The million dollar question - when do I lock in my rate? The answer to this question is different for everyone. You should concentrate on when you think it is time, not when is it time. With fixed rates extremely low and some rates hovering very close to the sub-5% mark, if you fixed your rate now and rates went even lower, would you really care?
Everyone is different. Some people want to play the market and wait until what they consider to be the last possible moment before they choose to fix in their interest rate. Just be aware that once the rates start to rise, you may have already missed the bottom of the market.
Also remember the restrictions that come with fixed rate loans. You will have a limited ability to make extra repayments, often no redraw facility and higher costs, including the dreaded 'break cost' possibility. It is not for everyone, seek our advice and call us to discuss your options before you make a move.