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With interest rates sitting at historic lows, many borrowers have been left wondering if now is the best time to choose to fix their home loan rate.
The cash rate is currently sitting at 1.75%, however there are reports that it could drop again by the end of the year.
The best time to secure a fixed rate is generally before rates reach the bottom of the cycle and there is no doubt that there are some competitive fixed rates on offer right now.
When interest rates look set to go higher again, the banks will adjust their rates accordingly.
There is no crystal ball however and while Australia might only be set for one more rate cut before they start going up again, there’s also the possibility that there rates still have much lower to go.
Locking in a fixed home loan rate is always a bit of a gamble and rather then worrying about the RBA’s movements, it could be worth asking what type of loan suits your personal circumstances.
There are few things to keep in mind before choosing a fixed home loan, here are a few to think about:
– If you want to sell or refinance in the next few years, you’ll need to pay exit or break costs (find out what these are before choosing a fixed loan)
– Some banks will allow you to make extra repayments on a fixed loan, however there could be a cap which means you can’t put extra money towards your home loan when you want to.
– You can opt for a split loan if you’re unsure about locking in your loan completely. This gives you the benefit of both worlds – you’ll pay less if rates go down and if they go up, it won’t be such big hit.
– While fixed loans generally aren’t very flexible, you might be able to negotiate certain aspects of your loan that you’re unhappy with.
Fixed home loans can give you security in knowing what you’ll be paying from month to month, but the decision to fix is a personal one.
If you’re think about fixing in your home loan and would like to look at your options then feel free to get in with the Professional Finance team to discuss which type of home loan is best suited to you.