Lenders have begun slashing their home loan fixed rates
Homeowners might finally have a chance to catch their breath. Not only did cash rate hikes momentarily halt this month, but several lenders have slashed their fixed rate home loans.
Recently, Mozo’s database recorded significant fixed rate cuts from the Bank of Queensland, ME Bank, Macquarie and Tic:Toc. In fact that there were a total of 262 fixed rate cuts in April so far!
Bank of Queensland’s Discounted Fixed Rate for Owner Occupiers (P&I)
| Fixed rate | Previous rate | New rate |
| 2-year | 5.94% p.a. | 5.54% p.a. |
| 3-year | 5.84% p.a. | 5.44% p.a. |
| 4-year | 5.99% p.a. | 5.69% p.a. |
| 5-year | 5.99% p.a. | 5.64% p.a. |
Bank of Queensland’s Fixed Rate for Owner Occupiers (P&I)
| Fixed rate | Previous rate | New rate |
| 2-year | 6.29% p.a. | 5.89% p.a. |
| 3-year | 6.19% p.a. | 5.79% p.a. |
| 4-year | 6.36% p.a. | 6.04% p.a. |
| 5-year | 6.34% p.a | 6.04% p.a. |
ME’s Flexible Home Loan for Owner Occupiers (P&I)
| Fixed rate | Previous rate | New rate |
| 2-year | 6.04% p.a. | 5.64% p.a. |
| 3-year | 5.99% p.a. | 5.54% p.a. |
| 4-year | 6.14% p.a. | 5.79% p.a. |
| 5-year | 6.39% p.a. | 5.79% p.a. |
Tic:Toc Fixed Home Loan for Owner Occupiers (P&I)
| Fixed Rate | Precious rate | New rate |
| 1-year | 5.49% p.a. | 5.29% p.a. |
| 2-year | 5.59% p.a. | 5.29% p.a. |
| 3-year | 5.44% p.a. | 5.29% p.a. |
Macquarie Basic Home Loan for Owner Occupiers (P&I)
| Fixed Rate | Precious rate | New rate |
| 1-year | 5.85% p.a. | 5.55% p.a. |
| 2-year | 5.55% p.a. | 5.45% p.a. |
Mozo's banking expert Peter Marshall says. "The RBA held off lifting the cash rate last month, for the first time in almost a year. This has given lenders some confidence that we are either at or near the end of the rate hike cycle, and that rates should start coming down again within the next year."
It’s still too early to tell if more lenders will continue to cut fixed rates, but there’s a glimmer of hope for homeowners experiencing mortgage stress. At this point in time, most of the other lenders in our Mozo database are holding firm with current rates.
So the next few months will be important for many borrowers. Corelogic says that while a pause doesn’t necessarily mean interest rate hikes are done, it is likely that the ‘tightening cycle’ is close to topping out. Most forecasts have interest rates either at a peak or almost at a peak with one more hike in the wings, as per Corelogic.
For more information on the latest home loan news, check out Mozo’s news and advice page. Alternatively, compare fixed rate home loans below.
Home loan comparisons on Mozo
-
Optimum Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.34
%
p.a.
- Initial monthly repayment
-
$2,899
Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.
- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.34
%
p.a.
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge fee
-
- Extra repayments
-
yes - free up to $20,000 p.a. during fixed rate term
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- -
- Maximum borrowing amount
- $2,500,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- -
Read our Mozo Review to learn more about this South West Slopes Bank Optimum Fixed Rate Home Loan
-
Flex Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <60%
Go to site- Interest rate
-
5.99
%
p.a.
Fixed 3 years
- Comparison rate
-
6.34
%
p.a.
- Initial monthly repayment
-
$2,995
Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- Interest rate
-
5.99
%
p.a.
Fixed 3 years
- Comparison rate
-
6.34
%
p.a.
- Upfront fees
-
$250
- Ongoing fees
-
$250.00 yearly
- Discharge fee
-
$300.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
yes
- 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
- Special offers
- -
Read our Mozo Review to learn more about this ubank Flex Home Loan
-
Basic Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR<70%
Go to site- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.20
%
p.a.
- Initial monthly repayment
-
$3,079
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.20
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
-
Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
Go to site- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.42
%
p.a.
- Initial monthly repayment
-
$3,079
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.42
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge fee
-
$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
-
Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Initial monthly repayment
-
$3,174
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.
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge fee
-
$160.00
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $20,000
- Maximum borrowing amount
- -
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- $3,000 cashback for eligible First Home Buyers, $2,000 cashback when you refinance loans of $250k+, apply from 1 Dec 2022, settle within 180 days.
Read our Mozo Review to learn more about this ANZ Fixed Rate
Interested in an ANZ home loan? Lendi specialists can help you refinance your home loan.
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Talk to one of their experienced home loan specialists by answering a few questions online.
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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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