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As the name implied the interest rate charged on these loans is fixed for the term of the contractual period. This is usually set from one year to ten years. The borrower will nominate the fixed rate period at the beggining of the contract and if the borrower should break the contract period fees will usually be incurred for doing so. At the end of the fixed rate period, the borower will have the option for refixing a new term (at the discretion of the lender) or the outstanding balance would be transferred to a standard variable rate.

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