Fixed Rate Home Loans
Also see Combination Loans
Combination
Also see Rate Lock
Why select a Fixed Rate Loan?
A fixed rate loan allows you to secure your home loan interest rate for a set term. This enables you to calculate budgets based on a consistant home loan repayment amount and also protects you fromfuture interest rate rises.
- Fixed 6 Months
- Fixed 1 Year
- Fixed 2 Years
- Fixed 3 Years
- Fixed 4 Years
- Fixed 5 Years
- Fixed 7 Years
- Fixed 10 Years
Below is an example of a Fixed Rate Loan. Most lenders have a variety of fixed rate loan features which may not be displayed in this example and it would not be practical for us to display every Fixed Rate Loan Products on the market.
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Loan Amounts |
$50,000 to $2,000,000 (minimum of $25,000 in combination or split. (Over $2Mill available with special approval) |
Interest Rate Type |
1 to 5 year Fixed rate |
Term |
10 to 30 years |
Repayment Type |
Principal and Interest (amortising) or Interest only up to 5 years. |
Combination and Splits |
Can split up to 4 accounts (will consider more). Can combine with other products |
Repayment Options |
Direct Debit either monthly or fortnightly Internet or telephone transfers from pre-nominated account for additional repayments |
Additional Repayments |
Maximum of $10,000 pa for fixed accounts without incurring break costs |
Redraw Facility |
Not available on Fixed Rate Loans |
Withdrawals |
Not available on Fixed Rate Loans |
Salary Crediting |
Not available on Fixed Rate Loans |
Ability to Switch |
Can switch all or part of loan limit to another product. Automatically reverts to Advantage Rate Loan after Fixed Rate term |
Statement Issued |
P&I Quarterly, I/O Monthly |
Other Fees |
No account keeping or on-going fees. Break Costs apply if loan is discharged within Fixed Rate term |
Substitution |
Can substitute security within loan limit |
* All care is taken in producing this information, we do not promise that it contains all the information you need to answer all your questions.
Fixed Rate Facts
Also see Split Loans
Split
You can never be locked into a fixed rate.
You can never be locked into any loan by any lender! (This means that irrespective of being in a fixed rate loan or a variable rate loan, you can leave that lender by paying their indicated break fee. It is often the case that break fees are less than the benefits received by switching to a better loan product.)
Combination Loan - Mix and Match Home Loans . Combining a loan is when you choose a selection of Variable Interest Rates and Fixed Interest Rates. You can also combine Line of Credit Loans with Variable or Fixed Loans - There are a multitude of loan combinations available to the consumer including Interest Only or Principal & Interest.
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Variable Rates are when the Interest Rates fluctuate in accordance with the RBA. |
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Fixed Rates allow Interest Rate Locking for a prescribed fixed term. |
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LOC is a loan that allows features such as redraw facilities, linked credit card and auto sweep. |
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Offset loans provide the advantage of minimising your home loan interest by the amount you have in your savings account. |
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Interest only is mostly used wirt Investment Loans and you do not pay down your principal loan. |
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Principal and Interest means that with each mortgage payment you make, you are reducing the overall loan against your property. |
Split Loan - Hedge your options. By splitting a home loan you can have the best of both worlds. Fix a portion of your loan so that when interest rates go up, you have the advantage that you may have fixed at a lower interest rate. If the interest rates go down, then the portion of your loan that is variable will then also reduce accordingly. Never worry about interest rates again.
