In an ongoing trend in the last month we have seen fixed rates increase from their lows.
The ANZ bank today announced that they will increase their fixed interest rates. We are also aware that most other lenders will follow as the cost of fixed rates increases.
We suggest that is you are looking at obtaining a fixed rate that your apply for a “rate lock.” A rate lock is a guarantee that the interest rate today will be the same or less at settlement. However, are a few limitations;
- Usually costs a fee; anything from $0 to $800 depending on the lender
- Time limited to 30 to 90 days depending on the lender
- You must have you loan approved before you can apply for a rate lock
If you are in the market for a low fixed rate loan we suggest you act sooner rather than later before they rise further.
To quickly access what the most competitive offers on the Australian mortgage market, complete a mortgage quote form and one of our mortgage advisors can help you find a fixed rate that suits your lending requirements.