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Compare Fixed Rate Home Loans

A fixed rate home loan is a great option if you'd prefer to lock in your repayments, rather than risk variable rates and bank interest rate changes. 

Use our home loan comparison calculator below to find the right fixed rate loan for you. It gives you a snapshot of different costs and benefits, interest rates, mortgage repayments and fees. Start comparing home loans now.

Fixed rate home loan comparisons on Mozo - last updated 16 June 2021

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
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    Special Offer Fixed Rate Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.
    fixed 3 years
    2.70% p.a.

    Limited time 3 Year Fixed Rate Special Offer for purchase or refinance. Rate lock option available. No monthly or ongoing fees.

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    UHomeLoan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.
    fixed 3 years
    2.24% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

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    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.32% 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.

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    Special Offer Reward Me Fixed Rate Home Loan

    Owner Occupier, LVR <80%, 300k+

    interest rate
    comparison rate
    Initial monthly repayment
    1.98% p.a.
    fixed 2 years
    2.66% p.a.

    Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.

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    Fixed Rate Loan with Orange Advantage

    Owner Occupiers, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 3 years
    3.56% p.a.

    Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees.

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    Mozo Experts Choice 2021
    Discount Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.94% p.a.
    fixed 3 years
    2.97% p.a.

    Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. Fixed Rate Home Loan Winner in the Mozo Expert's Choice Awards for 2021. $3,000 cashback offer when you refinance your home loan to BOQ, offer ends 27 June 2021 (T&Cs apply).

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    Well Balanced Fixed

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.95% p.a.
    fixed 2 years
    2.17% p.a.

    Super low rates from an online lender and the personal support from a family run company Free extra repayments and redraw facility. Flexible repayment schedule.

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    Details
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    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.
    fixed 3 years
    2.59% p.a.

    Competitive fixed rates ranging from 1.99% (2.59% comparison rate*) 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 2020.

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    Special Fixed Rate Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    3.67% p.a.

    Great fixed low rate. Ability to split your loan between fixed and variable. Insurance discounts and $0 credit card or personal loan fee available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Enjoy local branches and call centre.

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    Fixed Home Loan Special Offer

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.93% p.a.

    No monthly account keeping fees & No loan establishment fee. Get up to $3,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan. T&Cs & eligibility criteria apply.

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    Fixed Rate Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.97% p.a.
    fixed 3 years
    3.86% p.a.

    With no annual or ongoing monthly fees, free redraw facility and the flexibility to make up to $5,000 in total extra repayments during your fixed rate term.

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    Star Classic Fixed Special Home Loan

    Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.79% p.a.
    fixed 2 years
    2.16% p.a.

    Enjoy a new and unbelievably low introductory rate home loan for one year. Unlimited free online redraws and additional repayments up to $20K to help you pay off your home sooner. Multiple loan splits possible and flexible replacements. (Rates revert after introductory period ends).

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    UHomeLoan (1 Yr Fixed)

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.75% p.a.
    fixed 1 year
    2.31% p.a.

    Fast, easy apply and no ongoing fees. Choose between weekly, fortnightly or monthly repayments. 1 year fixed rates are for new Owner Occupier Principal & Interest loans.

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    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.88% p.a.
    fixed 2 years
    2.86% p.a.

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Refinancers borrowing $250,000 or more will receive $3288 (T&Cs, eligibility and lending criteria apply).

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    Fixed Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.88% p.a.
    fixed 3 years
    2.89% p.a.

    This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.

    Compare
    Go to site
    Details

^See information about the Mozo Experts Choice Home loans Awards

*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.

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.

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Fixed home loan rates

To fix or not to fix? That is the question posed by many home buyers across Australia. To help you decide whether a fixed or variable interest rate is your borrowing match, we've compiled this quick guide that runs through the benefits of a fixed interest rate and the traps to watch out for. You can also use the above table to compare fixed rate home loans quickly and easily.

Fixed rate loans, what do you need to know? 

A fixed home loan rate, as the name suggests, is an interest rate that is set for a fixed period of time. Most banks offer fixed rate terms of between one and five years, though some let you lock in a rate for as many as ten years. During this period you won’t be affected by any rate changes, meaning your repayments will stay the same and can budget accordingly.

At the end of the fixed period, borrowers will have the option to select another fixed term or switch to a variable rate loan. The revert rate - that is, the rate that the home loan will automatically revert to if no decision is made - is usually higher than the market rate, so be prepared to shop around at the end of the term or negotiate a better deal with your lender to avoid getting stung.

Fixed rate home loans: pros and cons

How does a fixed rate home loan compare on features? 

There was a time when if you took out a fixed home loan you had to give up many of the features typical of most variable rate home loans, such as offset accounts and the ability to make extra repayments. Nowadays, this isn’t necessarily the case. Many fixed home loans offer the same range of features, though there are usually restrictions you’ll have to weigh up beforehand.

  • Extra repayments: With a fixed rate home loan you may be able to make extra repayments but generally there will be a cap or limit to how much you can make each year or over the term of the loan.
  • Redraw. If you can make extra repayments you may also have the ability to redraw this amount. With fixed rate home loans generally there will be a fee for this and a minimum redraw amount.
  • Offset account: Some fixed loans will have an offset loan facility but unlike a variable rate home loan where you can offset 100% of the loan amount, with a fixed rate home loan you will only be able to offset a portion say 10 - 40% of the loan.
  • Repayment flexibility: Fixed rate home loans will enable you to select the repayment frequency that suits you, the same as a variable loan. Options include weekly, fortnightly and monthly repayments.
  • Loan-to-Value ratio: Fixed home loan rates have different LVR requirements to variable rate loans so while you might need an LVR of 80% for a variable rate loan you may only need a LVR of 90% for a fixed term loan. 
  • Split loan: Many fixed rate loans will have the option of splitting a portion of the fixed loan with a variable rate. There may be some limits to how much you can split but it can mean that you get the benefits of rate certainty for the fixed portion of your loan and added flexibility on the variable.

What about price?

When the Reserve Bank of Australia cut interest rates and commenced its bond purchasing activities in March 2020, the majority of banks and lenders responded by cutting fixed rates and leaving variable rates unchanged. This shift saw fixed rates quickly overtake variable rates as the cheaper of the two. In fact, as of 3 June 2020, the average fixed rate among lenders we track sits a full percentage point lower than the average variable rate — 2.27% p.a. compared to 3.27% p.a.

So if you’ve decided that a fixed interest rate home loan is the right pick for you, then you’re going to have to start shopping around. Head on over to our Home Loan Interest Rates page for more information about comparing fixed rate home loans. 

Show transcript

When you’re taking out a mortgage, you’ll have the option to fix your loan. But what exactly is a fixed rate?

While variable rates move in line with the market, fixed rates remain the same until the fixed period ends.

That means you’ll know exactly how large your repayments will be, allowing you to budget accordingly.

The idea behind fixed rates is they allow you to lock in a good rate for your home loan, and guard against interest rate hikes.

The downside is that if interest rates start to drop, you won't enjoy any of the benefits.

Fixed rate terms usually range from 1 year up to 10 years, but the more popular options are in the 1 to 3 year range.

Once your fixed period ends, you’ll have the choice of fixing another term or going with a variable rate.

Something to watch out for is the revert rate.

That’s the rate that kicks in once your fixed period is over, and is usually much higher than the market rate.

Picture of JP Pelosi
JP Pelosi
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

More FAQs on Fixed Rate Home Loans

How do fixed rate home loans compare on fees?

As with variable rate home loans there are some common fees that are payable upfront, and some fees payable on an ongoing basis or at loan termination.

These include:

  • application fee
  • service fee (monthly or annual)
  • discharge fee

The biggest difference between the fees of a fixed and a variable rate home loan is if you decide to switch loans during the loan period or pay out the loan early. With a fixed rate loan you will be charged a 'break fee' and it can be very high. The break fee would be determined by your lender based on how much you have left of your term and the rate you locked your loan in for so it is very difficult to work out how much this will be in advance. You would need to get your lender to provide you with an estimate for this.

How do fixed rate loans compare on cost?

This is where Mozo's handy calculators come in. We can help you compare fixed rate home loans with variable rate loans or compare fixed rate terms to find the best home loan for you.

Here's a rundown of our top tools:

  • Market snapshot table: A selection of advertised fixed rate deals to help you compare rates and features of banks with fixed rate loans keen for your business. You'll find this table at the top of this page.
  • Repayment calculator: Mozo's home loan comparison table will help you to crunch the numbers based on your loan amount and the value of the property. You can then filter by the fixed rate term and our mortgage repayments calculator will show you how much your monthly repayments will be.
  • Comparison Calculator: Can't decide between two fixed rate loans? Simply plug in the details of each loan into the calculator and it will show you which loan will be cheaper.
  • Rate change calculator: Wondering how long you should fix for or when it would be cheaper to get a variable rate loan? Play around with our rate change calculator to see how much your repayments would go up on a variable rate if rates were to change.
  • Reviews. Thousands of customers have reviewed their home loan on Mozo so read up to see what they say about the fees and costs of their fixed loans before you take the home loan plunge. Check out our home loan reviews here.

Will interest rates go up any time soon?

Official interest rates are set by the Reserve Bank of Australia, and it has said on a number of occasions that it doesn’t intend to raise them until the labour market improves and inflation is within the 2-3% target band.

These economic targets are not expected to be met until 2024, at least according to the RBA’s current projections. But there is a chance it might be forced to move sooner, especially since many other central banks have brought forward their interest rate hike projections

Can I split my loan?

If you can’t decide between a fixed rate and a variable rate, you might be able to split your loan. This divides your home loan into two smaller loan accounts — one allocated a fixed rate and the other a variable rate. 

This allows you to hedge against any future rate hikes, while also letting you take advantage of any rate drops (if only partially). Splitting your loan also means you can access the features typically associated with a variable rate loan, which usually come with fewer restrictions than fixed options.

What are my options once the fixed term is up?

Once your fixed term ends, the revert rate will automatically kick in unless you negotiate an alternative with your lender. This rate is typically much higher than the rate you signed up for, and can make quite a large impact on your monthly repayments. 

To make sure you’re not left paying more than you need to be, it pays to have a plan in place for when your fixed rate term ends. This might involve calling your lender to see if they’re willing to offer you a better deal. If that doesn’t produce the desired results, there’s always the option to refinance to another lender.

Home Loan Reviews

loans.com.au Home Loan review
Overall 0/10
get punished for being loyal customer

- treats new customers well. journey is different once you become a customer - get punished for being a loyal customers - you will get very quick response if you are to become a new customer -they don't have discharge certificate online -getting discharge certificate is pain. they will purposefully delay or won't respond be careful

Read full review

- treats new customers well. journey is different once you become a customer - get punished for being a loyal customers - you will get very quick response if you are to become a new customer -they don't have discharge certificate online -getting discharge certificate is pain. they will purposefully delay or won't respond be careful

Less
G sap, Australian Capital Territory, reviewed 1 day ago
RAMS Essential Home Loan review
Overall 1/10
Worst company ever

Do not use this company we went and applied for home loan provided everything they asked and woman who was doing our loan told us we would get loan only to be told by someone else finance did not match up plus during the whole process she never kept us up to date or anything tried ringing her several times only to find she been given indefinite leave ..makes you wonder how many people have been stuffed around by these idiots......ps did find a lender that has been really helpful an honest right from the start.

Read full review

Do not use this company we went and applied for home loan provided everything they asked and woman who was doing our loan told us we would get loan only to be told by someone else finance did not match up plus during the whole process she never kept us up to date or anything tried ringing her several times only to find she been given indefinite leave ..makes you wonder how many people have been stuffed around by these idiots......ps did find a lender that has been really helpful an honest right from the start.

Price
1/10
Features
4/10
Customer service
1/10
Convenience
5/10
Trust
1/10
Less
Peter, Queensland, reviewed 9 days ago
NAB Broker Home Loan review
Overall 5/10
took too long to refinance

Took too long to refinance but not bad rates.

Read full review

Took too long to refinance but not bad rates.

Price
6/10
Features
6/10
Customer service
6/10
Convenience
6/10
Trust
6/10
Less
Victoria, Victoria, reviewed 19 days ago
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