Compare 10 year fixed rate home loans

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. - Last updated on 07 Dec 2016

Compare 10 year fixed home loans

10 year fixed rate home loans

There are many different kinds of home loans on the market, but if your priority is security and you like your financial arrangements to be predictable, a ten year fixed rate home loan could be a good choice for you. Although they are not as common as two or three year fixed rate loans, they are out there, so all you need to do is find one that suits your circumstances.

Fixing your interest rates for ten years doesn’t mean your loan is limited to ten years in total. You can fix just part of it, then have the option to switch to a variable rate or refinance.

Why choose a ten year fixed rate loan?

If the base interest rate is very low and you’re able to source loans at very low rates, it may be worth fixing one for a long period, because then if the national rate rises again your monthly payments will remain low. Because it makes those payments predictable, this type of loan also has the advantage of making it easy for you to manage your money, so you don’t have to be as cautious about spending. It protects you from potential problems caused by sudden rate rises.

Who offers ten year fixed rate home loans?

Ten year fixed rate loans are not available from every lender but the larger banks offer them. It’s well worth taking your time to look around and source as many as you can before you start the process of deciding which is best for you.

Comparing loans

When you’re considering home loans with a term as long as ten years, your main concern will be with the interest rate they offer, however, it’s important to note that high fees sometimes accompany low interest rates. The last thing you want is to commit yourself to a loan that actually turns out to be more expensive because of this. Using the comparison rate to work out which loans are best will help to protect you from excessive charges, because it takes into account fees as well as rates.

When to fix your rates

Securing favourable interest rates is all about timing. Sometimes global economic events or political issues mean that you can predict when the market is likely to experience a slump. Being ready to make your move at that point means you are likely to secure lower rates than in ordinary circumstances. Never fix your home loan interest rates when the national interest rate is high.

Extra features

Loans with fixed interest rates don’t usually offer many extra features. If you are going to make a ten-year commitment, however, features such as the option to make early repayments free of charge or at a low cost can potentially be very useful, so think through what you need carefully before you make your choice.

Pros and cons

  • Fixing at a low rate keeps your monthly payments low;

  • It’s easy to predict your ongoing costs;

  • If the interest rate falls, you could end up paying over the odds for a long time.

Mark Bristow is a senior financial writer for RateCity. Working for over ten years, Mark previously wrote and researched commercial real estate at CoreLogic, consumer technology at Appliances Online, and most recently, personal finance for RateCity. Whatever the topic, Mark’s goal is always to provide simple solutions to complex problems.

^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.

Compare your product with the big 4 banks, or add more products to compare
As seen on