How to get your fixed loan fixed?
Many of us are opting for a fixed loan to give us security on what our loan repayments will be. But some find their position is not as secure as they thought as the fixed rate they are paying is higher than what they applied for.
In many cases, when you apply for a fixed loan you will only get the fixed rate that is on offer at the time of settlement.
We may apply for a you-beaut 5-year fixed rate. But, fixed rates can vary week-by-week and you may discover that, when you come to settle, you are paying way more than you applied for.
Thankfully there is one way around this as, for a small fee, lenders offer a rate-lock. This means that between application and settlement a borrower is guaranteed a fixed rate.
If you want peace of mind and would like to learn about how rate lock works, please contact your Chan & Naylor broker.
Disclaimer: This article contains general information; before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. Click for more detail regarding this disclaimer.