Fixed Rate Home Loans
Stay flexible with your home loan interest rate for a better tomorrow
Fixed Rate Home Loans
Stay flexible with your home loan interest rate for a better tomorrow
Fixed Rate Home Loans
Stay flexible with your home loan interest rate for a better tomorrow
What Is a Fixed Rate Home Loan?
What Is a Fixed Rate Home Loan?
What Is a Fixed Rate Home Loan?
A fixed rate home loan is a type of mortgage package in which the borrower pays a fixed rate of interest for a term ranging from 1 to 5 years, depending on the lender's policy. This means a homebuyer does not need to worry about fluctuations in the annual interest rate for a certain number of years. After the fixed rate term is completed, the remaining term of the home loan automatically switches to variable rates.
How to Apply for a Fixed Rate Home Loan
How to Apply for a Fixed Rate Home Loan
How to Apply for a Fixed Rate Home Loan
Check eligibility: Review whether your profile meets the requirements and loan terms offered by different lenders.
Fixed interest rate comparison: Surf the interest for the most competitive fixed rates. Alternatively, your broker can find you the best available rate in the market.
Home loan application submission: Provide the required documents, including proof of income, identification, and asset details. You also select the home loan term ranging from 1 to 5 years during the loan application itself.
Approval and lock-in: Once your home loan application is approved, the lender will lock your fixed interest rate for the agreed term.
With a fixed interest rate, repayments stay consistent, making budgeting more efficient
Pros
Cons
Pros and Cons of Fixed Rate Home Loans
The interest rate remains unchanged in case of a rate increase in the market saving thousands of dollars
Some lenders offer fixed terms as short as one year, providing flexibility for refinancing
If interest rates increase, the rate lock will prevent you from enjoying the benefit
Repaying a fixed interest rate early or switching to a variable rate during the fixed rate period may incur a substantial amount in break cost
Making extra repayments or refinancing may not be as straightforward as in variable rate home loans
With a fixed interest rate, repayments stay consistent, making budgeting more efficient
Pros
Cons
Pros and Cons of Fixed Rate Home Loans
The interest rate remains unchanged in case of a rate increase in the market saving thousands of dollars
Some lenders offer fixed terms as short as one year, providing flexibility for refinancing
If interest rates increase, the rate lock will prevent you from enjoying the benefit
Repaying a fixed interest rate early or switching to a variable rate during the fixed rate period may incur a substantial amount in break cost
Making extra repayments or refinancing may not be as straightforward as in variable rate home loans
With a fixed interest rate, repayments stay consistent, making budgeting more efficient
Pros
Cons
Pros and Cons of Fixed Rate Home Loans
The interest rate remains unchanged in case of a rate increase in the market saving thousands of dollars
Some lenders offer fixed terms as short as one year, providing flexibility for refinancing
If interest rates increase, the rate lock will prevent you from enjoying the benefit
Repaying a fixed interest rate early or switching to a variable rate during the fixed rate period may incur a substantial amount in break cost
Making extra repayments or refinancing may not be as straightforward as in variable rate home loans
With a fixed interest rate, repayments stay consistent, making budgeting more efficient
Pros
Cons
Pros and Cons of Fixed Rate Home Loans
The interest rate remains unchanged in case of a rate increase in the market saving thousands of dollars
Some lenders offer fixed terms as short as one year, providing flexibility for refinancing
If interest rates increase, the rate lock will prevent you from enjoying the benefit
Repaying a fixed interest rate early or switching to a variable rate during the fixed rate period may incur a substantial amount in break cost
Making extra repayments or refinancing may not be as straightforward as in variable rate home loans
Apply for an Owner-Occupier Home Loan If:
Apply for an Owner-Occupier Home Loan If:
Apply for an Owner-Occupier Home Loan If:
Need to be an Australian citizen or permanent resident over 18 years of age
At least two years of tax returns or profit-and-loss statements
All the required Business Activity Statements (BAS)
Evidence of ABN registration and GST (if applicable)
fAQs
The highest interest rate in Australia was a whopping 17.50 percent in January 1990, and the lowest was 0.10 percent in November 2020.
What is the highest interest rate in Australia’s history?
The highest interest rate in Australia was a whopping 17.50 percent in January 1990, and the lowest was 0.10 percent in November 2020.
What is the highest interest rate in Australia’s history?
The highest interest rate in Australia was a whopping 17.50 percent in January 1990, and the lowest was 0.10 percent in November 2020.
What is the highest interest rate in Australia’s history?
The highest interest rate in Australia was a whopping 17.50 percent in January 1990, and the lowest was 0.10 percent in November 2020.
What is the highest interest rate in Australia’s history?
Banks keep updating their fixed interest rates and terms, but generally, the traditional banks, especially the big four, have competitive interest rates for non-complex loan applications.
Which bank has the best interest rates in Australia?
Banks keep updating their fixed interest rates and terms, but generally, the traditional banks, especially the big four, have competitive interest rates for non-complex loan applications.
Which bank has the best interest rates in Australia?
Banks keep updating their fixed interest rates and terms, but generally, the traditional banks, especially the big four, have competitive interest rates for non-complex loan applications.
Which bank has the best interest rates in Australia?
Banks keep updating their fixed interest rates and terms, but generally, the traditional banks, especially the big four, have competitive interest rates for non-complex loan applications.
Which bank has the best interest rates in Australia?
Taking your first step to owning a home? Fill out our consultation form today and our mortgage team will help you throughout your home owning journey (yes, even post-settlement!).
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.