Many individuals are not aware that variable interest rates move in another way to to fixed rates and by the time variable rates have bottomed they may have missed one of the best opportunities to secure a fixed home loan rate. Whilst variable interest rates are influenced by the Reserve Bank, fixed rates are very different. Fixed rate pricing is driven by individuals who invest in the fixed rate wholesale markets.
If you are considering fixing your home loan but don’t know when to make the move, the lowest fixed home loan rates are likely to be offered when variable interest rates are between three and nine months off hitting their bottom. Keep in mind that there are often special deals available on fixed home loan rates which may at the same time make this option more inviting to you.
Plenty of people decide on a fixed home loan rate for the assurance it offers over payment amounts, you should consider fixing your home loan when ever the loan terms, conditions and features are well suited for your situation.
It’s crucial that you always take into account your financial situation and motivation for fixing to find out if a fixed rate home loan is the right choice for you, regardless of the interest rate environment at that time.
For those who need certainty of home loan repayments, fixing all or a part of your home loan is undoubtedly a possibility worth taking into consideration. Your Central Coast mortgage broker will assist you to find an appropriate wholly or partially fixed home loan rate with the right structure at any time you need one.
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