Should you fix your home loan now?

A whole generation of mortgage holders have never faced rate risesProperty listingsHouseholds could save up to $16,000 in mortgage repayments if they fixed their rates ahead of predicted rises, new data reveals.

That saving jumps to $431 a month, or $16,341 in total interest, over the three-year period for a borrower with a $1 million principal and interest home loan. More economists agree that inflation will rise this year – and interest rates along with it – which will see households paying more for the cost of living, including mortgage repayments.

“Thirty five per cent of outstanding mortgages are fixed mortgages. Prior to the pandemic it was 20 per cent,” Ms Masters said, adding first-home buyers were most likely to fix rates as they are highly leveraged.

Source: Loan Digest (loandigest.net)

TawarRazaghi You predicted no rate rise till late 2024 three months ago … make your mind up or admit your got no idea what’s going on

TawarRazaghi As any fool/finance person can tell you when you fix your rate you pay the expected future rate plus a premium. So unless you think variable rates will rise more than the fixed rate, and then some, there is no advantage in fixing, the market has already priced a rise in.

TawarRazaghi Yet you can get a variable rate of 1.89% at the moment

TawarRazaghi I'm a nude model, rate my photos)😘😘😘

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