Fixed Rate Home Loans

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.

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What's better a variable, split or fixed rate home loan?

Well 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.

Can I apply for fixed home loan rate online?

Well yes! Click through to home loan lenders and kick off the application process immediately simply hit the Go to site button.

I'm still not sure about this fixed rate loan! Can a mortgage broker help me decide?

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.

Fixed rate home loan comparisons on Mozo - page last updated September 26, 2020

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.

I want to borrow

years

  • mozo-experts-choice-2020

    2.19% p.a.
    fixed 2 years

    3.79% p.a.

      Compare
    Details
  • mozo-experts-choice-2020

    2.14% p.a.
    fixed 1 year

    3.01% p.a.

      Compare
    Details
  • Hot Deal$2,000 Refinance Cash Bonus (T&Cs apply)

    2.29% p.a.
    fixed 2 years

    3.28% p.a.

      Compare
    Details
  • mozo-experts-choice-2020

    2.09% p.a.
    fixed 2 years

    2.98% p.a.

      Compare
    Details
  • 2.29% p.a.
    fixed 2 years

    2.98% p.a.

      Compare
    Details
  • 2.18% p.a.
    fixed 2 years

    3.72% p.a.

      Compare
    Details
  • 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.

      Compare
    Details
  • 2.19% p.a.
    fixed 3 years

    2.60% p.a.

      Compare
    Details
  • 2.39% p.a.
    fixed 3 years

    3.08% p.a.

      Compare
    Details
  • 2.06% p.a.
    fixed 2 years

    2.36% p.a.

      Compare
    Details
  • mozo-experts-choice-2020

    2.29% p.a.
    fixed 3 years

    2.82% p.a.

      Compare
    Details
  • Red hot rates from:

    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.

      Compare
    Details
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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, loan amount and term entered. 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 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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Fixed home loan rates

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.

Fixed rate loans, what do you need to know? 

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.

How does a fixed rate home loan compare on features?

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.

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.

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Home Loan Reviews

NAB Tailored Home Loan (Choice Package) review
Overall 7/10
Great home loan options and incentives.

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 review

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.

Price
8/10
Features
7/10
Customer service
7/10
Convenience
10/10
Trust
7/10
Less
Yasmin, Victoria reviewed about 12 hours ago
Bankwest Home Loan review
Overall 1/10
Worst experience with any financial institution.

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 review

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.

Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Dominic, New South Wales reviewed about 12 hours ago
MOVE Bank Home Loan review
Overall 9/10
Move to a better way of banking.

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 review

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.

Price
7/10
Features
9/10
Customer service
10/10
Convenience
7/10
Trust
9/10
Less
Ruth, Queensland reviewed about 12 hours ago

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Government to scrap responsible lending requirements to help revive economy

The Morrison government intends to scrap the red tape banks and lenders currently face when issuing home loans and other credit products, allowing customers to access loans without getting bogged down in rigorous application procedures.Introduced by the Labor government following the global financial crisis, the responsible lending framework is now seen as restricting the flow of credit to households and businesses at a time when economic recovery depends on it.Winding back the restrictions would shift the burden of responsibility from lenders to borrowers, allowing banks to take credit applicants at their word when disclosing income and spending information, unless there is strong reason not to. Treasurer Josh Frydenberg said the red tape reduction would eliminate the barriers to accessing credit and assist the economy in its road out of the COVID-19 recession.“Maintaining the free flow of credit through the economy is critical to Australia’s economic recovery plan,” he said.“By simplifying the loan application process for borrowers it will reduce barriers to switching between credit providers, encouraging consumers to seek out a better deal.”Currently, banks and other lenders are overseen by the Australian Prudential Regulation Authority, but they are also subject to strict lending rules by the Australian Securities and Investments Commission. The changes will reduce ASIC’s role in enforcing responsible lending obligations, freeing up the corporate regulator to focus its attention on payday lenders instead.Under the new controls, payday lenders will no longer be able to lend money if half of a borrower’s income comes from Centrelink and the repayments exceed 10% of their income. This increases to 20% if less than half a person’s income is from Centrelink.ASIC will also tighten its controls on consumer leases and other high-risk non-banking products, such as by introducing caps on interest.As for banks and non-bank lenders, the easing of restrictions is expected to undo the climate of risk aversion many believed was stifling lending activity. For more information on lending trends, be sure to visit or home loans statistics page.