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What’s the difference between a fixed and variable rate?

What’s the difference between a fixed and variable rate?

Fixed interest rates lock in your repayments, and they won't change for the loan term. You can easily budget, because you'll know exactly what you'll pay each month.

Variable interest rates could vary from month to month based on the changes to the interest rates. If the rates rise, your repayments may rise. If the rates fall, your repayments may be less.

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