A fixed rate home loan is a product that uses a predetermined interest for a specified period – generally between one to three years. They can even go as high as a ten year fixed rate period.

The most common fixed rate home loan products have restrictions on how much you can reduce the outstanding loan balance by per year. Some allowing a small amount, but some don’t let you reduce the balance at all above the standard principle repayments. Offset accounts are also mostly excluded from fixed rate products. This can sometimes be restrictive, and the 'trade off' a customer must make when considering whether or not to sign up for a fixed rate home loan.

However, did you know, you can choose a fixed rate home loan and also have a 100% offset account – allowing you to retain the certainty of repayments while also managing your outstanding loan balance with offset savings.

Knowing your options allows you to make an informed decision with your home loan. Prefix Finance mortgage professionals are frequently assessing the requirements and objectives of our clients, giving us a deep knowledge of the products and features available to you.

Get in contact today so we can help you make the right choices for you.

All information accurate as at October 2017