Mortgage Broker Perth
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Fixed Mortgage Perth

When you take out a home loan, one of the major decisions to make is whether to take a fixed mortgage rate or a variable rate.

With interest rates falling for the first time in seven years, home owners are left confused by what the future holds.  If rates are going to keep falling, is a variable rate better?  Or will they steady and then eventually rise again? 

The interest rate for a fixed mortgage tends to be slightly higher than the rate offered to attract borrowers to variable rate loans.  Home owners understandably want to make the right choice and not be left paying more than they need to.  Let's look at the pros and cons of a fixed rate mortgage.

Advantages
  1. Well, the obvious one is that if rates rise considerably, those borrowers with a fixed mortgage are laughing, as they stay on the same rate while others end up paying a higher rate.
  2. Knowing exactly what your monthly repayments will be each month regardless of any market fluctuations
  3. Security if you think your personal situation may change in the near future (change of job, loosing your job, starting a family)

Disadvantages
  1. Fixed rate home loan tend to have less features such as early repayments, however this is changing
  2. If the rates go down, you may end up paying a higher rate.  You are stuck with the higher rate while you watch everyone else rejoice in falling interest rates. 
  3. Until the fixed term ends (which may be as long as five years) you will not be able to break out of the loan and change to a variable rate without paying exit fees.

If you would like more advice based upon your financial goals and requirements, call Your Local Perth Mortgage Broker on .
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