Thursday 16 July, 2020
Have you ever considered a loan with a fixed interest rate? Right now, with interest rates so low, we’re receiving a lot of enquiries about fixed rate loans. Having a fixed rate loan offers a level of certainty, but there are a few things to consider if you’re looking at this option for your home loan.
Fixed rates are available from 1-10 years, with the rate and fixed period negotiated at the beginning of the loan. While fixed rates may initially save you money, make sure you stay on top of your rate once it’s over. The team at Finance Brokers of Tasmania audit their clients’ loans every 24-36 months to ensure they’re still getting the best deal.
Fixed rates are a great choice for some borrowers but not for others. If you don’t think it suits you, another consideration may be a split loan, where you might just find the best of both worlds.
Get in touch so we can look into the best option for your circumstances.
When applying for a loan, you’ll hear terms such as “borrowing power”, “borrowing capacity”, and “assessment rate”. But how do they relate? What do they mean? We’ll break it down for you in a simple equation.
During your research into your financial situation, you may have clicked on our calculator section – and been overwhelmed with the number of different types available! What do they all mean and what are they used for?!