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What is a fixed home loan?
When you take out a fixed-rate home loan your interest rate will be fixed for a set period of time, typically between one and five years.
Fixed interest rate home loans provide certainty and can save you money if interest rates are rapidly rising, however they tend to come with fewer features such as offset accounts or redraw facilities. They usually only allow for limited additional repayments and they’ll charge you a break fee for early exit.
Mates Rates does provide fully flexible fixed rate home loans, if required, with our Exclusive Mates Rates Cash-back however, they usually have a higher fixed interest rate than the limited or nonflexible fixed rate home loans.