- A fixed rate loan is where the interest rate is locked (or fixed) for a set term of usually 1 to 5 years. Some lenders are releasing a 10 year fixed rate term.
- This type of loan gives you the security that the repaymets wont change in the short term.
- Fixed rate loans can be on an Interest Only or Principal and Interest basis.
Note: Rate is not locked in until settlement, however can be locked in for a fee.
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