Fixed Rate

Fixed Rate

Fixing your home loan interest rate can offer you security and peace of mind when it comes to repayments and your finances.  No matter what happens with outside sources, your rate will stay the same and so will your repayment amount.  If you are on a tight budget, or just want the security of knowing how much is going out each month, a fixed rate home loan may suit you.

Recently, rates for fixed home loans have been falling rapidly, but economists are warning they may soon start to rise again.

Loan Terms
With a fixed rate home loan, you choose the length of the fixed rate.  This can be anything from one year to 15 years.  Most commonly, homeowners fix their home loan for three to five years.  Once this period is up, you can choose to renegotiate and fix the loan for a further period, or just let the loan revert back to a variable rate.  It really depends on the economic situation at the time and your financial circumstances.

Repayment Options
You will repay the same amount on each repayment date.  Most commonly this loan is repaid monthly, although you may be able to talk to your lender about making fortnightly repayments if you prefer.

Home Loan Features
Fixed home loans normally do not come with added features, like a variable loan would.  Therefore, should you wish to make extra repayments for example you may have to pay a fee.



Fixed rates have fallen recently but home loan interest rates may increase during the year.  To find out what each lender is offering, call and talk to your local mortgage broker on .





 

With interest rates coming down, now is the time to speak to a mortgage broker. We know which banks are dropping rates and who is raising.

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