ANZ delivers a one-two hit, hiking fixed rates above 6.0%

Big four bank ANZ has today hiked fixed rates by up to 0.40 percentage points, just 19 days after the bank last lifted its fixed loans.

As a result, ANZ no longer has a fixed rate under 6%, with the lowest rate now 6.34% for a 1-year term.

Source: Canstar - 1/04/2026. Rates based on owner-occupier fixed-rate loans. LVR requirements apply. 
Looking at the big four bank mortgage rates, Westpac still offers the lowest fixed rate out of the majors at 5.79% for a 1-year term.

Source: Canstar.com.au. Rates based on owner-occupier fixed rate loans. LVR requirements apply.

ANZ part of a broader fixed rate shift

Rate tracking by Canstar shows 52 lenders have hiked at least one fixed rate since the last RBA hike just 15 days ago. This includes three of the big four banks – CBA, NAB and ANZ – but also Macquarie, Bendigo, ING and BOQ.

Lenders that have hiked at least one fixed rate per month

As a result of the hikes, the average 1-year fixed rate is now 0.27 higher than the average variable rate, a noticeable change from late last year when they were on par with each other.

Note: the averages are of the lowest available rates from each lender in the database.

Average rates: Variable vs 1-year fixed 

Lowest fixed rates also edging higher

As a result of the rate hikes, the lowest fixed rate is now 5.59% from Regional Australia Bank, Pacific Mortgage Group and Northern Inland Credit Union.

Source: Canstar. Rates based on owner occupier fixed rate loans. LVR requirements apply.

Have fixers missed the boat? 

This will come down to the borrower, but also the future of the cash rate – something that, at this stage, is highly uncertain. 

Canstar compared the average of the three lowest 1-year fixed rates (5.67%) against the average of the three lowest variable rates (5.56%) under a range of different cash rate scenarios.

Based on a $600,000 debt and 25 years remaining, if there were no more rate hikes, opting for one of the lowest variable rates could potentially see the person pay $659 less interest in the next 12 months. 

However, if there is just one more rate hike, fixing comes out ahead in the 1-year term, saving about $586 in interest.

These scenarios are estimates and do not include fees or extra repayments.

Source: Canstar. Notes: based on an owner-occupier paying principal and interest with a $600k loan in April 2026 and 25 years remaining. Lowest rates are the average of the 3 lowest rates on the Canstar database. For variable rates, the average only includes those lenders that have passed on the March RBA hike. Assumes further hikes are in May, June and August 2026. Calculations are for illustrative purposes only. They only reflect the interest charges and do not include fees or any extra repayments. Lowest rates exclude eco and introductory rate loans. 

ANZ far from alone in hiking fixed rates

Canstar data insights director, Sally Tindall, says, “Seeing ANZ’s lowest fixed rate jump to 6.34 per cent is a stark reminder of how quickly the interest rate tide has turned.”

“With over 50 lenders hiking fixed rates in just the last 15 days, it’s clear the market is pricing in further hikes to come, as the fallout from the war in the Middle East starts to hit costs across Australia. 

“Fixed rates are typically the early warning signal for where rates are headed. When a bank ratchets them up twice in less than three weeks it’s a sign there’s a lot more turbulence ahead. 

“ANZ is far from alone in hiking fixed rates. Three of the big banks have now hiked these rates in the space of five days. Westpac, now the lowest out of the big banks in the fixed rate space, is likely to be days away from lifting rates as well. 

“Westpac’s own economists have ramped up their forecast of how many hikes we still have waiting in the wings, with the bank now predicting we’ll see another three in the next three RBA meetings.

“As a result, some borrowers could now be thinking about flipping over to fixed.

“If that’s you, take a clear-headed approach, weigh up the risks on both sides, keeping in mind the extra conditions and restrictions that come with locking in your rate.

“The cash rate could well rise again as soon as next month, but the fallout from the war, if it hits the Australian economy and jobs market hard, could also push the RBA into reverting back to cuts in the not too distant future.”