Fixed Rate Home Loans are a good option to consider if you want certainty in your repayments for a period of time. 

The benefits are that you are protected from any rate rises that occur during your fixed rate period and that your repayments are locked in during the fixed rate period which provides assurity. The potential downside is that you do not receive any benefit if interest rates drop during your fixed rate term. Fixed rate loans also have restrictions as to how much can be repaid over and above the required repayments. Penalties (known as economic costs) can apply if you pay lump sums or repay the loan in full during a fixed rate period.

Fixed rate periods range from 1 to 10 years. Once a fixed rate period expires, you can generally elect to choose another fixed rate period or transfer to the current variable rate depending upon your circumstances.