ANZ Fixed Rate Hike: What Australian Borrowers Must Know Before the RBA’s March 2026 Decision
With the Reserve Bank of Australia (RBA) set to meet on 16–17 March 2026, Australian borrowers are facing a rapidly shifting mortgage landscape. In a significant move, ANZ has lifted its fixed mortgage rates by up to 0.25 percentage points — pushing most above the 6% threshold — just days before the central bank’s next cash rate decision. This ANZ fixed rate hike is a clear signal that lenders are already pricing in further tightening. If you’re a homeowner or property buyer, now is the time to act.
What ANZ’s Rate Move Means for Borrowers
ANZ’s decision to increase fixed rates leaves only its lowest one-year rate at 5.99% — barely under the 6% mark. For context, here’s how the big four currently compare on one-year fixed rates:
- NAB: 5.74%
- Westpac: 5.79%
- ANZ: 5.99% (most rates now above 6%)
- CBA: 6.19%
But ANZ is not alone. Canstar’s tracking shows 26 lenders — including Bankwest, ubank, Heritage Bank, and RACQ — have raised at least one fixed rate in the past fortnight. As Canstar data insights director Sally Tindall explains: “Fixed rates are typically the early warning signal for where rates are headed. When they start creeping up before an RBA meeting, it’s a sign lenders are pricing in a hike before it materialises.”
Inflation and the RBA’s Likely Next Move
The ANZ fixed rate hike doesn’t exist in isolation. Australia’s annual headline CPI sits at 3.8%, with trimmed mean inflation edging up to 3.4% — both above the RBA’s 2%–3% target band. Following the February 2026 increase that brought the cash rate to 3.85%, all four major banks are now forecasting another rate rise at the upcoming March 16–17 meeting. ANZ has gone further, tipping the cash rate could reach 4.35% by May 2026.
Competitive Fixed Deals Are Rapidly Disappearing
At the start of 2026, 62 lenders were offering at least one fixed rate below 5.4%. Today, only four remain. The window to secure a competitive fixed rate is closing quickly. The average two-year fixed rate now sits approximately 0.21 percentage points above the average variable rate — reversing the position at the start of the year when the two rates were roughly equal. The lowest fixed rate available on Canstar’s database is 5.24% from Southern Cross Credit Union for one- or two-year terms.
Should You Fix Your Rate? Here’s What to Consider
If you’re considering fixing, it’s important not to panic. Sally Tindall of Canstar recommends borrowers “walk through the decision with a calm and clear head, noting the risks on both sides and the extra rules and restrictions that come with locking in your rate.” Whether fixing is right for you depends on your personal circumstances — your loan size, how long you plan to stay in your property, your income stability, and your risk tolerance. Speaking with a qualified mortgage broker can help you access personalised assistance and competitive choices across multiple lenders to find the right home loan for your needs.
Need personalised assistance?
Contact Daniel Nguyen, Mortgage Broker at Finance Hub and Networks.
📞 0430 11 11 88
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