Australian Mortgage Rates

Explore current trends in Australian mortgage rates, product fees, LVR percentages, lender details, and more. Updated weekly, check back to stay informed

Mortgage Professional Australia’s Interest Rates database is an essential resource for industry professionals, offering comprehensive access to the best Australian home mortgage rates and leading mortgage providers.

We update our Interest Rates database every week to display the current offerings of the top mortgage lenders in the country, allowing for easy searches. Here, you’ll find specific data on fixed interest rates, loan to value ratios, individual lenders, and more.

To stay up to date with the constantly changing Australian mortgage rates, check back here every week or bookmark this page.

Updated as of Feb 3, 2025, the figures within the table below may change at any time.

What mortgage rates are suitable for your clients' needs?  

    

 

1-year fixed rate mortgage

With 161 1-year fixed rate mortgages from 16 lenders, knowing the rates and fees for these mortgages is worthwhile. As Australian mortgage rates keep changing, one notable option for this short-term loan type is Macquarie Bank’s Fixed Rate Home Loan Principal & Interest Offset starting at 5.69%.

 

2-year fixed rate mortgage

There are 174 2-year fixed products available from 17 lenders. Home buyers who are looking for short-term fixed rates can secure these from National Australia Bank, starting at 6.04%.

 

3-year fixed rate mortgage

For those considering 3-year fixed rate mortgages, our database shows 179 products available from 18 lenders. With mortgage rates in Australia changing constantly, it helps to know what the current rates are and what fees and charges they include. UBank’s 3-year fixed rates start from 5.99%. 

 

5-year fixed rate mortgages

5-year fixed mortgage rates are becoming more popular. Right now, there are 166 of these products listed in our database. This is updated weekly, so be sure to check back!

 

10-year fixed rate mortgages

Our list of mortgage rates shows that ANZ Bank is the only lender currently offering 10-year fixed rates, starting from at 7.04%.

 

ANZ Bank mortgage rates

ANZ maintains its place among the Big Four by offering competitive Australian mortgage rates. In our database, there are 149 mortgage products listed, with a fixed LVR more than 80% Principal & Interest starting at 7.24% for a 7 year product.

 

Bank of Melbourne mortgage rates

The Bank of Melbourne operates primarily in Victoria. With 56 mortgage products listed in our database, it features Owner Occupier (Principal & Interest) fixed rates starting from 5.79% for a 2 year product.

 

Bank of Queensland mortgage rates

As a firm that provides an assortment of banking solutions, BOQ is a leading provider of Australian mortgage rates. It has 65 mortgage products recorded in our database and offers Owner Occupier Interest Only fixed rates beginning from 7.84% for a 5 year product.

 

Bankwest Mortgage Rates

In our database, Bankwest features 73 mortgage products, with offers like their Complete Fixed Home Loan - Up to 80% LVR package that starts from 5.89% for a 2 year product.

 

Bendigo Bank mortgage rates

Bendigo delivers a diverse set of home loan interest rates. Our database lists a selection of 65 mortgage products, with Australian mortgage rates for Complete Home Loan - Investor Fixed Interest Only starting from 6.19% for a 2 year product.  

 

Commonwealth Bank mortgage rates

As part of the Big Four, Commonwealth Bank provides a variety of loan types to a diverse clientele. With 50 mortgage products listed in our database, CommBank offers a fixed rate Investment Home Loan with Wealth Package starting from 6.09% for a 3 year product.

 

HSBC mortgage rates

With 112 mortgage products available HSBC is a top choice even here in Australia. Check our database of mortgage rates to see which product may best suit your client, and find the fees your client will want to know about. Our list of mortgage rates shows that HSBC is offering Owner Occupier fixed rates from 5.69% for a 2 year product.

 

ING mortgage rates

Our database includes a listing of 58 mortgage products from ING. The company offers a diverse range of Australian mortgage rates, with Investor Home Loan Interest Only rates from 6.04% for a 4 year product.

 

Macquarie Bank mortgage rates

Macquarie Bank provides a diverse selection of Australian mortgage rate products. There are 131 mortgage products listed in our database, providing Owner Occupier Interest Only fixed rates from 6.09% for a 5 year product. See what fees your clients may also encounter, and make sure to read our FAQs for more info on this bank.

 

National Australia Bank mortgage rates

There are 103 mortgage products recorded in our database. NAB, one of the Big Four companies known for offering reliable home loan rates in Australia, has Owner Occupier Interest Only in Arrears fixed rates starting at 6.19% for a 3 year product.

 

St. George Bank mortgage rates

In our database of Australian mortgage rates, St. George Bank has a list of 13 home loan products available, including Owner Occupier (Principal & Interest) fixed rates from 5.79% for a 2 year product. See what your mortgage products your client may want from this bank. Updated weekly!

 

Suncorp mortgage rates

Suncorp is one of the biggest financial companies in the country. Our listings show that the firm offers 68 mortgage products, with Investment fixed rates beginning at 6.20% for a 1 year product. See if Suncorp has the best mortgage rates for your client, and also see our FAQ section to learn more. 

 

UBank mortgage rates

UBank is an online banking firm that provides some of the most competitive Australian mortgage rates. Our database shows 82 mortgage products are available, providing Owner Occupier (Principal & Interest) fixed rates starting from 5.79% for a 2 year product. You can also see our FAQ section to learn more about them.

 

Westpac Bank Mortgage Rates

Part of the Big Four, Westpac provides some of the most accessible arrays of Australian mortgage rates on the market. According to our database, offerings include 63 mortgage products, with Investor Principal & Interest fixed rates from 6.09% for a 3 year product.

 

Investment home mortgage rates

Investment home mortgage rates are available in 1, 2, 3, 4, 5, 7 and 10-year increments. See what your investment-savvy client is eligible for. Updated weekly!   

 

Variable mortgage rates

With 284 products currently available in our database from 15 lenders, customers looking for variable mortgage rates have a lot of potential choice with products generally being available over all terms with interest rates sitting between 5.69% and 9.54%.       

 

Home loan interest-only mortgage rates

Interest-only rates are for clients looking to only pay their mortgage interest who are not yet looking to pay off the principal. Most available rates are between 5.89% and 10.06% with varying product fees and LTV percentages. There are currently 473 products available from 13 lenders.

 

First home buyer mortgage rates

New customers are always looking to find the best rates, and are an exciting area of the business for many brokers. Our database currently has 19 products from 10 lenders, initial fixed rates are between 5.49% and 6.74% with varying LTV percentages.

Australian Mortgage Rates FAQs

How long can you fix a mortgage rate in Australia?

In Australia, fixed-rate mortgage terms typically range from one to five years. Longer fixed terms, such as 10 or 15 years, are rare due to market limitations.

Borrowers can lock in their interest rate for the selected term, providing stability against market fluctuations. After this period, the loan usually reverts to a variable rate unless renegotiated.

Keep exploring the Australian mortgage rates FAQs to learn more about common queries and insights.

What happens when your fixed-rate mortgage runs out?

When the fixed-rate term expires, borrowers have three primary options:

  • refixing the loan: they can negotiate a new fixed-rate term with the lender
  • switching to a variable rate: the loan transitions to the lender's standard variable rate
  • splitting the loan: borrowers may divide the mortgage into fixed and variable portions

Borrowers are advised to review their financial situation and market conditions before making a decision.

What factor is the most impactful on Australian mortgage rates?

In Australia, the Reserve Bank of Australia's (RBA) cash rate plays a major role in shaping mortgage interest rates. When the RBA adjusts this rate, lenders often modify their mortgage rates accordingly.

What affects mortgage rates the most?

Several variables impact mortgage rates:

  • economic conditions: inflation and employment rates can lead to rate changes
  • lender's cost of funds: higher borrowing costs for lenders may result in increased mortgage rates
  • loan-specific factors: loan-to-value ratios (LVR) and borrower creditworthiness also play roles

Understanding these factors can help borrowers make informed decisions.

Which is better, fixed or floating interest rate?

Choosing between fixed and variable (floating) interest rates depends on personal needs.

Fixed rates provide stable repayments, making budgeting easier. Variable rates, however, fluctuate with market changes and can lead to savings if interest rates drop.

Can you change variable rate to fixed?

Borrowers can switch from a variable to a fixed rate by contacting their lender. The process involves selecting a fixed term and agreeing to the terms, including potential fees.

Some lenders offer online applications, while others require formal documentation.

Can you change fixed rate to variable?

Yes, a fixed rate can be switched to a variable rate after the fixed term or earlier, depending on the lender’s policies. However, early switches may incur break costs.

These are common questions under Australian mortgage rates FAQs, as flexibility in loan terms is critical for many borrowers.

Why are mortgage rates in Australia so high?

The Australian home loan rates are high because of several factors:

  • RBA cash rate: the RBA adjusts the cash rate to manage inflation. For instance, post-pandemic inflation led to multiple rate hikes in 2022
  • economic conditions: periods of high inflation, like during the mining boom, pushed interest rates higher as the RBA sought to maintain economic stability
  • global financial markets: events like the 2008 Global Financial Crisis increased Australia's funding costs, leading to higher mortgage rates domestically

These factors collectively shape Australian mortgage rates over time.

How do Australian mortgage rates impact business financing?

Rising mortgage rates can severely affect business financing:

  • higher borrowing costs: businesses face increased loan expenses, reducing cash flow
  • lower consumer spending: higher mortgages cut disposable income, decreasing demand
  • stricter lending: lenders tighten criteria, limiting SME financing options

Businesses should monitor interest rate trends and assess their financial strategies to mitigate these impacts. Staying updated with Australian mortgage rates FAQs is vital for effective planning.

Is it better to pay a lump sum off your mortgage or make extra monthly payments?

Both lump-sum payments and extra monthly contributions can reduce mortgage balances faster, saving interest costs.

Extra monthly payments consistently lower the principal, generating long-term interest savings. A lump-sum payment, on the other hand, can decrease the loan balance immediately and reduce interest instantly.

Some considerations:

  • loan terms: some lenders may limit extra repayments or charge early payment fees
  • financial flexibility: ensure extra payments do not strain finances; keep an emergency fund for stability

Should a mortgage be paid off early in Australia?

Paying off a mortgage early can save money on interest and offer financial freedom. However, borrowers should consider:

  • investment opportunities: funds used to pay off a mortgage could generate higher returns if invested
  • loan features: flexible options like redraw facilities allow access to extra payments if needed, balancing flexibility and interest reduction

Evaluating financial goals and seeking expert advice can help determine the best approach. Bookmark and revisit this Australian mortgage rates FAQs for insights.