Fixed Rate Variable Rate
Definition:* Rate remain unchanged during the fixed term

* Term can be fixed for 1,2,3 or more years

Definition:* Rate continually changing over loan lifetime

* Rate changed depending on RBA rate changing and lenders’ following decision

Advantage:* Borrower can benefit when on increasing rate

* Better budget as the repayment stay same in fixed term

Advantage:* More flexible to divert to any product as market condition changing
Disadvantage:* Higher break cost

* Restriction of additional repayment

Disadvantage:* Unsecured rate

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Excelsior Mortgage Solutions Pty Ltd - ABN 62 613 899 951 | T/As NewGen Lending Solutions | Australian Credit Licence 499115

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