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Daily example: $600,000 · 80% LVR · Owner-occupied · Variable · P&I · Purchase

30-year loan. These are daily market examples, not a personal quote or a whole-market ranking. Changing the calculator does not change these rates.

Subject to lender criteria, fees and conditions. Rates can change. Some products may be outside our broker panel or available only directly.

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Feed checked 8 Oct 2026. This is the dataset check date, not a separate verification date for each product.

Australian Home Loan Rate Report · September 2026

Fixed rates climbed in September, with variable increases to follow

Almost nine in 10 tracked rates that changed finished higher, overwhelmingly on fixed loans. Variable pricing stayed broadly steady through September, before the major banks’ October increases.

By David WarburtonPublished 8 October 2026Data: 1–30 September 20267 minute read
September market snapshot. Rates below are historical observations, not current offers.

September brought a clear divide to Australia’s home loan market. Fixed rates moved higher across many matched loan scenarios, while most advertised variable rates finished the month where they began.

Rate Challenge reviewed 23 snapshots covering 102 lenders and brands and matched 9,770 product and eligibility records between 1 and 30 September. Of these, 2,609 increased, 334 fell and 6,827 were unchanged. Increases made up 88.7% of the records that moved—but most records did not move at all.

The September story was fixed-rate repricing. The major banks’ variable-rate increases belong to October.Rate Challenge analysis

Fixed loans drove the increases

Fixed loans accounted for 2,595 of the 2,609 increases. Across all 6,199 matched fixed-rate records, 41.9% rose, 1.7% fell and 56.4% were unchanged.

The middle advertised rate in that fixed-rate sample rose from 6.74% to 6.89%. This is a change in the sample’s median—not a claim that every fixed loan increased by 0.15 percentage points. The sample includes different fixed terms, repayment types, borrower groups and loan conditions.

Variable pricing was much quieter: 3,331 of 3,571 matched records, or 93.3%, were unchanged. There were 226 cuts and just 14 increases.

Where rates moved

Fixed and variable loans told different stories

Each bar shows the share of matched records that rose, fell or stayed unchanged between 1 and 30 September.

Advertised rate movement within September
Fixed rates6,199 matched records
41.9% higher1.7% lower56.4% unchanged
Variable rates3,571 matched records
0.4% higher6.3% lower93.3% unchanged

Fixed: 2,595 higher · 108 lower · 3,496 unchanged.
Variable: 14 higher · 226 lower · 3,331 unchanged.
Source: Rate Challenge’s matched September snapshots. Each record receives equal weight.

Which lenders changed their rates?

Macquarie, Westpac, Qudos and NAB were among the lenders lifting selected fixed rates. Southern Cross Credit Union moved the other way, cutting selected fixed and variable rates. Regional Australia Bank also reduced some variable pricing.

LenderSelected loanAdvertised rateComparison rate
Macquarie BankBasic Home Loan · three-year fixedUp to 80% LVR6.14% → 6.64%up 0.50 pp6.13% → 6.27%up 0.14 pp
WestpacFixed Options with Premier Advantage Package · two-year fixed70%–80% LVR6.44% → 6.84%up 0.40 pp6.85% → 6.93%up 0.08 pp
Qudos BankFixed Rate Home Loan 80 · two-year fixed20% deposit or more6.39% → 6.79%up 0.40 pp6.19% → 6.27%up 0.08 pp
NABTailored Home Loan · two-year fixedUp to 80% LVR6.34% → 6.49%up 0.15 pp6.98% → 7.01%up 0.03 pp
Southern Cross Credit UnionPremium Home Loan · five-year fixedBelow 80% LVR6.69% → 6.29%down 0.40 pp6.78% → 6.44%down 0.34 pp
Southern Cross Credit UnionPremium Home Loan · variableBelow 80% LVR6.23% → 5.93%down 0.30 pp6.57% → 6.28%down 0.29 pp
Regional Australia BankHome Loan without Offset · variableUp to 80% LVR6.09% → 6.04%down 0.05 pp6.12% → 6.07%down 0.05 pp

Annual rates, 1 September → 30 September. All examples are owner-occupier, principal-and-interest refinance records, with loan-size ranges that include $600,000. LVR conditions are shown above; other eligibility rules apply. “pp” means percentage points. These selected changes do not describe each lender’s entire range.

Comparison rate warning: These comparison rates are true only for the source examples and may not include all fees and charges. Different loan amounts, terms and fees may result in different comparison rates.

The comparison-rate movements were often smaller than the advertised-rate changes. Macquarie’s three-year Basic example rose by 0.50 percentage points, while its supplied comparison rate rose by 0.14 points. Westpac’s two-year package example rose by 0.40 points, against a 0.08-point comparison-rate increase.

Comparison rates incorporate certain fees and standard assumptions. For fixed loans, they can also reflect pricing after the fixed period. They are useful context, but the figures supplied here are not recalculated for a $600,000 loan or a borrower’s individual circumstances.

A common refinance scenario

Small variable cuts, higher fixed rates

For an illustrative $600,000 principal-and-interest refinance at 75% LVR, the matched owner-occupier variable median edged from 6.24% to 6.19%. The comparable investor median fell from 6.39% to 6.34%.

Fixed-rate medians rose across all five terms shown. Comparing a specific term is more useful than treating every fixed loan as one interchangeable product.

Rate typeOwner occupier1 Sept → 30 SeptInvestor1 Sept → 30 Sept
Variable6.24%→6.19%6.39%→6.34%
1 year fixed6.39%→6.49%6.55%→6.69%
2 year fixed6.42%→6.54%6.52%→6.69%
3 year fixed6.52%→6.64%6.59%→6.79%
4 year fixed6.59%→6.74%6.79%→6.84%
5 year fixed6.69%→6.84%6.79%→6.99%

Median advertised annual rates, rounded to two decimals. The same records are followed at both dates within each scenario. Variable coverage: 147 records from 73 lenders for owner occupiers; 122 records from 64 lenders for investors. Fixed-term coverage varies. These are product-record medians, not lender-size-weighted averages.

The benchmark uses the source 70%–80% LVR group, screened for an illustrative 75% LVR. Records with contradictory LVR, loan-amount or fixed-term labels were excluded. Other loan conditions still require checking; this screen does not establish borrower eligibility.

The RBA decision came at month-end

The RBA raised the cash rate by 0.25 percentage points on 29 September, to 4.60%, effective 30 September. ANZ, Commonwealth Bank, NAB and Westpac subsequently announced 0.25-point variable home loan increases effective 9 October. Those announced October changes are outside this September dataset and are not counted as September movements.

What this means for borrowers

For variable-rate borrowers, September’s largely steady pricing is a historical snapshot. It does not mean repayments will remain unchanged after the October increases. Check your lender’s notification for the rate, effective date and repayment that apply to your loan.

As an illustration, a $600,000 principal-and-interest loan with 30 years remaining would cost about $3,690 a month at 6.24%. At 6.49%, the estimate is $3,788—around $98 more each month. This assumes the full balance is outstanding, excludes fees and offset balances, and is not a prediction of a particular borrower’s repayment.

For borrowers considering a fixed rate, September shows why a quote needs a date. A rate seen earlier in the month may have changed before an application or settlement. Compare the fixed term, fees, repayment flexibility and what happens when that term ends, alongside the headline rate.

For anyone refinancing, compare like with like: owner occupier or investor, principal and interest or interest only, loan size and LVR. A lower advertised rate is only useful if the loan’s conditions and total cost suit the borrower.

What to watch next

October will show the variable-rate impact

The next report will test how the announced increases appear in advertised pricing, which lenders continue to discount selected loans, and whether fixed-rate changes continue. September’s results establish the starting point.

Sources and methodology

Rate Challenge analysed 23 supplied advertised-rate snapshots across 22 dates, from 1 to 30 September 2026. Opening and closing records were matched by lender, product, borrower and loan purpose, repayment type, rate type and fixed term, LVR and loan-size limits. The 9,770 matched records cover 101 lender and brand labels; 102 appear somewhere in the month.

Counts include separate product, purpose and eligibility variants. Lenders with more records have more influence; results are not weighted by loan balances or market share. A record absent at month-end is not automatically a withdrawn offer. Missing daily snapshots mean first observation dates are not verified effective dates.

The refinance benchmark uses explicit refinance records, principal-and-interest repayments, a $600,000 amount and an illustrative 75% LVR. Within the source 70%–80% group, consistent screening rules exclude conflicting LVR, deposit, loan-amount and fixed-term labels. Rates describe advertised observations, not approvals, negotiated pricing or rates paid by all households.

General information only. This report describes historical advertised market data. It is not personal financial advice, a lender recommendation or confirmation of product availability or eligibility.

Previous report: August 2026 home loan rate report

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