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Fixed Rate Loans

Fixed Rate Home Loans (Principal and Interest)

A fixed rate home loan is a loan that has a fixed interest rate for a specified period, which therefore fixes the monthly repayment amount.

Whilst the overall loan is generally for the full loan term of 25-30 years, the fixed rate periods are usually for terms of 1 to 5 years. At the end of the 'fixed rate period' you can decide whether to fix the rate again at the current market rate, or convert the loan to a variable rate.

Benefits:

  • Protects you against rising interest rates for the entire fixed period
  • Allows you to easily budget for your monthly repayment


Disadvantages:

  • Repayments do not decrease if official interest rates fall
  • Allows only limited additional payments, and may incur penalty
  • If you wish to payout your loan early penalties can apply

 

With over 650 different loan products in the market from all lenders, it can be a daunting time to go shopping for a home loan if you are doing it yourself or don't know what to look for. The benefits of why you should use a professional Time Finance Mortgage Broker are guaranteed.

 

Always remember that the future comes one day at a time.
Dean Acheson

Fixed Rate Loans

  • Monthly payment certainty
  • Protects against interest fluctuations
  • Fixed periods of 1 to 5 years
  • Can convert to variable rate
  • Check repayments flexibility

Have a professional Time Finance mortgage broker contact you to get your loan requirements arranged on a no charge, no obligation basis.

Call 1300 833 839 or enquire online ›››

Choose from over 650 loan products from Australia's Top Banks and Mortgage Lenders.