Last Updated: 28th February, 2024

If Interest Rates Are Rising, Should You Fix Your Loan Now?

Published by Otto Dargan on May 31, 2021
In the past few weeks, Australia’s major banks have begun raising their long-term fixed interest rates. Experts predict that interest rates might get adjusted higher in July again. So, as borrowers, it makes perfect sense to ask, “Should I fix my loan now?” With the increase in rates, it is well documented that as time passes, property prices are only going up. You could be saving thousands of dollars by locking your loan on existing low fixed interest rates before the cost of other fixed terms hike. On top of that, while you’re waiting to save a deposit, both the property prices and interest rates will have hiked substantially. Now, before you choose to fix your loan now, you might be asking yourself what kinds of terms should you choose? A three year fixed rate or a five year fixed rate? If you are curious about the benefits of fixing your home loan interest, here are some of the benefits:
    • It can protect yourself from sudden interest rate hikes.
    • It provides security and stability as you are able to organize your finances effectively.
    • It allows you to take advantage of the low fixed interest rates.
Regarding the terms of the loan, we suggest you do further research with the help of our website. But the more efficient and safer way would be to call us on 1300 889 743 or fill in our online enquiry form today to make the right decision at the right time.