Fixed Rate Home Loans
A Fixed interest rate home loan is usually taken out for an
agreed period of time between 1 and 10 years and when this ends you have the
choice of fixing the rate again or switching to a variable interest rate.
Advantages
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Budgeting your finances is easier, as your home loan repayments remain constant
even if there is an interest rate increase
-
Reduce the risk of defaulting on your home loan when variable interest rate
increases and repayments increase
-
Additional home loan repayments are allowed of up to 5% in a 12 month period
Disadvantages
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The fixed home loan interest rate is normally higher than the variable home
loan interest rate
-
If interest rates fall, the home loan repayment will not reduce as your
repayment amount is fixed
-
Fees may apply if additional home loan repayments of more than 5% are made in a
12 month period.
Fixed Interest Rate Home Loans
Mortgage House offers an extensive range of Fixed Interest Rate Home Loans,
listed below:
Where to go from here:
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