Yes, the interest rate you are paying is a floating rate set by Simplicity. Our target going forward is to have an interest rate lower than the average 1 year fixed mortgage rate, and be even cheaper when compared to other banks' floating rates. Our intention is not to change this very often, and typically only when banks change their rates.

If interest rates change, we may have to reset the interest rate you pay, and that would affect the amount you pay each month.  We will always give you one month’s notice of any interest rate change which gives you time to adjust.