Fixed home loan applications
are much the same as any home loan application. Compared to a variable home loan
application, there are no special criteria you have to follow for a fixed home loan application. The only difference is that the calculation for your repayments when youa??re working out how much it will cost you, will be set for the chosen fixed period. For example, if you fix at 7.5 percent p.a. for three years, you will be making repayments at that rate until the fixed period ends. Following the fixed period, the rate will revert to the lenders current variable rate.
One important factor you must be aware of with fixed home loan applications is that even though the advertised fixed interest rate may be set at one figure, by the time your loan is processed and approved, that rate may have changed by the lender.
The table below displays todaya??s best fixed rate home loans.