When it comes to finding the right home loan for your particular needs, one that will work in your favour and not the banks, there are a few more questions to ask than just whether you should go fixed or variable.
As home loan specialist, I can tailor a solution that reflects your lifestyle. Whether to go fixed or variable is a good starting point and there are a few conditions with fixed rate loans that many people don’t know about. If the following conditions are not an issue, then taking out a fixed loan can be a good option:
- Lenders may only allow you to make $10,000 a year in extra repayments.
- When you fix the rate on your loan there is no redraw.
- Getting out of a fixed rate loan early can be very expensive.
Fixed rates are not all bad though, there are good points too:
- The interest rate will usually be lower than the variable, especially if you go for a 3 year fixed loan.
- You will know exactly what your repayments will be, so you can do some serious budgeting.
- No caps on how much you pay back per year.
These days with not only so many lenders out there but also so many products, you really need to speak to a specialist who can compare your options, make sure you get the correct information and match you with the perfect loan. I am available any time to have a chat and to guide you through the whole process. Please don’t hesitate to contact me directly on 0448 811 567.
Andy Edmonds
Home Loan Specialist