{"id":5482,"date":"2024-09-12T09:33:32","date_gmt":"2024-09-11T23:33:32","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5482"},"modified":"2024-09-12T09:33:32","modified_gmt":"2024-09-11T23:33:32","slug":"fixed-rates-tumble-a-sign-of-things-to-come","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/fixed-rates-tumble-a-sign-of-things-to-come\/","title":{"rendered":"Fixed rates tumble: a sign of things to come?"},"content":{"rendered":"

\"\"When will interest rates fall? It\u2019s the question everyone is asking right now, and while speculation swirls about future rate cuts, the latest moves in fixed rates suggest we may not have to wait too much longer for variable interest rates to head south.<\/strong><\/p>\n

While about\u00a04-in-5 Australian households are currently on a variable-rate mortgage<\/a>, fixed-rate home loans shouldn\u2019t be overlooked.<\/p>\n

Locking into a fixed rate can offer several advantages, including certainty of repayments \u2013 which may make budgeting easier \u2013 as well as protection from possible rate hikes during the fixed term.<\/p>\n

Right now, the direction of fixed rates is attracting plenty of attention.<\/p>\n

Many lenders are cutting their fixed rates<\/h3>\n

A growing number of lenders, including several major banks, are starting to cut fixed rates across all terms, according to Mozo\u2019s\u00a0latest banking round-up<\/a>.<\/p>\n

Macquarie Bank, Commonwealth Bank, HSBC, Bank of Queensland, Westpac and its stable of brands \u2013 St.George, BankSA and Bank of Melbourne \u2013 have all recently cut some of their fixed rates.<\/p>\n

They were joined by smaller lenders such as Hume Bank, MOVE Bank and Great Southern Bank, which also dialled down their fixed rates.<\/p>\n

What\u2019s especially exciting is that a number of these rate cuts were surprisingly large, in some cases worth half a percent or more for 2- to 3-year fixed rate terms.<\/p>\n

Why are fixed rates falling?<\/h3>\n

Home loan interest rates \u2013 both variable and fixed \u2013 are shaped by a variety of factors.<\/p>\n

When it comes to fixed rates, a key driver can be lenders\u2019 forecasts of where they believe interest rates are headed.<\/p>\n

In this way, fixed rates can be a bellwether for the direction of future interest rates.<\/p>\n

Among the major banks, Commonwealth Bank\u00a0expects a 0.25% RBA rate cut<\/a>\u00a0in late 2024.<\/p>\n

ANZ is anticipating the RBA to cut rates from about\u00a0February next year<\/a>.<\/p>\n

NAB has pencilled in a\u00a0rate cut by mid-2025<\/a>, and Westpac is expecting several rate cuts starting in\u00a0March 2025<\/a>.<\/p>\n

The good news is that none of the big four banks seem to be anticipating rate hikes any time soon, and that\u2019s great for those with a home loan.<\/p>\n

What could this mean for you?<\/h3>\n

The trend to lower fixed rates suggests variable rate cuts may not be too far away either.<\/p>\n

Right now though,\u00a0fixed rates can be lower than variable rates<\/a>\u00a0depending on your choice of lender, fixed term and the size of your deposit.<\/p>\n

If you\u2019re currently struggling with your home loan repayments, locking in a fixed rate for the next 1, 2 or 3 years might help give you some certainty and home loan repayment relief.<\/p>\n

But you\u2019ve got to weigh that up against the potential of any variable rate cuts that you could miss out on in that same time period.<\/p>\n

Bear in mind, predictions of rate cuts are exactly that \u2013 forecasts, not guarantees of lower rates.<\/p>\n

Another option to consider is splitting your home loan between fixed and variable rates, which can allow you to get the best of both worlds: the certainty of a fixed rate plus the savings of a variable rate if interest rates start to head south.<\/p>\n

Call us today to understand if fixing or splitting your loan rate could help you save.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

When will interest rates fall? It\u2019s the question everyone is asking right now, and while speculation swirls about future rate cuts, the latest moves in fixed rates suggest we may not have to wait too much longer for variable interest rates to head south. While about\u00a04-in-5 Australian households are currently on a variable-rate mortgage, fixed-rate […]<\/p>\n","protected":false},"author":23,"featured_media":5483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5482","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nFixed rates tumble: a sign of things to come? · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/fixed-rates-tumble-a-sign-of-things-to-come\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fixed rates tumble: a sign of things to come? · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"When will interest rates fall? 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