June 2026
Should I fix now or wait for rates to fall?
Trying to time the bottom is a gamble, but the numbers narrow it down. We compute the gap between the cheapest 2 year fixed rate and the cheapest variable rate today, the real cost of locking in versus staying flexible.
0.31%2yr fixed vs variable gap
Right now the lowest 2 year fixed rate is 6.24% p.a. and the lowest variable rate is 5.93% p.a., a gap of 0.31%. Variable currently starts cheaper, a difference of about $120 a month on a $600,000 loan. Variable can still move; fixed locks in.
Reviewed by the Ratesniffers Editorial Team. Figures computed from the current rate corpus and updated daily.
Fix now vs wait rates, ranked by comparison rate
| Lender | Type | Rate p.a. | Comparison | Max LVR |
|---|---|---|---|---|
| The Capricornian | 2 year fixed | 6.24% | 6.28% | — |
| IMB Bank | 2 year fixed | 6.29% | 6.32% | 95% |
| Macquarie Bank Limited | 2 year fixed | 6.29% | 6.33% | 80% |
| Great Southern Bank | 2 year fixed | 6.30% | 6.34% | — |
| Bank of China | 2 year fixed | 6.39% | 6.43% | — |
| Australian Military Bank | 2 year fixed | 6.44% | 6.48% | 98% |
| NATIONAL AUSTRALIA BANK | 2 year fixed | 6.49% | 6.53% | 80% |
| ING BANK (Australia) Ltd | 2 year fixed | 6.49% | 6.53% | — |
| Newcastle Permanent Building Society | 2 year fixed | 6.49% | 6.53% | 80% |
| Westpac | 2 year fixed | 6.54% | 6.58% | 80% |
Sorted by comparison rate, the statutory true-cost metric that includes fees. Showing the panel's sharpest matches; not every lender is shown.
Frequently asked questions
- Should I fix now or wait for rates to fall?
- Today the sharpest match on the panel is 6.24% p.a. from The Capricornian. Rates change daily, so the live table on this page always shows the current ranking.
- How often are these rates updated?
- The rates on this page are refreshed daily from across the lender panel and ranked by comparison rate, the true-cost figure that includes fees. The figures reflect the most recent update, not a static snapshot.
- Is the lowest rate always the best loan for me?
- Not always. The cheapest headline rate can come without features like an offset account, and your deposit size, income type and goals all change which loan suits you. Use the rate as a starting point, then weigh the features that matter to your situation.
- What is a comparison rate?
- A comparison rate folds most ongoing fees into a single percentage so you can weigh loans on their true cost rather than the advertised headline rate alone. It is the metric these rankings sort on.