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Welcome to the second article in the series about the different types of mortgages in Australia. From reading these articles you will get up to speed with some mortgage news and [url=http://www.shewyne.com/woolrichoutlet.html]woolrich sito ufficiale[/url] information that can help you choose a home loan. Here well continue with a look at the different types of mortgage products available.

Fixed Rate [url=http://www.mxitcms.com/abercrombie/]abercrombie milano[/url] Mortgages

If you want to be sure of how much your monthly repayments will be throughout the term of the loan then you might want to consider a fixed rate [url=http://www.jeremyparendt.com/Barbour-Paris.php]barbour pas cher soldes[/url] mortgage. The interest rate on these loans remains fixed and will not move when market rates move.

This will provide one hundred percent certainty that you will pay the same amount every month for your home loan during the fixed rate period. Fixed periods usually last for between one and five years. Home owners who have a loan with a fixed rate period will be able to use the certainty to create a more stable household budget.

This can be very helpful to young households that dont have a lot of extra spending money. Even slight increases [url=http://www.mxitcms.com/abercrombie/]abercrombie[/url] in interest rates can make a big difference to household budgets. [url=http://www.gotprintsigns.com/abercrombiepascher/‎]abercrombie soldes[/url] Mortgage payment increases can send some households into insolvency. People who are afraid of losing their homes through interest rate rises should consider applying for a fixed rate mortgage.

[url=http://www.rtnagel.com/louboutin.php]louboutin[/url] Of course the main risk of fixing your interest rate is that you wont receive any benefits from rate drops. If the Reserve Bank lowers the official cash rate, lenders usually follow [url=http://www.shewyne.com/hoganoutlet.html]hogan sito ufficiale[/url] their lead and lower the rates on their variable lending products. Variable rate borrowers will benefit, but fixed rate borrowers [url=http://www.teatrodeoro.com/hollisterde.php]hollister[/url] will not. This is because fixed rate borrowers will still have to make payments at the higher interest rate.

It is therefore important to carefully consider your options when [url=http://www.rtnagel.com/louboutin.php]louboutin pas cher[/url] trying to choose between a fixed rate product or a variable rate product.

Variable Rate Mortgages

As you have probably already guessed, variable rate mortgages are the opposite to fixed rate mortgages. The interest rates on this type of mortgage can go up or down over time. There are no restrictions on how high the rate can go. There are also no restrictions on how quickly the rate can rise or fall.

Obviously there is a risk that rates can rise to high levels, making your mortgage unaffordable. You should ensure that you have some cash reserves if you are going to take out a loan with a variable rate. You can use your savings if your monthly repayments become unmanageable.

Variable rate loans are only suited to borrowers who are not too bothered by risk or who have lots of cash savings. If this [url=http://www.tagverts.com/barbour.php]barbour deutschland[/url] isnt you, then you could apply for this type of home loan if you feel that rates will not rise for some time.

If your lender drops their rate, however, you could save a lot of money. Your monthly payment amounts might drop substantially, helping you save a considerable amount of money. If you believe that rates will drop then [url=http://www.osterblade.com]moncler outlet[/url] you should consider applying for a mortgage with a variable interest [url=http://www.gotprintsigns.com/abercrombiepascher/‎]abercrombie pas cher[/url] rate.
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