Fixed or variable: What mortgage interest rates the major banks are offering borrowers
Last week the Commonwealth Bank cut its suite of fixed-rate mortgage products to appeal to those borrowers looking for certainty as the future direction of interest rates remains unclear.
The Commonwealth Bank now offers the lowest one-year, three-year, four-year and five-year home loan rates of the major banks, while NAB offers the lowest two-year fixed rate loan and ANZ the lowest 10-year fixed rate home loan.
Collectively the major banks account for around 80% of all new mortgage lending.
Here’s a guide to the advertised fixed and variable mortgage rates of the Commonwealth Bank and the other three major banks – NAB, Westpac and ANZ:
Rates correct as of September 10:
| CBA | ANZ | NAB | Westpac |
Standard variable | 6.80% | 6.80% | 6.78% | 6.89% |
One-year fixed | 5.74% | 5.84% | 5.79% | 6.09% |
Two-year fixed | 5.74% | 5.94% | 5.69% | 6.09% |
Three-year fixed | 5.74% | 5.94% | 5.89% | 5.89% |
Four-year fixed | 6.14% | 6.44% | 6.39% | 6.69% |
Five-year fixed | 6.14% | 6.54% | 6.49% | 6.19% |
10-year fixed | 7.74% | 7.69% | 8.09% | 7.99% |
Source: Websites of ANZ, Commonwealth Bank, Westpac and NAB