Map Home Loans > Blog > Mortgages > 3 year fixed rate from 6.99%

3 year fixed rate from 6.99%

Aug 30, 2010 by Craig Vaughan

In a sign that perhaps interest rates may be on hold for a little while, some of the major banks are offering fixed rates for 3 years from 6.99%. It as only 3 months ago that the 3 year fixed rate was up around the 8% mark so 6.99% is a very sharp rate.

Temporary Residents and Australian Expats should consider carefully whether to fix in or not. If your budget is tight and perhaps another few rate rises would see you start to struggle with repayments, then fixing the rate in may be a good idea. If however you have plenty of surplus income and like paying more off your home loan, then variable is probably the better option.

The main advantage of fixed is the certainty of payment – the main disadvantage is as, many discover recently, you could end up stuck on a higher rate if the variable rate reduces.

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We originally thought it wasn’t possible to get a mortgage with one of us being on a 461 Visa. We contacted Map Home Loans, and was put in contact with Michael, who has been instrumental in not only getting us a mortgage with a great rate, but also providing consistent and invaluable advise throughout the entire process.

The bank gave us a few hiccups along the way, but these were swiftly dealt with by Michael. With both of us being kept in the loop throughout the process.

We have recently completed the purchase of our first home, and couldn’t be happier. Thanks so much to Michael and Map Home Loans. I know we’ll be in touch in future for any home loan adjustments, as I can’t fault the service and it has been a pleasure dealing with Michael along the way.

If you are in a similar visa situation, or you just need some mortgage/home loan advice, I would recommend Map Home Loans & Michael without a doubt. Thanks again!

Justin & Taya

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