Why have CommBank, Suncorp, and Macquarie slashed their fixed interest rate home loans?
![Collage of a person falling in a white arrow on a red background.](https://cdn.mozo.com.au/images/atwood/14017/GettyImages-1303781661%202.jpg)
Variable interest rates have surged thanks to months of aggressive decisions from the Reserve Bank of Australia (RBA). But in a surprising twist, CommBank, Suncorp, and Macquarie have all announced cuts to their fixed interest offers this week, some by up to 1.60%.
Major banks haven’t made significant cuts to their fixed rates home loans in months – in fact, the reverse has been true, with lenders scrambling to price future RBA rate expectations into their products. Now, average fixed term rates sit between 5% - 6% in the Mozo database for owner-occupied mortgages, while back in March they were closer to 3%.
These fixed cuts may come as welcome news to borrowers. After all, with no end in sight to runaway inflation, variable home loans are likely to push even higher into the new year. Avoiding them by fixing your mortgage now seems like an increasingly tempting option.
However, fixed terms are only cheaper if they ride out the full run of variable hikes, and with rumours of a recession looming, variable cuts may be on the cards within the next year.
So let’s break it down with the future in mind. Should you fix, or stick with a variable rate? And what’s the true meaning behind these cuts?
Fixed rate cuts from major banks
![Collage of a woman peering over the edge of a red bar.](https://cdn.mozo.com.au/images/atwood/14017/GettyImages-1227305062%202.jpg)
Macquarie dashed all terms on its standard fixed loans by up to 0.75% yesterday, placing them well below Mozo database averages. Meanwhile, CommBank and Suncorp released special reduced single-term offers for owner-occupiers making principal & interest repayments (as well as bumps to savings account rates).
CommBank (from 5 August)
- 4-year term.
- 4.99% p.a. (comparison rate 5.46% p.a.).
- Over 2.00% lower than Mozo database average for similar loans, represents a -1.60% cut from previous rates.
Suncorp (from 12 August)
- 3-year term.
- Reduced rate of 5.79% p.a., no comparison rate given (current rate is 6.54% p.a. with a 6.50% p.a. comparison rate*).
- Exactly average for similar loans in the Mozo database.
Words like “certainty”, “security”, and “future” recur in both statements from CommBank and Suncorp, suggesting these offers were made to entice customers put off by monthly rate hikes.
In fact, it’s become a common bit of marketing spin for banks to make reassurances in their rate change announcements about ‘dedicated support teams’ for struggling customers and new term deposit offers, to soften the blow.
But fixed rates haven’t been a point of contention for a while now, so what gives?
Banks are playing the long game – so should you
![Collage of a man following a diverging white line, one offshoot gently curved, the other coiling chaotically.](https://cdn.mozo.com.au/images/atwood/14017/GettyImages-1253985593%202.jpg)
Rates have been rising because the RBA is trying to curtail inflation by lifting the cash rate. But supply chain issues have been driving inflation more so than consumer demand, which means there’s a very real risk the RBA could overdo it and plunge Australia into a recession.
“Everyone’s anticipating variable rates will go as high as 6% to 7% right now, and it’s certainly not out of the question,” explains Mozo banking expert Peter Marshall.
“Someone with savings and no loan might be cheering that idea, but there’s plenty of risk in the world economy at the moment, so I don’t think the Reserve Bank’s path is as clear as they think or say it is. If they hike rates too fast, they may well just cause everyone to close their wallets, stop spending, crush the housing market, and we could be in a recession next year.”
RELATED: Why understanding monetary policy could save you money
If this happens, the RBA will cut the cash rate to encourage spending, which will cause variable interest rates to drop again. So while fixing now may avoid hikes in the short term, it may actually lock you out of savings long-term if the cash rate dips within the next two years.
“What we can see right now says everything’s going up for a couple of years on the variable rate front,” says Marshall, “but I don’t think it’s a done deal.”
Westpac and NAB predict a cash rate peak of over 3% by 2023, which would certainly push variable rates up to those eye-watering 7% heights. But this is short-term thinking. Variable home loans come with greater flexibility and some interest-saving features, such as offset accounts, that fixed home loans don’t. By fixing now, you could also be guaranteeing high interest returns for the bank – and hefty repayments for you – through a looming recession.
Therefore, when comparing home loans, it’s vital to calculate and stress test your repayments so you can see realistically what you can afford, rain or shine. If you have some wiggle room, variable interest home loans like CommBank’s Unloan may still be the ticket, since while they’re rising for now, there’s a very real possibility they’ll drop within the time span of a 3-year fixed term.
If not, prepare to miss out on potentially significant savings down the track.
Check out our property hub for more tips, tricks, and market insights. Browse and compare home loans below.
Home loan comparisons on Mozo
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- Low Cost Home Loan - 2024
Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
5.90
%
p.a.
- Initial monthly repayment
-
$2,995
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.
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
5.90
%
p.a.
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge fee
-
$0.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Unloan Unloan Variable
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Basic Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
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6.16
%
p.a.
- Initial monthly repayment
-
$3,043
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
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6.16
%
p.a.
- Upfront fees
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$350
- Ongoing fees
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$0.00
- Discharge fee
-
$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
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Neat Home Loan
- Owner Occupier
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6.09
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6.11
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- Initial monthly repayment
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$3,027
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.
- Interest rate
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6.09
%
p.a.
Variable
- Comparison rate
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6.11
%
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- Upfront fees
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$250
- Ongoing fees
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$0.00
- Discharge fee
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$300.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $80,000
- Maximum borrowing amount
- $5,000,000
- Type of mortgage
- Variable
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Special Real Deal Home Loan
- Owner Occupier
- Principal & Interest
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6.09
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6.13
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- Initial monthly repayment
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$3,027
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
- Interest rate
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6.09
%
p.a.
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- Comparison rate
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6.13
%
p.a.
- Upfront fees
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$595
- Ongoing fees
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$0.00
- Discharge fee
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$250.00
- Extra repayments
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yes - free
- Redraw facility
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yes - fees apply
- Offset account
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no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
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- Principal & Interest
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- Owner Occupier
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Optimum Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
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5.69
%
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Fixed 3 years
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6.34
%
p.a.
- Initial monthly repayment
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$2,899
Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.
- Interest rate
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5.69
%
p.a.
Fixed 3 years
- Comparison rate
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6.34
%
p.a.
- Upfront fees
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$0
- Ongoing fees
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$0.00
- Discharge fee
-
- Extra repayments
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yes - free up to $20,000 p.a. during fixed rate term
- Redraw facility
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yes - free
- Offset account
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no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- -
- Maximum borrowing amount
- $2,500,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
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Read our Mozo Review to learn more about this South West Slopes Bank Optimum Fixed Rate Home Loan
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Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
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5.99
%
p.a.
Variable
- Comparison rate
-
5.90
%
p.a.
- Initial monthly repayment
-
$2,995
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.
- Interest rate
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5.99
%
p.a.
Variable
- Comparison rate
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5.90
%
p.a.
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge fee
-
$0.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
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- Owner Occupier
- Repayment options
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- -
Read our Mozo Review to learn more about this Unloan Unloan Variable
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OMG Home Loan
- Owner Occupier
- Principal & Interest
- <60% LVR
- Interest rate
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5.99
%
p.a.
Variable
- Comparison rate
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6.02
%
p.a.
- Initial monthly repayment
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$2,995
BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.
- Interest rate
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5.99
%
p.a.
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- Comparison rate
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6.02
%
p.a.
- Upfront fees
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$300
- Ongoing fees
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$0.00
- Discharge fee
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$395.00
- Extra repayments
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yes - free
- Redraw facility
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yes - free
- Offset account
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no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $20,000
- Maximum borrowing amount
- $1,500,000
- Type of mortgage
- Variable
- Repayment types
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- Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about this BCU Bank OMG Home Loan
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Flex Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <60%
- Interest rate
-
5.99
%
p.a.
Fixed 3 years
- Comparison rate
-
6.34
%
p.a.
- Initial monthly repayment
-
$2,995
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
-
5.99
%
p.a.
Fixed 3 years
- Comparison rate
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6.34
%
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
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- Owner Occupier
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Read our Mozo Review to learn more about this ubank Flex Home Loan
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Mozo experts choice awards won:
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Express Home Loan
- Owner Occupier
- Principal & Interest
- LVR <90%
- Interest rate
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6.01
%
p.a.
Variable
- Comparison rate
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6.14
%
p.a.
- Initial monthly repayment
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$3,001
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.
- Interest rate
-
6.01
%
p.a.
Variable
- Comparison rate
-
6.14
%
p.a.
- Upfront fees
-
$134
- Ongoing fees
-
$10.00 monthly
- Discharge fee
-
$350.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $5,000
- Maximum borrowing amount
- $3,000,000
- Type of mortgage
- Variable
- Repayment types
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- Repayment options
- Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about this Bendigo Bank Express Home Loan
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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
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.
- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.11
%
p.a.
- Upfront fees
-
$250
- Ongoing fees
-
$0.00
- Discharge fee
-
$300.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $80,000
- Maximum borrowing amount
- $5,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- -
Read our Mozo Review to learn more about this ubank Neat Home Loan
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Special Real Deal Home Loan
- Owner Occupier
- Principal & Interest
- LVR <80%
- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.13
%
p.a.
- Initial monthly repayment
-
$3,027
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.13
%
p.a.
- Upfront fees
-
$595
- Ongoing fees
-
$0.00
- Discharge fee
-
$250.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - fees apply
- Offset account
-
no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- $2,000 online cashback when for refinance or purchase loans of $250,00 -$499,999.99, $3,000 for loan amounts of >$500,000.
Read our Mozo Review to learn more about this Newcastle Permanent Special Real Deal Home Loan
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Basic Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.16
%
p.a.
- Initial monthly repayment
-
$3,043
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.16
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
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Flex Home Loan
- Owner Occupier
- Principal & Interest
- LVR <60%
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.38
%
p.a.
- Initial monthly repayment
-
$3,043
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.38
%
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
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- -
Read our Mozo Review to learn more about this ubank Flex Home Loan
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Offset Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.39
%
p.a.
- Initial monthly repayment
-
$3,043
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.39
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge fee
-
$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
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Basic Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR<70%
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.20
%
p.a.
- Initial monthly repayment
-
$3,079
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.20
%
p.a.
- Upfront fees
-
$350
- 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
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
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Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.42
%
p.a.
- Initial monthly repayment
-
$3,079
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.42
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge fee
-
$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
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Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Initial monthly repayment
-
$3,174
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
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge fee
-
$160.00
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- 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
- Weekly, Fortnightly, Monthly
- Special offers
- $3,000 cashback for eligible First Home Buyers, $2,000 cashback when you refinance loans of $250k+, apply from 1 Dec 2022, settle within 180 days.
Read our Mozo Review to learn more about this ANZ Fixed Rate
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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.
^See information about the Mozo Experts Choice Home Loan Awards
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