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.
All loans are on a floating rate, currently set at 4.20%, and the interest rate may change from time to time. Our target going forward is to have an interest rate lower than the average 1 year fixed mortgage rate from the big banks, and be even ...
Yes, all loans are for a maximum of 30 years. You will have to repay some principal every year. The amount you pay every month should remain the same unless there is an interest rate change. You will be given one month’s notice of any interest rate ...
The mortgages are for 30 years, and minimum monthly payments include interest and principal. You can pay off your mortgage in full, make top-up payments or switch it to another mortgage provider at any time, without any penalties or break fees. Your ...