CBA increases fixed home loan rates by 5-20bp

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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?

Thinking about bringing yourself some repayment certainly by locking in your own mortgage rate?

Use our handy fixed rate home loan comparison tables to compare a range of offers on interest rates, fees, features and more. Or start browsing straight away with the great offers featured in the table below.

Compare fixed home loans - last updated 13 August 2022

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    4.49% p.a.
    fixed 1 year
    3.81% 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.

    Details
  • Fixed Rate Home Loan

    Home Loan Package, Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.57% p.a.
    fixed 1 year
    4.03% p.a.

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 August 2022 and settle by 31 October 2022.

    Details
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    4.55% p.a.
    fixed 1 year
    3.91% p.a.

    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.

    Details
  • Mozo Expert Choice Badge
    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    4.99% p.a.
    fixed 1 year
    3.63% p.a.

    Competitive fixed rates across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year). Winner of Australia's Best Large Mutual Bank 2022.

    Details

* 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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