10 Year Fixed Home Loans
How to Find a Ten Year Fixed Rate Home Loan
A fixed rate loan guarantees a homeowner the same interest rate for a specific number of years – in this case, ten. During this time, that homeowner's repayments will remain the same from month to month. There are many other good reasons to consider a fixed rate loan including the following facts:
Compare these loans with 194 other products
| Lender | Product | Rate | Min deposit | 100% offset | Redraw | Extra Repay | Constr- uction | Enquire |
 | CBA Wealth Package Fixed 10 Years | 7.59% | 5% |  | ||||
 | ANZ Fixed 10 Years | 7.69% | 13% | | | |||
| CBA Fixed 10 Years | 7.74% | 5% | | ||||
 | Westpac Premier Advantage Fixed 10 Years | 7.79% | 13% | | | | ||
| Westpac Fixed 10 Years | 7.99% | 13% | | | | ||
 | NAB Choice Package Fixed 10 Years | 7.99% | 5% | | | |||
| NAB Tailored Fixed 10 Years | 8.09% | 5% | | | |||
| NAB Rural Lifestyle Fixed 10 Years | 8.49% | 30% | |
- You will probably save more over the years as since your monthly payments will not increase.
- There are usually no fees involved. Although sometimes you have the choice of paying a small fee and locking in the rate on the very same day.
- There is a lower risk of loss, thus increasing the money you can borrow from a lender.
- You will gain simple peace of mind with a fixed loan.
The question is – Who would consider a Ten Year Fixed Rate, one of the longest loan periods offered in Australia? Many professional investors like to fix their rates for at least some of the investments in their portfolio. It's like having some of your money in CDs. It is always a good idea to have a few guaranteed, no-risk investments. Investors can then turn their attention to other financial opportunities. Conservative homeowners also often choose a longer fixed rate. Often older, these consumers have seen more economic turmoil and are wiser when it comes to finances, among other things. There are also individuals who just want something in their lives to be guaranteed, so they don't have to think about it. A long term fixed rate loan gives them just that.
Once you have decided you want to apply for a Ten Year Fixed Rate Loan, or at least learn more about it, there is really only one place to start your research – Online. You are on a mission to find the best fixed rate and since, by its very nature, it is always changing, the Internet is the only way to go. Where else can you compare hundreds of products and lenders and terms? Take a look at some of the endless advantages to looking for a loan online.
- Websites are user-friendly. Even the novice is able to navigate.
- Consumers can see the best deals more quickly.
- Rates and deals are competitive and up-to-date.
- It's simple to compare and contrast – Everything is right in front of you.
- Most sites offer free quotes to visitors.
- All information is available for everyone to see. Nothing is hidden.
- Financial education (and opportunity) is there for the taking.
There are a few things you need to know. If you end up purchasing your loan through an online source, you will most likely need good credit. Also, be sure to get mortgage insurance, just in case. Before you being any online search, know what loan features you are looking for. Otherwise you might find yourself overwhelmed by all the information out there! Ask yourself these questions:
- What are you looking to put down as your deposit – Lenders generally require 5-30%.
- Will you want to make extra repayments? Some fixed rate loans don't allow this.
- Are you looking for redraw capabilities? That is, do you want to take out money from the extra money you have paid into your mortgage?
Although shorter fixed rate mortgages have typically been more popular in Australia, in these tough economic times with inflation rising higher and higher, the tide might be starting to change. A longer fixed rate mortgage is definitely more appealing when the economic forecast is bleak.
