Fixed Rate Loans

Break Down


  • Usually most commonly used for borrowers who are concerned about interest rate rises
  • The fixed rate loans, allows you to fix your interest rate for a specific period, which is usually 1-5 years, however some lenders offer fixed terms of up to 15 years
  • Gives you peace of mind and the certainty of knowing exactly what your monthly repayments will be regardless of any ecomonic or rate rises.
  • This is usually used for borrowers who adhere to a strict budget or simply require some peace of mind


Drawbacks


  • Some lender, have imposed strict restrictions on the additional repayments you are allowed to make
  • If you had to repay the fixed rate loan facility in full prior to the expiry of the fixed term, the lender will impose additional costs, referred as Break cost of the Fixed Price Loans Contract, which could be extremely expensive as well!
  • Should interest rates plemmet, however, you'll will still have to pay off your mortgage at the fixed rate until the end of the agreed period



If you have any queries regarding any Finance, Mortgage or Insurance or any other matter,
please don't hesitate to contact our professional team at FLR Solutions on:

0415 280 555 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it

or Simply fill out our enquiry form and we will promptly contact you


 

 

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