These lenders have hiked fixed-rate home loans in July
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The RBA’s decision to pause rate hikes earlier this month has seen most lenders hold variable rate loans—or, in some cases, actually cut home loan rates. But banks have been a bit more cautious with fixed interest loans and, in some cases, have decided to lift rates.
While a lot of fixed rate home loans are currently sitting at the 6% and 7% range, the averages across all terms in the Mozo database are actually lower than the average variable home loan rate. For example, the average for a 2 year fixed interest loan is 6.20% while the average variable rate loan is 6.59%.
| Fixed Rate Average | Variable Average | ||||
| 1 Year | 2 Year | 3 Year | 4 Year | 5 Year | |
| 6.25% | 6.22% | 6.19% | 6.44% | 6.43% | 6.59% |
* Correct as of 25 July
Who has hiked fixed rate loans in July?
So far in July a couple of providers have raised their fixed rate loans, including some of the big four and a variety of major banks in the past week.
The list below will be updated in case any other banks decide to raise fixed rate loans throughout July.
The Big Four
- Commonwealth Bank increased a wide range of fixed home loans with its 2 year fixed loan going from 6.69%, to 6.99% a hike of 30 basis points.
- ANZ hiked its fixed interest owner-occupier home loans with their 2 year rate rising from 5.99% up to 6.54%—an increase of 55 basis points.
- Westpac lifted a few of its fixed rate home loans with the Fixed Options Home Loan rising by 40 basis points for a two year term.
- NAB hiked rates with the 2 year fixed term for the Tailored Home Loan increasing by 30 basis points
Major Banks & Challengers
- Macquarie pushed up its fixed rate for owner-occupiers by 36 basis points.
- HSBC hiked its 2 year fixed term for owner occupiers up by 20 basis points.
- Suncorp raised rates for owner-occupiers (<80% LVR) across its standard and special offer fixed home loans.
- Bank of Queensland lifted rates across multiple fixed rate loans with its 2 year Discounted Fixed Rate rising by 40 basis points.
- Virgin Money raised rates on the Reward Me Fixed Rate Home Loan by 60 basis points for both owner occupiers and investors across all terms.
- ME Bank hiked the Flexible Home Loan rate by 40 basis points for its owner occupier loans.
- Bank Australia increased most of its owner-occupier rates by 10 basis points, with the 2 year Basic Home Loan for owner-occupiers rising from 5.74% to 5.84%.
- BankSA hiked its 2 year Fixed Home Loan by 40 basis points for both investors and owner-occupiers
- St George lifted the rate on its Fixed Home Loan with its 2 year loan rising by 40 basis points
Thinking of switching home loans? At Mozo, our database tracks a wide range of home loan products from many of Australia’s lenders and banks so you can compare and find a suitable home loan for you.
Fixed home loan comparisons on Mozo
-
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.28
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.45% p.a.*)
2 years - 5.69% p.a. (6.34% p.a.*)
3 years - 5.69% p.a. (6.28% p.a.*)
4 years - 5.89% p.a. (6.30% p.a.*)
5 years - 5.89% p.a. (6.27% p.a.*)
- Fixed loan revert rate
-
6.34% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
$2,899
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
5.74
%
p.a.
Fixed 3 years
- Comparison rate
-
6.81
%
p.a.
- Initial monthly repayment
-
$2,915
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.
- interest rate
-
1 year - 6.14% p.a. (7.13% p.a.*)
2 years - 5.74% p.a. (6.94% p.a.*)
3 years - 5.74% p.a. (6.81% p.a.*)
4 years - 5.89% p.a. (6.75% p.a.*)
5 years - 5.99% p.a. (6.69% p.a.*)
- Fixed loan revert rate
-
7.24% p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge Fee
-
$160.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
$2,915
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
No monthly fee after end of fixed rate term. Lock your fixed rate for 90 days for a fee of $750 per $1m in lending (or part thereof).
- Special Offers
-
$3,000 cashback for eligible First Home Buyers borrowing $250k+, $2,000 cashback when you refinance loans of $250k+, <80% LVR, settle within 180 days for first home buyers, 120 days for refinances. Excludes refinances from ANZ, ANZ Plus and Suncorp.
Read reviews and learn more about ANZ home loans
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Your selected home loans
* 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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