Fixed-rate borrowers seldom beat the bank: Tweet of the day

The odds are fairly long on getting a better mortgage deal by taking out a fixed-rate home loans, real estate group First National has tweeted today, quoting an “undisclosed banking source”.

The real estate network's official news channel tweeted:

It comes as banks continue to cut their fixed-rate home loans to entice borrowers to fix their home loan.

Fixed-rate borrowers are better off if interest rates rise over the term of their loan but can be worse if rates fall over the term of their loan.

The federal government ban on exit fees does not apply to fixed-rate home loans.