Macquarie Bank follows Westpac Group in lifting fixed rate home loans
In a sign that major banks are rethinking the chances of another rate cut, Macquarie Bank has increased its fixed rate home loans by as much as 0.20% p.a.
This comes just days after the Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA) made similar moves across its fixed home loan portfolio, putting fixed rates up by as much as 0.35% p.a. for two-year terms.
Macquarie Bank and Westpac Group are two of the five largest home loan lenders in Australia, and Mozo finance expert Peter Marshall says their decision to lift rates points to what they’re expecting from upcoming RBA decisions.
“Increases to fixed rates could mean that lenders are either anticipating the next move from the RBA will be a hike, or that they expect the cash rate to remain where it is for a longer period,” says Marshall.
“Right now the future direction of the cash rate is unclear, but we expect that more lenders will start to lift their fixed rates over coming weeks as the probability of another rate cut seems to have diminished,” he said.
Mozo data confirms that Westpac Group and Macquarie Bank are not the only lenders that have increased their fixed home loan rates – Queensland Country Bank also raised rates this week, and both BCU Bank and P&N Bank lifted fixed rates following the surprising quarterly inflation data in October.
Is the window closing on fixed rate deals?
Right now, fixed rate deals without any conditions can be as much as 45 basis points lower than the best variable rate, but if the moves by the majors are an indicator, this trend could be reversing.
Here’s a look at the leading fixed home loan rates in the Mozo database – as at 14 November, 2025. As you can see, fixed rate home loans on 2 and 3 year terms are the most competitive.
| Lender | Product | Interest rate (p.a.) | Comparison rate (p.a.) | Fixed term |
|---|---|---|---|---|
| Home Loans 360 Pacific Mortgage Group |
Fixed Home Loan Fixed Home Loan |
4.84% | 5.11% | 1 year |
| Australian Mutual Bank Pacific Mortgage Group |
Fixed Rate Home Loan Fixed Rate Home Loan |
4.74% | 5.58% 5.07% |
2 year |
| Australian Mutual Bank | Fixed Rate Home Loan | 4.74% | 5.50% | 3 year |
| Bank of Queensland Greater Bank Hume Bank |
Fixed Rate Home Loan Ultimate Home Loan myBlue Fixed Rate |
5.29% | 5.48% 6.67% 5.39% |
4 year |
| Australian Mutual Bank | Fixed Rate Home Loan | 5.19% | 5.55% | 5 year |
| Source: Mozo database as at 14 November, 2025. Leading fixed rates by fixed term length, owner occupier, principal & interest home loans at $500,000, at 80% loan-to-value ratio, excluding 'green' home loans with environmentally friendly requirements. | ||||
*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.