Robin Benjamin

Mortgage Brokers Cranbourne | Home Loans Cranbourne

Over the last year, the median property prices ranged from $645,000 for houses to $450,000 for units, so if you're looking at purchasing a property in Cranbourne, get in touch with Robin Benjamin to discuss your borrowing capacity.

As your Mortgage Broker in Cranbourne and the surrounding area, Robin can help you assess the home loan market and help you secure a competitive interest rate to suit your needs.

If you're ready to purchase a property in Cranbourne, then reach out to Robin Benjamin this week to discuss your home loan requirements. Click the button below to send him an email.

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Fixed vs Variable interest rates

If you’re applying for your first home loan or looking to refinance your existing mortgage, you might be wondering whether you should choose a fixed or variable interest rate. As your mortgage broker in Cranbourne, it's my mission to help you understand what the right option for your situation is. So to help, I've outlined the pros and cons of both a fixed rate and a variable interest rate.

What are the pros and cons of a fixed interest rate?

Pros

Repayments do not rise if the official interest rate rises
Provides peace of mind for borrowers concerned about rate rises
Allows more precise budgeting

Cons

Repayments do not fall if rates fall
Allows only limited additional payments
Penalises early payout of the loan

What are the pros and cons of a variable interest rate?

Pros

Repayment flexibility: Variable rate loans allow for a wider range of repayment options
Easier to refinance: If you find a better deal elsewhere, it’s easier to switch to a different lender, without attracting break costs
You stand to pay less if rates fall: Lenders may cut rates for a variety of reasons, mainly in response to reduced funding costs.

Cons

You stand to pay more if rates rise
Cash flow uncertainty. Because rates can change at any time, it won’t be as easy for borrowers with a variable rate to predict cash flow over the long term