Product:  Fixed Rate

Introduction

To reduce the risk of interest rate rises, borrowers can fix the interest rate applicable to part or all of a loan.

Key Features

The term of these loans can vary between 1 and 10 years.

Advantages

Borrowers are protected against interest rate increases for the fixed rate period.

Considerations

Borrowers may be penalised when they pay out their fixed rate loan prior to the expiry of the fixed rate period.

Suitable for

Borrowers who are interest rate risk-averse.

Example of product

IMB's 3 year fixed loan

Suncorp 3 year fixed