NAB and ANZ have today hiked fixed rates by up to 0.20 percentage points, 12 days out from the September RBA cash rate decision.
As a result, NAB and ANZ’s lowest advertised fixed rates are now both 6.49%.
NAB’s lowest fixed rates | |||
|---|---|---|---|
Old | New | Change %-pts | |
1-year | 6.44% | 6.59% | +0.15 |
2-year | 6.34% | 6.49% | +0.15 |
3-year | 6.49% | 6.64% | +0.15 |
4-year | 6.49% | 6.64% | +0.15 |
5-year | 6.49% | 6.64% | +0.15 |
Source: Canstar. Based on owner-occupier fixed-rate loans. LVR requirements apply.
ANZ’s lowest fixed changes | |||
|---|---|---|---|
Old | New | Change %-pts | |
1-year | 6.34% | 6.49% | +0.15 |
2-year | 6.29% | 6.49% | +0.20 |
3-year | 6.49% | 6.64% | +0.15 |
4-year | 6.54% | 6.64% | +0.10 |
5-year | 6.59% | 6.69% | +0.10 |
Source: Canstar. Based on owner-occupier fixed-rate loans. LVR requirements apply.
Lenders slowly starting to move on fixed
After weeks of inactivity, fixed rates have now started to move, and they’re on the way up, not down.
ING yesterday hiked its fixed rates by 0.20 percentage points, taking its lowest fixed rate to 6.39%, while Macquarie hiked last week. Its lowest fixed rate is also now 6.39%.
This takes the number of lenders hiking fixed rates in the month of September to nine.
While this is now a noteworthy shift in the lead-up to the next RBA meeting, the number of lenders hiking fixed rates is still relatively low compared to previous months where the possibility of a cash rate rise was on the table.
For example, in the lead-up to the last cash rate hike in May, 60 banks increased fixed home loan rates the month before.
Next RBA move tipped to be up, but timing uncertain
All four big bank economic teams are forecasting the next cash rate move will be a hike, however, the timing is contested.
CBA, Westpac and ANZ all predict the RBA will hike in November, while NAB expects the first hike to come in 12 days’ time on 29 September.
Big banks cash rate forecasts | ||
|---|---|---|
Next move | When | |
CBA | HIKE | +0.25 in Nov 2026 |
Westpac | HIKE | +0.25 in Nov 2026 |
NAB | HIKE | +0.25 in Sep 2026 |
ANZ | HIKE | +0.25 in Nov 2026 |
Source: Prepared by Canstar.
Fixed rates still uncompetitive as most borrowers stick to variable
CBA and Westpac currently have the lowest fixed rates out of the big four at 6.34%. However, these rates are still noticeably higher than both banks’ lowest variable rates at 6.09% and 5.99%, respectively.
While the lowest fixed rate is sitting at a much more competitive 5.79%, Canstar analysis shows 90% of lenders’ lowest advertised rates are variable, of those that offer both rate types.
It’s therefore no surprise borrowers aren’t jumping to fix. CBA’s full-year results show just 7% of new loans opted for a fixed rate in the six months to June 2026. That’s up from previous results, but still low.
Big four banks’ lowest fixed rates | ||||
|---|---|---|---|---|
CBA | Westpac | NAB | ANZ | |
1-year | 6.49% | 6.44% | 6.59% | 6.49% |
2-year | 6.34% | 6.34% | 6.49% | 6.49% |
3-year | 6.59% | 6.54% | 6.64% | 6.64% |
4-year | 6.64% | 6.69% | 6.64% | 6.64% |
5-year | 6.79% | 6.69% | 6.64% | 6.69% |
Variable | 6.09% | 5.99% | 6.09% - 6.79% | 6.25% |
Source: Canstar. Rates based on owner-occupier fixed-rate loans. LVR requirements apply.
Lowest fixed rates on Canstar | ||
|---|---|---|
Lender | Rates from | |
1-year | Police Credit Union | 5.79% |
2-year | Police Credit Union | 5.89% |
3-year | Police Bank | 5.84% |
4-year | Southern Cross Credit Union | 6.29% |
5-year | Southern Cross Credit Union | 6.29% |
Source: Canstar. Rates based on owner-occupier fixed-rate loans. LVR requirements apply.
Another RBA cash rate hike is waiting in the wings
Canstar’s Data Insights Director, Sally Tindall, says, “Today’s fixed rate hikes from two of Australia’s biggest banks is yet another sign another RBA cash rate hike is waiting in the wings.”
“The small but noticeable ramp-up in hikes in the last nine days is telling.
“The big question at this stage is not if the RBA will hike again, but when. The fact that fixed rate hikes are only just now ramping up points to a market that’s expecting a hike, but potentially not until November.
“The RBA will be going into the next Board meeting at the end of this month with an inflation problem that’s still stickier than a kid in a candy store.
“Core inflation has not gone down in the last eight monthly datasets. However, the Board will be flying with blinkers on this month, with the next round of inflation data out the day after the meeting wraps up.
“The bottom line is, if you have a mortgage, start preparing for a hike, and the time to start that prep is now, if you haven’t already.
“There are currently 50 lenders offering variable rates under 6 per cent for owner-occupiers. That’s a lot of choice, for a lot of borrowers.”
