Market-wide, ABS data shows around 4% of home loans written in October - both new and refinanced - were on fixed interest rates.

This represents a steep slide from mid-2021 when nearly half of new home loans were on fixed rates.

Tiimely has cited an uncertain economy as the reason many borrowers looked to fix in November.

The RBA has raised the cash rate for eight consecutive months, up 300 basis points, in the fastest rate of hikes since 1994 when there was 375 basis points' worth of tightening.

Many experts, including analysts from Westpac, NAB, CBA and ANZ, anticipate interest rates will continue to rise in the first half of 2023.

Inflation, which remains at over 7%, falling house prices and the cash rate hikes could all be contributory factors in a surge in demand for fixed mortgage rates.

This is despite fixed interest rates generally being markedly higher than variable rates as seen in the graph below.

Yet for Tiimely, the uptick in demand for fixed rates is no surprise, with its head of marketing Laura Osti saying it was inevitable.

“The past year has seen interest rates increase at an alarming rate, going up by 3% since April,” Ms Osti told Savings.com.au.

“Combined with cost of living pressures, Australians are feeling the pinch on their monthly budgets. 

“By locking in a fixed rate, Aussies are afforded a level of certainty and peace of mind for their finances, knowing if rates continue to rise, they will be protected.”

As at the end of 30 June 2022, Tiimely had nearly $2.8 billion in loans under management, with the bulk added in that financial year at $1.6 billion in settlements.

However, Bendigo and Adelaide Bank's loan book - of which Tiimely shares a banking licence - has shrunk by about $92 million in a month.

At the end of September loans on its books for both owner occupiers and investors amounted to $57.421 billion - by the end of October that figure was $57.329 billion.

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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

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Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
4.6 Star Customer Ratings
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
Apply in minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
6.09% p.a.
6.11% p.a.
$3,027
Principal & Interest
Variable
$0
$250
60%
  • No annual fees – None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
 Disclosure
5.69% p.a.
6.16% p.a.
$2,899
Principal & Interest
Fixed
$0
$530
90%
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Flexibility to split your loan with both fixed and variable rates
 Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

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