Choose how much uncertainty your budget can carry.

Fixed and variable rates expose you to different payment and interest risks. The details of the contract matter.

Understand what can change

A fixed rate is set for its term. A variable rate can change; depending on the contract, the payment or the split between interest and principal may change. Ask the lender to explain its specific mechanics.

Test more than one scenario

Consider a higher-rate budget, a planned move and an early repayment. Review conversion options and penalty rules in the actual offer. No one can guarantee the path of future rates.

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