Which lenders have won awards for fixed rate home loans in 2022?

With home loan interest rates on the rise and hikes set to continue, you may be wondering whether now is a good time to fix your home loan. If you’re thinking about taking out a new home loan or refinancing your existing one, then you might be interested in the results of Canstar’s Fixed Rate Home Loan Awards.

At a glance:

Numbers crunched:
- 76 home loan providers evaluated
- 2 consumer profiles considered
- 5 fixed rate terms analysed
- 3 award winners
Winners list:
- Bank of the Year – Fixed Rate Home Loan Award: Auswide Bank
- Customer-Owned Bank of the Year – Fixed Rate Home Loan Award: Hume Bank
- Non-Bank of the Year – Fixed Rate Home Loan Award: Tic:Toc.

In May of this year, the Reserve Bank of Australia (RBA) put an end to our nation’s record-low run of low interest rates, raising the cash rate as a means of combating rising inflation. The RBA has hiked the cash rate every month since, sending home loan interest rates higher and spelling mortgage pain for many variable rate holders.

As rates continue to rise, you may find the idea of a fixed rate home loan appealing. Unlike a variable interest rate, which can go up or down depending on market conditions, a fixed rate remains the same from month to month, giving you a sense of certainty in your repayments and offering you insulation against rate rises. Canstar data shows fixed rates have also risen during this period, but some borrowers may be considering the merits of locking in a fixed rate now, before interest rates climb further.

If you’re thinking about a fixed rate home loan, Canstar has assessed 75 providers from across our database to find the ones that offer outstanding value to customers.

How are home loan lenders assessed?

Canstar’s Fixed Rate Home Loan Award research uses a unique and sophisticated methodology that weighs up the price and features of various home loan products to find the providers who offer outstanding value to customers.

Prodivers are assessed across two consumer profiles (owner-occupier and investor) and five fixed rate terms (one, two, three, four and five years). Canstar’s Fixed Rate Home Loan Award is given to the providers found to offer consumers the strongest combination of fixed rate products across these categories.

In total, there are three awards – Bank of the Year, Customer-Owned Bank of the Year, and Non-Bank of the Year – recognising the breadth of providers, large and small, across the fixed rate home loan market, as well as their unique strengths and selling points.

If you want to know more, you can read the Fixed Rate Home Loan Award methodology to find out what went into determining the price and features scores for the winning home loan providers.

Who are the award winners for 2022?

Just as the home loan market has seen a shakeup in 2022, this year has seen only one of last year’s winners carry over. Online lender Tic:Toc has won the Non-Bank of the Year Award for a second year running, while Auswide Bank and Hume Bank are new winners in the categories of Bank of the Year and Customer-Owned Bank of the Year, respectively.

Bank of the Year – Fixed Rate Home Loan – Auswide Bank

A new award winner in the Bank profile, Canstar’s researchers said Auswide Bank took out the Bank of the Year Award thanks to its consistently low interest rates, leading the pack for both short-term (1-2 years) and medium-term (3 years) fixed home loans. In addition, Auswide impressed thanks to its offering of flexible fixed rate loans that come with the option of offset accounts and redraw facilities.

Customer-Owned Bank of the Year – Fixed Rate Home Loan – Hume Bank

Hume Bank picked up the Customer-Owned Bank of the Year award, which Canstar’s researchers said was largely thanks to its dedication to keeping rates low. One stand-out among Hume Bank’s offerings was its MyBlue line of products, which offer solid rates with the flexibility of a full offset account and unlimited free redraws online. Impressively, this is available without the annual fee that you may normally expect for access to such features on a fixed rate loan.

Non-Bank of the Year – Fixed Rate Home Loan – Tic:Toc

Tic:Toc’s consistently strong performance has seen it claim the Non-Bank of the Year Award for a second year running. The online lender allows customers such features as access to an offset account for $10 a month, as well as competitive prices on fixed rate home loans that revert to competitive variable rates, which were, at the time of writing, among the cheapest on Canstar’s database.

Main image source: Dragana Gordic/Shutterstock.com.

About Canstar’s Research team

Canstar’s Research team provides the expertise that powers our Star Ratings and Awards, designed to help consumers make better-informed financial decisions. As Australia’s biggest financial comparison site, Canstar researches and rates products from more than 775 brands, across more than 30 finance categories. Our expert researchers analyse products we rate by comparing price and features, with the top products being recognised with a 5-Star Rating. Our Star Ratings are made available for consumers to view for free via Canstar’s comparison tables. Providers whose products perform strongly in our Star Ratings may be recognised with an Outstanding Value Award.

→ Discover Canstar’s latest Star Ratings and Award winners

This article was reviewed by our Sub Editor Tom Letts before it was updated, as part of our fact-checking process.

Alasdair Duncan

Deputy Finance Editor

Alasdair Duncan is Canstar's Deputy Finance Editor, specialising in home loans, property and lifestyle topics. He has written more than 500 articles for Canstar and his work is widely referenced by other publishers and media outlets, including Yahoo Finance, The New Daily, The Motley Fool and Sky News. He has featured as a guest author for property website homely.com.au.

In his more than 15 years working in the media, Alasdair has written for a broad range of publications. Before joining Canstar, he was a News Editor at Pedestrian.TV, part of Australia’s leading youth media group. His work has also appeared on ABC News, Junkee, Rolling Stone, Kotaku, the Sydney Star Observer and The Brag. He has a Bachelor of Laws (Honours) and a Bachelor of Arts with a major in Journalism from the University of Queensland.

When he is not writing about finance for Canstar, Alasdair can probably be found at the beach with his two dogs or listening to podcasts about pop music. You can follow Alasdair on LinkedIn.