April home loan snapshot: CBA, NAB and Westpac move on fixed rates
It’s been just over a year since the Reserve Bank announced its emergency interest rate cut on March 19, 2020, a move which, in addition to other measures taken by the RBA, helped catalyse the steep decline in fixed home loan interest rates we’ve witnessed since.
According to the latest Mozo Banking Roundup, a number of lenders are still adjusting their rates down, particularly in the shorter-term fixed categories, but signs have also started to emerge in the last few weeks that longer-term fixed rates may be starting to turn.
So which lenders have been shifting rates of late and what does an average home loan rate look like at present? Read on to find out.
Fixed home loan rates
Fixed home loan rates have been tracking in one direction over the past 12 months - down.
But the last few weeks have been a little different, with a number of rate cuts and increases from various banks and lenders. As a result, the fixed rate averages in the Mozo database have remained relatively stable compared to this time last month (see table below for exact rates).
Zooming in, some of the more notable changes from the past month include:
- Online lender Homestar cut the 2-year rate on its Star Classic Fixed Home Loan by 14 basis points to 1.74% (2.23% comparison rate) for owner occupiers, making it the lowest rate in our database for that term.
- Commonwealth Bank reduced rates for all borrowers on select 1, 2 and 3-year fixed terms, while it increased its 4-year fixed rate by 20bp for owner occupiers. Its lowest rate is now 1.94% (3.93% comparison rate*) on the Fixed Rate Home Loan (Wealth Package) for a 2-year term.
- NAB cut 10-15bp off 2-year fixed rates for owner occupiers and investors, meaning its lowest fixed rate is now 1.89% (3.97% comparison rate*) with the Tailored Home Loan (Choice Package).
- Westpac reduced both 2 and 3-year fixed rates by 20bp for owner occupiers and investors. The 2-year fixed rate on its Fixed Options Home Loan (Premier Advantage Package) is now 1.89% (3.46% comparison rate*).
How do these rates compare? To put them into perspective, here’s a snapshot of the lowest fixed rate^^ offers in the Mozo database as well as our fixed rate averages for owner occupiers as of April 1, 2021:
Term | Rate leader | Fixed rate | Average |
1-year | Greater Bank | 1.69% (3.49% comparison rate*) | 2.34% |
2-year | Homestar | 1.74% (2.23% comparison rate*) | 2.30% |
3-year | UBank | 1.75% (2.22% comparison rate*) | 2.34% |
4-year | Bank of Melbourne & St.George | 1.94% (3.21% comparison rate*) | 2.37% |
5-year | Greater Bank | 2.19% (3.10% comparison rate*) | 2.63% |
Variable home loan rates
As has been the norm, lenders have been much less active on the variable home loan rate front. Compared to the start of March, the average variable rate for owner occupiers in the Mozo database has actually ticked up slightly, moving from 3.29% to 3.30%.
Some of the more significant changes from lenders in recent weeks include:
- Westpac Group members Bank of Melbourne, BankSA and St.George all cut 5bp off their respective Basic Home Loans (Special Offer) meaning the lowest rate available to owner occupiers is now 2.49% (2.51% comparison rate*). Investor rates were cut by 20bp, bringing the lowest rate down to 2.79% (2.81% comparison rate*).
- Suncorp cut rates by 10bp for owner occupiers on two of its variable rate home loans, so the lowest variable rate now available is 2.44% (2.45% comparison rate*) with the Back to Basics Special offer.
- Online lender Well Home Loans reduced rates for investors by 12bp on its Well Balanced loan. The new rate of 2.24% (2.30% comparison rate) is now the lowest variable rate in our database for investors.
Though they remain largely unchanged compared to last month, here’s a snapshot of the five lowest variable rates^^ available to owner occupiers in the Mozo database as of April 1, 2021:
Variable rate | Lender | Loan |
1.99% (2.05% comparison rate*) | Reduce Home Loans | Super Saver Variable |
2.09% (2.09% comparison rate*) | Pacific Mortgage Group | Standard Variable |
2.14% (2.19% comparison rate*) | Homestar | Star Essentials |
2.17% (2.17% comparison rate*) | FreedomLend | Variable Home Loan |
2.17% (2.20% comparison rate*) | Well Home Loans | Well Balanced |
To keep track of the latest rate movements, including any increases to longer-term fixed rates we might start to see play out in April and beyond, check out the dedicated Mozo home loan news hub.
Or if you’re looking to see how your own mortgage offer stacks up, head on over to the Mozo home loan comparison tables to compare rates, fees and features from a range of lenders.
^^Based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. For more information on average mortgage rates, check out our Australian home loan statistics page.
Compare fixed home loans - last updated 29 March 2024
-
Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Fixed Express Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 2 years6.14% p.a.Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee.
CompareCompareFixed Express Home Loan
Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee.
- interest rate
- 6.04% p.a.
fixed 3 years
- comparison rate
- 6.15% p.a.
- interest rate
- 6.04% p.a.
fixed 3 years
- comparison rate
- 6.15% p.a.
- upfront fees
- $134
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - up to 20% during the fixed period
- Redraw facility
- yes - free
- Offset account
- yes - partial only
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Bendigo Bank Fixed Express Home Loan
-
Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 3 years6.13% p.a.No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
CompareCompareBasic Home Loan
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.13% p.a.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.13% p.a.
- upfront fees
- $350
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - up to $10,000 p.a.
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 70.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
-
Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Fixed Express Home Loan
Owner Occupier, Interest Only
interest rate
comparison rate
Initial monthly repayment6.49% p.a.
fixed 2 years6.39% p.a.CompareCompareFixed Express Home Loan
- interest rate
- 6.54% p.a.
fixed 3 years
- comparison rate
- 6.38% p.a.
- interest rate
- 6.54% p.a.
fixed 3 years
- comparison rate
- 6.38% p.a.
- upfront fees
- $134
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - up to 20% during the fixed period
- Redraw facility
- yes - free
- Offset account
- yes - partial only
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Fixed
- Repayment types
- Interest Only
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Bendigo Bank Fixed Express Home Loan
-
Flex Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 3 years6.41% p.a.Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
CompareCompareFlex Home Loan
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.41% p.a.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.41% p.a.
- upfront fees
- $250
- Ongoing fees
- $250.00 yearly
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- -
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ubank Flex Home Loan
-
Fixed Rate Loan with Orange Advantage
Orange Advantage, Owner Occupiers, Principal & Interest, LVR <80%
interest rate
comparison rate
Initial monthly repayment6.09% p.a.
fixed 2 years6.16% 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. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.
CompareCompareFixed Rate Loan with Orange Advantage
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. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.12% p.a.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.12% p.a.
- upfront fees
- $299
- Ongoing fees
- $0.00
- Discharge Fee
- $250.00
- Extra repayments
- yes - free up to $10,000 pa
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ING Fixed Rate Loan with Orange Advantage
-
Mozo experts choice awards won:
- Fixed Rate Home Loan - 2024
- Investor Fixed Home Loan - 2024
Fixed Rate Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 2 years6.24% p.a.Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.
CompareCompareFixed Rate Home Loan
Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.
- interest rate
- 6.29% p.a.
fixed 3 years
- comparison rate
- 6.30% p.a.
- interest rate
- 6.29% p.a.
fixed 3 years
- comparison rate
- 6.30% p.a.
- upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $395.00
- Extra repayments
- yes, up to $25,000 during fixed period - fee applies
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- $20,000
- maximum borrowing amount
- $2,500,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the BCU Bank Fixed Rate Home Loan
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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. You can change the loan amount and term in the input boxes at the top of this table. 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 Loan Awards
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