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Compare 3 year fixed home loans

Compare mortgages and calculate mortgage repayments - Data last updated Today, 24 Oct 2017

Compare 3 year fixed home loans

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Three year fixed home loans are an attractive mortgage option for borrowers who want to lock in a low interest rate or fix the budget of their loan repayments. You can start searching and comparing an extensive range of three year mortgages at RateCity now.

For those who are concerned with rising interest rates, selecting a fixed rate home loan instead of a variable rate can help give them certainty within their budget and allows them time to get used to making regular repayments without varying rates.

A three year fixed home loan guarantees an agreed fixed interest rate for the set period before your rate expires and reverts back to a variable interest rate. During this period you will be unaffected by the rise and fall of interest rates. In the case of interest rate rises this can be very financially rewarding but in the case of interest rate cuts, the benefits of a lower rate would not be passed on to you.

Once the fixed home loan period has expired you will generally be offered the opportunity to lock in another fixed rate period or continue the loan on a variable rate.

There are options to fix your rate for a lesser period of one or two years, so it’s a matter of looking at your own financial situation when deciding what time period you would like to fix.

If you were to consider a fixed period over three years the interest rates tend to be a lot higher so you should look at the overall benefits if you are thinking long term.

Ideally you should conduct your own research and speak to a finance specialist to work out which options are going to be more beneficial and suitable for your personal circumstances.

Don’t let unfamiliarity stand in the way of you and a great three year home loan. Get educated now by comparing some of Australia’s best three year home loans below.

FAQs

The comparison rate is a more inclusive way of comparing home loans that factors in not only on the interest rate but also the majority of upfront and ongoing charges that add to the total cost of a home loan.

The rate is calculated using an industry-wide formula based on a $150,000 loan over a 25-year period and includes things like revert rates after an introductory or fixed rate period, application fees and monthly account keeping fees.

In Australia, all lenders are required by law to publish the comparison rate alongside their advertised rate so people can compare products easily.

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