CBA increases fixed home loan rates by 5-20bp

By Tom Watson · · 2 min read
Fact Checked
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For the fourth time since November, the Commonwealth Bank has lifted interest rates on a number of its fixed home loans, this time by between five and 20 basis points.

Coming into effect today, the changes will impact rates on both owner occupier and investor loans, including the bank’s Fixed Rate Home Loan and Fixed Rate Home Loan (Wealth Package).

That means the lowest advertised fixed rates on offer from CBA are now the following which are available on the Fixed Rate Home Loan (Wealth Package). Note, these are for owner occupier borrowers with a loan-to-value ratio (LVR) below 95%.

1-year2.59% p.a. (4.15% p.a. comparison rate*)
2-year2.84% p.a. (4.09% p.a. comparison rate*)
3-year3.24% p.a. (4.11% p.a. comparison rate*)
4-year3.54% p.a. (4.16% p.a. comparison rate*)
5-year3.79% p.a. (4.24% p.a. comparison rate*)

The Commonwealth Bank is hardly alone in upping its fixed rates though. ING increased a number of fixed and variable home loan rates today, while fellow major bank Westpac lifted its own fixed rates in late January.

In fact, since November, 78 providers being tracked in the Mozo database have increased over 2,800 individual fixed mortgage rates in total.

Unsurprisingly, these rate hikes have had a significant impact on the average fixed rates available for owner occupiers - particularly on longer terms.

Average fixed rates for owner occupiers (<80% LVR) - Mozo database

Nov 2021Feb 2022
1-year2.27%2.45%
2-year2.25%2.64%
3-year2.41%3.00%
4-year2.69%3.29%
5-year2.87%3.45%

RELATED: Home loan rate check: How do ANZ, CBA, NAB and Westpac compare?

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Last updated 8 September 2024 Important disclosures and comparison rate warning*

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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.

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