ANZ and Macquarie have gone against the trend by cutting selected fixed home loan rates ahead of the Reserve Bank's next cash rate decision on 16 June.
While Westpac and NAB recently hiked their fixed rates, ANZ and Macquarie moved in the opposite direction. These mixed signals highlight a highly uncertain interest rate environment, which can complicate the choice for borrowers looking to lock in a rate.
ANZ home loan rate changes
ANZ cut its 2- and 3-year fixed rates this week. At the time of writing, its lowest fixed rate is now 6.29% for a 2-year term.
- 2-year fixed: down 0.10%, now from 6.29%
- 3-year fixed: down 0.05%, now from 6.49%
Owner-occupier fixed-rate loans. LVR requirements apply.
Macquarie home loan rate changes
Macquarie made deeper cuts across its full fixed-rate range. Its lowest rate is now 6.09% for a 3-year term, the lowest fixed rate currently available among the five largest lenders.
- 1-year fixed: down 0.25%, now from 6.19%
- 2-year fixed: down 0.40%, now from 6.14%
- 3-year fixed: down 0.50%, now from 6.09%
- 4-year fixed: down 0.35%, now from 6.29%
- 5-year fixed: down 0.45%, now from 6.29%
Owner-occupier fixed-rate loans. LVR requirements apply.
What are the major banks expecting from the June RBA meeting?
All four major banks expect the RBA to hold at the June meeting. Beyond that, they are firmly divided.
Those who believe the cash rate has peaked:
- CBA expects two cuts of 0.25% in May and August 2027
- ANZ expects no further change
Those who believe more hikes are still to come:
- Westpac expects two hikes of 0.25% in August and September 2026
- NAB expects one hike of 0.25% in June 2026
What this means for borrowers
Mortgage rates don't always move with the cash rate
Many borrowers track the RBA cash rate closely, but lenders can, and do, reprice their products at any time.
Fixed rates in particular are influenced by what lenders expect to happen to interest rates in the future, not just where the cash rate sits today. That's why you can see cuts from some lenders and hikes from others in the same week, with no RBA decision in sight.
Fixed rates are no longer automatically competitive
Fixed rates are no longer automatically competitive. At the start of 2026, scores of lenders offered fixed rates below 6%. Today, just a couple do. Meanwhile, many more lenders still offer variable rates below that mark.
Across most terms, variable is the cheaper option right now. That doesn't make fixing the wrong choice. For borrowers who want certainty over their repayments for the next one to three years, a competitive fixed rate still has a case. But right now, that case is about predictability, not price.
What should borrowers do?
Whether you're on a fixed or variable rate, it's worth asking a few basic questions about your loan:
- Do you know what interest rate you're actually paying? Many homeowners know their monthly repayment amount but not the rate behind it.
- Is your fixed-rate period ending soon? If so, it's worth finding out what rate you'll revert to, and how that compares with what else is available.
- Are you paying for features you don't use? Offset accounts and package benefits can add value, but they can also add cost.
- How does your loan compare to what's available today? A loan that was competitive two or three years ago may not be anymore.
ANZ and Macquarie's cuts are a reminder that the mortgage market doesn't wait for the RBA. Rates are moving now, in both directions, and the best time to check where your loan stands is before a decision is made for you.
Not sure where your rate stands?
Run a free home loan health check with Bheja. In about a minute, you'll know exactly what you're paying, how it compares to what's available, and whether it's worth making a move.
