The bank has increased its short-term fixed loan rate by 0.15 percentage points today.
As a result, the most affordable fixed-rate option now exceeds six percent, specifically reaching 6.49 percent for a five-year term. This unexpected adjustment may prove challenging for borrowers who were hoping for some financial relief.
Westpac stands out among the four major banks by offering the lowest fixed-rate loan at 6.29 percent for a two-year period, as per Canstar’s data.
Outside the leading banks, the most competitive rates remain just under six percent.
Northern Inland, Pacific Mortgage Group, and Transport Mutual are the only three lenders providing a one-year fixed-rate loan at 5.99 percent.
In early 2026, there were 83 lenders offering at least one fixed-rate loan option below six percent.
However, the rate of home loans have not slowed despite the fresh boost of buyer anxiety hitting the property market.
Total residential home loans hit a record high of $2.48 trillion in the month of April.
Figures from the Australian Prudential Regulation Authority (APRA) show housing loans among deposit-taking institutions (ADIs) increased by $14.3 billion last month, an increase of 0.6 per cent on the month prior.
