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  • Fixing the interest rate for a give time protects you against any possible rate rises
  • It is easy to budget as repayments do not change over the fixed period
  • Some fixed loans allow extra repayments 



  • Many lenders limit the amount in extra repayments or allow no extra repayments
  • They usually do not include a redraw facility
  • If interest rates fall, you pay more than if you were on the variable rate
  • There are often penalties for paying off your loan before the due date



Fixed Rate Home Loan

Fixed Rate Home loans have a set interest rate for a given period. This means you know exactly what repayments you will make during the fixed term of your loan. Usually, you are limited as to how much extra (if any) you can deposit into your loan, and ordinarily, any extra you have managed to put away, cannot be redrawn during the fixed period of the loan. Also, if you break a fixed-rate loan before the fixed-rate period has expired, there are often penalities to pay; sometimes substantial.

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