Fixed Rate Loans
Knowing your exact repayment each month is one of the main advantages of a fixed rate mortgage. Our clients will have certainty of knowing what their repayments will be for a set period of time, without having to worry about interest rate rises in the market. At Citywide Lending, we offer the most competitive fixed rate mortgages with the ability to fix your rate between 1 and 5 years. Best of all, we offer a 100% Offset Account with some of our fixed rate mortgage options.
We offer 100% Offset Accounts with a fixed rate loan
Things to consider before applying for a fixed rate loan
Advantages
- As your home loan repayments remain consistent for a certain period of time, it allows our clients to budget their finances easier.
- Eliminates the risk of being unable to make repayments on your home loan as a result of increased variable interest rates.
- Some of our fixed home loans have offset accounts and redraw facilities
Disadvantages
- The clients loan repayment will not reduce if there was a reduction in market interest rates because it is ‘locked in’.
- Fees may apply if additional repayments to the fixed mortgage per calendar year have exceeded the lenders policy. This will differ among different lenders.
- Fees may apply to break the fixed rate contract due to things such as sale of a property and refinance of mortgage.
