What is a fixed home loan?

You can lock in your home loan rate so you have a set repayment each month for a certain amount of time. A fixed interest rate is good for a borrower who wants certainty about their repayments and likes being able to budget around a set amount.

How do fixed rates work?

Fixed home loan rates lock in a specific interest rate for six months up to 10 years. Your repayments will remain the exact same over the period of your loan term, regardless of interest rate changes by the Reserve Bank of Australia (RBA) or lenders.

When should I fix?

There’s no one-size-fits all approach for when to fix your loan rate. Locking in your fixed rate depends on your financial goals and situation.

Ask yourself these questions:
  • How concerned are you about interest rate increases?
  • How important is it for you to have repayment certainty?
  • What degree of flexibility do you want with your loan?

Fixed home loan rate specials

Lenders and banks compete heavily in the fixed home loan space and the competition can exist with rates and loan terms. A Loan Market mortgage broker will show you the fixed rate products of 30 lenders and knows the hottest rate.

To determine if it’s the right time to fix your home loan, you need to speak with an expert. A Loan Market mortgage broker can assess your personal situation and give you options and the information you need to make the right decision.

Related content