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10 Answers

Trying to decide if we should fix the home loan again….. low rates and not much change happening but does this make it a good time to fix for 5 years ?


Posted anonymously, 14th August 2019


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  • Have a chat to a mortgage broker, there are some great advantages to refinancing including good interest rates for fixed loans. Don’t be afraid to shop around different institutions too, its a competitive market at the moment! Also try and pick up a copy of the barefoot Investor!


  • I work for a mortgage broker and highly suggest speaking to one.
    They will go through to pros and cons of each option to help you decide whats best for your family.
    For example a fixed rate isn’t going to work if you plan on selling any time soon or if you are close to paying the loan off. some banks won’t allow you to have an offset account or make additional repayments into a fixed loan.

    There is always the option of fixing a portion of your loan so you can enjoy the best of both worlds.


  • Depends on your circumstances and what rate you get and how much extra you are able to and want to pay off. Read all the conditions of both options and work out what works best for you.


  • We split our loan and do both but we only lock in for 2 years because we would hate for things to change drastically if we locked it in for too long. We also use a mortgage broker and he helps us shop around for the best rate too, he has already negotiated a lower interest rate for our variable loan just last week too, so it pays to sometimes have someone that can do that work for you too.


  • We split our mortgage and did both. Our larger loan was variable and our smaller one was fixed. It works well for us.


  • Depends on the rate you can lock in


  • We found it better to split it into both variable and fixed – but I wouldn’t fix it for 5 years, 3 would be more beneficial.


  • Online calculators for rates might be useful too in making comparisons?


  • It depends on circumstances and finances and other expenses.
    We always go for options that allow debts to be paid off quickly.


  • We kept fixing it for 2-3 years. Doesn’t your bank allow a shorter period instead of 5 years?
    And we kept one part variable and one part fixed.


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