Pros and cons of choosing a fixed rate interest rate?
Pros
Your repayment amount is set and does not change making it easier to budget
You can choose the period of time you would like to fix your Interest rate for
Fewer Loan Features so could cost less
Cons
If Interest rates go down, your repayment will not go down
Fixed Rate home Loans generally have less features i.e. no/limited redraw/offset facilities
Break costs/Fees are payable if you refinance or pay off your Home loan
Extra repayments are limited depending on the Lender
Have questions or need more Information contact Julie on 0437 095 312 at Greater Geelong Finance to work through your options together.
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