Is now a good time to lock in a fixed rate?

04 Jun Is now a good time to lock in a fixed rate?

One of the most frequently asked questions I’m receiving is “Is now a good time to lock in a fixed rate?”. The thought of locking in a low fixed interest rate is an appealing option for many at the moment, but it is important to look at the pros & cons before you make your decision.

PROS

• You’ll have a guaranteed low rate for however many years you lock it in for
• If you’re seeking stability, this might be an option to consider

CONS

• The banks aren’t doing this because they have a heart of gold, they’re trying to sell a product
• If your circumstances change in the future and you’re wanting to pay your loan off quicker or switch lenders, you, unfortunately, don’t have the flexibility to do so.
• Breaking a fixed home loan can come with a hefty cost

IMPORTANT TO REMEMBER
Everyone’s situation is different and not one solution is going to suit all. If you’re not sure what rate is right for you, give me a call on 0439 372 177 and I’ll happily run through your options with you.