Fixed Vs Variable Rates in Australia by First Choice Mortgage Brokers

Fixed V’s Variable Rates. By Tony Bice of First Choice Mortgage Brokers.
Under a fixed rate loan, the interest rate is fixed for a specified period, usually between one and five years
This loan gives you the certainty of knowing exactly what your monthly repayments will be and peace of mind
However you won’t benefit if rates go down during the fixed term. This is why some people do a Split Loan
Split Loans have the benefit of being Fixed and Variable. Eg $150,000 Fixed and $150,000 Varaiable
The rate charged on a variable home loan moves up or down according to the reserve banks decisions
Often standard variable loans offer you more flexibility and product features
Allows the customer to move around to different lenders without a penalty for breaking a fixed contract
Usually the standard variable product rates are slightly higher because you have access to more features
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Our mortgage consultants undergo continual training and education to keep up to date with the market
Call us on 1800 111 455 First Choice Mortgage Brokers