Should you choose a fixed or variable home loan rate?

January 10, 2013
Tiffany Hancy

What a time to decide to start blogging about the home loan market!!  Rates have never been so low and our Perth Real Estate market is really starting to heat up in 2013!

We have recently updated our website so we can now offer more services to you - including a regular blog to keep you updated on everything to do with home loans!

So to start - Fixed or Variable Interest Rates?

The national mortgage broker’s home loan figures show that after four consecutive months of rising appetite for fixed rate home loan products, borrower’s interest in the more conservative loan type tapered off in December to 20.14% of new home loan approvals, down from 22.37% in November.   Falling below the 12-month average of 21%, fixed rate loan popularity decreased in the majority of states, by an average of 4.26 percentage points, but rose in Queensland by 4.12 percentage points.

The most important thing to remember is you need to choose an interest rate based on what is most suitable for your long term goals. You need to consider things like when you may need to restructure the debt and how much flexibility you want with your repayments.

Watch our video below to find out more about the pros/cons of fixed versus variable loan rates...

If you would like to discuss your options further, call our team today at Mortgage Choice Perth on 9485 0090.

Rebecca Wilson, Your Local Perth Mortgage Broker

rebecca.wilson@mortgagechoice.com.au

Meet our team of home loan experts

Posted in: Interest rates

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