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Frequently Asked Questions
What is a variable loan rate?
A variable rate home loan is where your interest rate will vary with market changes. This may mean your minimum repayments will also vary. As external interest rates rise and fall, so too will your rate and repayments. This often makes it difficult to budget and plan for the future as the amount you are paying can change. This might seem a little nerve-wracking – especially for those who want to know exactly how much they’re going to pay each month – but there are many benefits to variable rate loans as well.
What is a fixed loan rate?
A fixed rate loan is when your interest rate is essentially fixed for a set period. This means your minimum repayments will remain the same for a set period – commonly, five years. While these loans tend to attract fewer fees due to reduced loan features, there’s also a risk that if interest rates drop, you won’t receive any of the benefits.
What is a partially fixed rate?
If choosing an entirely fixed rate or variable rate home loan seems too overwhelming there is another option. You can consider doing both, a split between fixed and variable. For instance, you may choose to do a 50/50 split which means that for half of your loan, the interest rate is fixed and will not vary. However, the other half will vary in line with market conditions.
Why Choose Inovayt
Simple
Finding the right financing to match your needs and goals is never an easy task. Our team prides themselves on finding the right solution for each client, regardless of their personal situation.
Flexible
Our brokers work hand in hand with our clients, to ensure they receive the best possible outcome. We are available to chat face to face, online, or via phone, at a time that suits you.
Solutions-driven
Our focus is always about achieve the best possible outcomes for our clients. We will tackle any hurdles that may come up, to ensure that you are satisfied and have achieved your desired outcome.
