Helpful feedback on fixed rates from Gold Coast Mortgage Broker
Gold Coast Mortgage broker – FinancialPlus (Qld) Pty Ltd – has recently outlined a side issue with Fixed Rates that catches many people by surprise.
People tend to go to Fixed Rates because they like to be in control of their finances and know exactly what their commitments will be over a period of time. This allows for better budgeting but can come at a price if rates do not move in the direction that you expected.
Another downfall that a lot of people are not aware of is the fact that if you start paying above your scheduled repayments, you could end up being hit with break costs by your lenders. Most lenders allow a certain amount of additional payments but the advice that needs to be followed is to discuss your goals with your broker before deciding whether to fix your loan. There may be better alternatives.
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