Fixed Rate Loans

Although mortgage interest rates fluctuate every day, we may be able to find a fixed rate that suited you, based on the type of loan you are applying for.

Is fixing my interest rates suitable for me?

Before you fix your rates it is important to know that fixed rate loans have high exit fees know as break cost if clients either make large payments into the loan or have the loan paid out. Do not fix your rate if you are planning to:

• Refinance your home loan,
• Make a large lump sum repayment,
• Sell your property,

Splitting the loan to be half fixed and half variable may help if you are planning to make extra repayments but this will not help if you are selling or refinancing as you would still incur large exit fees.

How do I know if interest rates are going up or down?

Journalist seek advice from economists in attempt to predict interest rate movement because these articles grab the attention of most Australians. The truth is that no one really knows what will happen with interest rates in the future.

Over the last 2 years we have seen that reduction in RBA’s cash rate have not been fully passed on to consumers. We are now seeing changes to APRA regulation having more impact to rate movements. If you are concerned around your interest rate please contact Everrich Finance team to discuss.

Rate lock

If you apply for a fixed rate home loan and the bank changes their fixed rates before your loan is drawn, then you will get the new fixed rate offered. By paying a fee of 0.15% of the fixed loan amount you can lock in the rate for up to 90 days. This protect you from unexpected rate rises.

Fixed rates with more features

Traditionally, fixed rate loans have a very basic offering. However, with new products coming into the market, some of our lenders offers features such as:

• Extra payments without penalty (conditions apply)
• Redraw facilities
• 100% offset facilities
• Low or no monthly account keeping fees
• Interest only repayments