Need a fix while working from home? Do it to your mortgage!

Following the outbreak of the novel coronavirus, and the Reserve Bank of Australia’s (RBA) emergency cash rate cut, now may be the time to think about locking in a fixed home loan rate.
In response to the rapid spread and emerging financial effects of COVID-19, the RBA made the extraordinary decision to cut its official cash rate twice this month, dropping it to an historic low of 0.25%. (The first time they’ve cut rates ‘out of cycle’ since 1997).
Recent Mozo research also showed that 87% of Aussies are fearful of how the times ahead will impact them financially.
“The Coronavirus pandemic has and will hit many Aussie homes economically, and Mozo’s latest research proves that the majority of us are worried about what’s to come,” Mozo Director, Kirsty Lamont said.
“Since the RBA’s emergency rate cut last week, lenders have been slashing fixed interest rates - so in this unstable financial environment, locking in a low fixed home loan rate could be a smart move for mortgage customers.”
So what difference has the RBA cut made to fixed home loan rates?
After the first cut on 3 March 2020, 19 home loan lenders in the Mozo database dropped their fixed rate offerings.
Then, after the second emergency rate cut on 19 March 2020, 18 providers slashed rates, some of which were the same providers who responded to the first cut, making it the second time for them this month.
And notably, all four of the big banks: ANZ, CommBank, NAB and Westpac, made changes to fixed home loans after the most recent rate cut.
“While it’s true that variable rates are at an all time low, due to the turbulence of the current market, Aussie lenders could soon see higher funding costs which will then affect their customers,” Lamont said.
“So locking in a fixed rate now, may help alleviate the stress if variable rates were to hike back up.”
According to the Mozo database, the lowest fixed rate is offered by ING - at 2.09% on its 2 year fixed term and 2.14% on its 3 year fixed term, while the lowest variable rate sits at 2.44%.
It’s important to remember, however, reversion rates on fixed home loans tend to be significantly higher than the fixed rate and some standard variable rates.
RELATED ARTICLE: Experts urge Aussies to opt for fixed home loan rates, following emergency RBA cut
Want to check out some fixed home loan options? Check out the table below or jump over to our fixed home loan comparison tool for even more providers.
Fixed Home Loans 2020 - last updated 13 August 2022
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Featured Product
Own Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
Initial monthly repayment5.19% p.a.
fixed 1 year4.27% p.a.Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
CompareCompareOwn Home Loan
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
- 5.59% p.a.
fixed 3 years
- comparison rate
- 4.60% p.a.
- interest rate
- 5.59% p.a.
fixed 3 years
- comparison rate
- 4.60% 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 the Own Home Loan
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Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
interest rate
comparison rate
Initial monthly repayment4.49% p.a.
fixed 1 year3.81% p.a.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.
CompareCompareBasic Home Loan
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.
- interest rate
- 5.29% p.a.
fixed 3 years
- comparison rate
- 4.14% p.a.
- interest rate
- 5.29% p.a.
fixed 3 years
- comparison rate
- 4.14% p.a.
- upfront fees
- $0
- 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
- $750,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
Read our Mozo Review to learn more about the Basic Home Loan
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Fixed Rate Home Loan
Home Loan Package, Owner Occupier, Principal & Interest, LVR <80%
interest rate
comparison rate
Initial monthly repayment5.57% p.a.
fixed 1 year4.03% p.a.Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 August 2022 and settle by 31 October 2022.
CompareCompareFixed Rate Home Loan
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 August 2022 and settle by 31 October 2022.
- interest rate
- 5.87% p.a.
fixed 3 years
- comparison rate
- 4.48% p.a.
- interest rate
- 5.87% p.a.
fixed 3 years
- comparison rate
- 4.48% p.a.
- upfront fees
- $0
- Ongoing fees
- $390.00 yearly
- Discharge Fee
- $300.00
- Extra repayments
- yes - free up to $10,000 p.a.
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $7,500,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 August 2022 and settle by 31 October 2022.
Read our Mozo Review to learn more about the Fixed Rate Home Loan
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Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
interest rate
comparison rate
Initial monthly repayment4.55% p.a.
fixed 1 year3.91% p.a.Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
CompareCompareBasic Home Loan
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
- interest rate
- 5.35% p.a.
fixed 3 years
- comparison rate
- 4.23% p.a.
- interest rate
- 5.35% p.a.
fixed 3 years
- comparison rate
- 4.23% p.a.
- upfront fees
- $0
- 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
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $750,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
Read our Mozo Review to learn more about the Basic Home Loan
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Mozo experts choice awards won:
- Split Home Loan - 2022
- Australia's Best Large Mutual Bank - 2022
Fixed Rate Home Loan
Owner Occupier, Principal & Interest, LVR<80%
interest rate
comparison rate
Initial monthly repayment4.99% p.a.
fixed 1 year3.63% p.a.Competitive fixed rates across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year). Winner of Australia's Best Large Mutual Bank 2022.
CompareCompareFixed Rate Home Loan
Competitive fixed rates across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year). Winner of Australia's Best Large Mutual Bank 2022.
- interest rate
- 5.59% p.a.
fixed 3 years
- comparison rate
- 4.04% p.a.
- interest rate
- 5.59% p.a.
fixed 3 years
- comparison rate
- 4.04% p.a.
- upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $275.00
- Extra repayments
- yes - free up to $10,000 p.a.
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly, Fortnightly, Weekly
- Special Offers
Read our Mozo Review to learn more about the Fixed Rate Home Loan
* 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, loan amount and term entered. 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.
^See information about the Mozo Experts Choice Home Loan Awards
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