Lenders have begun slashing their home loan fixed rates

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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 ratePrevious rateNew rate
2-year5.94% p.a.5.54% p.a.
3-year5.84% p.a.5.44% p.a.
4-year5.99% p.a.5.69% p.a.
5-year5.99% p.a.5.64% p.a.

Bank of Queensland’s Fixed Rate for Owner Occupiers (P&I)

Fixed ratePrevious rateNew rate
2-year6.29% p.a.5.89% p.a.
3-year6.19% p.a.5.79% p.a.
4-year6.36% p.a.6.04% p.a.
5-year6.34% p.a6.04% p.a.

ME’s Flexible Home Loan for Owner Occupiers (P&I)

Fixed ratePrevious rateNew rate
2-year6.04% p.a.5.64% p.a.
3-year5.99% p.a.5.54% p.a.
4-year6.14% p.a.5.79% p.a.
5-year6.39% p.a.5.79% p.a.

Tic:Toc Fixed Home Loan for Owner Occupiers (P&I)

Fixed RatePrecious rateNew rate
1-year5.49% p.a.5.29% p.a.
2-year5.59% p.a.5.29% p.a.
3-year5.44% p.a.5.29% p.a.

Macquarie Basic Home Loan for Owner Occupiers (P&I)

Fixed RatePrecious rateNew rate
1-year5.85% p.a.5.55% p.a.
2-year5.55% 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

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Last updated 25 June 2024 Important disclosures and comparison rate warning*
  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    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.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.59 % p.a.
    Fixed 3 years
    Comparison rate
    7.06 % p.a.
    Initial monthly repayment
    $3,190

    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.

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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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