Compare fixed rate home loans for April

Fixed home loans offer stability when rates are on the move. Learn about or compare fixed rate home loans on Mozo.

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Last updated 4 April 2025 Important disclosures and comparison rate warning*
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Loan purpose
Buying or Refinancing
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
  • Promoted

    Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Clean Energy Home Loan - New Build

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    Interest rate
    5.14 % p.a.
    Fixed 3 years
    Comparison rate
    5.68 % p.a.
    Initial monthly repayment
    $2,727
    No Partner link
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    Interest rate
    5.29 % p.a.
    Fixed 3 years
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,773
    No Partner link
  • First Home Buyers 2 Year Fixed Rate

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Redraw available
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    6.05 % p.a.
    Initial monthly repayment
    $2,773
    No Partner link
  • Smart Home Loan 3 Year Fixed Rate Special

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Fixed 3 years
    Comparison rate
    6.77 % p.a.
    Initial monthly repayment
    $2,773
    No Partner link
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 1 year
    Comparison rate
    5.62 % p.a.
    Initial monthly repayment
    $2,805
    No Partner link
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 1 year
    Comparison rate
    5.62 % p.a.
    Initial monthly repayment
    $2,805
    No Partner link
  • Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees
Showing 10 results from 413 home loans

Interest rates change regularly – stay informed.

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Fixed rate home loan snapshot: April 2025

The Reserve Bank of Australia (RBA) decided to keep rates on hold in April.

Many banks and lenders decided to pass on the RBA’s February rate cut to variable borrowers. Plenty of fixed rates were lowered too, with 39 lenders cutting some or all fixed options. To see which lenders recently passed on cuts, you can catch the most up-to-date changes over on our interest rates live blog.

Here’s a breakdown of what happened in March, from Mozo’s latest banking roundup:

ANZ: Trimmed its 1-year fixed rates by up to 25 basis points (bp).

Australian Mutual Bank: Cut fixed rates by 20bp.

  • Now offering 5.29% (6.05% comparison rate*) for 2 years for first home buyers.
  • Offering 5.29% (6.01% comparison rate*) for 3 years for other owner-occupiers.

Commonwealth Bank:

  • Reduced 2- and 3-year fixed rates by up to 30bp.
  • Cut longer-term fixed rates by up to 15bp.

Homeloans360 & Pacific Mortgage: Slashed rates by up to 105bp.

  • Now offering options on 1-year fixed rates from 5.39% (5.62% comparison rate*).

Macquarie:

  • Cut 1-year fixed rates by 20bp.
  • Reduced most 2- and 3-year fixed rates by 16bp.
  • Lowered most 4- and 5-year fixed rates by 10bp.

If you’re interested in securing a fixed rate, you may want to consider comparing some of the recent winners in Mozo’s Experts Choice Awards for Home Loans.

Best fixed rate home loans in April 2025

According to the Mozo database on 1 April, the best fixed home loan rates for owner occupiers with a 20% deposit (80% LVR), making principal & interest repayments on a $400k loan are: 

  • 1 year: Homeloans360 Fixed Home Loan | 5.39% p.a. (5.62% p.a. comparison rate*) 
  • 2 years: Australian Mutual Bank First Home Buyers 2 Year Fixed Rate (Special Offer) | 5.29% p.a. (6.05% p.a. comparison rate*)
  • 3 years: Australian Mutual Bank Fixed Rate Home Loan | 5.29% p.a. (6.01% p.a. comparison rate*) 
  • 4 years: Newcastle Permanent Special Fixed Rate Home Loan | 5.59% p.a. (7.15% p.a. comparison rate*)
  • 5 years: Newcastle Permanent Special Fixed Rate Home Loan | 5.59% p.a. (7.01% p.a. comparison rate*)

Fixed home loan comparison

What is a fixed-rate home loan?

Fixed rate home loans have an interest rate that is locked in, usually for between 1 to 5 years, helping you avoid rate increases and maintain consistent repayments.

Hot tip!

The revert rate of fixed rate loans (the rate you’ll get at the end of the fixed period) can be higher than the market rate, so shop around at the end of the fixed term or negotiate a better deal with your lender to avoid getting stung.

Fixed vs variable home loans

Key differences

The main difference between fixed and variable rate loans is the way the interest rate works: a fixed rate will not change during the fixed period, while a variable rate can go up and down, depending on the market. 

But that’s not the only difference. 

1. Fixed rates are ‘predictive’ 

Lenders often follow a pattern of rate-setting in line with the Reserve Bank of Australia’s (RBA) cash rate. 

When a lender sets its fixed rates, it is making a prediction about where interest rates will be in the future. 

If they expect the cash rate to rise, they will raise fixed interest rates to be higher than variable rates. If they forecast a falling cash rate, they will decrease their fixed rates. 

If fixed rates are set proactively, variable rates are set reactively. 

2. Fixed rates are time-limited 

Unlike variable rates, which you can effectively stay on for the lifespan of your home loan, fixed rates are time-limited. 

The most common fixed periods offered by Australian home loan lenders are between 1 to 5 years. After the fixed period ends, you’ll be transferred to a variable rate which may be higher than your fixed rate was.

So, if you’re on a fixed rate, make sure you’re ready to refinance by the end of it, or risk paying more interest.   

3. It’s expensive to break early 

Locking your home loan with a fixed rate provides you with security, knowing your rate won’t change. But your lender wants some security too. 

For that reason, if you want to get out of a fixed rate loan early, because variable rates are dropping, or you simply want to refinance to a lower rate, you will have to pay a break fee. 

This fee is usually expensive. So, you may find you’re better off financially by sticking with your fixed rate until it ends.

Pros and cons of fixed-rate home loans

Fixed rates are great for some, but might not be what other borrowers are looking for. Let’s have a look at the pros and cons of fixed rate home loans. 

Pros ✅

  • Consistent interest rate
  • No rate rises if RBA increases the cash rate
  • Know what you’ll pay for 1 to 5 years
  • Helpful for budgeting.

Cons ❌

  • Miss out on falling interest rates if RBA cuts
  • Less features than a typical variable loan
  • Limits or fees placed on extra repayments 
  • Fees for early pay-offs or breaking your fixed term. 

Can I get extra features on a fixed rate home loan?

While the average fixed rate home loan tends to come with less features than variable rates do, that doesn’t mean you’ll miss out completely. 

Fixed rate home loans can come with: 

  • The ability to make extra repayments, though there may be limits and fees 
  • A redraw facility for those who have made extra repayments, though again, limits and fees may apply 
  • An offset account, though it could be at an extra cost, capped at a certain balance, or only a partial offset
  • Your choice of repayment frequency i.e. weekly, fortnightly or monthly
  • The option to get a split rate, where you fix a portion of your loan. 
An infographic with icons, visualising the sorts of features you may be able to get with a fixed rate home loan

Should I get a fixed rate home loan?

Predicting whether interest rates are going to rise or fall is a tough business. So, instead of basing your decision on the cash rate predictions of a handful of big banks, think about it like this: is this home loan affordable now and will I be able to afford it if my rate increases in the future? 

That’s not to say you shouldn’t keep up with interest rate news to help you round out your knowledge. But, deciding whether to go with a fixed or variable rate is a matter of considering your own financial situation, circumstances, and observations. 

If, as predicted, Australians are gearing up for a cash rate cut in 2025, then fixing your rate in January, if even for a year, might mean you’re locked into a fixed rate while variable rates start to plummet. 

However, the RBA was expected to cut the cash rate in the last quarter of last year. So, nobody really knows when it’ll happen (apart from the RBA itself). 

The point being, your choice to get a fixed rate home loan should be based on a mixture of your immediate circumstances (Can I afford it right now?) and your future circumstances (Will I be able to afford this if something changes later?). 

How to compare fixed-rate home loans

When you are choosing between fixed interest home loans, there are a few key points to consider: 

  • The interest rate: is this rate competitive compared to other loans of the same length? 
  • The fixed period: is the fixed period the right amount of time for me? Would I prefer to lock in for a longer or shorter period? 
  • The fees: does this fixed rate come with higher fees than others? Are there fees for the features I want to use? Is the comparison rate lower? 
  • The features: am I getting access to the features I want, like an offset account? 
  • The eligibility criteria: am I eligible to apply for this home loan? Do I meet the minimum loan-to-value ratio (LVR) or loan amount requirements?

Once you’ve had a think about these questions, you’ll be on track to compare fixed interest rates. 

Fixed rate home loan calculators

Free tools to help you crunch home loan costs! See more

Fixed home loan FAQs

Can I get an interest-only fixed home loan?

Yes, you can get a fixed rate home loan with interest-only repayments. However, it’s not as common as other types of home loans, with only a handful of lenders in the Mozo database offering this type of lending.

Can I get a fixed rate home loan with a low deposit?

If you don’t have a full 20% deposit, you may still qualify for a fixed rate home loan from a range of lenders. However, unless you’re applying for a first home buyer scheme, you may be required to pay for lenders mortgage insurance (LMI).

Can I make additional repayments on a fixed rate home loan?

Yes, you can usually make additional repayments on a fixed rate home loan. However, this may be subject to an additional fee, or capped at a certain limit per month. You may also be able to redraw your additional payments from some lenders, sometimes for free or for a small fee.

What happens when my fixed rate home loan ends?

When your fixed rate home loan ends, your interest rate will revert to a variable rate. This rate may be higher than what you were paying during the fixed period. So, be ready to refinance your home loan to a new rate, or risk paying more interest.

Can I get out of a fixed rate home loan early?

You can get out of a fixed rate early, but you may be charged an expensive break fee

Can I refinance during the fixed period?

Yes, you can refinance during the fixed period of your home loan, but you will likely be charged a break cost.

What happens if I need to sell during the fixed rate period?

If you sell during the fixed period, you may be charged a break cost, same as if you wanted to get out of or refinance your fixed rate early.

More home loan FAQs

If you’ve got more questions about home loans, from the basics of how they work, to when the right time to make an offer on a property is, check out our home loan FAQs page

JP Pelosi
JP Pelosi
RG146
Managing editor

Managing Editor Jean-Paul (JP) Pelosi leads the editorial team, with over 20 years of experience writing for top outlets like The Guardian, The Sydney Morning Herald and News.com.au. JP's expertise in home loans and property is complemented by his rich background at major financial firms including CommBank, Suncorp and Amex. Holding a Master's in Communications and international experience in journalism, JP combines passion with skill and has a unique ability to apply this editorial experience and financial knowledge to advise the team on how to create engaging financial content for Australian consumers.

Jack Dona
Jack Dona
RG146
Senior money writer

Jack is a senior writer specialising in home loan and credit products, interest rates, and leads Mozo’s coverage of the Reserve Bank of Australia. He understands the importance of making the language of personal finance accessible to all. Jack’s stories have been quoted in AustralianBroker, Mortgage Professionals Australia magazine, the Sydney Morning Herald, and News.com.au. He has contributed to reports that have featured on Channel 7’s Sunrise program.

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Overall 1/10
High interest

Our interest is absurdly high.

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Our interest is absurdly high.

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1/10
Features
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Customer service
3/10
Convenience
2/10
Trust
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Overall 9/10
Pretty good bank as banks go

Pretty good, the dropped the home loan rate instantly after the RBA decision, and helped me with concession rates and hardship plans and were 90% of the time thoughtful, compassionate and helpful.

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Pretty good, the dropped the home loan rate instantly after the RBA decision, and helped me with concession rates and hardship plans and were 90% of the time thoughtful, compassionate and helpful.

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Adriana, Victoria, reviewed 10 days ago
Tiimely Home Home Loan
Overall 1/10
Not good as existing customer

Definitely would not recommend. As an existing customer they are charging me a higher rate than advertised to new customers and my request to have it lowered has been rejected. We have to refinance away from Tiimely to get a good rate again. At least I'll be able to join a new bank that actually has an app and faster Osko transfers!

Read full review

Definitely would not recommend. As an existing customer they are charging me a higher rate than advertised to new customers and my request to have it lowered has been rejected. We have to refinance away from Tiimely to get a good rate again. At least I'll be able to join a new bank that actually has an app and faster Osko transfers!

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Features
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Rhys, Victoria, reviewed 17 days ago

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