FIXED RATE HOME LOANS

To fix or not to fix? We hear this question a lot at Finance Brokers of Tasmania. The answer depends not only on your personal situation but also on the general economical conditions.

For those who don’t know fixed home loans have an interest rate that is fixed for a set period of time. This period of time is typically between 1 and 5 years.

Fixed rate home loans have several advantages, such as easier budgeting and protection from interest rate increases. But there are also some disadvantages that need to be considered before entering into a fixed rate agreement.

Some disadvantages of Fixed Rate Home Loans can include:

– High Revert Rate

– Potential early repayment penalties

– Variable rate decreases

We take the hassle out of finding the right loan. We can help you decide whether to fix your rate or not. For some clients a fixed rate can greatly reduce the stress of repaying a loan.

If a Fixed Rate sounds to restrictive maybe you should consider a Split Loan instead. For an example of how a Split Loan can combine the best of both worlds take a look at our Split Loan Calculator.

Our Mortgage Brokers have the skills and knowledge required to guide you towards the best decision. Book a free appointment today to get started.

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