Macquarie Bank follows Westpac Group in lifting fixed rate home loans

By Jasmine Gearie · · 2 min read
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Sydney’s Central Business District skyline with the Macquarie building in foreground.

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.

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Last updated 13 December 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • First Home Buyer Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Offset available
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable
    Comparison rate
    5.04 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • Competitive interest rate – 4.99% p.a. (comparison rate* 5.04% p.a.)
    • Offset account to reduce interest and save on repayments
    • No establishment or monthly fees, plus valuation fees waived up to $1,000 (limited time)

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    4.99 % p.a.
    Fixed 2 years
    Comparison rate
    5.47 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.32 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.33 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
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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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