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3-Year Fixed Rate Home Loans
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Why Choose A 3-Year Fixed Rate Home Loan?
Interest rates are rising in the past few years. For clients with a consistent income source that can be used for repayments, fixing their home loans can alleviate the uncertainty brought about by changes in the housing market.
Fixing your rate is like betting against the bank. Whereas the bank predicts that mortgage rates will go one way, you are accepting their estimation and setting your set loan repayment in order to insulate your mortgage plan from the fluctuating cash rate.
Our financial specialists at Intellichoice can discuss different 3-year fixed home loan options from our reputable lending partners. We cater to owner-occupiers who aim for consistent principal and interest repayments.
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Should You Get A 3-Year Fixed Rate Home Loan?
The 3-year fixed rate home loan generally varies between major and non-bank lenders. With a fixed loan, you lock in the rate for an agreed period of 3 years, so your repayments remain the same. It differs from variable rates, which can go up and down according to the market and the bank’s discretion. In fact, lenders could adjust the rates nearly weekly – which could be costly for mortgage clients who do not have a consistent income source.
Intellichoice delivers the most accurate comparison rate to identify the actual cost of a loan: we calculate the standard formula to include the fixed interest rate and specific fees that apply to a loan. We also consider other costs, such as redraw fees, waivers, or early repayment fees. Our certified financial analysts can always connect with you to check if the rate you have been offered is competitive.
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Access Up-to-Date Market Data for Comparison
Lenders won’t offer the same type of 3 year fixed rate home loans – each one has different speculation on the market, after all. For instance, one bank may offer a lower fixed rate because they believe the mortgage rates will go down. Meanwhile, another lender may have higher rates due to a forecast of higher numbers in the next 3 years.
Committing to a 3 year fixed rate home loan is best considered if you’re on a long-term plan to be in that property. If you think you need to sell, refinance, or have a more varied income in the immediate future, this mortgage may not be flexible enough for your needs.
Researching or shopping around the best 3 year fixed rate home loan is painless with Intellichoice. All you have to do is consult with us; we crunch the numbers and gather different lending rates.
Need financial advice on your home loan?
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Why Choose Intellichoice
You can’t find a more experienced team here. Our registered and licensed broker team will source the suitable 3-year fixed rate mortgage products. We understand that the lowest interest rates may not always be the cheapest option, especially if they come with a hefty set-up fee. Our team is here to get things moving in the right direction.
- Get the best rates. We compare the total cost of the mortgage over the complete fixed term and help you calculate which product will be the most reasonable overall.
- Simplify the process. We sort out the comparison as well as the entire application. No paperwork to inconvenience clients.
- Work with a responsive team. We keep a close eye on market rates, and give advice about re-locking the rate after the 3 years, or accepting the Bank Standard Variable rate (BSV). Our experts will always negotiate in your best interest.
Interested in getting a 3 year fixed rate home loan?