Should I fix or stay variable? Well, it depends. 😮
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We’re in a really unusual situation at the moment where we’re starting to see fixed rates go back up again. Variable rates are still low at the moment, but they’re likely to head back up if anyone you listen to on the street is correct, which is pretty much everyone at the moment. And so you just need to be thinking at the moment, what’s the right thing? If you’re going to fix your interest rates but pay a much higher rate in the short term to do that, you have to think, well how much further the variable rates have to go up before it would have made more sense to fix instead of variable. To be honest, it’s really hard to gain the system. It’s really hard to try to predict better than the banks and better than the economists what the RBA might do and in fact, what foreign funding markets might look like a few years from now. But importantly, don’t default to the decision. You have to factor in the consistency of what you’re trying to pay each month and the likelihood that rates are going to go up or not, and also the time frame over which you’re considering these things. Importantly, what we always say here at UNO is to run the numbers, talk to a UNO broker today, and they can help step through that with you.
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