Home loan interest rates are at all-time lows.
And it’s not just variable rates that are sitting at low levels. Today, most lenders are offering incredibly sharp fixed rate pricing.
If you are looking for some certainty around your home loan repayments, then a fixed rate home loan (or a split rate mortgage) may be the ideal solution for you.
As the name would suggest, a fixed rate home loan is a mortgage that boasts the same fixed interest rate for the duration of your preferred fixed period.
One pitfall associated with a fixed rate mortgage is the break costs. There are couple of ways you can be charged break costs, namely: