Fixed home loan rate
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At Easy Street, you can choose a fixed home loan rate for a period of 2 or 3 years. To view current interest rates, including comparison rates for our fixed home loans, visit our home loan interest rates page.
| Why choose a fixed rate for your home loan?
| Some choose to fix their interest rate as they want the security of knowing their repayments won't change for a fixed period. This is beneficial for those who may be unable to afford any further interest rate rises for the time being, however it is also a suitable option for anyone simply wanting the security of knowing their loan repayments won't change for a period of time.
Others choose to fix their interest rate as they believe interest rates will increase over the next 2-3 years. By locking in a low rate now, they potentially protect themselves from interest rate rises, and subsequent increases in loan repayments during that time. However, there is always the risk that interest rates will decrease and you will be locked in to paying a higher interest rate instead.
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How is a fixed home loan rate determined?
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Fixed interest rates, like variable rates, are set by the financial institution providing the home loan. The fixed home loan rate depends on a number of things including:
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- The official interest rate set by the Reserve Bank of Australia (RBA) which takes in to account the current state of the economy
- The rate the financial institution expects variable rates to be in the next 2 or 3 years
- The competition for fixed rates from other competitors
- The margin required for the lender to sustain their business
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