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Fixed home loans have an interest rate that is fixed for a set period of time, usually one to five years. At the end of the fixed rate term, you can typically choose to switch to a variable rate or fix the loan for another few years.
If you are thinking about selling your home within the next few years or if you want the freedom to switch home loans if you find a better deal, a fixed rate home loan may not be suitable for you.
Variable rate home loans have an interest rate that varies throughout the term of the loan, in accordance with prevailing economic conditions.
This means the interest rate can rise or fall over the term of your loan and your repayments will vary as the rate changes.
Split/combination loans allow borrowers to take up part of their loan at a variable rate and part at a fixed rate.
A split loan allows you to manage some of the risks of interest rate rises while still providing repayment flexibility.
There’s generally no limit to the way you can split the loan, so you can allocate the funds 50/50 or 20/80 – the decision is up to you.
Whatever loan you decide to take out, it needs to work best for you. That means the loan product should have the features, flexibility and fees that are the most appropriate for your needs.
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