08 Jan 2022
How Long Can You Defer Your Mortgage?
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If you’re thinking about a fixed-rate home loan or even refinancing to a fixed-rate loan, you’re not alone.
After the Reserve Bank of Australia slashed the interest rate to 0.1%, the vast majority of Australian mortgage lenders cut fixed rates below 2%.
So, does that mean a fixed-rate home loan is right for you? Let’s take a look…
Choosing a fixed-rate home loan means locking in the interest rate throughout the entirety of the fixed-rate period. So, your rate will remain the same even if the lender you’re borrowing from changes their rates.
That framework comes with several advantages:
While a fixed-rate home loan is often a great choice for individuals seeking consistency over a long period of time, these mortgage options have a downside.
Here are the cons of a fixed-rate home loan:
To discover more about fixed-rate home loans or to get started today, click here.
Considering refinancing to a fixed-rate home loan? Use Mortgage House’s Switching Mortgage Calculator to gain the information you need.