What is the difference between a variable and a fixed rate?

A variable interest rate is subject to change, and will rise and fall over the term of the mortgage. This means that the repayment may change throughout the mortgage term. You can make additional repayments to your variable rate mortgage at any time. It’s also possible to change to a fixed rate, if required.

A fixed rate mortgage loan has a rate fixed for a specified period of time. This means that the monthly repayment amount will remain the same during the fixed period. We offer fixed rates over periods from 1 year to 10 years.