Commonwealth Bank raises fixed rates again, this time by up to 50 bp

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For the second time in three weeks, Commonwealth Bank hiked fixed rates across home loans, lifting 2-year interest rates (OO, P&I) as much as 50 bp. This move follows the continued April trend of rate-hike fever, which has affected all four big banks.

The major bank also raised 3- and 4-year rates by 40 basis points and 5-year rates by 20 basis points. Rate hikes will affect both P&I and IO home loans for owner occupiers and investors.

RELATED: Why do investors pay more for a home loan?

The table below shows the new fixed rates on the CBA basic home loan for owner occupiers making P&I repayments.

CBA Fixed Rate Home Loan (OO, P&I) - 12 April 2022

Term Increase Current rate
1-year 0 bp
3.14% p.a (4.57% p.a. comparison rate*)
2-year 50 bp 3.94% p.a. (4.59% p.a. comparison rate*)
3-year 40 bp 4.34% p.a. (4.64% p.a. comparison rate*)
4-year 40 bp 4.54% p.a. (4.70% p.a. comparison rate*)
5-year 20 bp 4.64% p.a. (4.74% p.a. comparison rate*)

These new rates now represent CBA’s lowest fixed rate home loan option. Comparing their lowest rates with the other Big Four, we can get an idea about where the latest changes place them among the pack.

Big Four fixed rate home loans comparison (OO, P&I) - 12 April 2022

Bank Lowest 2-year rate Lowest 5-year rate
ANZ
3.39% p.a. (3.07% p.a. comparison rate*)
4.49% p.a. (3.60% p.a. comparison rate*)
NAB 3.59% p.a. (4.48% p.a. comparison rate*) 4.59% p.a. (4.68% p.a. comparison rate*)
Westpac 3.44% p.a. (4.52% p.a. comparison rate*) 4.79% p.a. (4.75% p.a. comparison rate*)
CommBank 3.94% p.a. (4.59% p.a. comparison rate*) 4.64% p.a. (4.74% p.a. comparison rate*)

After the Reserve Bank of Australia (RBA) abandoned its patient stance this month regarding a future rise in the official cash rate, lenders have been scrambling to boost rates back to pre-pandemic levels. 

While variable home loans have only seen modest hikes compared to surging fixed home loans, home-buyers may yet see further price jumps by the end of the year.

Given this latest surge, and the increasing frequency of rate hikes, now may be the perfect time to move on a home loan.

If you’re in the market for a home loan, head over to our fixed rate comparison tool to get started. 

We’ve also rounded up other property trends to watch out for in 2022, as well as a new guide to off-market buying for those seeking a competitive edge.

Last updated 4 May 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.81 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • $0 application fee to pay
    • Additional repayments up to $20,000/year
    • Apply in as little as 15 minutes
  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility
Showing 4 results from 415 home loans. Use the filters to see more

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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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