| | What rate should I have? | | Fixed Rate Home Loans With the Fixed Rate Home Loan, the interest rate on your Mortgage doesn't change for an agreed period (usually 1-5 years) - no matter what happens to official interest rates. |
| | Variable Rate Home LoansWith the Variable Rate Home Loan, the interest rate on your Mortgage can change. If official interest rates go down, your interest rates go down too. However, if the Reserve Bank increases interest rates, your Home Loan rate will probably rise too. Split Rate Home LoansA Split Rate Mortgage combines elements of the Fixed Rate and Variable Rate options. e.g. You can have 80% of your Home Loan at a Fixed Rate , while the remaining 20% is at an interest rate that varies with the market. |
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