Last Updated: 29th September, 2023

The alternative to a 15 year fixed rate

Unfortunately, 15 year fixed rate home loans don’t exist anymore.

However, some of our lenders offer 10 year and 5 year fixed rate home loans.

Please call us on 1300 889 743 or complete our free assessment form to get a quote from one of our mortgage brokers.

What is the maximum fixed rate term?

Some of our lenders offer a fixed rate term up to 10 years.

You can fix your rate up to 10 years, and then extend your fixed rate by 5 years at the end of the fixed term if you want to fix for 15 years. However, this will depend upon the bank’s policy at that time.

If the bank doesn’t allow you to re-fix the loan or charges you high interest rates for it, then you may be able to refinance to a new lender.

Which bank has the lowest fixed rates?

This question isn’t as simple as it first appears!

Banks constantly adjust their fixed rates to match their wholesale funding costs on the money market. 10 year rates tend to be far more stable than 1 year, 3 year or 5 year fixed rates that tend to move up and down in response to short term movements in the money market.

The number one bank for your fixed rate loan will vary depending on if your loan is a low doc or not, the amount you borrow and if you qualify for a professional package.

Call us on 1300 889 743 or complete our free online assessment form and we will find out which lender is best for your situation.

Can the lender change my rate even if it is fixed?

As a general rule, the lender cannot change your rate if it is fixed. Lenders have the right to alter a variable rate at any time, even if the reserve bank hasn’t changed interest rates. However this is not true for fixed rate loans.

Please refer to your loan contact for the specific details of your loan as it may vary between different lenders and loan types.

What happens if I’ve already fixed for 15 years?

Just until recently, one of our lenders offered 15 year fixed rate home loans.

If you’ve already fixed your home loan for 15 years, the lender will uphold the contract till the term ends. The unavailability of the 15 year fixed rate home loan will affect only the people who want to fix the home loan for 15 years after this policy change was made.

How do I apply for a fixed rate home loan?

Please call us on 1300 889 743 or complete our free online assessment form and we will go through your situation in detail to find the most suitable lender and fixed rate package for you.

Lenders in Australia have stopped offering 15-year fixed terms. Fortunately, as of November 2022, fixed terms of up to 10 years are still available. Read more here.