FIXED INTEREST RATE VS VARIABLE RATE
With the recent interest rate cuts, and the interest rate at its lowest in nearly 50 years, the question everyone's asking is: which is better - a fixed or a variable interest rate?
"We have noticed that there have been an increase in clients enquiring about fixing their rate, with prime being at an all-time low, 7%, many clients are hoping the concessions we achieve are able to be fixed, this is not the case. The customer may apply for a fixed rate at any stage of the life of the bond POST transfer with the bank," says Yvonne Viljoen, Property Finance Specialist at ooba Home Loans.
Here are some pros and cons of fixing your interest rate.
Best to all,
Margie, Clare, Fiona, Terry, Alison & Jane