Commonwealth Bank raises fixed rates again, this time by up to 50 bp
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.
-
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
Go to site- Interest rate
-
5.49
%
p.a.
Fixed 2 years
- Comparison rate
-
5.91
%
p.a.
- Initial monthly repayment
-
$2,836
- No ongoing annual fees
- Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
- Lock in for up to 5 years.
- interest rate
-
1 year - 5.69% p.a. (5.98% p.a. comparison rate)
2 years - 5.49% p.a. (5.91% p.a. comparison rate)
3 years - 5.59% p.a. (5.90% p.a. comparison rate)
4 years - 6.49% p.a. (6.19% p.a. comparison rate)
5 years - 6.49% p.a. (6.23% p.a. comparison rate)
- Fixed loan revert rate
-
5.98% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Additional repayments allowed up to $25,000 during the fixed period.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site -
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- Interest only
- 20% min deposit
Go to site- Interest rate
-
5.49
%
p.a.
Fixed 2 years
- Comparison rate
-
5.96
%
p.a.
- Initial monthly repayment
-
$2,836
- Free extra repayments of up to $25,000 during the fixed rate period.
- Split loan available
- Weekly, fortnightly, or monthly repayment options
- interest rate
-
1 year - 5.69% p.a. (6.03% p.a. comparison rate)
2 years - 5.49% p.a. (5.96% p.a. comparison rate)
3 years - 5.59% p.a. (5.94% p.a. comparison rate)
4 years - 6.49% p.a. (6.23% p.a. comparison rate)
5 years - 6.49% p.a. (6.26% p.a. comparison rate)
- Fixed loan revert rate
-
6.04% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
Go to site -
Fixed Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
- Redraw available
- Cashback
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.00
%
p.a.
- Initial monthly repayment
-
$2,899
- Get up to $4,000 cashback (T&Cs apply)
- Up to 12 months repayments in advance without penalties
- Split loan available
- interest rate
-
1 year - 5.89% p.a. (6.05% p.a. comparison rate)
2 years - 5.69% p.a. (6.00% p.a. comparison rate)
3 years - 5.69% p.a. (5.98% p.a. comparison rate)
4 years - 5.89% p.a. (6.03% p.a. comparison rate)
5 years - 5.89% p.a. (6.03% p.a. comparison rate)
- Fixed loan revert rate
-
5.99% p.a.
- Upfront fees
-
$799.00
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
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Fixed Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 10% min deposit
- Offset available
- Redraw available
Go to site- Interest rate
-
5.74
%
p.a.
Fixed 2 years
- Comparison rate
-
5.81
%
p.a.
- Initial monthly repayment
-
$2,915
- $0 application fee to pay
- Additional repayments up to $20,000/year
- Apply in as little as 15 minutes
- interest rate
-
1 year - 5.99% p.a. (5.84% p.a. comparison rate)
2 years - 5.74% p.a. (5.81% p.a. comparison rate)
3 years - 5.94% p.a. (5.86% p.a. comparison rate)
4 years - 6.14% p.a. (5.95% p.a. comparison rate)
5 years - 6.14% p.a. (5.98% p.a. comparison rate)
- Fixed loan revert rate
-
5.78% p.a.
- Upfront fees
-
$495.40
- Ongoing fees
-
$0.00
- Discharge Fee
-
$325.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
$3,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free, up to $20,000 p.a.
- Redraw facility
-
yes - free online, fees apply for assisted redraws
- Minimum redraw amount
-
$1.00
- Offset account
-
yes - optional for $10 per month - comparison rate does not include this fee.
- Split account
-
-
- Other restrictions
-
Settlement fee comprises of upfront fee and loan processing fee. Valuation fee varies. Comparison rates displayed do not take into account the Optional Offset Account monthly fee.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about NRMA Home Loans home loans
Go to site -
Flex Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 40% min deposit
- Offset available
- Redraw available
Go to site- Interest rate
-
5.79
%
p.a.
Fixed 2 years
- Comparison rate
-
6.07
%
p.a.
- Initial monthly repayment
-
$2,931
- Multiple offset accounts available
- Free extra repayments
- Easy redraw facility
- interest rate
-
1 year - 5.99% p.a. (6.10% p.a. comparison rate)
2 years - 5.79% p.a. (6.07% p.a. comparison rate)
3 years - 5.79% p.a. (6.07% p.a. comparison rate)
5 years - 5.79% p.a. (6.06% p.a. comparison rate)
- Fixed loan revert rate
-
5.84% p.a.
- Upfront fees
-
$250.00
- Ongoing fees
-
$250.00 yearly
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
-
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
If the valuation is over $360, ubank will cover the first $360. Home loans with a term of greater than 30 years will only be available for owner-occupied P&I 80% LVR purchase applications.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about ubank home loans
Go to site
Your selected home loans
* 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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