Fixed Term Home Loan with Fixed Interest Rate

This loan has a set interest rate for a period of time. This means you know exactly what your repayments will be for your fixed rate term.

If you are unsure about whether to take a fixed or variable rate - you should consider a Split Loan.

Advantages:

- Fixing the interest rate for a period of time insures against future rate rises.
- It is easy to budget for the same regular repayment each month.

Disadvantages:

- If interest rates fall you may pay more for your loan than borrowers on variable rates.
- Most lending institutions penalise you for making additional repayments.
- You may be penalised if you pay off your home loan before the due date.

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