To Fix or Not To Fix
A common question we receive from clients is whether it is better to fix a home loan or go standard variable rates.
Should I Choose Fixed Or Variable Interest Rates
The rush to cut fixed rates on home loans is increasing with more lenders joining the race. If you have never considered fixing the rate on your mortgage, now is probably a good time to look at your options. In recent times many borrowers have opted for the shorter terms 1 to 3 years to give themselves flexibility by not having to wait so long to switch back to variable. But now, with bank competition hotting up in this space, longer terms e.g. 5 years, are comparable with variable rates.
If you already have a home loan and are thinking about fixing rates, the main benefit is security and stability. You know what you are in for with a fixed home loan. Refinancing a mortgage is the ideal time to consider which choice suits you best. An experienced mortgage broker can help you make the right decision.
Call us at The Mortgage Connection to talk about applying for a loan or refinancing for up to date personal advice.