What sets fixed and variable rates apart
A fixed rate locks in your repayments for a set period, shielding you from rate rises but also from any rate cuts during that term.
A variable rate moves with the market — repayments can rise or fall, but most variable loans come with more flexible features like extra repayments and offset accounts.
Which one fits your situation
If predictable repayments matter most to your household budget, a fixed rate for two to three years can provide certainty while you settle into a new mortgage.
If you expect extra income, plan to make lump-sum repayments, or want an offset account to reduce interest, a variable rate is usually the better fit.
Talk to a broker before you decide
Splitting your loan between fixed and variable portions is also an option — it lets you hedge against rate movements while keeping some flexibility.
Our brokers can model both scenarios against your income and goals so you can compare real numbers, not just headline rates.