A Fixed Rate Home Loan offers you the certainty of knowing what your repayments are for the fixed period, and safeguards you against increasing interest rates. At the end of the fixed rate the loan converts to a variable rate. You have the option to re-fix your loan at the end of the fixed rate period. Some lenders charge a fee to do this and other refix at no cost.
A first home buyer, a home owner or investor wanting security from changing interest rates
A home owner or investor seeking to combine a fixed and variable loan together
Looking for a better deal or consolidating expensive debt
Fixed Rate Terms
Fixed rate terms are available in 1, 2, 3, 4, 5, 7, 10 & 15 years. The majority of lenders offer 1-5 years.
Rate Lock
The majority of lenders do not fix the rate until settlement. Fixed Rates can change between the time of application and settlement of the loan. However, most lenders offer a rate lock for their fixed rates. This is an additional fee to “lock-in” the rate at the time of application. In times of fixed interest rates increasing it can be a wise move to lock the rate at the time of application.
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