Our latest video is here, breaking down the age-old dilemma: Should you fix your home loan rate or stay on a variable one?
Here’s what’s covered:
• The Reserve Bank decided to hold the cash rate steady, but does that mean fixing is the way to go? We dive into whether locking in a rate could save you money—or cost you more in the long run.
• Fixing is all about stability and peace of mind. It’s helpful if you’re planning for life changes, like expanding your family or taking on more debt. Think of it as insurance: You might not need it, but the certainty can be comforting
• Important to know: Fixed loans come with restrictions. Extra repayments? Usually capped at $10,000 per year. Selling or refinancing? Be prepared for potential break costs. So, consider what fits your lifestyle and future plans.
• We crunched the numbers: With variable rates around 5.89% and fixed rates from 5.49% to 5.79%, there’s a lot to weigh up. Even with some banks predicting rate cuts next year, there’s no guarantee how much of those savings will be passed on.
Our video walks you through all of this—what could cost you, what might save you, and why forecasts are far from a sure thing. Watch it here for more details.
If you’ve got questions or want to discuss your options, don’t hesitate to reach out. We’re always happy to chat!