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Author: Renee Ferguson

To fix or not to fix?

One of our Gold Coast Area Managers, Renee Ferguson, tackles a question she is often asked about interest rates.

Whenever the Reserve Bank moves interest rates they become the hot topic on every borrower’s mind. The 0.25% drop in rates in May was good news for most borrowers and businesses. (Greater Building Society customers had even better news as we were the first lender in Australia to announce we were passing on more of a reduction, cutting variable home loan rates by 0.30%).

With rates being close to all-time lows I often get asked whether now is a good time to be taking a fixed rate or not.

Fixed rates are good for giving you certainty about what your repayments will be. For families it can make budgeting much easier if you know that your payments won’t be changing for a set period of time.

The downside is that you might miss out on your payments decreasing but many people are comfortable with that in the knowledge that their payments won’t rise above a level that they can afford.

With some fixed loans you give up a bit of payment flexibility by not being able to make extra payments or redraws but that isn’t the case with our loans at The Greater. We have some of the most flexible fixed rates in the market.

There’s a chance that we are getting close to the bottom of the interest rate cycle and, even with the recent RBA decrease, you can still get a fixed rate for as long as three years that is lower than current variable rates.

When market conditions are like this we do see an increase in the number of people fixing all or part of their loan.

If you decide to fix your rate then look forward rather than backwards. If it turns out that variable rates fall below the level you’re fixed at, don’t despair. That doesn’t affect the fact that you’ve secured yourself a repayment that you’re comfortable with and is safe from any future increases that might come during your fixed period.

To see if fixing your loans is right for you come and talk to me or one of my colleagues at one of the Greater’s 65 branches, call 131386 or visit www.greater.com.au.  



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Renee Ferguson

You're right, John. 4.99% is a very low rate in comparison to where rates been historically. Right now we're offering the lowest one year rate in Australia at 4.54%. Insurance is a smart thing to take out on your loan regardless of whether it's at a fixed or variable rate. As well as life insurance we can help arrange insurance that helps repay your loan in the event of unforeseen circumstances.



I have noticed that a number of financial institutions are offering 4.99%. I would be taking some of this as I cant see it getting any better than that. And don't forget life insurance to cover your loved ones in the case of a tragedy.