With interest rates at an all time low, many home owners are asking “Is now the best time to fix my home loan?”
While the decision to switch to a fixed rate home loan will vary based on your personal circumstances, there are some great benefits to fixing your rates now rather than later. Mr Robert Projeski, the Managing Director of Australian Mortgage Options, says that Australia’s interest rates are at an all time low and borrowers can get some really good bargains.
“Most of our clients fix at least 50% of their home loan, and leave the other half on variable rate, with most people choosing to fix their rates for around 3-5 years.”
The other benefits of fixing your loan is the peace of mind that it gives you. “It’s knowing what your monthly repayments will be, and knowing that you can pay off your home loan for how ever long you decide to fix your rates for," says Mr Projeski.