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A fixed rate home loan is a loan that is fixed at a certain rate for a period of time. Generally speaking most banks offer fixed rate home loans over 1,2,3,4 and 5 years. Some lenders offer 7,10 and 15 year fixed rate home loans. With a fixed rate home loan, generally after the fixed rate period ends, your home loan will revert to the standard variable. You can re fix your home loan again, at that stage, but the bank or lender may charge a loan modification fee.
If you would like some more information on fixed rate home loans, contact Perth Mortgage Broker Group, or call Troy on 0411 229 602, 7 days a week.