Mortgage-Mart has access to Fixed Rate home loan options. Fixed Rate loans can offer you a set term and interest rate which will generally range from 6 months to 10 years. Fixed rate loans may appeal to borrowers who like to keep a set budget as you can be certain of your home loan repayments for the fixed period.
Fixed loans however do not allow the reduction of repayment amounts if official interest rates fall and therefore you will not receive the financial benefit that a variable rate loan can offer in this circumstance. Generally fixed rates are higher in interest in comparison to a more flexible variable rate loan. Once the fixed rate period is completed the rate will usually revert to a variable rate unless you take up the option to rollover for another fixed term.
Fixed rate home loans can also be combined with variable rate products to gain the best of both worlds; a variable rate loan for flexibility and a fixed rate loan for security.
If you need more information on these types of home loan products and how they suit your individual home loan needs, enquire online or call 1300 720 623 to speak with an experienced Mortgage-Mart consultant.
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