Fixed home loan applications

Fixed home loan applications are much the same as a variable rate 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 main difference is that the calculation for your repayments when you are 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. You can use home loan calculator RateCity.com.au to help understand the difference in repayments between vairable and fixed rates over different time periods.

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.

To search, find and apply for a range of home loans to fit your needs use RateCity.com.au - Australia's leading financial comparison website.

This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. The rating shown is only one factor to take into account when considering these products. See the rating methodology. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.