RateCity.com.au

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Should you fix your home loan? Rates starting at 2.99%

The Reserve Bank of Australia (RBA) cut the nation’s cash rate three times in 2019, bringing it down to 0.75%.

This means borrowers can now secure historically low home loan rates, including fixed rates as low as 2.99%.

Why should I fix my home loan?

If you switch your home loan to a fixed rate now, you could keep paying this low rate for one to five years.

Even if the cash rate started rising, and variable rates with it, you’d keep making the same repayments, and potentially save some money on interest. 

Also, not having to account for price rises or falls can be handy if you’re on a tight budget and want to plan your expenses in advance.

What are the risks of fixing my home loan?

If your bank cuts variable home loan rates, this won’t apply to your fixed rate home loan. Instead, you’ll keep making the same interest payments until your fixed term ends, so you may miss out on some interest savings. 

Also, fixed rate home loans are more likely to lock you into a fixed repayment plan, with significant break fees if you change your loan terms before the fixed period is up.

When your loan reverts to a variable rate, it may be higher than your fixed rate – watch out for bill shock! Plus, variable rates may rise or fall over the rest of your mortgage term, affecting your loan's total cost.

How can I find a fixed rate home loan?

RateCity makes it simple to quickly compare fixed rate home loans, so you can find an offer that may suit your needs.

Here’s how it works:

  1. Tell us if you’re buying property or refinancing to get a cheaper rate
  2. Tell us if you want to live in the home as an owner-occupier or rent it out as an investment property
  3. Tell us the value of the property and how much you want to borrow
  4. We’ll search the RateCity database for home loan options that may suit your needs
  5. Select your preferred lender from the options we find
  6. Enter your contact details so a lending specialist can contact you

Remember that the cheapest home loan may not be the best option for your needs. It's important to compare the interest rates, fees, features and benefits of differest options before making a choice. 

Ready to find out how much you could save if you fix now?

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Great website and easy to navigate! Made the whole process of finding a suitable home loan much easier. Would recommend.

Christine Ye

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Check your current home loan rate for your chance to win $1 million*

Here’s how it works:

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Everyone who checks their rates can go in the draw for a chance to win $1 million

AND
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RateCity will find you a lower home loan rate and estimate how much you could save in interest

A very useful site which clearly displays all the rates and fees so I can make an informed decision on which loan to pick. Also has a repayment calculator so I could see the real cost. Highly recommend.

Alex Khor

How much can you save if you fix now?

  • Quick, simple and free
  • Find low rates
  • Connect with top lenders
$

Takes less than 2 minutes. Obligation free.