Home Loans - Fixed Home Loans
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Fixed Home Loans

A fixed rate home loan allows the borrower to fix their home loan interest rate for a predetermined period of time. You may be able to fix your total home loan or a part of your home loan for 1, 2, 3, 5 or 10 years. Fixing your home loan has some advantages as well as some disadvantages.

It is always a risk to fix your home loan rate. Firstly, many fixed loan products will prevent the borrower from making additional loan repayments during the fixed period.

Secondly if you wish to refinance or pay out your mortgage during the fixed period you may find yourself being subject to hefty early repayment fees.

Finally you may choose to fix the rate when variable rates go down, and end up being forced to pay more on your mortgage during the fixed period.