22 May
If you require some certainty around your home loan repayments, now may be the time to lock in a fixed home loan rate.
It can be hard to get your head around it, but the best time to secure a fixed home loan rate, either for all or part of your home loan, is generally when variable rates are at a low point.
Experts recommend anyone looking for a fixed home loan rate should be locking this in over the next few months while variable home loan rates remain at historically low levels.
But it’s important to remember a fixed home loan rate isn’t the right option for everyone and you should really consider your personal goals and future plans before locking yourself in.
If you are planning to upgrade or move in the near future, for example, a short fixed term or remaining on a variable home loan rate may be better options than fixing your home loan rate for 3 to 5 years.
Before committing to a fixed home loan rate, you should consult a mortgage broker to discuss your specific situation.
A good mortgage broker can also show you what special fixed home loan rate options are available in the market, as at least one bank or lender will often have a special available as a given time.
Source: www.smh.com.au
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