Fixed Rate Home Loans

MortgageBiz has a range of flexible variable rate home loans to suit owner occupiers and investors.

Why get a fixed rate home loan?

A fixed rate loan is a loan that has a fixed interest rate and therefore fixed loan repayments. The time period of these loans can vary, but you can usually "lock-in"  your repayments for between 1-7 years or more. Although the fixed rate period may be 3 years, the total length of the loan itself may be 25 or 30 years. At the end of the fixed loan period, you can decide whether to fix the loan again for another period of time at the current market rates or convert the loan to a variable interest rate for the remaining time left of the loan. 

For the market, fixed options home loan of $500,000 for 3 years based 4% interest rate, your monthly repayment (Principle & Interest) will be $2,387. This is regardless of any movements in the rates your repayment will remain the same for the fixed period. 
Lock in some certainty
Get the same interest rate for the duration of the fixed term, from 1-5 years.
Get ahead on your loan
You can make extra repayments up to a total of $30,000 on new loans.
Set up interest only repayments
You can apply to pay interest only for a total of up to 5 years over the life of the loan (a higher rate may apply).
Fixed rate lock-in
Be certain that the fixed rate you lock in will ​apply for the duration of your fixed rate term ​(a fee of 0.1% of the loan balance applies).^ ​See FAQ below for further details.

How MortgageBiz Process works

1. Information Gathering & Preparation

The key to a smooth approval process is preparation - so it's important to
give some prior thought to your individual circumstances, such as:

  • Your Income & Expense.
  • How much you've saved for a deposit.
  • Loan features that appeal to you. e.g. flexibility, access.
  • Your current and future lifestyle requirements.
  • The information and documentation you are required to provide.
2. Conversation With A Home Loan Specialist

It's now time to discuss your home loan requirements and
objectives with a Home Loan Specialist

This step is an opportunity to discuss:

  • Your ability to comfortably make loan repayments - we'll consider a range of factors including income, expenses and liabilities, and any foreseeable changes to your financial circumstances.
  • The purpose of the loan.
  • Loan types, features, costs, and risks.
  • Your future needs.
  • The information and documentation you are required to provide.
3. Applications

This is where you, together with your Home Loan Specialist, complete, sign, and date the home loan application form and submit all necessary supporting documents for approval.

4. Approvals

Once we receive your application and all required documentation, we will verify the information provided (to ensure it meets our credit policy and requirements) and undertake a credit check if it's required. We will also confirm any conditions on the loan, and, if necessary, undertake a valuation on the property and conduct any title searches.

Your Home Loan Specialist will advise of any additional information required. When formally approved, you will receive a call from your MortgageBiz Home Loan Specialist.

5. Documentation

This is when the home loan contract is issued. We recommend that you check all your home loan documentation thoroughly, before signing, dating, and returning it to us. Check that everything is signed correctly.

6. Settlement

Once all our requirements are met, the loan funds will become available to you. You or your solicitor will need to make arrangements for any settlement with the lender. MortgageBiz will be assisting you all thru the process.

Frequently Asked Questions

Can’t find the answer you’re looking for? Reach out to our customer support team.
What is a fixed rate home loan?
A fixed rate home loan is a home loan with an interest rate that doesn’t change for a set period (also called a ‘term’). We offer fixed rate home loans with terms of 1–5 years.

A fixed interest rate is an alternative to a variable interest rate. Lenders can choose to change variable rates over time in response to market changes, such as a shift in the cash rate set by the Reserve Bank of Australia.

A fixed rate won’t change as a result of such developments, which gives you some certainty about what your repayments will be.
How do I break my fixed home loan?
You need to speak with one of our home finance managers to break a MortgageBiz fixed home loan.
What is Fixed Rate Lock-In and how do I apply?
With the Fixed Rate Lock-In feature, you ​can lock in the current fixed interest rate ​at the time of your loan approval. This ​guarantees you will receive the current ​fixed interest rate before loan drawdown ​irrespective of whether the current rate rises ​or falls.

Need some help?

Our experts will help you search, choose and settle your home loan online. Chat to one of our Home Loan Specialists at a time that suits you.