Last updated on 25th January 2022

The First Domino: Aussies rush to fix their loans as The Big Four start hiking rates

After years of historic lows, interest rates are finally going up. This is how to protect your loan.


Compare low-rate loans from trusted lenders in minutes

Westpac is the first big four bank to increase its rates, passing on a rise in operational costs straight to consumers. The bank and its subsidiary St George are adding .14% to their variable rate, a hike that will add $420 a year to a $300,000 loan.

It’s a bitter pill for consumers to swallow after years of multi-billion dollar profits from the big banks, but it is a sign of things to come as the rest of the big four looks set to follow with hikes of their own. Now borrowers are rushing to lock in a fixed rate loan to future-proof their repayments and minimise their risk going forward.

The good news is while big banks are hiking their rates, other lenders are looking to capture new customers by offering rock-bottom rates. That means if you’ve built some equity in your home, a simple refinance could save you thousands.

Now is the perfect time to lock in a low-rate loan. Whether you’re looking to refinance or you’re shopping around for your first home, this free service can help you save. Start by comparing rates from trusted lenders across Australia, then get personalised advice from an experienced broker who can even negotiate for better loan terms on your behalf.

Here’s How You Do It:

Step 1: Select your State below.
Step 2: After answering a few questions, you will have the opportunity to compare competitive rates and could be eligible for significant savings.

One of the reasons banks are able to get away with rate hikes is that they know, even if they treat their customers unfavourably, most won’t walk away. The major banks in Australia control a share of over 80% of the mortgage market, and a lack of competition between them has put borrowers at a disadvantage.

But smaller lenders are offering disruptive deals for those who know where to look, and that’s where our free service can help. Our brokers can seek out these deals for you, and make it easy to understand how a switch can help you save.

If switching was easy, it wouldn’t make any sense to simply stay with a big bank and pay more than you need to. Our brokers make it that easy, assisting with paperwork and guiding you through the process so that you’re informed and in complete control throughout the process.

For most mortgage holders, there are better deals out there, and with an impending rise looking to sweep through the big banks, there’s never been a more important time to compare rates and see if you could save.

This article is opinion only and should not be taken as financial advice. Check with a financial professional before making any decisions.