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Fixed Rate Loans offer you the opportunity to fix or lock in a particular rate.
Rates are normally fixed for a period of 1 to 5 years, sometimes even up to 10 years. Fixed rates are normally higher that the current standard variable rate depending on the term you chose to fix your loan for.
The advantage of a fixed rate home loan is knowing exactly what your repayments are going to be for that term of your loan. You may find that many options associated with a standard variable loan are not available with a fixed interest loan.
It is possible to fix part of your loan.
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