Prices slump by up to 50% for discontinued Rolex watches (Watchpro)

[Polar Bear]

Originally Posted by JWillard

No fix rate in AUS for mortgage

Originally Posted by mountainjogger

Well that bites. Any way to get a fixed rate so you have piece of mind?

Originally Posted by GB-man

That seems almost criminal.

Originally Posted by JWillard

I was asking if they do have fix rate, sorry for my poorly question structure, but anyhow i am not sure why anyone would take an adjustable rate

As someone has already posted, fixed rate mortgages in Aus are only offered on 3-5 year terms (typically at a higher interest rate than the variable option)
Banks are also wary of allowing you to fix your Mortgage Rate if your Loan to Value Ratio (LVR) is above 80%

Interest Rates have been below 2% here (from most of the major lenders) for a little over 3 years, so I really should have fixed my rate back in 2020, but it would have come with a (roughly) 1.2% premium over the variable rate at the time (roughly 2% variable vs 3.2% fixed)
Dollar for Dollar, I was better off riding the low variable rate for as long as i did

What sucks now is as rates are starting to rise, with no one knowing how high they will go, banks are setting their 5 year fixed rates at 2%-3% higher than the current variable rate so they can try to stay ahead of the rate rises over the next few years. You also need your LVR to be below 80% if you decide to go with this option, which is hard for a lot of people because property values decrease as the interest rate rises, so people who could have fixed their rates a year ago may not be able to now even if they want to pay the premium

It a bit of a sh!t show, really, but i'm luckier than most, it just means i might have to wait 18 months between 5 figure watch purchases rather than 12
A few of my mates are running reasonably close to the wire, if the rates jump another 1%, they're in trouble