Monthly Rate Summary Table
The table below shows the average owner occupier home loan rates across Lendera's panel of 60+ Australian lenders at the end of each month. All rates are based on principal and interest repayments at 80% LVR. The current month row is pulled from our live rate database on each rebuild.
| Month | Avg Variable Rate | Avg 2 Year Fixed | Avg 3 Year Fixed | RBA Cash Rate | Direction |
|---|---|---|---|---|---|
| Aug 2025 | 5.70% | 5.85% | 6.00% | 3.60% | ↓ |
| Sep 2025 | 5.65% | 5.80% | 5.95% | 3.60% | ↓ |
| Oct 2025 | 5.62% | 5.78% | 5.93% | 3.60% | — |
| Nov 2025 | 5.60% | 5.75% | 5.90% | 3.60% | — |
| Dec 2025 | 5.60% | 5.75% | 5.90% | 3.60% | — |
| Jan 2026 | 5.64% | 5.89% | 6.05% | 3.60% | ↑ |
| Feb 2026 | 5.89% | 6.09% | 6.25% | 3.85% | ↑↑ |
| Mar 2026 | 6.14% | 6.29% | 6.45% | 4.10% | ↑↑ |
Data sourced from Lendera's live lender panel of 60+ institutions. Rates checked in the first week of each calendar month. Based on $500,000 loan at 80% LVR, owner occupier P&I.
Key Observations
The cycle has clearly turned. From August 2025, when the cash rate bottomed at 3.60% after three cuts through the year, the panel average variable rate drifted lower to around 5.60% by December 2025. Fixed rates followed the same pattern, bottoming between 5.75% and 5.90% across the 2 and 3 year terms. This was the calmest stretch in the panel for several years.
January 2026 was the turning point for fixed rates. With inflation data running hotter than expected and the fuel shock feeding into broader price pressures, markets began to price in hikes. Fixed rates moved first, adding 10 to 15 basis points in January even though the RBA had not yet acted. Variable rates held steady until the February RBA meeting, when the first 25 basis point hike landed and lenders passed it through in full within a fortnight.
March 2026 delivered the second consecutive hike, taking the cash rate to 4.10%. Pass through was again fast: CBA, ANZ and NAB moved their variable rates on 27 March, Westpac on 31 March and Macquarie on 2 April. The panel average variable rate for owner occupiers now sits at 6.14%, approximately 50 basis points above the January low. Fixed rates have risen by more, with the 2 year fixed average now at 6.29% and the 3 year at 6.45%, as lenders price in the further hikes Westpac is forecasting.
Unusually, fixed rates are now sitting above variable rates again, which is the hallmark of a market pricing in additional tightening. The gap was narrowest at the December low and has widened steadily as fixed products were repriced ahead of each RBA meeting.
RBA Cash Rate History
The Reserve Bank of Australia sets the cash rate target at its scheduled meetings throughout the year. The table below shows the decisions relevant to the period covered by this page.
| Date | Decision | Cash Rate |
|---|---|---|
| August 2025 | Cut 25bp | 3.60% |
| October 2025 | Hold | 3.60% |
| November 2025 | Hold | 3.60% |
| December 2025 | Hold | 3.60% |
| February 2026 | Hike 25bp | 3.85% |
| March 2026 | Hike 25bp | 4.10% |
The August 2025 cut was the third and final reduction of the 2025 easing cycle, following earlier cuts in February and May. It took the cash rate from 4.35% (the 2024 peak) down to 3.60%. The RBA then held through the final quarter of 2025 and into early 2026 before reversing course with the February 2026 hike. The March 2026 hike was the second in the new tightening cycle, and Westpac now forecasts three more 25 basis point rises at the May, June and August meetings, taking the cash rate to a peak of 4.85%. ANZ, CBA and NAB are more dovish, expecting only one further hike in May to 4.35%.
For a full breakdown of the latest decision, see our RBA Rate Decision: March 2026 analysis.
What This Means for Borrowers
If you are on a variable rate, your repayments have risen twice in recent months, once after the February hike and again after March. Your lender should have passed on the full 50 basis points. If you are paying more than the current panel average of 6.14%, it is worth reviewing whether a better deal is available. Non bank lenders currently offer the sharpest variable rates on panel.
If you are on a fixed rate about to expire, start comparing now. The revert rate your lender will drop you to is almost certainly higher than what a broker can negotiate. With another hike expected in May, any delay is likely to cost you.
If you are considering fixing, weigh the certainty of fixed repayments against the path you expect the RBA to take. Fixed rates already include an expectation of further hikes, so fixing only makes sense if you believe Westpac's three more hikes forecast over ANZ, CBA and NAB's single hike view. If you expect rates to peak sooner, variable remains competitive.
If you are a new buyer, the sharpest non bank variable rates are still below the panel average even after the hikes, and repayment calculations should factor in at least one further 25 basis point hike in May based on Big 4 consensus.
Every borrower's rate depends on their specific circumstances. Use Lendera's free comparison tool to see what you qualify for across 60+ lenders, or try our refinance savings calculator to estimate your potential savings.
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All rate data on this page is sourced from Lendera's live lender panel of 60+ Australian institutions, including major banks (CBA, ANZ, NAB, Westpac), second tier banks (ING, Macquarie, Suncorp, Bendigo), non bank lenders (Pepper, Liberty, Resimac, La Trobe) and credit unions.
Rates are based on owner occupier principal and interest loans for standard residential property, with a $500,000 loan amount at 80% loan to value ratio (LVR). All averages are unweighted arithmetic means across every lender on panel for each category. The current month row is refreshed from our rate database on every site rebuild. Historical rows are locked once the month closes.
Individual rates depend on borrower profile, loan size, property type, LVR, income type and lender credit policy. The figures on this page represent general market positioning and should not be taken as a personal quote. Use Lendera's rate comparison tool to see rates specific to your situation.
For the latest detailed rate breakdown, see the current monthly rate report.
Sources
- Lendera Rate Database (internal, August 2025 to present)
- RBA Cash Rate Target History
- RBA Lenders' Interest Rates
- Westpac IQ: Revised RBA Rates View, 30 March 2026
- Canstar: Westpac Predicts Three More RBA Hikes
- APRA Monthly ADI Statistics
