We have access to a number of Fixed Rate home loan options from both bank and non-bank lenders. Take advantage of the economic down turn and the make most of a fixed rate option.
Fixed Rate loans can offer you a set term and interest rate which will generally range from 6 months to 10 years. Fixed rate loans may appeal to borrowers who like to keep a set budget as you can be certain of your home loan repayments for the fixed period.
Fixed loans, however, do not allow the reduction of repayment amounts if official interest rates fall and therefore you will not receive the financial benefit that a variable rate loan can offer in this circumstance. Generally fixed rates are higher in interest in comparison to a more flexible variable rate loan.
Perhaps its time to do a free home loan health check on your current loan? We’re happy to help you find out if you could get a better deal.
Once the fixed rate period is completed the rate will usually revert to a variable rate unless you take up the option to rollover for another fixed term. Fixed rate home loans can also be combined with variable rate products into a split home loan to gain the best of both worlds; a variable rate loan for flexibility and a fixed rate loan for security.
If you’d like to talk to one of our experienced home loan consultants to assess what your finance options are.