1 Year Fixed Home Loans. Do you want to transfer your interest rate to a variable from fixed? It’s a great time to secure a low rate on a fixed rate home loan because interest rates are at a notable low. You can have many benefits from fixing your lower interest rate. A fixed rate gives you repayment stability and simplifies your loan.
Which Lenders have the lowest 1 year fixed home loans rates?
If you are ready to change to a fixed rate, getting the best rate for you depends on finding the right lender with competitive pricing and the most suitable fixed rate loan features. Many banks will give you great discounts if you chose to change to a fixed rate home loan. This can save you thousands! You can take advantage of low-interest home loan rates today by calling us on 1300 55 10 45 or enquiring online. We’ll help you to find the most competitive pricing.
Should you fix for one year or more?
Deciding how long to fix your interest rate is a hard decision. A lot of people are worried about committing longer than a year. If rates go down significantly in the future, they don’t want to be stuck with a high-interest rate paying more than they have to.
What reasons are there for fixing for longer?
Fixed home loans, especially with a range starting from 3 or 5 years can save you a lot of interest! The pricing is more economical for longer fixed terms because you can get a better interest rate if you fix for longer.
Should you fix your rate?
Many people stay with a variable rate because they think that rates are going to come down. While, others who are worried about the effect of rising interest rates and want a more certain idea of their future payments choose to fix. You may be uncertain what to do… But if you fix for just one year you can take advantage of discounts and low interest rates!
What you need to consider
Before fixing your interest rate you should consider whether it will be a good option for you. There is continuing speculation that the RBA will decrease interest rates. Although, major banks don’t even know whether the RBA will cut rates and if rates are cut there is no guarantee that the major banks will follow. Business costs are rising and a number of major lenders are raising their standard variable rates independent of the RBA. We can help you fix a low rate, saving you on your loan and giving you more stability.
When is the right time to fix it?
It is best to fix your rate when market rates are coming down and lenders are pricing competitively. Following the RBA and financial commentary can help you in deciding the best time to fix your loan. Call us on 1300 55 10 45 or contact us online today and we’ll help you fix your interest rate if it is the right choice for you.
What are the features of a 1 year fixed loan? The lender you apply with determines the features of your loan. The major banks typically offer:
- Flexible loan terms, from 10-30 years.
- Additional repayments without fees.
- Repayment flexibility.
- Some banks will allow redraws, free of charge.
Are there fees?
Most banks charge standard loan establishment and application fees. You may also incur charges if you make additional repayments during that fixed 12 month period. Note: This varies from lender to lender. There are no exit fees although you may be charged a break fee if you:
- Break out of the fixed rate contract before the term ends
- Discharge your debt
- Already have a mortgage and want to change to a better fixed rate package
What are benefits of one year fixed rate?
You may see many benefits such as, clear fixed repayments when interest rates increase. It is also easier to budget because of set repayments. Some lenders offer decreased introductory rates and the money you save can be used for other expenses.
What are the drawbacks of a one year fixed rate loan?
In times of falling interest rates, you are held in a higher fixed interest rate. If you want to change back to a variable rate you may have to pay a break fee.
You can fix your interest for one year now!
If you want to make the transfer from variable to fixed interest rates then call us on 1300 55 10 45 or contact us online. You can talk to one of our mortgage brokers and discuss your situation. You can have peace of mind, financial stability because your repayments are constant, despite changing market rates. CALL US – 1300 55 10 45 Contact one of our experts today and arrange your fixed rate interest loan!