Ah yes, all the security of fixed interest rates and repayments, with none of the risk of variable rates and bank interest rates changes. A fixed rate home loan is a great option if you'd prefer to lock in your home loan repayments.
Read moreWell isn't that the $64,000 question. Literally. There's no easy answer, but having a quick play with our home loan and mortgage calculators particularly the home loan comparison calculator will show you the overall cost of different types of loan.
Well yes! Click through to home loan lenders and kick off the application process immediately simply hit the Go to site button.
Mortgage brokers can help find the right type of home loan for your needs (along with finding you insider deals and helping out with the home loan application). And Mozo's home loan negotiator service is a simple (and free) way to find the right home loan for your situation.
Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
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Mozo Order
2.19% p.a.
fixed 2 years
3.79% p.a.
Owner Occupiers with Orange Advantage, Principal & Interest
2.19% p.a.
fixed 2 years
3.79% p.a.
Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual or transaction fees and it's free to make extra repayments.
2.14% p.a.
fixed 1 year
3.01% p.a.
Owner Occupier, Principal & Interest
2.14% p.a.
fixed 1 year
3.01% 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. Winner of a Mozo Experts Choice Award 2019 in the Fixed Rate Home Loan category.^
Hot Deal$2,000 Refinance Cash Bonus (T&Cs apply)
2.29% p.a.
fixed 2 years
3.28% p.a.
Owner Occupier, Principal & Interest
2.29% p.a.
fixed 2 years
3.28% p.a.
No monthly account keeping fees & No loan establishment fee. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.
2.09% p.a.
fixed 2 years
2.98% p.a.
Owner Occupier, Principal & Interest, LVR <80%
2.09% p.a.
fixed 2 years
2.98% p.a.
Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^
2.29% p.a.
fixed 2 years
2.98% p.a.
Owner Occupier, Principal & Interest
2.29% p.a.
fixed 2 years
2.98% p.a.
This 3 Year Fixed Rate Special Offer for purchase or refinance. Rate lock option available. No monthly or ongoing fees.
2.18% p.a.
fixed 2 years
3.72% p.a.
Owner Occupier, Principal & Interest
2.18% p.a.
fixed 2 years
3.72% p.a.
No ongoing fees. Ability to split your loan between fixed and variable. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer, T&Cs apply.
Hot Deal$2,500 cashback when you refinance your home loan to BOQ (T&Cs apply)
2.25% p.a.
fixed 3 years
3.41% p.a.
Owner Occupier, Principal & Interest, <80% LVR
2.25% p.a.
fixed 3 years
3.41% 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. $2,500 cashback when you refinance your home loan to BOQ (min. $250k lending, max 70% LVR, T&Cs apply).
2.19% p.a.
fixed 3 years
2.60% p.a.
Fixed, Owner Occupier, Principal & Interest, LVR<70%
2.19% p.a.
fixed 3 years
2.60% p.a.
Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.
2.39% p.a.
fixed 3 years
3.08% p.a.
Owner Occupier, Principal & Interest
2.39% p.a.
fixed 3 years
3.08% p.a.
The IMB Fixed Rate Home Loan gives you peace of mind with the security of fixed loan repayments. You can also pay up to 12 months repayments in advance without penalty.
2.06% p.a.
fixed 2 years
2.36% p.a.
2.06% p.a.
fixed 2 years
2.36% p.a.
Super low rate fixed home loan. Make weekly, fortnightly or monthly repayments. Up to 80% LVR & Owner Occupier Loans only. Special annual fee offer for applications submitted by 30 September 2020 and settled by 31 December 2020
2.29% p.a.
fixed 3 years
2.82% p.a.
Owner Occupier, Principal & Interest, LVR<80%
2.29% p.a.
fixed 3 years
2.82% p.a.
Competitive fixed rates ranging from 2.29% (2.82% comparison rate*) across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year).
2.29% p.a.
fixed 3 years
interest rate
3.89% p.a.
comparison rate*
(Terms & Conditions Apply)
Big four bank deal: Available for loans up to $2,000,000 with a 20% deposit.
2.49% p.a.
fixed 3 years
3.28% p.a.
Owner Occupier, Principal & Interest
2.49% p.a.
fixed 3 years
3.28% p.a.
No monthly account keeping fees & No loan establishment fee. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.
^See information about the Mozo Experts Choice Home loans Awards
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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Views, news, tips and guides to help find the home loan for you.
To fix or not to fix? That is the question posed by many home buyers across Australia. So 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.
A fixed home loan rates, as the name suggests, is a home loan that has an interest rate that is set for a fixed period, such as three years. During this period your repayments will be locked in, making it easier to budget and giving you peace of mind that you won't have to factor in any unexpected rate changes that could impact your monthly household budget over the loan term.
Banks will have fixed rate loans available for varying terms (up to 10 years) but the most popular terms for fixed rate home loans are between one and three years. Fixed home loans can have a higher interest rate than variable rate options so if you fix for a longer period of time you could end up paying a lot more if interest rates stay the same or go down over that period. Of course if rates go up the opposite will be true.
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, ie the rate that the home loan will automatically revert to when the fixed period is over, is usually higher than the market rate so if you do choose to fix be prepared to shop around at the end of the term or negotiate with your lender to get a better deal for staying with them.
There was a time when if you took out a fixed home loan rate you had to give up many of the features that come with most variable rate home loans like offset accounts and the ability to make extra repayments. But this is no longer the case for all fixed rate home loans. There are some restrictions though and these should be weighed up before you choose to fix.
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 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.
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.
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.
Pros: they offer a range of great fixed and variable rates. Cons: focus needs to be a little more on customers and returning calls, emails more efficiently.
Read full reviewPros: they offer a range of great fixed and variable rates. Cons: focus needs to be a little more on customers and returning calls, emails more efficiently.
I'm shocked and disgusted by the way this bank handles itself. Last year whilst overseas my card was used fraudulently to the tune of 14k all at a venue I was at for a short period of time. I asked them to investigate and send me the dockets which should highlight that the transactions were fraudulent and I was not in the same venue for 19 hours!!!.. which should have been an obvious giveaway something was not right in the first place! After 20 or so calls and emails they admitted they did not access the dockets/receipts and as most of the transactions used a pin it was down to me to pay and that was that, after reading the other reviews on here it seems like they just can't be bothered doing their job properly. I will be chatting to the ombudsman now as I can see I'm not on my own here. Move onto this year, as with most of us COVID has affected us all in some ways, after I put my mortgage on hold for a few months to see how things played out I just called to see what my options were moving forward and wanted to change from interest only to interest and principle which you think would be music to their ears given the current state of the economy and to decrease the interest that has accrued over the past few months but no! By way of background I have 9 months left of a fixed interest only mortgage and was told there is no way of me swapping to principal and interest without paying 11k break fees even though I was willing to keep the mortgage with them and lock in a new 3 or 5 year deal. How short sighted and economically irresponsible they are, they should be trying everything they can to assist long term customers especially with the current COVID financial climate but instead they look to make things harder. Surely someone at a senior level must have the hindsight to see their policies serve nothing but to annoy and drive customers away...? Come July I won't be a customer that's for sure... Shame on you Bankwest & Commbank for letting this happen and hopefully a potential customer reads this and goes with a bank with ethics.
Read full reviewI'm shocked and disgusted by the way this bank handles itself. Last year whilst overseas my card was used fraudulently to the tune of 14k all at a venue I was at for a short period of time. I asked them to investigate and send me the dockets which should highlight that the transactions were fraudulent and I was not in the same venue for 19 hours!!!.. which should have been an obvious giveaway something was not right in the first place! After 20 or so calls and emails they admitted they did not access the dockets/receipts and as most of the transactions used a pin it was down to me to pay and that was that, after reading the other reviews on here it seems like they just can't be bothered doing their job properly. I will be chatting to the ombudsman now as I can see I'm not on my own here. Move onto this year, as with most of us COVID has affected us all in some ways, after I put my mortgage on hold for a few months to see how things played out I just called to see what my options were moving forward and wanted to change from interest only to interest and principle which you think would be music to their ears given the current state of the economy and to decrease the interest that has accrued over the past few months but no! By way of background I have 9 months left of a fixed interest only mortgage and was told there is no way of me swapping to principal and interest without paying 11k break fees even though I was willing to keep the mortgage with them and lock in a new 3 or 5 year deal. How short sighted and economically irresponsible they are, they should be trying everything they can to assist long term customers especially with the current COVID financial climate but instead they look to make things harder. Surely someone at a senior level must have the hindsight to see their policies serve nothing but to annoy and drive customers away...? Come July I won't be a customer that's for sure... Shame on you Bankwest & Commbank for letting this happen and hopefully a potential customer reads this and goes with a bank with ethics.
I like this bank because everybody is treated the same, there are no discounts for "better" customers, the ethos from the non profit credit union it emerged from still rings true. There is only one bricks and mortar branch but they do everything they can to ensure that you don't need to go into it. All banking can be done online or by phone and they will accomodate these needs with excellent service representatives.
Read full reviewI like this bank because everybody is treated the same, there are no discounts for "better" customers, the ethos from the non profit credit union it emerged from still rings true. There is only one bricks and mortar branch but they do everything they can to ensure that you don't need to go into it. All banking can be done online or by phone and they will accomodate these needs with excellent service representatives.
