MyRate Fixed Loan
When considering a home loan it is always essential to consider all the different types of loans. The fixed loan option is a popular choice. The fixed rate loan is usually offered at the start of a loan and allows you to fix your interest rate for a designated period of time. The fixed rate loans are generally suited to people who want stability or people who think that interest rates may rise. The interest rates for the fixed rate can be offered over a 5 year period and are:
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 MyRate Fixed Rate Home Loan – 1 Year Fixed Rate |
Enjoy a fixed loan for the short term | 6.05% | 6.32% | $0 / $0 | 95% | $100,000 / $2,000,000 |
 
|
MyRate Fixed Rate Home Loan – 2 Year Fixed Rate |
Enjoy a great fixed rate for 24 months | 6.05% | 6.30% | $0 / $0 | 95% | $100,000 / $2,000,000 |
|
MyRate Fixed Rate Home Loan – 3 Year Fixed Rate |
Feel safe with constant repayments with this fixed loan | 6.05% | 6.27% | $0 / $0 | 95% | $100,000 / $2,000,000 |
|
MyRate Fixed Rate Home Loan – 4 Year Fixed Rate |
A great fixed rate from one Australian premium lenders | 6.55% | 6.43% | $0 / $0 | 95% | $100,000 / $2,000,000 |
|
MyRate Fixed Rate Home Loan – 5 Year Fixed Rate |
Keep your home loan secure with this popular fixed rate loan | 6.55% | 6.45% | $0 / $0 | 95% | $100,000 / $2,000,000 |
|
Features of the MyRate Fixed Loan
The fixed rate loans generally have fewer features when compared to other loans. However, the stability of the loans offset the limited features. The features of the MyRate Fixed loan are:
- Advantages of fixed rate. If variable rates rise above the fixed rates during the term of your loan you will lower the total rate of interest paid. By saving on the interest you will have a smaller total amount paid to the loan.
- No fees. To help save you money the MyRate Fixed Loan has:No application fees; No valuation fees; No legal fees; No monthly fees; and no redraw fees.
- How much can you borrow. You can borrow up to 95% of the property value with the MyRate Fixed loan. However if you have to borrow over you will have to pay for lenders’ mortgage insurance. You will have to pay the loan off over a period of 30 years.
- Reduce the interest by making additional repayments. The MyRate Fixed loan allows you to make payments on top of the required payments. The effect of these additional payments is the lowering of the total amount owing. As the interest payments are calculated from the total amount owing on the loan, the interest payments will decrease.
- Split the loan with another product. By settling for one loan scheme you may miss out on the additional benefits other loans may offer. By splitting your loan you can have part of your loan on a fixed rate and part on a variable rate. By doing this you have the security of secured payments and the ability to take advantage of periods when interest rates are low. You can split the loan into four separate parts which can all be under different conditions and rates.
- You can credit your account with your salary. With the MyRate fixed loan account you are able to deposit you wage into the account. By taking advantage of the free redraw facility you can reduce the interest charged by leaving your wage funds there when the interest is calculated. This will help you pay the loan off as fast as possible.
The MyRate fixed loan offers competitive interest rates with features that allow you to reduce the interest you may have to pay. You can take advantage of the ability to make additional payments, split the loan and credit your loan account with your salary. The MyRate Fixed loan offers you the stability of constant payments while providing you with some handy feature. You can find out more about how to use a fixed interest rate loan to your advantage by discussing your needs with Home Loan Finder now.
Ask A Question