Five-year mortgages available for under 4%

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Home loan borrowers can fix their mortgage rates for five years at levels that have rarely been seen in Australian history.

A study of the Australian mortgage market has found that five-year home loans are currently priced as low as 3.99 per cent (see table below).

Suncorp Bank has a first home buyer special that allows borrowers to take out a five-year fixed home loan from just 3.99 per cent (comparison rate 3.88 per cent).

Greater Bank is also offering a five-year fixed-rate mortgage from 3.99 per cent, although its comparison rate is higher, at 4.48 per cent.

NAB has the lowest five-year fixed rate of the big four banks, with its Choice Package Tailored Home Loan starting from 4.09 per cent (comparison rate 4.80 per cent).

By way of contrast, the average interest rate for all the variable-rate mortgages on RateCity was 4.65 per cent as of 1 March.

Lender Product Advertised rate Comparison rate
Suncorp Bank Home Package Plus First Home Buyer Special Offer 3.99% 3.88%
Greater Bank Ultimate Home Loan 3.99% 4.48%
Greater Bank Great Rate Home Loan 4.09% 4.25%
NAB Choice Package Tailored Home Loan 4.09% 4.80%
Freedom Lend Freedom Fixed 4.14% 3.78%
Qudos Bank Fixed Rate Home Loan 4.19% 4.22%
ING Orange Advantage 4.19% 4.51%
Newcastle Permanent Fixed Rate Home Loan 4.19% 4.73%
IMB Bank Platinum Package 4.19% 4.76%
RACQ Choices Package 4.19% 4.80%

Please note that the cheapest home loan isn’t necessarily the best home loan for some borrowers.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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