NAB and ANZ lift fixed home loan rates before the September RBA decision

NAB and ANZ have raised fixed home loan rates ahead of the Reserve Bank of Australia’s next monetary policy decision, adding another complication for buyers and borrowers deciding whether to lock in repayments.

Canstar reported on Thursday that both banks increased selected fixed rates by as much as 0.20 percentage points. Their lowest advertised fixed rates moved to 6.49 per cent.

NAB raised its one-year fixed rate from 6.44 per cent to 6.59 per cent, while its two-year rate increased from 6.34 per cent to 6.49 per cent. Its three, four and five-year rates also rose by 0.15 percentage points.

ANZ made changes across several terms, including a 0.20 percentage point increase in its two-year fixed rate to 6.49 per cent, according to Canstar’s comparison.

The changes were announced before the RBA Monetary Policy Board meets on 28 and 29 September. The RBA’s current cash rate target is 4.35 per cent, effective from 12 August, with its next decision due at 2.30pm AEST on 29 September.

Why fixed rates can move before the cash rate

Banks do not need to wait for an RBA decision before changing fixed mortgage pricing. Fixed rates are influenced by expectations for wholesale funding costs and interest rates over the period being offered, as well as each lender’s appetite for new business.

That means a rise in fixed rates is not confirmation that the RBA will lift the cash rate. It does, however, show that lenders see greater cost or risk in promising today’s rate for several years.

ABC analysis published on Thursday said financial markets had moved towards expecting a September increase, although economists remained divided. NAB was the only big-four bank cited by the ABC as having a September rise as its central forecast, while the others expected the RBA to wait until November but regarded the September meeting as a live possibility.

The RBA decision itself remains uncertain. Inflation has been running above the central bank’s target range, but Australia has already had three rate increases in 2026 and the housing market has weakened. The board must weigh persistent inflation against the risk of putting further pressure on borrowers, spending and residential construction.

What borrowers should compare

A fixed rate gives certainty over repayments for the agreed term, but certainty can come with restrictions. Borrowers should check limits on extra repayments, access to offset accounts, break costs and what rate applies when the fixed period ends.

The advertised interest rate is also not the whole price. Application, package and annual fees can change the relative cost, making the comparison rate and the loan’s actual features important.

Buyers obtaining pre-approval should leave room for repayments to increase. A lender can reassess an application if rates, income, expenses or the requested loan amount change before unconditional approval and settlement.

Existing borrowers considering a fixed term should compare their lender’s retention offer with the broader market rather than assuming the new headline rate is unavoidable. Refinancing may produce savings, but discharge, valuation and establishment costs need to be included.

What it means for you

• Buyers should calculate repayments at rates above the product currently advertised, particularly if settlement is weeks away.
• Existing borrowers can ask their lender for a better variable or fixed offer before refinancing.
• Fixing provides repayment certainty, not certainty that the rate will prove cheaper.
• The next RBA decision is scheduled for Tuesday 29 September 2026.