Should I Fix My Home Loan? Fixed Rate Home Loans: Is now a good time?

Should I Fix My Home Loan? Fixed Rate Home Loans: Is now a good time? Are fixed rates right for you? Why fix your home loan rate? Is now a good time for a fixed rate mortgage?

We go through this comprehensive fixed rate guide https://www.huntergalloway.com.au/fixed-interest-rates/

00:00 Should I Fix My Home Loan? Fixed Rate Home Loans: Is now a good time?
00:55 1. When Would Fixed Rates Not Suit You?
02:46 2. How Much Extra Repayments Can I Make?
05:44 3.Secret Strategy To Fixed Rates?

Fixed rate
A fixed rate allows you to lock in an interest rate on your loan, typically for 1 to 5 years. This safeguards you against future interest rate rises. It also helps you plan your finances because you know exactly how much you will be repaying.

The disadvantage is you won't benefit from falling interest rates. There may also be restrictions on making additional repayments.

In addition, you may have to pay a large fee for ending the fixed rate period on your loan early, particularly if interest rates have fallen since you fixed your rate. See fees for details.

Partially-fixed rate
A partially-fixed rate loan (also known as a split loan) lets you pay a fixed rate on a portion of your loan and a variable rate on the rest. For example, you may have a $300,000 loan where you pay a fixed rate on $200,000 and a variable rate on $100,000.

You might consider a split loan if you want the security of regular payments on part of your loan, but also want to take advantage of interest rate drops on the other part of your loan. There are usually no restrictions on making additional repayments on the variable part of your loan.

However, fixing part of your loan gives you less flexibility than a fully variable rate loan. If interest rates fall, you will only get the benefit of lower interest on the variable portion of your loan. You may also have to pay a significant break fee if you want to pay out or refinance the fixed rate portion of your loan.

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