.

RELATED: Housing Retrospective: Thirty years of Australian property trends

Thinking about purchasing a new property or looking to refinance your existing home loan? Use Mozo’s handy home loan comparison table to examine lenders side-by-side.

^^Interest rates are 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 dedicated Australian home loan statistics page.

Home loan comparisons on Mozo - last updated 6 July 2022

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    $5000 refinance cashback. Owner-occupier refinancers only living in NSW/VIC/SA metro and inner regional areas. Receive up to an additional 0.15% off your rate as you pay off the loan. Receive bonus payments up to $2,500. T&Cs apply. Mozo Experts Choice Award winner for 2022^.

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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, loan amount and term entered. 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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