What are fixed rates and variable rates?
Variable interest rates
A variable interest rate is a rate that fluctuates according to market conditions. Sometimes known as a floating interest rate.
So, this means that the variable interest rate that you are paying today may be different in 6 or 12 months time.
Fixed interest rates
A fixed interest rate is a rate that is not subject to market condition fluctuations, but only for a set period of time. When you choose a fixed rate, your rate will not change for the fixed period.
A fixed interest rate can give some assurance when it comes to knowing what your loan repayments will be over the set term, but it also may come with the disadvantage that if variable rates drop, your fixed rate and repayments will stay the same for the set term.
Check out Greater Bank's full range of current fixed and variable home loan interest rates below.