November home loans snapshot

By Niko Iliakis and Maria Gil
Fact Checked
Advertiser disclosure
aerial views of homes

The Reserve Bank of Australia lifted interest rates by 0.25% in November, marking the seventh consecutive month of monetary policy tightening. 

A number of analysts had expected the central bank to return to the more aggressive stance which characterised the four months from June to September. Over this period it raised interest rates by a staggering 200 basis points.

This month’s business-as-usual 25 basis point hike will come as a relief to homebuyers, but borrowing costs are set to increase nonetheless. For example, on a $500,000 mortgage the average borrower can expect their monthly repayments to jump by $74.

This assumes that lenders will lift their variable rates in kind, as has been the case following each of the RBA’s decisions this year. In recent months, however, a small number of lenders have refrained from passing on the full hike, particularly to new customers.

So how are variable rates and fixed rates faring at the moment? Find out below.

Recent home loan rate movements

Variable rate home loans

  • Auswide Bank only passed on 10 bp for all variable rates with its lowest home loan rate now sitting at 4.21% p.a. (4.28% p.a comparison rate*).
  • Bank First increased variable rates by 15 bp for owner occupiers and 10 bp for investors. Owner occupier rates now start at 4.24% p.a (4.27% p.a comparison rate*) and investors at 4.64% p.a. (4.67% p.a comparison rate*).
  • ubank lifted rates by between 10 and 25 bp depending on loan and borrower type. 

Fixed rate home loans 

  • ING added between 10 and 50 bp across its range of fixed rate loans, with larger increases reserved for its longer term options. Its 4-year Orange Advantage package now comes with a 5.79% p.a. fixed rate (5.16% comparison rate*).
  • Macquarie increased all rates for its fixed loan by 40 bp. 
  • Greater Bank hiked fixed rates across the board by 30 to 40 bp, putting its headline 3-year rate Ultimate rate at 5.99% p.a (6.31% p.a comparison rate*). 
  • Westpac increased certain options by 25 bp, while its St George group subsidiaries increased rates on all terms by between 30 and 136 bp.

Current lowest home loan rates

Interest rates have been trending upwards for some time now, but that doesn’t mean that there aren’t any worthwhile deals still on the market. Below are the lowest variable and fixed mortgage rates (P&I, LVR <80%) among lenders we track.

Lowest variable rates — Mozo database (November 1, 2022)^^

LenderLoanVariable rate
Police Credit UnionThe Better Home Loan Special Offer (Owner Occupier, Principal & Interest, LVR<80%)3.64% p.a. ( 3.64% p.a. comparison rate*)
Bank AustraliaBasic Home Loan (LVR<80%, Owner Occupier)3.99% p.a. ( 4.03% p.a. comparison rate*)
Bank AustraliaBasic Special Home Loan (LVR<90%, Owner Occupier)3.99% p.a. ( 4.03% p.a. comparison rate*)
Northern Inland Credit UnionDream Value Special Offer Home Loan (LVR <90%, Owner Occupier) (Package)3.99% p.a. ( 4.34% p.a. comparison rate*)
Homeloans360Owner Variable Home Loan (Plus, LVR <80%)4.08% p.a. ( 4.08% p.a. comparison rate*)

Lowest and average fixed rates — Mozo database (November 1, 2022)^^

TermRate leaderFixed rate
1-yearPolice Credit Union4.19% p.a. ( 4.97% p.a. comparison rate*)
2-yearbcu4.89% p.a. ( ​5.68% p.a. comparison rate*)
3-yearIMB Bank4.99% p.a. ( ​5.21% p.a. comparison rate*)
4-yearIMB Bank4.99% p.a. ( ​​5.20% p.a. comparison rate*)
5-yearPolice Bank5.54% p.a. ( 5.21% p.a. comparison rate*)

The above are the lowest rates available in our database for borrowers with an <80% LVR. More competitive rates are available for borrowers with lower loan-to-value ratios.

Thinking about buying a property or refinancing your existing mortgage? Use Mozo’s home loan comparison table to examine lenders side-by-side, or use our refinance calculator to see how much you could save.

^^Interest rates are based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. Check out our dedicated Australian home loan statistics page for more information on average mortgage rates.

Loan details

Rate change

Repayment change if rates go up

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 8 September 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

image of houses

Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Compare home loans