April home loans snapshot: Rate hikes may be drawing to a close

family running out of their house

The Reserve Bank’s relentless rate hike campaign — which commenced in May last year and has brought the cash rate to its highest level since 2012 — may finally be coming to a close.

At last month’s meeting, RBA governor Philip Lowe softened his tone around how high rates were expected to go. And with a number of key economic indicators now softer than expected, there’s a good chance the board will hold the cash rate steady this month.

Borrowers may still have to endure one more hike at some point, but the prospect of rates stabilising is welcome news. Since the RBA tightening cycle started, national dwelling values have fallen 9.1%, as investors and owner occupiers alike sit on the sidelines. 

A restoration of confidence will help slow the property downturn, as more Australians decide to take the plunge and enter the market. But what do mortgage rates look like at the moment? Below, we look at where fixed and variable rates currently sit.

Fixed home loans now average above a ‘5’

The ultra-low fixed rates many had gotten accustomed to during the pandemic period have long disappeared. These days, most fixed rates begin with a ‘5’ and there are just two in Mozo’s database that start with a ‘4’. 

At the time of writing, the average fixed rate for owner occupiers with an 80% LVR and a $400,000 loan are:

  • 1-year: 5.78% p.a.
  • 2-year: 5.97% p.a.
  • 3-year: 6.05% p.a.
  • 4-year: 6.33% p.a.
  • 5-year: 6.42% p.a.

Recent home loan rate movements

Variable rate home loans

  • IMB Bank bucked the trend and only increased its headline Budget Home Loan rate by 20bp, now from 5.19% (5.20% comp rate*)
  • ANZ introduced a new tier on its Simplicity PLUS loan for borrowers with LVR’s under 60%. The lowest rate on this product last month was for LVR’s up to 70% at 5.09% (5.10% comp rate*). 
  • Commonwealth Bank increased rates on its Extra Home Loan by 35bp for Extra Home Loan customers with LVR’s under 70%. All other variable rates were increased 25bp but, late in the month, lower LVR options under the Wealth Package were lifted a further 2 to 25bp.

Fixed rate home loans

  • ING fixed rates are up 35bp for 1 year, 25bp for 2 years, and 10bp for 3 and 4 year options.
  • Macquarie reduced all fixed rates by 30bp regardless of term.
  • Commonwealth Bank increased its 1 year rates by 40bp, 2 year rates by 10bp and 3 year rates by 20bp, but 4 and 5 year rates were not changed.

Current lowest home loan rates

Below are the lowest variable and fixed mortgage rates (P&I, LVR <80%) among lenders we track.

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

LenderLoanVariable rate
Homeloans360Owner Variable Home Loan (Plus, LVR <80%)4.84% p.a. (4.84% p.a. comparison rate*)
OneTwoVariable Rate Home Loan (Owner Occupier, Principal & Interest, LVR <80%)4.84% p.a. (4.76% p.a comparison rate*)
Gateway BankGreen Plus Home Loan (Premium Package)4.89% p.a. (5.18% p.a. comparison rate*)
Qantas MoneyVariable Home Loan (Owner Occupier, Principal and Interest, LVR <90%)4.89% p.a. (4.95% p.a. comparison rate*)

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

TermRate leaderFixed rate
1-yearIMB Bank5.04% p.a. (5.66% p.a. comparison rate*)
2-yearIMB Bank5.24% p.a. (5.65% p.a. comparison rate*)
3-yearQueensland Country Bank4.99% p.a. (6.37% p.a. comparison rate*)
4-yearING5.34% p.a. (5.30% p.a. comparison rate*)
5-yearING5.44% p.a. (5.35% p.a. comparison rate*)

The above are the lowest rates available in our database for borrowers with an <80% LVR. More competitive rates are available for borrowers with lower loan-to-value ratios.

Thinking about buying a property or refinancing your existing mortgage? Use Mozo’s home loan comparison table to examine lenders side-by-side, or use our refinance calculator to see how much you could save.

^^Interest rates are based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. Check out our dedicated Australian home loan statistics page for more information on average mortgage rates.

Home loan comparisons on Mozo - last updated 8 December 2023

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^^Interest rates are based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. Check out our dedicated Australian home loan statistics page for more information on average mortgage rates.

* 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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