Whether a fixed home loan is right for you or not is dependent on your situation. There are benefits to both a fixed rate and a variable rate.
If you choose a fixed-rate home loan and lower interest rates become available, you will not be able to take advantage of these lower rates. Likewise, if you plan to sell your house or refinance in the near future (during the period of your fixed rate), you may prefer to consider opting for a variable-rate loan to avoid early repayment fees. If you have a fixed rate loans and would like to pay more you can pay up to an additional $10,000 over your required repayments your without incurring break costs. If you wish to pay more on your fixed rate loan, ensure you contact us so we can advise you if you would incur break costs by doing so.
Fixed-rate home loans may be a wise option for home buyers who are seeking security and certainty for their monthly mortgage payments for several years. A fixed-rate loan could help to provide stability in budgeting and may reduce your interest payments if interest rates rise. If you’re considering a fixed-rate loan, ensure you speak with one of our Lending Specialists to fully understand the terms and conditions and to determine if a fixed rate is best for you and your situation.
We acknowledge the Traditional Owners of the lands on which we operate and pay our respects to Elders past and present, and to emerging community leaders. We also acknowledge the important role Aboriginal and Torres Strait Islander peoples continue to play within the communities in which Qudos Bank operates and where our team members reside.
