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Interest rates continue to fall. Take advantage of new home loans in Victoria.
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Fixed rate home loans

Fixed rate home loans: Melbourne and Victoria
The borrower and the lender agree to fix the interest rate and interest repayments for a set period, usually from one to five years.

Fixed rate home loans allow borrowers to know exactly what their repayments will be each month, and provide protection over any rises in interest rates. The loan has a fixed interest rate, usually for a term between one to five years and this rate stays the same regardless of whether interest rates set by the Reserve Bank of Australia rise or fall.  Customers can fix either part of the loan or the whole amount of the loan.

Interest Rates keep falling.

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When the agreed term ends, the loan reverts to a standard variable rate, which may be a different rate than when the loan was fixed.  Customers need to ask what the rate is likely to be once the fixed term period ends, and whether the loan can be fixed again for a new term period.

Advantages
Borrowers who are concerned that interest rates may rise in the next few years can benefit from fixing their loan.  If you believe that interest rates will rise in the next three years, talk to a mortgage advisor and get the best advice on fixing your home loan.  There may be a small fee charged for fixing a loan but the security the loan gives you can be worth the charges.  The interest rates on fixed loans are similar to the rates on variable loans and therefore are very competitive.

Considerations
Fixed rate mortgages do not offer much flexibility and you will probably have to pay a fee should you wish to leave the fixed term before it expires.  Usually fixed mortgages do not have many added features, such as early repayments, although there are some fixed-rate home loan products that now offer more options as the market becomes increasingly competitive.  The main disadvantage however, is that with a fixed-rate home loan, while you will be protected from interest rate rises, you won’t benefit if rates drop during the fixed term, and you could end up paying a higher rate for longer while lower rates come on the market.

Fixed rate loans are great for borrowers who want security and who want to know that their repayments will be the same each month.  If you are concerned that interest rates will rise over the next few years, then locking in your rate now is a sensible idea.  If you want to talk to an experienced local mortgage broker about your options, call us on .





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