2023 Fixed Home Loan Awards

Australia’s largest comparison site, Canstar, releases its
2023 Fixed Rate Home Loan Awards.

Released: 17 August, 2023

About this year’s awards

With successive cash rate rises from the Reserve Bank of Australia (RBA) since May 2022, Australia has faced an extremely volatile time for home loan interest rates. Despite this, figures from the Australian Bureau of Statistics showed a pickup for the humble fixed rate mortgage, with 8.2% of new lending going to fixed rate loans after hovering between 4% and 5% for the past year or so.

With this in mind, this year’s standout providers were the ones who delayed fixed rate hikes and kept forecasts at a minimum when adjusting their fixed rates.

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)

HSBC

Bank of the Year – Fixed Rate Home Loan Award

Winning this Award for the first time, HSBC was found to offer outstanding value fixed rate home loans in almost every assessed profile, on top of not increasing their fixed rates until late June.

HSBC is a banking and financial services organisation, operating in 63 countries and territories across the world. Founded in 1865 in Hong Kong and Shanghai, HSBC first started operations in Australia in 1965.

Hume Bank

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

Hume Bank has once again picked up the Customer Owned Bank of the Year Award for Fixed Rate Home Loans, particularly in recognition for their dedication to keeping rates low.

Formed in 1955, Hume Bank is a 100% customer-owned bank headquartered in Albury, New South Wales.

Tic:Toc Home Loans

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

TicToc has maintained their Award for this year, demonstrating you do not need to refinance to one of the larger institutions for competitive rates.

Launched in 2017, Tic:Toc is a platform technology company with an Australian Credit Licence. They have partnered with Bendigo and Adelaide Bank to offer home loans online through their platform.

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, Ratings Manager

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.