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FNB Home Loans

FNB Home Loans

Fixing your interest rate

If you recently obtained a home loan for the first time, you should consider fixing your interest rate. Doing so is a way of creating a more stable monthly cash flow.

Fixed rates are generally a few percentage points above your variable rate. Initially you will pay a higher rate but this will most likely be offset over time as interest rates increase. There are no extra fees if you fix your interest rate.

FNB Home Loans - Fixing your interest rate

The national credit act regulates the maximum interest rate that you can be charged on your home loan or any other credit agreement. On mortgage agreements, the maximum the bank can charge you is the repo rate multiplied by 2.2 plus five percent a year.

Fixing your interest rate is attractive when the interest rate is on an upward trend because it offers you a measure of stability in times of economic uncertainly.

Listen to our expert Home Loans advice here:

For expert advice on the house, chat to our FNB Home Loans Team of Experts.