5 Year Fixed Rate Home Loan

Opening the Doors to Lending Possibilities

5 Year Fixed Rate Home Loan

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Which bank has the lowest 5 year fixed rate?

Unfortunately, you can’t simply browse the internet to find the lowest fixed rate prices. This is because the best rates have to be negotiated with the lenders.

The best way to get a deal is to use a mortgage broker to help you find the lowest rate for your 5 year fixed home loan.

There is No Set Fixed Rate

Variable rates are very similar between most major but fixed rates vary for each of the banks. Fixed rates change often and are controlled by each bank.

This means that banks can play games with the pricing of their loans. Each bank has different opinions about what the future interest rates and this affects the pricing and therefore the major banks offer different 5 year fixed rates.

Why Should You Fix Your Loan for 5 Years?

The decision to fix your loan for 5 years is difficult. There is no accurate way to predict how interest rates will behave. You can only take an educated guess as to the right time to lock in your repayments.

If you are sure that rates are going up in the medium term then you should fix your loan for 5 years. You can also fix your loan if there is a high chance that an unexpected rise in repayments would cause you financial hardship.

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When should you leave your loan on variable rates?

It is a bad idea to lock your rate during times of economic instability. The banks generally increase their rates to cash in on the market panic!

The best time to fix your loan is when the market is stable and you predict that there will soon be bad economic news. Although in practice, it is hard to know when the bad economic times are coming. The bottom line is, fix your loan when the market is stable in order to protect yourself when the market turns bad.

You can fix your rate in times of high market instability but this should only be considered as ‘damage control’.

Who shouldn’t fix their rate for 5 years?

A 5 year fixed rate is not perfect for everyone and it would be unsuitable for you if plan on making large extra repayments on your loan, you might sell your property during this time or you want a flexible loan with features such as 100% offset facility or a line of credit.

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Videos for 5 Year Fixed Rate Home Loan

You should seek pre approval before entering into a 5 Year Fixed Rate Home Loan arrangement. The reason is simple, building is a complex excerise requiring good co ordination and technical skills.

Articles for 5 Year Fixed Rate Home Loan

Lenders are aware of the complexity builders face, and the possibility of costs over runs. This comes primarily from in-experience with managing this type of project. Hence most lenders are not generous when it comes to lending at high LVR’s on a 5 Year Fixed Rate Home Loan.

Frequently asked questions

Why utilize or use a 5 Year Fixed Rate Home Loan expert?

How does 5 Year Fixed Rate Home Loan work?

How to maximize your chances of being approved?

It is safe to look for pre-approval before entering an owner builder arrangement. Pre-approval will give you a thought of what your maximum loan will be, which can enable you to decide whether or not its the correct choice for you.

How much can I borrow?

How to apply for 5 Year Fixed Rate Home Loan?

What is Bad Credit?

When you’ve got a bad credit history you’re typically not qualified for a loan from a bank or traditional credit lender. However, there are loan options available. You’ll simply need to show that you can repay the loan by providing evidence of a regular income, whether that’s through employment or Centrelink. If you’re unemployed and require a loan.

How can I get approved for a loan if I have bad credit?

Fortunately, there are lenders out there who look beyond your credit file. These bad credit loan lenders will take into account income, equity and other things that will enable you to acquire an advance.

How do I get a home loan with bad credit?

One of the fundamental factors that will decide whether you will be accepted will be your income and the nature of your bad credit. Typically, if your bad credit was triggered by a life event then lenders tend to be more understanding. However, if you were aware of your bad credit but continually and knowingly made it worse, then lenders may be more skeptical. Regardless, researching your options, attempting to fix up your credit and choosing an expert loan specialist to run with should enable you to get back on track.

Our mortgage broking is second to none. Don’t waste your time and money running around from bank to bank, sifting through ambiguous loan offers only to find they don’t work. Take advantage of our expertise and let us find the right loan or finance to suit YOUR needs.