Most of the loans I see on the banks and CU websites are for 1,3,5 year fixed rate loans. Is it possible to get a much longer fixed rate loan such as a 10 or 15 year loan?
Hi Clubhonda
Yes, most of the big banks offer at least 10 years. Think the CBA are the only ones doing 15 years at the moment thou.
Yes certainly 10 & 15 year fixed terms are available with a few lenders but this is certainly a long time to be locked in.
If you ever decide to sell the property need to factor in the break costs.
Also remember the Banks wont be loosing money over that length of term so be careful.
This type of product is of very low demand for most clients.
Richard Taylor | Australia's leading private lender
Thanks for that. I was hoping that the long term rates would be reasonably close to shorter term fixed rates but have found them to be much much higher which wouldn't make sense at all. The only winner would be the lending institute it would seem.
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