Westpac has now followed ANZ with some ~+30 bps mortgage rate rises of their own.
They have matched ANZ at 5.45% for the one year fixed rate, but have set a lower benchmark for 18 months and two years.
And they have declined to follow ANZ for the three year rate up, leaving their rate at 5.65% and -30 lower than ANZ's rate for that fixed term.
In fact, Westpac is now (and still) the most competitive of any of the big banks for three years fixed.
Will other banks move up? It isn't certain they will, but it does seem likely.
Today's US Fed signals probably don't shift wholesale money rates any further. And the Spring real estate market seems stuck in the Winter mud. That makes most activity happening in the mortgage market in the zero-sum refinance sector.
On the term deposit side, Westpac also raised rates, and like ANZ they aren't to levels that are very special in the current market. Westpac's new six month rate offer is 3.30%, its nine month rate 3.50% and its one year offer 4.10%. None of these are particularly distinctive even if they are more competitive than they were.
One useful way to make sense of these changed home loan rates is to use our full-function mortgage calculator which is also below. (Term deposit rates can be assessed using this calculator).
And if you already have a fixed term mortgage that is not up for renewal at this time, our break fee calculator may help you assess your options. But although break fees should be minimal in a rising market, they will start to bite in a falling market.
Here is the updated snapshot of the lowest advertised fixed-term mortgage rates on offer from the key retail banks at the moment.
| Fixed, below 80% LVR | 6 mths | 1 yr | 18 mth | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
| as at September 23, 2022 | % | % | % | % | % | % | % |
| ANZ | 5.50 | 5.45 | 5.65 | 5.75 | 5.95 | 6.85 | 6.95 |
 |
5.15 | 5.15 | 5.35 | 5.45 | 5.69 | 5.79 | 5.79 |
 |
4.99 | 5.15 | 5.49 | 5.39 | 5.69 | 5.89 | 5.99 |
 |
5.45 | 4.95 | 5.45 | 5.69 | 5.89 | 5.99 | |
 |
5.35 +0.30 |
5.45 +0.30 |
5.55 +0.20 |
5.65 +0.20 |
5.65 | 5.75 | 5.75 |
| Bank of China | 4.95 | 5.25 | 5.25 | 5.45 | 5.65 | 5.65 | |
| China Construction Bank | 5.50 +0.51 |
5.45 +0.30 |
5.65 +0.36 |
5.75 +0.30 |
5.95 +0.26 |
6.85 | 6.85 |
| Co-operative Bank [*FHB special] | 4.89 | 4.79* | 5.39 | 5.39 | 5.69 | 5.79 | 5.89 |
| Heartland Bank | 4.79 | 5.15 | 5.14 | ||||
| HSBC | 5.04 | 5.09 | 5.19 | 5.24 | 5.44 | 5.64 | 5.64 |
| ICBC | 4.99 | 4.95 | 5.15 | 5.25 | 5.69 | 5.89 | 5.99 |
 |
4.95 | 4.89 | 5.35 | 5.29 | 5.49 | 5.79 | 5.79 |
 |
4.89 | 4.69 | 5.19 | 5.29 | 5.55 | 5.65 | 5.65 |
Fixed mortgage rates
Select chart tabs
Daily swap rates
Select chart tabs
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.