Phenomenal fixed Interest rate home loans.
Article by Mozo
Now is a great time for homeowners to be looking at fixing the interest rates on their home loans.
The Reserve Bank of Australia (RBA) has cut interest rates by 0.75 percent over the last year, with most variable interest rate home loans following the trend closely. In comparison, fixed interest rates have fallen by almost 1 percent on average over the same period, making now a great time for borrowers to look at fixing their loan.
Oracle Lending solutions director Angelo Benedetti told the Herald Sun that current fixed interest rates are phenomenal with lenders trying to entice customers to lock in for the long term.
"If you are going to hold on to a property long term, fixing can be great, but we encourage split loans to give people the best of both worlds," said Mr Benedetti.
Mozo's calculations show that at the moment knocking just 1 percent off a $300,000 home loan could save a borrower up to $175 a month, more than $2000 a year.
Fixed rates are the sweet spot at the moment with the lowest on our database being a one-year fixed rate of 4.54 percent from the Greater Building Society, according to Mozo's Kirsty Lamont.
Australians looking to take advantage of the current low interets rates can compare home loans to find a better rate on Mozo.
Have a question about fixed interest rate home loans? Ask the gurus at Mozo Answers.