"This loan offer gives borrowers the benefit of Resi's competitive standard variable rate of 6.94% while also allowing them to lock in up to 50% of their loan for periods of three or five years at the same rate of 6.94%," said Lisa Montgomery, Resi's national manager for consumer advocacy.
At 6.94%, the five-year fixed component of the loan is the joint third lowest on the market, and is 0.44% below Resi's previous five-year fixed rate.
"It means that borrowers have the potential to save a lot of money on their mortgages if general interest rates
rise, but that they also retain the flexibility to pay their loans off faster if they can," Montgomery added.
Montgomery said that Resi has consistently urged borrowers looking for certainty in their interest rates to consider splitting their loans, and the Fixed & Free loan enables borrowers to do just that.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now