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Interest options available

Floating rate (or Variable rate)

This rate requires no commitment to a fixed term or conditions, great for people who need flexibility to make lump sum payments, or to repay the whole mortgage. Will avoid having to pay penalties or fees associated with breaking a fixed term.

Fixed rate

This rate is best if you need to know exactly what your mortgage repayments will be over a set period of time. However there may be fees to repay the loan early.

Capped rate

Capped rate will give you a maximum rate, and if the floating rate drops below the capped rate, your interest drops to. This gives you the security of knowing what your maximum rate will be, well usually incurring no penalty for increasing payments or paying off lump sums.

Combination or Split rate

This is considered by some as being the best of both worlds, combines the advantages of a fixed rate with the option of making lump sum repayments if you want to.