Compare 1 year fixed mortgages

Find home loans from a wide range of Australian lenders that best suit your needs, whether you're investing, refinancing or looking to buy your first home. Compare interest rates, mortgage repayments, fees and more. - Data last updated on 15 Nov 2018

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Compare 1 year fixed home loans

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A one year fixed mortgage offers the opportunity for Australians to lock in their interest rates for a fixed period to reap the benefit of low interest rates or to stabilise repayments. At RateCity you can search and compare low interest one year fixed rate mortgages and apply for the one that best suits your requirements.

The major attraction of fixed interest rate mortgages is the ability to secure a low rate for an agreed period of time. During the fixed period of your loan you will not be affected by any interest rate rises that would apply to variable rate mortgages. At the same time, if rates fall during the fixed period of your loan term you will not benefit from this.

Fixing your loan can be a gamble as it’s extremely hard to predict rate rises or cuts, but if the rates do rise and you’ve already fixed your loan, you could save hundreds of dollars depending on the size and length of the mortgage.

If you are thinking you’d like to fix your home loan while interest rates are low you don’t have to fix it for the entire term length, consider a one year fixed mortgage.

Another attractive feature of a fixed rate mortgage is the ability to stabilise your repayments. While your interest rates are locked in place – so are your repayments. This allows many borrowers to budget their finances better as they know exactly how much money will be coming out of their account each month.

As with all mortgage options, there are downsides to consider. When choosing a fixed rate mortgage be aware that interest rates could be cut, in which case you could miss out on saving extra money off your repayments because you will be locked into the higher rate.

If you elect for a one year fixed period your mortgage will return to a variable interest rate after the year has expired. You could then choose whether to lock in a fixed rate for a further period or revert to a variable interest rate. Unfortunately some lenders do charge a fee for the privilege so it’s best to read the Product Disclosure Statement before you sign.

See what some of Australia’s best lenders are offering by comparing an extensive range of fixed mortgages below. You can also compare fixed rate mortgages against variable rates to help make your decision that little but easier.

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FAQs

Fixed rate

A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.

Variable rate

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Split rates home loans

A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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