Fixed rate loans

  • Monthly payment certainty
  • Protects against interest fluctuations
  • Fixed periods of 1 to 5 years
  • Can convert to variable rate
  • Check repayments flexibility

Fixed Rate Home Loans (Principal and Interest)

A fixed rate home loan is a loan that has a fixed interest rate for a specified period, which therefore fixes the monthly repayment amount.

Whilst the overall loan is generally for the full loan term of 25-30 years, the fixed rate periods are usually for terms of 1 to 5 years. At the end of the 'fixed rate period' you can decide whether to fix the rate again at the current market rate, or convert the loan to a variable rate.

Benefits:

  • Protects you against rising interest rates for the entire fixed period
  • Allows you to easily budget for your monthly repayment

Disadvantages:

  • Repayments do not decrease if official interest rates fall
  • Allows only limited additional payments, and may incur penalty
  • If you wish to payout your loan early penalties can apply

Use our 'How much can I Borrow' calculator to get a quick idea of your borrowing capacity, and then contact one of our professional Time Finance Mortgage Brokers to get a full understanding of your borrowing ability.

With hundreds of different loan products in the market from all lenders, it can be a daunting time to go shopping for a home loan if you are doing it yourself or don't know what to look for. The benefits of why you should use a professional Time Finance Mortgage Broker are guaranteed.

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FAQs
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Depends on the size of your deposit, the value of the property, and your servicing capacity (based on your income and how much you are able to repay).

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Most mortgage lenders will require a deposit of 20% or more of the property price. Less may be required however will require mortgage guarantee insurance in most cases

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Depends on the type of loan, intrerestr rate, payment term, and whether you pay monthly or fortnighly. Use us mortgage calculators to guide you.

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Every state is different and may depend on the value, whether you are building or buying an established home. Read more in our FHOG article

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It is a rate that includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure that lets you compare loans from differengt lenders on a fair comparison.

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This 'in principle approval' is usually valid for 3 months. Gives you the confidence on how much you can borrow before your purchase a property.

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The cost of Stamp Duty varies between States and Territories. Subject to your personal loan circumstances, the cost of stamp duty can be included in the loan amount you borrow.

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