Buying a home is one of the most important decisions of a person’s life, whether you are First Home buyer or already in the market looking to move into new property we are here to help. Buying a house for FHB can be exciting but overwhelming experience, with are expertise in First Home Buyers we assist you throughout the process.
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A fixed-rate simply means that the interest rate is guaranteed for a certain amount of time – commonly between 1 year to 5 years. The benefits of a fixed-rate loan are that you know what your repayments will be over a specific time frame and you can budget accordingly. The interest rate is not going to go up (or down) over that period.
A variable rate means that the interest rate will rise and fall with the market over the period of your home loan. This can be in line with movements in the official cash rate by the Reserve Bank or it may be a decision by your financial institution to vary their rates.
A split loan offers the best of both, offering the certainty of a fixed rate and the flexibility of a variable rate.
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