Fixed Rate Mortgages
A fixed rate mortgage means that the interest rate will be set for a certain period, usually up to 10 years. After the fixed period ends, you can decide to switch over to the variable interest rate or opt to fix your loan for another few years.
Fixed rate mortgages have been popular in Australia in recent years mainly since the end of 2008 when interest rates were at their peak many homeowners locked down their rates, afraid that they would climb into double digits. However, in April 2009 the Reserve Bank dropped the cash rate to 3.00% leaving many of those who fixed the year earlier in financial strife.
If you are the type of person who enjoys a degree of financial certainty then a fixed rate is the way to go. Knowing that your monthly repayments are the same and won’t be affected by economic conditions may provide you with security, as well as the ability to budget easier. One of the major benefits with this type of loan is that you are able to make additional repayments towards your mortgage without being hit with fees.
The table below displays some of the best fixed rate mortgages available. Click the "Go to Site" button to visit the institutions website for more detail.
Alternatively, if you're after a more specific search, RateCity has a range of fixed rate investment property mortgages to compare as well.
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Monthly repayments are based on advertised rate, loan amount and selected payment frequency over 25 years.
The comparison rate is based on secured credit of $150,000 and a term of 25 years. WARNING: The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.
Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
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