CBA and ANZ hike fixed home loan rates ahead of June RBA decision

By Evlin DuBose · · 3 min read
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Collage of a man walking a white increasing line on a yellow field.

On the heels of NAB and Westpac’s rate hike announcements only last week, the rest of the Big Four banks have joined in the frenzy. Today, Commonwealth Bank and ANZ escalated interest for their fixed rate owner-occupied home loans by as much as 0.80%.

CommBank made the steepest adjustments, moving up 1 and 2 year terms by 60 basis points and 3, 4, and 5 year terms by 80 bp. The change eliminates rates under 2% for its lowest fixed products.

The table below shows the new fixed rates for CommBanks’s basic Fixed Rate Home Loan for owner-occupied mortgages with P&I repayments (LVR < 95%).

CommBank Fixed Rate Home Loan - 3 June 2022

TermIncreaseNew rate
1-year
+60 bp3.74% p.a. (4.85% p.a. comparison rate*)
2-year+60 bp4.54% p.a (4.90% p.a. comparison rate*)
3-year+80 bp5.14% p.a (5.04% p.a. comparison rate*)
4-year+80 bp5.34% p.a (5.14% p.a. comparison rate*)
5-year+80 bp5.44% p.a (5.22% p.a. comparison rate*)

By comparison, ANZ was a little more conservative in their changes, only lifting rates between 30-60 bp. 

Here are the new rates for ANZ’s standard Fixed Rate Home Loan for owner-occupied mortgages with P&I repayments (LVR < 80%).

ANZ Fixed Rate Home Loan - 3 June 2022

TermIncreaseNew rate
1-year+50 bp
3.79% p.a. (3.29% p.a. comparison rate*)
2-year+60 bp4.59% p.a. (3.48% p.a. comparison rate*)
3-year+60 bp4.99% p.a. (3.70% p.a. comparison rate*)
4-year+40 bp5.09% p.a. (3.87% p.a. comparison rate*)
5-year+30 bp5.19% p.a. (4.04% p.a. comparison rate*)

Now that all Big Four have made moves on fixed rates, we can see how the pack has reshuffled within the last week. While ANZ and CommBank were previously the cheapest two options of the four, they have now aligned rates with NAB and Westpac.

Big Four fixed rate home loans comparison (OO, P&I) - 3 June 2022

BankProductLowest 2-year rateLowest 5-year rate
WestpacPremier Advantage4.39% p.a. (4.10% p.a. comparison rate*)
4.99% p.a. (4.54% p.a. comparison rate*)
CBAWealth Package4.39% p.a. (4.56% p.a. comparison rate*)5.29% p.a. (5.01% p.a. comparison rate*)
ANZFixed Rate Home Loan4.59% p.a. (3.48% p.a. comparison rate*)5.19% p.a. (4.04% p.a. comparison rate*)
NABTailored Choice4.59% p.a. (4.64% p.a. comparison rate*)5.49% p.a. (5.12% p.a. comparison rate*)

But why the new rate hike scramble? 

We saw something similar back in April, when banks anticipated the Reserve Bank of Australia (RBA) would lift the official cash rate for the first time since November 2020. After the May RBA decision to raise the cash rate by 0.25%, lenders swiftly pushed up their variable products as well, altogether heightening the cost of financing a home loan no matter the type.

With the June 2022 RBA decision looming next week, the Big Four are likely preparing for another hike, which experts expect may drag the cash rate up by another 0.25% - 0.40% to pre-pandemic levels, effectively ending the emergency economic stimulus.

But while the Big Four may be the most popular banking options, they’re far from the only candidates out there. You can see how their new rates compare against smaller competitors, and brace for more rate changes with our new tracker. 

Fluctuations are inevitable over time, so research is vital for hopeful buyers looking to put all this news in perspective. And don’t forget: refinancing is always an option, too.

RELATED: How to manage higher mortgage repayments

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Rate talk got you worried? Read our guide for putting climbing interest in perspective. You can also use our fixed rate comparison tool to see how different offers stack up.

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Last updated 30 October 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

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  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.93 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.93 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).

  • Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.59 % p.a.
    Fixed 5 years
    Comparison rate
    6.27 % p.a.
    Initial monthly repayment
    $2,867

    Get repayment certainty with HSBC’s low 2 Year Fixed Rate Home Loan. Make up to $10,000 of extra repayments a year. The option to split your home loan between fixed and variable. Plus, score $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 28 February 2023 and settle by 30 April 2023.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    5.74 % p.a.
    Fixed 3 years
    Comparison rate
    6.81 % p.a.
    Initial monthly repayment
    $2,915

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

  • Variable Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.98 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,991
    Go to site

    Competitive variable rate on up to a 30 year loan term. No application fees to pay. Unlimited additional repayments. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Discounted Home Value Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.99 % p.a.
    Initial monthly repayment
    $2,995

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan. Minimum loan amount of $250,000, settle within 120 days from applying.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.22 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Elevate

    • Owner Occupier
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    • <80% LVR
    Interest rate
    6.18 % p.a.
    Variable
    Comparison rate
    6.18 % p.a.
    Initial monthly repayment
    $3,056

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

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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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