2024 Fixed Home Loan Awards

Canstar releases its
2024 Fixed Rate Home Loan Awards.

Released: 15 August, 2024

About this year’s awards

While the cash rate from the Reserve Bank of Australia (RBA) has remained stable since November 2023, Australia has faced an extremely volatile time for home loan interest rates over the last couple years. According to Canstar Research, industry trends suggest uncertainty continues to cloud the future of home loan interest rates. 

With this in mind, this year’s standout providers were the ones with some of the lowest rates who made the fewest changes to their fixed rates over the last six months.

Canstar’s Fixed Rate Home Loan Awards uses our unique and sophisticated methodology in conjunction with the Home Loan Star Ratings to compare the cost and features of a fixed rate home loan to determine the products that offer outstanding value.

Congratulations to the Award winners

(Winners are listed alphabetically)

Australian Mutual Bank

Customer Owned Bank of the Year – Fixed Rate Home Loan Award

Owned Bank of the Year award. They’ve significantly improved their offerings across the board, now leading the market in 3-year and 5-year term options. For both 3-year and 5-year terms, they’ve reduced their interest rates year on year for investments and fixed residential loans. These changes have made Australian Mutual Bank a standout choice in the customer-owned banking sector, offering more competitive rates for customers seeking medium to long-term loan options.

HSBC

Bank of the Year – Fixed Rate Home Loan Award

HSBC has once again picked up the Bank of the Year Award by maintaining a low average historical rate over the past six months compared to others in the market. With options available for all loan terms and market-leading investment products, HSBC is an outstanding choice for anyone seeking a fixed loan.

Tiimely Home

Non-Bank of the Year – Fixed Rate Home Loan Award

Tiimely, formerly known as Tic:Toc, has consistently performed well and has retained the Non-Bank of the Year award this year. They lead the market in 2-year, 3-year, and 4-year term options by offering competitive rates and excellent features, including an optional offset account for $10 per month.

Does Canstar rate other products?

About Canstar

Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest rates, buy now pay later (BNPL), business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.

About: Josh Sale, Group Manager, Research & Ratings

Bachelor of Commerce, Economics/Finance dual major, Griffith University. Master of Data Science, Strategy and Leadership, RMIT (ongoing studies)

Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products.

As one of Canstar’s company spokespeople, Joshua has participated in print, radio and broadcast interviews with the likes of the Australian Financial Review, news.com.au and Money magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends.

Joshua is known for his ability to simplify complex products and technical information, crunching the data into meaningful insights for consumers about finance. He has analysed several consumer markets across banking, insurance and wealth, and is keenly interested in various topics, ranging from how Australians interact with their superannuation funds, to the dynamic nature of the health insurance market, and collecting and redeeming credit card reward points.

Joshua believes that knowledge is the first step towards empowerment. Even while studying, he facilitated peer-assisted study sessions for economics, and represented his University’s Business School in an academic committee.

You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.