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Fixed Rate Home Loans

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

  • 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

  • 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

Where to go from here:
Call Mortgage House on 133 144
Call Mortgage House on 133 144

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