Mortgage Broker Ballarat: What’s the Best Repayment Structure for you?

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There are several ways to structure you loan repayments and choosing the best option may save you money and time on your mortgage. Here is some repayment structure information to help you choose what may work best for you.

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Variable interest rate loans are flexible in that the interest rate moves as the market moves and your loan repayments may change every month. If the interest rate drops, your repayments may drop and if the interest rate increases, your repayments may also increase. Some variable rate loans come with extra features that can lower the amount of interest paid over the loan period.

You can have your variable rate loan with a 100% offset arrangement that connects your loan account to your savings account. Funds held in your saving account will be offset against the borrowed account and reduce the interest you have to pay. Variable rate loans often offer flexibility in increased payments to allow you to pay your loan off faster with additional funds available.

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A fixed rate loan comes with a fixed interest rate for a limited period and does not get affected by any movements in the market. Options range from one to 10 years but the most popular ones are three and five year fixed rate loans.

They allow you to make regular and steady repayments, which is great for borrowers on budgets or if you are entering into a mortgage when interest rates are expected to increase. However, in case interest rates drop and you are locked into a fixed rate, your repayments may be higher than they would be otherwise. Breaking a fixed rate loan and making extra payments may also cost thousands of dollars in fees.

A split rate loan is when your mortgage is broken into two loans: a fixed rate and a variable rate. It offers protection from rate increases with the fixed portion and the benefit of rate drops with the variable portion. Most banks allow split loans from the outset without the need to pay for two loan applications.

Choose a kind of loan based on your earning capacity, personal situation and long-term goals. Talk to a mortgage broker to help you save money and time.

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