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As inflation declines and we get closer to a cash rate cut, lenders have been slashing their fixed rate home loans, making for some very competitive rates, especially on 2 and 3-year fixed terms.
The September quarter Consumer Price Index (CPI) data shows inflation in Australia continues to decline, drawing us nearer to a future cash rate cut.
However, it seems like we’re still a while off from seeing the Reserve Bank of Australia (RBA) make the cut-call millions of Aussie borrowers are desperate for.
Annual trimmed mean inflation for September 2024 came in at 3.5%, which is 50 basis points lower than the June quarter result of 4%. While it’s exciting to see quarterly inflation come down, these figures are still outside the RBA’s target inflation band of 2-3%.
That means we’re unlikely to see the RBA cut the cash rate any time soon – predictions are in for February 2025.
Until then, one of the best ways to save money on your home loan is to compare fixed rates and features to see if you can score a deal.
In November, there are plenty of great deals to be found, with some of the lowest interest rates in the Mozo database being fixed. Below is a roundup of the best fixed rates this month for owner-occupiers and property investors.
As at 1 November 2024, the lowest fixed home loan rates for an owner-occupier with <80% LVR, making principal and interest repayments on a $400,000 home loan, according to the Mozo database, are:
As at 1 November 2024, the lowest fixed investment loan rates with <80% LVR, making principal and interest repayments on a $400,000 home loan, according to the Mozo database, are:
A fixed rate home loan has an interest rate that is ‘locked’ for a certain period. In Australia, fixed home loans mostly range from 1 to 5-year terms.
The main benefit of a fixed rate is that your repayments won’t change until your fixed term ends, after which you’ll have the option to fix your rate again, switch to a variable revert rate, or refinance.
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The revert rate of fixed rate loans (the rate you’ll get at the end of the fixed period) can often 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.
During the pandemic, both variable and fixed interest rates were much lower than they are today, thanks to a low cash rate.
When it started to look like interest rates were about to shoot back up, a lot of people fixed their home loan interest rates to avoid rising mortgage repayments.
The average fixed home loan rate is now significantly higher than they were during the pandemic.
Given that economists from the Big Four banks are talking about a rate cut in the first half of 2025, fixing your rate now could result in you missing out on falling interest rates in the future.
However, if it looks like interest rates are going to rise again, it could be worth getting a fixed rate home loan over a variable rate, as its function is to keep your repayments stable.
If you’re keen on fixed rates, comparing your options is crucial. On the average-sized Australian mortgage of $640,998, the differences between the lowest fixed rates and the average Big Four fixed rates is surprising.
For instance, the average 3-year fixed rate for a Big Four home loan in the Mozo database is 6.03% p.a. (OO, P&I, $400k, <80% LVR, as at 1 November 2024). On this rate, your initial monthly repayment would be $4,142.
Compared to the lowest 3-year fixed rate in the Mozo database, at 5.39% p.a. (6.59% comparison rate*) from Police Credit Union (OO, P&I, $400k, <80% LVR, as at 1 November 2024), you could stand to save $248 per month, with a monthly mortgage bill of $3,894.
When you compare your options for fixed rates, pay special attention to:
Fixed rate home loans can be light on features, but some do carry the same interest-saving features as variable home loans these days.
These features include:
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A fixed rate home loan is a loan with an interest rate that is locked in for the duration of the fixed term. This means you’ll know exactly what your repayments will be from the start and won’t have to worry about them changing until the fixed term ends.
There are some common fees that are payable upfront, and some fees payable on an ongoing basis or at loan termination with fixed rate home loans.
These include:
If you decide to switch loans during the fixed period or pay out the loan early you might have to also pay a break fee that will be determined by your lender based on the rate you’re currently.
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:
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.
A fixed rate can be preferable if you want to know how much you’ll be repaying each month and don’t want to be blindsided by any rate hikes. In contrast, variable rates fluctuate over time and could require you to make constant adjustments to your monthly budget.
Fixed rates offer more predictability than variable rates when it comes to monthly repayments, but there are tradeoffs.
Fixed rates are priced according to future expectations, making them a good barometer for where interest rates are heading. For the fixed rate to be worthwhile, interest rates would need to rise beyond the lender’s expectations. This is why fixed rates are always a bit of a gamble — consumers will rarely have access to the same data lenders have, making it very difficult to beat them on pricing.
Yes. If you’re currently on a variable rate and want to switch, you can call your lender to do so or commence the process yourself via online banking or your lender’s app.
There are some aspects to a fixed rate home loan that borrowers might not appreciate. For one, many limit the amount of extra repayments you can make, or even restrict them altogether. If you come into a lump sum of money or generally have plans to pay off your loan ahead of schedule, this can be a major impediment.
Fixed rate home loans also come with some rather expensive break costs, which will apply if you want to sell your property, top up your loan, pay off your loan early, or refinance to a cheaper option.
Even if you’ve been approved for a fixed rate loan, your lender can change their rates in the time it takes to finalise your application and advance your funds. That means you might lose out on the low fixed rate that you were drawn to in the first place.
A mortgage rate lock can help by locking in the rate you were offered at the time of approval. Most lenders will charge a fee (either a flat fee or a percentage of the loan balance), but it can be worth it if you’re able to save money in the long run.
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It does not provide support for people in financial distress.
Read full reviewIt does not provide support for people in financial distress.
Suncorp generally has better and more competitive home loan rates for home loan packages for either fixed or variable, which includes offset accounts. Due to our loyalty we have, upon request, received a further discount on our rate. Since interest rates have remained high however, Suncorp is not entertaining requests to reduce rate. Overall I have been content with Suncorp and haven’t needed to go elsewhere…. yet!!
Read full reviewSuncorp generally has better and more competitive home loan rates for home loan packages for either fixed or variable, which includes offset accounts. Due to our loyalty we have, upon request, received a further discount on our rate. Since interest rates have remained high however, Suncorp is not entertaining requests to reduce rate. Overall I have been content with Suncorp and haven’t needed to go elsewhere…. yet!!
**Incredible Terrible Experience** I have had an incredibly terrible experience with this service. They take money from customers but do not invest in their IT systems. Here are the main issues I encountered: ### Issues 1. **Outdated IT Systems** - **Old-fashioned website**: The website is incredibly outdated and lacks modern functionality. - **No advanced mobile app**: There is no mobile app available, which is essential for convenient access. 2. **Technical Problems** - **Inability to transfer money**: I have been unable to transfer money for the last three months due to persistent IT issues with my account. 3. **Customer Support Failures** - **Unresolved issues**: Despite raising the issue over two months ago, it remains unresolved. - **Ineffective support**: After spending almost 40 minutes on the phone with customer support, they were unable to resolve the issue or transfer the money on my behalf. - **Lack of escalation**: When I requested to speak with a manager, I was told the manager was busy and could not assist me. ### Suggestions for Improvement 1. **Invest in IT Infrastructure** - **Upgrade the website**: Modernize the website to improve user experience and functionality. - **Develop a mobile app**: Create a mobile app to provide customers with convenient access to their accounts and services. 2. **Resolve Technical Issues Promptly** - **Fix account issues**: Address and resolve the technical issues preventing money transfers as a priority. - **Regular updates**: Implement regular system updates and maintenance to prevent similar issues in the future. 3. **Enhance Customer Support** - **Effective problem resolution**: Train customer support staff to handle and resolve issues efficiently. - **Escalation process**: Ensure there is a clear and effective escalation process for unresolved issues. - **Manager availability**: Make managers available to handle escalated cases promptly. I hope these suggestions are taken seriously and improvements are made to provide a better customer experience.
Read full review**Incredible Terrible Experience** I have had an incredibly terrible experience with this service. They take money from customers but do not invest in their IT systems. Here are the main issues I encountered: ### Issues 1. **Outdated IT Systems** - **Old-fashioned website**: The website is incredibly outdated and lacks modern functionality. - **No advanced mobile app**: There is no mobile app available, which is essential for convenient access. 2. **Technical Problems** - **Inability to transfer money**: I have been unable to transfer money for the last three months due to persistent IT issues with my account. 3. **Customer Support Failures** - **Unresolved issues**: Despite raising the issue over two months ago, it remains unresolved. - **Ineffective support**: After spending almost 40 minutes on the phone with customer support, they were unable to resolve the issue or transfer the money on my behalf. - **Lack of escalation**: When I requested to speak with a manager, I was told the manager was busy and could not assist me. ### Suggestions for Improvement 1. **Invest in IT Infrastructure** - **Upgrade the website**: Modernize the website to improve user experience and functionality. - **Develop a mobile app**: Create a mobile app to provide customers with convenient access to their accounts and services. 2. **Resolve Technical Issues Promptly** - **Fix account issues**: Address and resolve the technical issues preventing money transfers as a priority. - **Regular updates**: Implement regular system updates and maintenance to prevent similar issues in the future. 3. **Enhance Customer Support** - **Effective problem resolution**: Train customer support staff to handle and resolve issues efficiently. - **Escalation process**: Ensure there is a clear and effective escalation process for unresolved issues. - **Manager availability**: Make managers available to handle escalated cases promptly. I hope these suggestions are taken seriously and improvements are made to provide a better customer experience.
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