Fixed rate home loans: The Pros & Cons
Better Loan Solutions in Mornington Peninsula • Learning Centre • Insights
Better Loan Solutions in Mornington Peninsula • Learning Centre • Insights
While in the past most people will typically look to take out a variable home loan, in the past 12 months
we have seen record numbers taking out fixed home loans. In these unprecedented Covid-times it is first worth considering what might
happen with interest rates in the future and whether that means you should think about a fixed-rate home loan.
A fixed-rate home loan simply means that the interest rate on the home loan is fixed for a certain period of time. For
most fixed-rate home loans, that is going to be around two to five years.
However, there are a number of other factors that you need to consider apart from just the fixed interest rate.
Finally, it’s also worth noting that actual rates that come with fixed-rate loans are often a reflection of where banks and lenders believe interest rates are headed. If fixed-rate loans have higher interest rates than comparable variable rates, it suggests lenders believe rates will rise. Even if you take out a fixed-rate home loan, your repayments might still end up being more, even if interest rates and your repayments would have risen with a variable home loan.
How we can help.
If you like the idea of having some certainty, but you’re still not convinced about a fixed-rate home loan, then it is possible to fix a
portion of your loan. That way you can get the best of both worlds.
Our in-house mortgage broking service makes your mortgage and lending needs so much easier, minimising the discord between accountant, lender and product advice. We'd love to help you find the best loan for your needs.
LIVE EVENT
3rd May 2024
Welcome to Mornington Peninsula's original pop-up pre-loved market with a difference. Fashion For A Cause is a not-for-profit
fundraiser event. Grab a fashion bargain or unique piece, wine with friends, bid on silent auction items, all to raise funds for Clothes
4U.Inc. All proceeds from the event including stall sales, ticket sales and clothing purchases on the night will be
double-dollar-matched and donated to Clothes 4U Inc.
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