Fixed rate and variable rate home loans
Interest rates can change regularly or stay steady, depending on the economy at the time.
It is useful to check from time to time if you are better off with a fixed interest rate for your home loan, a variable interest rate home loan, or a combination of both.Here are some questions to ask yourself to help with your decision:
- What do I want/need from my home loan in the short to medium term?
- What is the difference between fixed home loan rates and variable home loan rates?
- Which home loan/s in today’s market will suit my situation?
- How flexible are different fixed and variable home loans?
- What interest rates are currently available from a wide range of lenders?
- What are the costs for different fixed rate and variable rate home loans? How do they compare over a certain period of time?
- Are there special home loan offers available in the market?