Your mortgage broker will be able to help you assess what kind of interest rate is going to be best for your situation. Fixed rate home loans are great for locking in a low rate and can be ideal for borrowers trying to stick to a set budget. However, fixed rate home loans aren’t always as flexible as a variable interest rate home loan. And you may find that a variable mortgage product will offer a better range of loan features (such as a redraw facility or offset account). That’s why it’s always a good idea to carefully assess the pros and cons of both options before you decide.