This week brought a rare split in the market for fixed home loan rates. While most lenders have spent months pushing fixed rates higher, two of Australia’s larger banks moved the other way — raising a question plenty of borrowers are asking: are we near the peak?
What happened
On 5 June 2026, ANZ trimmed its 2- and 3-year fixed home loan rates by up to 0.10 percentage points, taking its lowest 2-year fixed rate to 6.29% p.a. On the same day, Macquarie made deeper cuts across its fixed range, dropping its 3-year fixed to 6.09% p.a. — the lowest among the big four banks plus Macquarie, according to Canstar.
These cuts go against the grain. Westpac lifted select fixed rates the day before, and NAB raised fixed rates the previous Friday. At the start of 2026, 83 lenders offered at least one fixed rate under 6%. Today, Canstar counts just two. By contrast, more than 40 lenders still have at least one variable rate under 6%.
The backdrop is the RBA’s next cash rate decision on 15–16 June. Most economists expect a hold, but the outlook is split: ANZ and CBA believe the cash rate has peaked, while Westpac forecasts two more hikes and NAB one.
What this means for you
Fixing has rarely been about chasing the lowest number — it is about certainty. Canstar analysis suggests that on a $600,000 loan, if the cash rate stays on hold, a variable rate would likely come out ahead over the next year. If two more hikes land, fixing the lowest 1-year rate could finish modestly in front. The margins are slim either way, which tells you how genuinely uncertain the path ahead is.
For most borrowers the practical takeaway is the same whether you lean fixed or variable: know where your current rate sits, understand what you could move to, and read the fine print before locking anything in. A pause in June, if it comes, is a window to review — not a signal to switch on autopilot.
Want to know what these changes mean for your situation? Talk to a Finance Hub broker — call 0430 11 11 88 or visit finhub.net.au.
Source: Canstar, “ANZ, Macquarie go against the tide, cutting fixed rates”, 5 June 2026.
Comparison rate calculated on a loan amount of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Rates referenced are sourced from Canstar as at 5 June 2026, are subject to change, and depend on eligibility and LVR. This page does not constitute financial or credit advice.
Finance Hub and Networks Pty Ltd | ACL 573164 | ACN 644 141 613. Aggregated through Connective Credit Services Pty Ltd, ABN 51 143 651 496, ACL 389328. Credit assistance provided. This page does not constitute financial advice.
