Most of the home loan rate action on Wednesday has been on the floating rate front.
And as at the end of December, 12% of all housing loans were on floating rates, 43% due to roll in less than six months. That is more than half of all loans
Borrowers have positioned themselves to jump on lower fixed rates as soon as they come through. But they haven't yet. In fact swap rates are little changed so far in 2025, so their wait continues.
In the floating rate cut rush, one bank has cut fixed rates today, Westpac. These cuts are effective from Friday, March 21, 2025.
But they also ended their unique 4.99% three year 'special' so there are no sub-5% rates currently.
But their new 5.39% three year rate is still market-leading. And they made cuts to their four and five year rates too taking them to market-leading positions now.
Update: Now ANZ has cut fixed rates today, and launched a 4.99% two year rate. They now have market-leading rates out to 3 year fixed terms.
At the same time, ANZ made significant cuts to term deposit rates.
The reader-reported mortgage rates are fluid but may be less frequent now, so please record them if you have them. We need you to record them in the comment section below, which helps us stay on top of this fast-changing corner of the home loan rates market.
And still negotiate. How flexible they may be will depend on the strength of your financials.
One useful way to make sense of the changed home loan rates is to use our full-function mortgage calculator which is below.
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. Break fees will be minimal in a rising market. But they become important in a falling market, like now.
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 February 20, 2025 | % | % | % | % | % | % | % |
| ANZ | 5.89 -0.10 |
5.29 -0.28 |
5.19 -0.20 |
4.99 -0.45 |
5.29 -0.30 |
5.99 -0.20 |
5.99 -0.20 |
| current reader-reported rates | 5.79 | 5.29 | 5.12 | 4.99 | 5.29 | 5.49 | 5.59 |
 |
5.89 | 5.49 | 5.19 | 5.29 | 5.59 | 5.79 | 5.79 |
| current reader-reported rates | |||||||
 |
5.89 -0.10 |
5.55 | 5.39 | 5.29 | 5.59 | 5.69 | 5.79 |
| current reader-reported rates | |||||||
 |
5.99 | 5.55 | 5.29 | 5.59 | 5.79 | 5.89 | |
| current reader-reported rates | 5.19 | ||||||
 |
5.99 | 5.49 -0.05 |
5.29 -0.05 |
5.29 | 5.39 +0.40 |
5.39 -0.10 |
5.39 -0.20 |
| current reader-reported rates | 5.89 | 4.99 | |||||
| Bank of China | 5.85 | 5.49 | 5.35 | 5.25 | 5.49 | 5.49 | 5.49 |
| China Construction Bank | 5.99 | 5.57 | 5.39 | 5.44 | 5.59 | 6.40 | 6.40 |
| Co-operative Bank (*=FHB only) | 5.99 | 5.49* | 5.49 | 5.49 | 5.69 | 5.79 | 5.79 |
| Heartland Bank | 5.49 | 5.39 | 5.39 | 5.45 | |||
| ICBC | 5.99 | 5.55 | 5.39 | 5.59 | 5.59 | 5.59 | 5.59 |
 |
6.09 | 5.69 | 5.49 | 5.49 | 5.59 | 5.79 | 5.79 |
 |
5.89 | 5.35 | 5.49 | 5.29 | 5.59 | 5.79 | 5.89 |
Fixed mortgage rates
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Daily swap rates
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