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Fixed interest rates

Feb 18 2009 1:52pm#1 (permalink)

Rach

Anonymous Visitor
Avatar for Rach		So is now a good time to fix your rate while they are low? Is anyone going to wait to see if they fall more?
Feb 18 2009 2:03pm#2 (permalink)

len

Anonymous Visitor
Avatar for len		Rates may fall again but there would be no harm in fixing your rate now.. there is no guarantee that the banks will cut rates again even if the RBA cuts official rates. Check out what the fixed rates are at various banks and see what you can get. I know a few friends who are fixing their rate now for 3 years, at less than 6% which is a far cry from the 8% we were seeing last year.
Feb 18 2009 3:21pm#3 (permalink)

Rach

Anonymous Visitor
Avatar for Rach		I talked to a few banks who had similar fixed rates but I am not sure how long to fix it for.... I can fix for up to 10 years but maybe three would be more sensible?
Feb 18 2009 3:25pm#4 (permalink)

Ceri

Anonymous Visitor
Avatar for Ceri		I think three years is the norm for most people, but I know a few people who recently fixed for just one year so they can see what happens. I wont fix my home loan because the variable rate is lower than a three year fixed anyway and they may go down even more next month.

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